Orlando Inno Under 25

Jerry Ross concedes that many young entrepreneurs are quicker and smarter than him. However, the president of the Orlando-based National Entrepreneur Center possesses something they do not: 40 years of business and life experiences, he said.

It's important to recognize the advantages and challenges facing Central Florida's up-and-coming generation of workers. That's because Generation Z (7-22 years old) and millennials (23-38 years old) are the fastest-growing generations among metro Orlando’s workforce, according to CBRE Group Inc.’s (NYSE: CBRE) 2021 Tech Talent Report. Other generations referenced in the report were Generation X (39-54 years) and baby boomers (55-73 years).

These population trends, along with strong entrepreneurship programs and incubators tied to the region's colleges and universities, demonstrate young people are poised to play an increasing role in Central Florida’s entrepreneurial and technology ecosystems.

This week, Orlando Business Journal's Orlando Inno is highlighting examples of the work done by young innovators in our inaugural Inno Under 25 awards. As part of this awards program, we are honoring five Central Florida residents age 25 or younger who are using innovation to make waves in the local community and their respective industries.

Growth of Central Florida's high-tech ventures is important to the local economy for a few reasons. For one thing, as the companies scale they can create high-wage jobs, since the average Orlando wage for tech occupations is $89,180, according to a 2021 study by CBRE. That's higher than metro Orlando's $48,530, per the U.S. Bureau of Labor Statistics.

In addition, startups create innovative solutions for businesses, help develop a community and make it easier for other new companies to form in the future.

There is a common impression that younger people play an outsized role in the technology industry, said Tang Wang, an assistant professor at the University of Central Florida College of Business, who studies the demographics of technology founders. This makes sense on a theoretical level, Wang said. "By its definition, technological ventures are about transformative ideas. Young people tend to challenge the status quo."

However, it's not clear if that's the case in the real world. Wang points to a pair of studies on the typical ages of founders of high-growth startups: A 2020 study by the American Economic Review found the average age close to 40, while an analysis of the founders on the Inc. 500 list of the nation's fastest-growing firms found the average age was 35.

One explanation is the distinction between the creative and execution stages of entrepreneurship, Wang said. Younger people may generate revolutionary ideas, but they need people with more business savvy to help grow the company. "Having years of experience at that stage is beneficial."

Likewise, Ross recommended young entrepreneurs engage with older, more experienced business professionals. If they don’t have a more seasoned employee on staff, they should consider a service like Orlando SCORE that provides business mentors, Ross said.

Click on the links below to read about this year's Inno Under 25. Plus, check out Orlando Inno's website and OBJ's Sept. 17-23, 2021, weekly edition for more on more on the honorees.

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