By Rieva Lesonsky
A few weeks ago I wrote an article for Business on Main about youth entrepreneurship. I believe that Generation Y is the most inherently entrepreneurial our nation has ever seen. This week several new programs for and from Gen Y entrepreneurs were introduced. Here’s a rundown:
On Tuesday a new website for young entrepreneurs was launched by the Small Business Administration, as part of the Obama Administration’s Startup America initiative. This site is designed to help Gen Y entrepreneurs reduce the burden of their monthly student loan obligations.
This concept was part of the Youth Entrepreneurship Act, a joint vision of Scott Gerber, founder and president of the Young Entrepreneur Council (YEC) and Aaron Smith, co-founder and executive director of Young Invincibles.
And perhaps most exciting, Gerber (through YEC) and several other young entrepreneurs and money folk just announced the creation of Gen Y Capital Partners, an early stage venture accelerator. Gen Y Capital Partners has committed to “investing $10 million in as many as 100 Millennial-generation startups including a promise to pay down any of these young entrepreneurs’ remaining federal student loan obligations over the next three years.” Within the next two years Gen Y Capital Partners plans to scale their program, launching incubators at colleges across the county.