0:00:08.090,0:00:10.290
I try and make anything I do as relevant

0:00:10.290,0:00:13.680
to the people who are listening[br]to me at that moment,

0:00:13.680,0:00:15.280
so where are you guys?

0:00:15.280,0:00:16.955
How many of you are undergrads?

0:00:16.955,0:00:17.960
Show of hands.

0:00:17.960,0:00:19.430
Virtually everyone, oh my God.

0:00:19.430,0:00:20.442
Let's do that again.

0:00:20.442,0:00:21.880
How many of you are seniors?

0:00:22.835,0:00:23.840
Juniors?

0:00:23.840,0:00:24.844
(Cheering)

0:00:24.844,0:00:25.950
Sophomores?

0:00:25.950,0:00:26.955
(Cheering)

0:00:26.955,0:00:28.304
And freshmen?

0:00:28.304,0:00:30.560
All right. Good stuff.

0:00:30.560,0:00:33.680
I'm going to talk to you[br]as if you're juniors.

0:00:33.680,0:00:36.600
I'm just going to land[br]in the middle somewhere.

0:00:36.600,0:00:37.720
It's all good.

0:00:37.720,0:00:40.508
So, the theme is going to be[br]the flow of talent.

0:00:43.560,0:00:47.120
The graphic that kicks us off,[br]if I can get this thing to go -

0:00:49.340,0:00:51.265
Hey, Mike, where do I point this thing?

0:00:52.520,0:00:53.905
Sorry.

0:00:54.752,0:00:55.922
Thank you.

0:00:57.069,0:00:58.504
Or should I click this thing?

0:01:00.265,0:01:03.361
This is the graphic we're going to use[br]to kick off the discussion.

0:01:03.361,0:01:04.989
For those of you who are seniors,

0:01:04.989,0:01:07.540
this might be more familiar[br]than if you're a freshmen.

0:01:08.100,0:01:09.580
So what this graphic represents

0:01:09.580,0:01:13.141
is that it's a lot easier[br]for a young, smart person right now

0:01:13.141,0:01:15.110
to become a banker, consultant, or lawyer

0:01:15.110,0:01:17.545
than it is to do just about anything else.

0:01:17.545,0:01:18.960
I resemble this.

0:01:18.960,0:01:22.263
I graduated from Brown in '96,[br]and did not know what I wanted to do.

0:01:22.263,0:01:25.420
So I went to law school,[br]which clarifies absolutely nothing.

0:01:25.420,0:01:26.420
(Laughter)

0:01:26.420,0:01:28.880
For those of you who are thinking[br]about law school,

0:01:28.880,0:01:31.580
you should know that awaits[br]if you do that.

0:01:31.960,0:01:33.840
(Laughter)

0:01:34.040,0:01:37.580
I graduated from law school and,[br]not knowing what I wanted to do still,

0:01:37.580,0:01:39.977
I became an M&A and banking[br]attorney in New York,

0:01:39.977,0:01:42.000
because that's what you did[br]out of Columbia

0:01:42.000,0:01:43.507
if you didn't know what to do.

0:01:44.464,0:01:46.407
I was there for about five months.

0:01:46.407,0:01:49.430
I went home dispirited[br]that Thanksgiving, to my parents.

0:01:49.800,0:01:51.520
I said, "You know, Mom and Dad,

0:01:51.520,0:01:55.080
when I was young, I didn't dream[br]about being the scribe.

0:01:55.080,0:01:57.883
I dreamt about going in the woods[br]and killing something."

0:01:58.743,0:02:01.280
They, of course, didn't know[br]what I was talking about.

0:02:01.280,0:02:03.000
I then went back to my job and said,

0:02:03.000,0:02:06.790
"You know what, I feel like I'd like[br]to try and build something,

0:02:06.790,0:02:08.692
but I don't know if I have wherewithal."

0:02:08.692,0:02:12.558
So I took a week off from work,[br]and then tried to start this company.

0:02:12.558,0:02:16.090
Made enough of what felt like progress[br]so that I then went and quit my job,

0:02:16.090,0:02:17.560
and then started a dot-com.

0:02:17.560,0:02:18.722
This was around 2000.

0:02:18.722,0:02:20.880
Had its mini rise and maximum fall.

0:02:20.880,0:02:23.490
We raised about a quarter[br]of a million, got some press,

0:02:23.490,0:02:24.910
but then the bubble burst.

0:02:24.910,0:02:27.490
How old were you guys[br]when the bubble burst in 2001?

0:02:28.475,0:02:29.480
(Audience) Eight.

0:02:29.480,0:02:30.955
Eight, nine.

0:02:30.955,0:02:31.971
(Laughter)

0:02:31.971,0:02:35.000
So, do you guys have[br]any recollection of that time?

0:02:35.000,0:02:37.909
Maybe your parents watching CNBC,[br]very sad for a little while,

0:02:37.909,0:02:39.054
or something like that.

0:02:39.054,0:02:40.064
Anything like that?

0:02:40.064,0:02:42.447
There are adults among you[br]who remember this stuff.

0:02:42.447,0:02:43.450
When it burst,

0:02:43.450,0:02:46.320
it was like a giant hand[br]went through the streets of New York

0:02:46.320,0:02:48.759
and swept away any company[br]that was not nailed down,

0:02:48.759,0:02:50.050
including my little outfit.

0:02:50.050,0:02:51.433
At this point, I'm 25.

0:02:51.433,0:02:53.400
I've just lost investors about $0.25M.

0:02:53.400,0:02:55.950
I still own $100,000 in law school debt.

0:02:55.950,0:02:58.721
My parents are like, "What happened?[br]You used to be smart."

0:02:58.721,0:03:00.520
(Laughter)

0:03:01.500,0:03:03.514
At this point,[br]I had been bitten by the bug

0:03:03.514,0:03:06.270
and said, "You know what,[br]I think I really want to do this.

0:03:06.270,0:03:08.700
I want to learn how to build[br]a business, a company."

0:03:08.700,0:03:10.097
I'm going to submit this you.

0:03:10.097,0:03:11.810
What should young Andrew do now, 25,

0:03:11.810,0:03:14.394
lying on his floor,[br]looking up at the ceiling?

0:03:14.594,0:03:16.250
What's the next step?

0:03:16.535,0:03:17.620
(Audience) Try again?

0:03:17.620,0:03:21.400
Try again, but how to try again,[br]given that I just raised money and lost,

0:03:21.400,0:03:25.097
and it's like 2001, 2002[br]when no one wants to invest in anything?

0:03:27.813,0:03:29.835
(Audience) Getting them to believe in you.

0:03:29.835,0:03:31.590
Wow, I don't know what that means.

0:03:31.590,0:03:34.400
(Laughter)

0:03:34.400,0:03:36.790
Okay, so I'm going to submit[br]something else to you.

0:03:36.790,0:03:40.085
Let's say you wanted[br]to become a chef, really bad.

0:03:40.085,0:03:41.430
What might you do?

0:03:41.430,0:03:42.536
(Audience) Chef school.

0:03:42.536,0:03:44.113
Chef school. Another possibility?

0:03:44.113,0:03:45.130
(Audience) Get a job.

0:03:45.130,0:03:46.264
Get a job where?

0:03:46.264,0:03:47.750
(Audience) As a chef at a cafe.

0:03:47.750,0:03:50.000
Right, you would take your chef knife out,

0:03:50.000,0:03:51.627
and you would go down on one knee.

0:03:51.627,0:03:54.680
You would go to someone[br]and say, "Be my master." Right?

0:03:54.680,0:03:58.178
You'd find someone who's a better chef.

0:03:58.178,0:04:01.040
So that's what I did:[br]I found an experienced entrepreneur.

0:04:01.040,0:04:04.940
And I became his lieutenant,[br]his VP of something or other.

0:04:04.940,0:04:07.734
And so for four years, I supported him

0:04:07.734,0:04:10.080
as that company raised[br]about seven million dollars

0:04:10.080,0:04:11.680
and three million in revenue.

0:04:11.680,0:04:14.360
Then I became the CEO[br]of a company called Manhattan GMAT.

0:04:14.360,0:04:15.480
Has anyone heard of it?

0:04:15.480,0:04:17.078
Juniors, seniors, maybe?

0:04:17.520,0:04:20.840
Manhattan GMAT grew from being[br]a relatively small GMAT boutique

0:04:20.840,0:04:23.800
to number one in the US[br]over the next five or six years,

0:04:23.800,0:04:26.949
to the point where we were acquired[br]by The Washington Post in 2009

0:04:26.949,0:04:28.960
because we were number one in the US.

0:04:28.960,0:04:30.401
Washington Post owns Kaplan.

0:04:30.401,0:04:32.240
We were beating the tar out of Kaplan.

0:04:32.240,0:04:34.730
Kaplan got tired of it,[br]so the CEO calls me and says,

0:04:34.730,0:04:36.080
"Hey, let's talk."

0:04:36.080,0:04:39.850
We have a little bidding process,[br]and the company gets acquired.

0:04:39.850,0:04:43.190
It's one of the reasons I'm very familiar[br]with this particular picture;

0:04:43.190,0:04:45.779
many of the people my company started[br]in Manhattan GMAT

0:04:45.779,0:04:47.220
were bankers and consultants

0:04:47.220,0:04:49.745
who weren't really finding[br]what they were looking for

0:04:49.745,0:04:50.990
as 20-something year olds,

0:04:50.990,0:04:53.516
so they would take the GMAT,[br]apply to business school,

0:04:53.516,0:04:55.030
and then go to business school.

0:04:55.030,0:04:57.422
So, I'm going to continue with this.

0:04:57.422,0:04:59.720
Let's take a look[br]at what the actual numbers are.

0:04:59.720,0:05:01.560
Let's take Harvard's class of 2011.

0:05:01.560,0:05:04.791
What were the most common things[br]to do out of Harvard a year ago?

0:05:04.791,0:05:05.796
Shout them out.

0:05:05.796,0:05:08.240
(Crosstalk)

0:05:10.035,0:05:11.705
Yes, finance.

0:05:11.705,0:05:13.422
(Audience) Doctor.[br]A.Y.: Consulting.

0:05:13.422,0:05:15.675
Law. Not accounting.

0:05:15.675,0:05:16.855
(Laughter)

0:05:16.855,0:05:18.715
And the fourth is med school.

0:05:18.715,0:05:19.720
The question is,

0:05:19.720,0:05:22.804
what proportion of Harvard students[br]did one of those four things?

0:05:23.424,0:05:26.310
(Audience responses)

0:05:26.517,0:05:28.810
All right, so I've got[br]between 40 and 90 percent.

0:05:28.810,0:05:32.138
And as usual, the wisdom of crowds,[br]the truth is exactly in the middle.

0:05:32.138,0:05:33.710
It's 65 percent.

0:05:35.876,0:05:39.360
Then you have the potpourri category,[br]which is a little bit of everything.

0:05:39.360,0:05:42.720
It's grad school, nonprofits,[br]industry, government, IT, military.

0:05:42.720,0:05:45.280
Then you have its own line item,[br]Teach for America.

0:05:45.280,0:05:46.363
18 percent apply.

0:05:46.363,0:05:49.515
Four percent actually become[br]Teach for America corps members.

0:05:49.515,0:05:50.770
Then, undecided;

0:05:50.770,0:05:53.800
10 percent went to Europe,[br]and then became consultants.

0:05:53.800,0:05:56.200
(Laughter)

0:05:57.110,0:06:01.638
So this is the picture[br]from Harvard, a year ago.

0:06:01.638,0:06:03.100
Let me get some feedback.

0:06:03.100,0:06:05.290
It this surprising, unsurprising?

0:06:05.987,0:06:06.993
Not surprising.

0:06:06.993,0:06:08.880
Now, I throw the normative question.

0:06:08.880,0:06:12.280
Is this a good thing,[br]a bad thing, or neutral?

0:06:12.610,0:06:15.914
(Audience) Bad. Neutral.

0:06:15.914,0:06:18.941
Wow, that one's fraught, right?

0:06:18.941,0:06:21.920
Let's keep on going.

0:06:22.050,0:06:25.071
If you take a look at other top schools,[br]the picture's the same.

0:06:25.071,0:06:27.110
The picture is the same[br]here at Georgetown.

0:06:27.110,0:06:30.049
I didn't pull the Georgetown stats,[br]but they're quite similar.

0:06:30.049,0:06:32.236
You can see that it's not[br]just a Harvard thing.

0:06:32.236,0:06:34.600
It's really a "any top school" thing.

0:06:34.600,0:06:38.100
I've spoken at 40 universities[br]around the country,

0:06:38.100,0:06:40.110
and they all say the same thing.

0:06:40.110,0:06:42.320
So what does that mean[br]in terms of our country,

0:06:42.320,0:06:43.468
let's say, "regionally"?

0:06:43.468,0:06:45.000
If you have half your smart kids

0:06:45.000,0:06:47.010
becoming bankers,[br]consultants, and lawyers,

0:06:47.010,0:06:48.557
where are they going to live?

0:06:48.557,0:06:50.122
(Audience responds)

0:06:52.634,0:06:56.480
New York, DC, maybe Chicago.

0:06:56.480,0:06:58.314
(Audience) Boston.[br]A.Y.: Boston.

0:06:59.340,0:07:02.360
San Francisco, LA, those are the top six.

0:07:02.360,0:07:04.640
We just listed the top four.

0:07:05.441,0:07:07.410
So then you have the rest of the country,

0:07:07.410,0:07:11.320
much of which is struggling[br]with job growth and economic development.

0:07:11.320,0:07:13.670
One of the things we think[br]this graphic represents

0:07:13.670,0:07:16.460
is that if you're a smart kid[br]from, let's say, Florida,

0:07:16.460,0:07:17.628
who comes to Georgetown,

0:07:17.628,0:07:20.250
the odds of you becoming[br]a banker, consultant, or lawyer

0:07:20.250,0:07:22.550
and living in New York,[br]Boston, DC are very high.

0:07:22.550,0:07:24.180
Odds of you going back to Florida,

0:07:24.180,0:07:26.320
starting a business,[br]creating jobs: very low.

0:07:26.320,0:07:29.325
You end up with a systematic talent drain[br]on most of the country

0:07:29.325,0:07:32.700
if they happen to get identified[br]by a national university.

0:07:33.600,0:07:35.390
This is the picture you end up with.

0:07:35.390,0:07:37.365
What do you guys think, empirically true?

0:07:37.365,0:07:38.450
(Audience) Yeah.

0:07:38.450,0:07:42.162
Absolutely. Wow, all right.[br]We're starting to get something.

0:07:42.162,0:07:45.400
Good stuff. Why is this the case?

0:07:45.400,0:07:47.936
Those of you who are freshmen,[br]raise your hands again.

0:07:48.276,0:07:50.762
How many of you who have[br]your hands up, keep them up,

0:07:50.762,0:07:53.060
know what management consulting is?

0:07:53.395,0:07:55.300
(Laughter)

0:07:55.300,0:07:59.160
So how is it that that world[br]goes from that

0:07:59.160,0:08:03.170
to, let's say, 20 percent of the class[br]at least applying for consulting jobs

0:08:03.170,0:08:04.462
and maybe even converting?

0:08:04.462,0:08:05.935
How does that happen?

0:08:06.060,0:08:08.400
Seniors, chime in, please?

0:08:09.140,0:08:10.290
(Audience) Salary.

0:08:10.290,0:08:12.780
Money's there. What else? Keep going.

0:08:12.780,0:08:14.170
(Audience) Creating new jobs.

0:08:14.170,0:08:15.420
Sorry?

0:08:15.420,0:08:16.420
(Audience) Security.

0:08:16.420,0:08:18.469
Security, fear.

0:08:18.469,0:08:20.074
(Laughter)

0:08:21.345,0:08:22.675
Keep going. Keep going.

0:08:22.675,0:08:24.210
(Audience) Diligent recruitment.

0:08:24.210,0:08:27.000
Yes, resources. This is not an accident.

0:08:27.000,0:08:28.560
People spend money and time

0:08:28.560,0:08:32.820
educating the market, that is all of you,[br]over your four years.

0:08:32.820,0:08:35.230
By the time you're a senior,[br]you'll know the names;

0:08:35.230,0:08:37.970
McKinsey, Bain, BCG, Deloitte, etc.

0:08:39.160,0:08:41.450
Let's take a look at how this list looks.

0:08:41.450,0:08:46.080
Prestige, easy to find, progress,[br]seek the next level, opens doors.

0:08:46.080,0:08:49.520
Money's on the list,[br]gain skills, community;

0:08:49.520,0:08:51.008
and then there's this last one,

0:08:51.008,0:08:54.255
which is something pro-social,[br]like change the world.

0:08:54.255,0:08:56.840
This even applies if you become[br]a banker or consultant,

0:08:56.840,0:08:59.200
because the theory is,[br]you must become a baller

0:08:59.200,0:09:02.100
before you can come back[br]and change the world. Right?

0:09:04.230,0:09:07.010
Then you can come back to the people[br]with loaves of bread.

0:09:07.010,0:09:08.440
(Laughter)

0:09:10.030,0:09:14.160
Those of you who are seniors,[br]can I get a - yes, this is accurate?

0:09:14.385,0:09:15.390
(Audience) Yes.

0:09:15.390,0:09:17.080
All right, thank you.

0:09:17.080,0:09:19.951
Now, I usually talk to people[br]who are interested in startups,

0:09:19.951,0:09:22.329
so this is a little bit overly broad.

0:09:22.329,0:09:24.470
But let's say you[br]were interested in startups.

0:09:24.470,0:09:27.194
Show of hands: how many of you[br]are interested in startups?

0:09:27.194,0:09:28.200
A significant subset.

0:09:28.200,0:09:31.378
The seniors among you,[br]why is it that it's unlikely

0:09:31.378,0:09:34.460
you're actually going to go[br]work for a startup when you graduate?

0:09:35.280,0:09:36.640
Risky.

0:09:36.810,0:09:37.980
Money.

0:09:37.980,0:09:38.881
(Audience) Loans.

0:09:38.881,0:09:40.121
Loans.

0:09:41.084,0:09:42.140
(Audience) It's scary.

0:09:42.140,0:09:44.936
It's pretty much the opposite[br]of the last slide. Right?

0:09:44.936,0:09:46.420
It's like you're not recruited.

0:09:46.420,0:09:48.600
It's hard to find.[br]There's no structured path.

0:09:48.600,0:09:50.290
There's no community or peer group.

0:09:50.290,0:09:52.920
Unclear prospects for training,[br]advancement, or success.

0:09:52.920,0:09:54.914
No network, idea,[br]money, tech proficiency.

0:09:54.914,0:09:58.080
But a lot of you really want to,[br]and then you talk about doing it,

0:09:58.080,0:10:01.151
but first, you want to[br]"learn about business "and then come back.

0:10:01.151,0:10:02.160
Is this accurate?

0:10:02.160,0:10:03.229
Am I - ?

0:10:03.229,0:10:04.844
(Audience responds)

0:10:05.394,0:10:07.124
It's like I was one of you.

0:10:07.124,0:10:08.920
(Laughter)

0:10:09.330,0:10:12.920
So here's the big question[br]that Venture for America seeks to answer:

0:10:12.920,0:10:15.312
What would happen[br]if the same proportion of talent

0:10:15.312,0:10:18.380
that is currently flowing[br]to banking, consulting, and law school

0:10:18.380,0:10:20.710
were instead going to startups[br]around the country?

0:10:20.710,0:10:21.907
How long would that take

0:10:21.907,0:10:24.110
to impact job growth[br]and innovation nationwide?

0:10:24.110,0:10:26.370
How many years?[br]Can I get an over/under on this?

0:10:26.370,0:10:27.411
(Audience) Five.

0:10:27.411,0:10:28.531
Five.

0:10:28.531,0:10:29.546
(Audience) One.

0:10:29.546,0:10:30.671
One, wow.

0:10:30.671,0:10:31.853
(Laughter)

0:10:31.853,0:10:35.763
That's belief. That's self-belief.[br]You should become an entrepreneur.

0:10:37.133,0:10:38.936
So between one and five years.

0:10:38.936,0:10:43.616
And so we see - "we,"[br]as in certain people -

0:10:44.748,0:10:45.948
(Laughter)

0:10:45.948,0:10:48.572
we see that there are structural forces

0:10:48.572,0:10:51.620
that make this reality[br]very difficult to achieve

0:10:51.620,0:10:54.200
because, if you think about[br]who can come get you

0:10:54.200,0:10:58.640
here in this collection[br]of intellectual capital,

0:10:58.640,0:11:03.240
it's high-resource organizations[br]from high-resource industries.

0:11:03.240,0:11:05.840
And so startups are actually[br]neither of those things.

0:11:05.840,0:11:07.921
Startups are generally low-resource.

0:11:07.921,0:11:09.920
And they also don't have the time horizon.

0:11:09.920,0:11:12.121
They can't recruit you[br]eight months in advance.

0:11:12.121,0:11:14.500
They don't need 20 of you.[br]It's all real-time.

0:11:14.500,0:11:17.124
And if they came, they would have[br]a hard time competing.

0:11:17.124,0:11:19.680
So how would you go about[br]trying to fix this problem,

0:11:19.680,0:11:22.720
if you decided that this[br]is a vision worth achieving?

0:11:22.720,0:11:24.320
If you said, "You know what,

0:11:24.320,0:11:28.880
this is actually potentially[br]a rosier picture"?

0:11:28.880,0:11:30.460
And speaking personally,

0:11:30.460,0:11:33.040
I believe it's even a rosier picture[br]for the individual

0:11:33.040,0:11:36.080
because there's something[br]about what you do

0:11:36.080,0:11:38.960
that comes to define you[br]over a period of years.

0:11:38.960,0:11:41.240
You will actually become[br]a different person.

0:11:42.260,0:11:45.280
If there's one thing[br]you remember from this,

0:11:45.280,0:11:48.160
as a young person, you imagine[br]that you are a static self.

0:11:48.160,0:11:50.072
Like, I'm young Andrew, and I say,

0:11:50.072,0:11:53.040
"Hey, I'm going to do X,[br]and then I'm still going to be Andrew,

0:11:53.040,0:11:54.284
I just will have done X."

0:11:54.284,0:11:56.560
The truth is, Andrew changes

0:11:56.560,0:11:59.880
if you have him go to law school[br]or be in a law firm,

0:11:59.880,0:12:02.060
look at contracts all day, or whatnot.

0:12:02.060,0:12:04.070
We're all very adaptable.

0:12:04.070,0:12:05.435
And so,

0:12:06.000,0:12:11.480
in my view, the activities[br]that lead you down the startup road,

0:12:11.480,0:12:13.880
actually end up forming a different self

0:12:13.880,0:12:15.310
that I'm going to go on a limb

0:12:15.310,0:12:18.744
and say, for some of you,[br]would be more appealing.

0:12:19.454,0:12:22.100
If you were to want[br]to try and affect this change,

0:12:22.100,0:12:23.690
what would you do?

0:12:26.370,0:12:29.360
(Audience) Think of it[br]as primary school for startups.

0:12:29.360,0:12:32.880
Maybe you'd tinker[br]with the educational system.

0:12:34.900,0:12:37.352
(Audience) [Inaudible][br]just like what they do

0:12:37.352,0:12:40.470
to get psychologists to go[br]and practice in rural areas,

0:12:40.470,0:12:41.629
Yes.

0:12:41.629,0:12:45.960
If you were me, what you would do is[br]you would go raise a million dollars,

0:12:45.960,0:12:48.633
and then start an organization[br]that does this.

0:12:48.760,0:12:51.730
(Laughter)

0:12:54.620,0:12:57.333
So I started an organization[br]called "Venture for America."

0:12:57.333,0:13:00.348
And this is particularly relevant[br]for the seniors among you.

0:13:00.599,0:13:03.280
We recruit top college graduates[br]from around the country.

0:13:03.280,0:13:06.089
If you get into the program,[br]we bring you to a training camp

0:13:06.089,0:13:10.180
with, let's say, 80 other ass-kickers[br]who all want to be entrepreneurs.

0:13:10.450,0:13:15.320
We train you. McKinsey comes. IDEO comes.[br]Cambridge Leadership Academy comes.

0:13:15.320,0:13:17.640
David Tisch comes from Techstars.

0:13:17.640,0:13:19.600
Everyone comes, trains you,

0:13:19.600,0:13:24.480
and then you go in groups of 10 or so[br]to a city that needs talent,

0:13:24.480,0:13:27.399
and you work at a startup there[br]with an existing entrepreneur.

0:13:27.399,0:13:28.560
What we're doing here -

0:13:28.560,0:13:31.200
and I'm going to do[br]something I shouldn't do;

0:13:31.200,0:13:33.280
but whatever, I'm going to do it.

0:13:33.280,0:13:34.720
So what we're going to do is,

0:13:34.720,0:13:37.656
we're going to give you[br]all of these things that you want,

0:13:37.656,0:13:40.090
because it's prestigious,[br]it's ultraselective.

0:13:40.150,0:13:42.358
All of these things, progress,[br]open the doors -

0:13:42.358,0:13:44.470
you get a community,[br]you get the whole thing.

0:13:44.470,0:13:46.436
Because we are adults.

0:13:46.436,0:13:47.920
If we want you to do something,

0:13:47.920,0:13:49.920
we shouldn't expect you[br]to have to somehow

0:13:49.920,0:13:52.248
swim against some[br]violent current to do it.

0:13:52.370,0:13:54.890
We should actually pave the path.

0:13:55.165,0:13:57.080
That's what Venture for America's about.

0:13:57.080,0:13:58.085
It's about giving you

0:13:58.085,0:14:00.767
all of these things that you want,[br]that we know you want,

0:14:00.767,0:14:04.164
in order to do what you want to do[br]and what the country wants you to do.

0:14:04.164,0:14:08.041
That's build a business in Detroit,[br]New Orleans, New Haven, Baltimore,

0:14:08.041,0:14:11.520
Cleveland, Providence, etc., etc.

0:14:12.700,0:14:15.600
Venture for America[br]is in the process of doing this.

0:14:16.770,0:14:18.189
If you come into the program,

0:14:18.189,0:14:20.723
you agree to work for a startup[br]company for two years

0:14:20.723,0:14:22.364
with an existing entrepreneur

0:14:22.364,0:14:25.070
at around, let's say,[br]$36 to a $38K a year,

0:14:25.070,0:14:27.031
which doesn't sound like a lot of money,

0:14:27.031,0:14:29.520
but the guys in Detroit,[br]whom I'm visiting next week,

0:14:29.520,0:14:32.380
they're living in a fancy building[br]with a pool and a gym,

0:14:32.380,0:14:34.452
for 400 bucks a month.

0:14:34.922,0:14:36.736
So you actually can live pretty well.

0:14:36.736,0:14:39.790
Plus, they've got 11 buddies around,[br]they have little road trips,

0:14:39.790,0:14:41.684
and they have a good time.

0:14:41.684,0:14:43.120
Then throughout the two years,

0:14:43.120,0:14:45.202
we supply you with[br]programming and support.

0:14:45.202,0:14:47.930
At the end of the two years,[br]we give $100K in seed funding

0:14:47.930,0:14:51.080
to whoever's made it through the two years[br]and has done a good job.

0:14:51.080,0:14:54.085
It's like a combination of everything[br]you guys grew up watching,

0:14:54.085,0:14:56.560
"Real World," "Survivor," "Road Rules."

0:14:56.560,0:14:59.224
(Laughter)

0:14:59.834,0:15:00.950
So this is the plan.

0:15:00.950,0:15:03.610
We're going to create[br]100,000 new US jobs by 2025.

0:15:03.610,0:15:06.870
I just want to bring it back to the theme.

0:15:07.142,0:15:09.120
What you guys do is all important.

0:15:09.120,0:15:11.560
Intellectual capital[br]attracts financial capital,

0:15:11.560,0:15:12.782
as well as the reverse.

0:15:12.782,0:15:15.595
If you had enough talented people[br]heading in this direction,

0:15:15.595,0:15:18.190
then you would see the impact[br]that we're talking about,

0:15:18.190,0:15:20.152
in terms of job creation and innovation.

0:15:20.152,0:15:22.111
So this is our goal as an organization,

0:15:22.111,0:15:25.501
to revitalize American cities[br]and communities through entrepreneurship,

0:15:25.501,0:15:27.938
to enable our best and brightest,[br]that's all of you,

0:15:27.938,0:15:30.530
to create new opportunities[br]for themselves and others,

0:15:30.530,0:15:32.443
and restore the culture of achievement

0:15:32.443,0:15:35.495
to include value-creation, risk,[br]and reward, and the common good.

0:15:35.495,0:15:38.995
I think I'm before my time,[br]but that's cool. That's all I had to say.

0:15:38.995,0:15:40.000
(Laughter)

0:15:40.000,0:15:41.500
Thank you all.

0:15:41.500,0:15:42.990
(Applause)