The millennial mindset is making a big impact on the world of business, with their entrepreneurial mindset and agility allowing them to move mountains.
Over the past few years millennials have copped a lot of slack: from some Baby Boomers labelling them lazy, technology-obsessed and out of touch with reality; and even Gen Z’s (or Zoomers) who recently launching a TikTok attack on the generation – drawing a line in the sand to separate themselves from the two groups.
In spite of the bad rap, when we dig a little deeper, it becomes clear that millennials have had to deal with a lot in recent years. From bearing the brunt of Australia’s economic decline, to dealing with the impact of our ageing population and climate change – the burden and pressure of these complex issues falls directly – and heavily – on the shoulders of the millennial. Yet despite these challenges (maybe even because of them) millennials are having a big impact on the world of business, with their entrepreneurial mindset and agility allowing them to move mountains.
Take for example:
Bridget Loudon. The 32-year-old Sydney entrepreneur has well and truly flown to new heights in recent years.
Impressively, the start-up looks to be on track to achieving its goal, having secured a 2019 contract with recruitment giant Hudson, which added $500 million worth of work to its platform annually. In February this year, Expert360 also raised another $12 million from existing backers, following on from its $13 million fundraise in 2017, which was in part facilitated by the team at VentureCrowd.
If that wasn’t enough, it was last month announced that Bridget will join Telstra’s board of directors, making her the youngest ever independent director of an ASX listed company and demonstrating that the entrepreneurial mindset possessed by many millennials is viewed as highly beneficial to large corporates. Having the mindset of a startup operating within a large company like Telstra is no doubt set to positively impact the whole organisation, but it will also likely drive an increase in innovative business practices.
Unyoked, a start-up founded by twin brothers Chris and Cam Grant in March 2017, is another example of the power that the millennial mindset can have.
The business is part of the eco-tourism movement, with the duo describing their range of private cabins as being an “antidote to modern life”, providing an experience of escapism to travellers. Millennials are digital natives, and many are seeking ways to switch off from technology. The Grant brothers have seen this desire and rolled out cabins that have no Wi-Fi or TVs. They are instead filled with yoga mats and books.
Last year, Unyoked raised $1.2 million in just two hours via VentureCrowd. At the time, our CEO Steven Maarbani said that the business had “essentially created a market segment that did not exist before, and the strong demand for the product indicates that the company’s growth has only just begun.”
The formula is clearly working, as the brothers revealed that Unyoked made a profit of more than $300,000 from just six cabins in 2019. Unyoked said it was targeting annual recurring revenues of over $25 million by 2022 after ensuring a consistent occupancy rate of more than 95%.
As investors, millennials also expect the highest rate of return from their portfolio. Schroders’ 2020 global investor study polled 23,450 investors across the world between April and June this year; revealing that in spite of the state of the economy, millennials were anticipating an annual total return of nearly 12% on average across their entire investment portfolio in the next five years.
Millennial founders and investors are part of a changing global investment landscape. They’re the new generation who are not only interested in making a profit, but are also incredibly conscious of the impact that their money is having on the environment and wider society. They’re seeking a more sustainable option that’s good for their dollar and the planet. It’s clear that they aren’t the generation of tomorrow, but the now, and if you don’t believe me, Bridget Loudon and Unyoked are living proof.