The New York Times has made an exciting discovery: the startup bug is catching, this time among young people with generational wealth. “They view this as the next great frontier,” August Capital partner David Hornik tells Dealbook.
Sayeth the Times:
“Fresh from college and graduate schools, the children of some prominent dynasties are taking a different path, spurning their legacies in retailing, real estate and finance for a future in technology.”
Hmm, “spurning” doesn’t seem to be quite the word. Take, for instance, 29-year-old Mark Ghermezian, who spent two years in the family biz “leading an energy group, managing dozens of oil and gas drilling sites across Texas.”
“But last year, Mr. Ghermezian, 29, traded his plush Houston office and job security for a cramped work space in the meatpacking district of Manhattan and the uncertainty of a fledgling technology venture. Using his connections, he raised $3 million from his family and other investors to start Appboy, a service that helps businesses manage their mobile applications.”
We have to imagine a family fortune the size of the Ghermezians, which has been estimated to be around $4 billion, takes a little bit of the sting out that “uncertainty.”