Millennials, more than 80 million strong, are the largest and most studied generation in the United States. This young, experimental and tech-savvy group is starting to take over the workforce. According to the most recent census, two-thirds of Millennials are interested in entrepreneurship and hundreds of thousands of them are launching startups every month. The reality is Millennials are simply the future and current small business leaders.
The significance of Millennials extends beyond their numbers. They are the first generation to have access to the Internet during their formative years. Millennials are also the most diverse and educated generation to date. According to the Decennial Census and American Community Survey, 42 percent identify with a race or ethnicity other than non-Hispanic white, around twice the Baby Boomer generation when they were the same age.
“We knew we had to make a real and tangible connection for millennials to franchising and it started with building the nextgenfranchising.org site,” said Kushell in an earlier interview with 1851 Franchise. “Then we launched the NextGen in Franchising Global Competition to engage entrepreneurs around the world who had scalable and unique ideas.”
Winners of the NextGen in Franchising Global Competition are awarded scholarships and trips to the NextGen in Franchising Summit at the annual IFA Convention. These franchising leaders are afforded the opportunity to directly network and learn from some of the biggest entrepreneurs in the industry while discussing their submissions and the unique business challenges and opportunities in front of them.
In San Antonio during this year’s IFA Convention, NextGen Global Contest winners participated in a round of business plan presentations to a panel of judges in the first “Fran-Shark” contest to help accelerate their business growth and success. Spray-Net, a dynamic and permanent exterior paint solution that can change your home in just one day, was named the number one NextGen in franchising winner.
Immediately after the Fran-Shark session ended, you could feel a palpable difference in the air. There was a buzz about the power of NextGen leadership, innovation and influence. And as Millennials continue to enter the world of franchising, that buzz is sure to continue.
