Stemming the graduate brain drain through entrepreneurship
The Centre’s director, Matt Smith, writes in University Business about how to reverse the graduate brain drain.
Although young founders have the enthusiasm for business, they lack experience, knowledge, skills and contacts. They are more likely to find unforeseen obstacles challenging. This may explain why, again according to the GEM, young people – when they do manage to start up – are more likely than older entrepreneurs to close their businesses within the first 12 months.
Enter universities. They have the expertise, infrastructure, resources, credibility and links to the business community that are key to providing effective business support. Despite having unparalleled access to what is essentially a captive audience, many universities under-deliver when it comes to supporting graduate entrepreneurship.
This is a huge missed opportunity. University graduates are at an ideal time in their lives to become entrepreneurs, and have the knowledge to develop innovative business ideas.
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