Entrepreneurs: Cream of the Young Crop

By Paige H. Muller

Julia and Caroline La Roche wait backstage at the "Montel Williams Show."

There's a saying in show business that actors should never work with kids or animals. The same could be said, at least partially, about the business world. Competition in the marketplace today is getting harder--and younger. Take a look at the next teenager or college student you see--your son or daughter, neighbor or cousin. They may not be old enough to vote but with iPods blaring and business plans in hand, they just may be the next Bill Gates, Larry Page or Sergey Brin.

Americans age 14-34 are creating almost half of the new businesses in the country, and in many cases, faster-growing enterprises than their predecessors, according to Yankelovich Partners. Microsoft, Dell Computers, Netscape, Yahoo!, Subway and Pizza Hut are all companies that were started by teenagers and 20-somethings.

The latest crop of young entrepreneurs made their debut on the business stage as finalists in ERA's national "Invention Showcase" contest to find America's best young inventors in May 2006. Co-hosted by the Future Business Leaders of America-Phi Beta Lambda (FBLA-PBL ), the competition was open exclusively to FBLA-PBL's 250,000 members nationwide and was sponsored by Koeppel Direct, an ERA member and a leading direct response media buying company.

While more and more young entrepreneurs may be embarking on the same general path, their destinations couldn't be more varied.

Since winning the $20,000 grand prize, sisters Julia (18) and Caroline (17) La Roche have launched their new company, Flea Tea, Ltd with Julia serving as CEO and Caroline as president. Their "Flea Tea" product is a natural herb remedy that kills fleas on cats and dogs without any harmful side effects. They have launched a website and invested their winnings in a money-market account in hopes of bringing their animal-friendly product to market.

Thanks to a recent appearance on "The Montel Williams Show," Flea Tea might be available on store shelves sooner, rather than later. "Appearing on the 'Montel Williams Show' was an incredible experience," says Julia. "I believe making an appearance on the show will help increase awareness about our product." The show, "Young Kids with Big Ideas," is scheduled to air later this season.

Julia and Caroline might be facing competition for investors and consumer wallet-share from fellow "Invention Showcase" finalist Mitchell Duffy. Duffy (16) is also pursuing his entrepreneurial venture following his second-place finish for his "Butter Blaster" invention. He has gotten a trademark on the product name and has begun the utility patent process.

Runner-up James Toles (15), who cites Walt Disney as the business leader he most admires, might not be satisfied with the results of the competition but he remains committed to bringing his "Photosynthelect" game to market. "It is my goal to refine the game and send Photosynthelect to the market for distribution around schools in the U.S. and possibly the world," he says. Like video games have taught many of this generation, failure means dusting yourself off, starting over and doing better next time. "As the future American inventors, young leaders have the opportunity to show the ERA judges, FBLA and one day, the world, just how serious they were when they said, 'Hey, wouldn't that be a great idea. Someone should come up with something like that!'"

There's no telling where a good idea can lead. Virgin Atlantic got its start when Richard Branson was 15 years old. Today, it is an $8 billion global empire and its celebrity founder was knighted in 1999 by Queen Elizabeth for "services to entrepreneurship."
Clearly, age ain't nothing but a number.

Paige H. Muller is ERA's vice president, marketing communications. She can be reached at (703) 908-1020, or via e-mail at pmuller@retailing.org.