
John Bailey
The founders of Panjia Co. (from left to right): Jonathan Shriftman, Nora Dweck, Ankur Jain, Jake Medwell, and Daniel Pourbaba.
By John Bailey, NBC News
With last month’s employment report showing signs the economy may finally be recovering, a group of business leaders who survived the great recession joined a crop of young entrepreneurs who are optimistic about their future despite it at the Kairos Global Summit on the floor of the New York Stock Exchange this weekend.
Buried in the positive numbers of last month’s jobs report was a stubbornly high unemployment rate among young Americans. More than 10 percent of Americans ages 25 to 29 are without a job, two points higher than the national average. But the young college entrepreneurs who gathered in lower Manhattan are not fearful of the scarce job market into which they will graduate, because many of them already own their own companies.
In its fourth year, the Kairos Global Summit is hosted by the Kairos Society, a global network of college entrepreneurs, along with the New York Stock Exchange and the United Nations.
The summit brings together more than 300 college entrepreneurs from at least 20 countries to meet and discuss their own ventures and other ideas on the cutting edge of business. The summit also hosts business executives from companies such as Cisco and General Electric to mentor the students and provide feedback for the ideas and companies the aspiring young business leaders represent.
Ankur Jain, the 22 year-old chairman and founder of the Kairos Society, says the goal of the summit is to bring together young people with drive and ideas with leaders who have the experience and ability to mentor them.
“The annual summit is where we bring together 350 of the world’s top college entrepreneurs with some of today’s most influential leaders,” says Jain. “We strive to help companies grow and impact people around the world.”
Jain founded the group while studying business at Pennsylvania’s Wharton School and has entrepreneurship in his family – Ankur’s father, Naveen Jain, worked early on at Microsoft and made billions founding the companies InfoSpace and Intelius.
Making an impact
A number of conference attendees emphasized that their goal as entrepreneurs was not just to make money, but to make an impact as well.
Michael Cantalino is a senior at Boston’s Northeastern University where he studies entrepreneurship. He runs business operations for Jola Venture, a company that seeks to market solar food dehydrators in Africa and allow farmers to better preserve and market their crops.
Dehydration is not a new technique, but Cantalino says it can be inefficient using just the open air and sun. Jola Venture seeks to use its solar dehydrators to speed up the process and let farmers get more out of the crops they harvest.
Cantalino, born and raised in Bergen County, N.J., says he has always had an independent and entrepreneurial nature, but has sought to harness it toward positively impacting the world’s less fortunate since doing development and microfinance work in India and the Dominican Republic.
Based on his experience, he believes that volunteering is not enough. He thinks impoverished regions can only truly be helped by offering services and goods – like Jola’s solar dehydrator – that change the economy.
“Four billion people on Earth live on less than two dollars a day,” he says. “Not only is that a huge part of the world’s population but it’s a big market. If we want to stick around on this planet, we have to get that 4 billion involved.”
The company is testing the product now in Cameroon, where Cantalino plans to move in September.
Pushing the cutting edge
Some of the conference’s attendees were alumni who are already making an impact in the business world.
Shakeel Avadhany participated in the group’s 2009 conference while studying as a materials engineer at MIT. Today, just three years out of college, he is the CEO of Levant Power, a company poised to play a critical role in the future of the suspension and automotive industries.
The company has designed and patented technology that generates energy from the bouncing motion of a vehicle’s suspension. While in college, Avadhany was riding in a car on a bumpy road and the idea came to him to generate energy from the movement of a car.
Current electronic suspension systems consume energy, but Levant’s technology, called GenShock, can power a car’s electronic suspension and event input power back into the vehicle.
When Avadhany attended the Kairos Summit in 2009, he was still building the technology into a business. He remembers the valuable experience of meeting business leaders such as former Boeing president and CEO Phil Condit and Dupont CEO Ellen Kullman.
Karios expedited the industry interest and got me in front of some of America’s CEOs who were part of the 2009 conference,” he says. “Being there, learning from them, sharing my story and hearing their feedback really kick started industry interest when the mentors took interest in Levant and me as an enterprising entrepreneur.”
Today, Levant has 20 employees and a 20,000 square foot testing facility in Boston. The company counts major car manufacturers and defense contractors as clients and is in a position to impact the automotive industry.
Other alumni have returned with entrepreneurial experience to share. Andres Blumer and Ryder Fyrwald are summit alums who became involved in Kairos while studying business at the University of Southern California. Fyrwald is one of the Kairos Society’s founders. Fyrwald and Blumer are employees number nine and 10, respectively, at Humantelligence, a consulting and analytics company that seeks to help companies better relate with their employees.
While they did not start the company themselves, Fyrwald says being involved with Kairos made him value working for and helping build a small company. And if being involved with Kairos helped lead them to Humantelligence, they have led Humantelligence back to Kairos: Their boss Scott Kaufman, the company’s founder, was one of this year’s mentors.
Kaufman, who studied international business and entrepreneurship at the University of Maryland, founded the company in 2010 after coming up with the idea that behavioral software could help companies better relate to their employees and increase productivity.
Kaufman, now in his 30s, says it is rewarding to offer his experience and advice to young men and women aspiring to succeed in starting their own ventures.
Entrepreneurs in a down economy
Jain says that the young men and women at the conference are actually starting as young entrepreneurs at a good time because a down economy is a laboratory for entrepreneurship.
“Many great companies were founded during recessions,” he says. “It’s not until a recession until companies figure out who has built it well and who hasn’t.”
For his part, he is in the process of starting his own company. The company, called Panjia Co., seeks to take proven, early-stage technologies and help them grow in new markets.
His partners in the venture include Jake Medwell, another co-founder of Kairos, and Jonathan Shriftman. Medwell and Shriftman have backgrounds in starting companies as well – like the fixed-gear bicycle company Solé that they founded while in college at USC.
Starting a company from scratch is a difficult endeavor even for a person with plenty of experience. For college entrepreneurs and recent college graduates starting companies, there is no doubt that many, if not most, will not succeed. But Ankur and the other Kairos members hope forums like this weekend’s Summit will give young entrepreneurs tools and experience to at least prepare them well.
“Being an entrepreneur,” says Scott Kaufman of Humantelligence, “is one of the best career paths if you can stomach the madness and inevitable ups and downs.”
MSNBC must not have much in the way of important news to report! This is silly.