Research by Connectd shows Gen Z founders are considerably more likely to have doubts about their own knowledge gaps
Gen Z entrepreneurs (aged 18-24) are 29% more likely to have doubts about their knowledge and feel they must improve to succeed compared to their older counterparts, according to new research commissioned by Connectd, the leading platform for managing and growing relationships between startups, investors and advisors.
The Connectd research, conducted by independent pollsters Censuswide, explored the motivations and actions of 50 Gen Z founders and compared them with 50 entrepreneurs over the age of 25.
According to Gen Z founders, they believe their biggest knowledge gap lies in commercialising their proposition, with 80% of respondents noting that this is their biggest area for improvement.
Serial entrepreneur and Founder & CEO of Connectd, Roei Samuel, commented: Many people have the misconception that Gen Z founders are fearless and maybe even lack the self-awareness of their own knowledge gaps. In fact, this is an incredibly exciting generation of entrepreneurs who, more than ever, see amazing advantages in mentorship and talking openly with their peers about the pressures they face growing their business.
While Gen Z founders recognise the challenges they face as entrepreneurs, the Connectd study also showed that 82% look to technology for the answers. This is a mind shift compared to those aged over 25, who will more often outsource to experts in order to bridge any knowledge gaps, according to the research.
“For investors and advisors who want to be part of ‘the next big thing’, this research clearly shows how critical it is to understand the difference in approach taken by Gen Z founders,” added Samuel. “As Connectd has grown to become the leading platform to connect entrepreneurs and startups with investors and NEDs, we see first-hand how young entrepreneurs are looking for the tools to build their businesses with transparency, and surround themselves with communities where they can access data, insight, networking and advice in new and exciting ways.”
Another key challenge facing Gen Z founders discovered in the study was the ability to access talent, with over a fifth (21%) of Gen Z founders struggling in this area
“Gen Z founders are incredibly adept at identifying their own weaknesses and proactively finding solutions, and it’s an exciting time for the entire startup ecosystem to play a part in empowering this next generation,” concludes Samuel.
For more information, see ‘A Guide to the Challenges of Gen Z Entrepreneurs’.
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