There are 16.2 million solopreneurs in the US right now. Only 20% will find success at their first go of their business. Jim Sugarman and 4GenNow helps these solopreneurs by finding their intergenerational business partners to get a higher probability of success and funding. He shares that his biggest challenge is to find the key characteristics of these four generations of entrepreneurs and the unique skill sets they bring to the table. In doing this, Jim also addresses the issue of creating too many startups with too many failures.
We have Jim Sugarman. He’s the Co- Founder of the nonprofit 4 Gen Now. Jim, thanks so much for taking time out of your busy schedule to come by and visit.
Bob, great to be with you.
Jim, tell us a little bit about 4 Gen Now and who you serve.
4 Gen Now, we’re an international and intergenerational community of entrepreneurs, 1,600 at last count, from about 35 states and 23 countries. Our community members are looking to find an intergenerational business partner to launch a startup. That’s who we are. We’re also a non-profit awaiting a 501(c)(3) status, so our targeted market is 16.2 million solopreneurs. According to a survey from MBO Partners out of Virginia, there are 16.2 million full-time solopreneurs. As you and your audience probably know, only 20% of them will be successful in their first go around. They need help. 4 Gen Now is about helping solopreneurs find their intergenerational business partner so they have a higher probability of success and also a higher probability of funding. That’s who we serve.
I think about that. I’m out there and I’m this lonesome entrepreneur. Either they’re in my generation, baby boomers, or any of the other three generations that go, “That sounds interesting. How would I find one of these organizations?”
This is the how-to of 4 Gen Now. We have a platform designed to connect, match and fund intergenerational entrepreneurs specifically through face-to-face meet-up chapters around the US. We have 21 in the US, we have five overseas. Our flagship meet-up chapter is in Denver.
For some of the other meetups and groups, how does the local chapter organize it?
We have a two co-organizers in the local Denver chapter and they host monthly meet ups. Every monthly meet up will have a different theme to it and it will have a guest speaker. For example, we’ll have a meet-up where four different generations will talk about challenges of working together to find their business partner and once they have found it, challenges to overcome to make their intergenerational startup succeed.
How long has the organization been in operation?
Formally I should say since January, we just formed as an educational nonprofit in the Great Commonwealth of Massachusetts and waiting 501(c)(3) status hopefully from the IRS.
You started in January and you got 1,600 members already?
It was under a different name brand. To continue to be transparent, this has been a labor of love for about a year and a half now part-time, full-time just since January.
To drill down, let’s talk about your background and what brought you to be so passionate about what you’re doing.
As my wife reminds me, I’m a dreamer. I tried to extract the best from that by organizing trade shows and special events. That’s my primary background, or at least that’s what it has been for about fifteen years now both for myself in the US and for five years living in Hong Kong. What got me into this was I read an article that changed my life. In 2015, I read an article from the Kauffman Foundation, a well-known think tank based in...