reporter2
20-11-21, 11:32
Gen Z is entering the tech scene, and they don't agree with the millennials
Nov 17, 2021
GENERATION Z - generally defined as people born after 1997 - is growing up and entering the tech scene. And unlike their predecessors, the millennials, none of them think that having a unique idea will help their startup become successful, according to a survey from Entrepreneur First (EF) Singapore.
Instead, the majority of Gen Z entrepreneurs surveyed - or 57 per cent of them - say that having compatible co-founders matters the most for a successful startup. On the other hand, 43 per cent of millennials say a startup's business model is most important, while 16 per cent of them still think having a unique idea is a key determinant of success.
"Ideas are cheap and they only gain value when you have a compatible co-founder to convert them to million-dollar startups," said Dr Peyman Salehian, co-founder at deep tech startup Allozymes and a millennial who agrees with Gen Z. "When the founding team has a good balance and chemistry then we can overcome the problems and move the company forward."
It is clear that the new generation of entrepreneurs has different motivations and beliefs from their predecessors. It could be said that they are more realistic. Passion, once glamorised by the startup community to feed into a culture of striving hard and being relentlessly positive, has been relegated by Gen Z founders to the least important trait (out of 7) in building a successful startup, EF's survey showed. Millennials ranked this as the fourth most important trait.
The divide between millennials and Gen Z founders on values and mindset is stark. But they did agree on one thing - most, or 76 per cent, of millennials and Gen Zs surveyed thought that problem-solving would be the most important trait to have in a founder. Vision and risk-taking came next as some of the more important traits mentioned.
The new generation is venturing into entrepreneurship earlier, the survey found, where nearly 9 out of 10 Singaporean founders are first-timers. Two-thirds have spent less than 4 years in the working world before launching their startup.
They are looking to build companies in the food and agriculture industry, as well as in finance, education, entertainment and clean technology, the survey found.
"(We're seeing) a new wave of founders who grew up amidst the 2008 financial crisis, novel shifts in a burgeoning startup economy, and a crippling global pandemic that has physically separated them from their supporting networks," said Bernadette Cho, partner at EF Singapore. "These founders are redefining what leverage and purpose mean to them, and these insights inform what they look for in future partners and investors too."
EF Singapore, together with research group YouGov, sampled 102 emerging and aspiring entrepreneurs aged 23 to 35 for this report. Entrepreneurs are defined as those who have either started a business or are planning to start their own business.
Nov 17, 2021
GENERATION Z - generally defined as people born after 1997 - is growing up and entering the tech scene. And unlike their predecessors, the millennials, none of them think that having a unique idea will help their startup become successful, according to a survey from Entrepreneur First (EF) Singapore.
Instead, the majority of Gen Z entrepreneurs surveyed - or 57 per cent of them - say that having compatible co-founders matters the most for a successful startup. On the other hand, 43 per cent of millennials say a startup's business model is most important, while 16 per cent of them still think having a unique idea is a key determinant of success.
"Ideas are cheap and they only gain value when you have a compatible co-founder to convert them to million-dollar startups," said Dr Peyman Salehian, co-founder at deep tech startup Allozymes and a millennial who agrees with Gen Z. "When the founding team has a good balance and chemistry then we can overcome the problems and move the company forward."
It is clear that the new generation of entrepreneurs has different motivations and beliefs from their predecessors. It could be said that they are more realistic. Passion, once glamorised by the startup community to feed into a culture of striving hard and being relentlessly positive, has been relegated by Gen Z founders to the least important trait (out of 7) in building a successful startup, EF's survey showed. Millennials ranked this as the fourth most important trait.
The divide between millennials and Gen Z founders on values and mindset is stark. But they did agree on one thing - most, or 76 per cent, of millennials and Gen Zs surveyed thought that problem-solving would be the most important trait to have in a founder. Vision and risk-taking came next as some of the more important traits mentioned.
The new generation is venturing into entrepreneurship earlier, the survey found, where nearly 9 out of 10 Singaporean founders are first-timers. Two-thirds have spent less than 4 years in the working world before launching their startup.
They are looking to build companies in the food and agriculture industry, as well as in finance, education, entertainment and clean technology, the survey found.
"(We're seeing) a new wave of founders who grew up amidst the 2008 financial crisis, novel shifts in a burgeoning startup economy, and a crippling global pandemic that has physically separated them from their supporting networks," said Bernadette Cho, partner at EF Singapore. "These founders are redefining what leverage and purpose mean to them, and these insights inform what they look for in future partners and investors too."
EF Singapore, together with research group YouGov, sampled 102 emerging and aspiring entrepreneurs aged 23 to 35 for this report. Entrepreneurs are defined as those who have either started a business or are planning to start their own business.