Tuesday, July 9, 2013

New Ideas Meet New Money

In Silicon Valley there are billionaires yet to mark their 30th birthdays. Millionaires who have never had more than one job. There is a whole generation of entrepreneurs using the velocity of digital technology to turn around amounts of money that us older folk would not imagine earning at that age, or in a lifetime. But then what?

A group of young tech entrepreneurs recently decided to buy a mountain in Utah with the intention of using it as a base for their organization called Summit; a place where its members of like-minded, successful entrepreneurs can get together, share ideas – and host parties and ski. NPR called it a “Davos for Millennials.”

In this economy you can expect a few raised eyebrows over such news. (Everyone seems to have an opinion about how you spend your money - even if it is your money!) Some suggest it’s just another example of a wealthy, exclusive group investing in making themselves wealthier and more exclusive; adding to the perception that Silicon Valley is disconnected from America and the world in general. That it’s very successful and rich young inhabitants live in a bubble, trying to out-do each other.

Then there is the recognition that there is a growing movement in Silicon Valley for it to achieve more than just a tech revolution. The services and applications produced by these people’s businesses already redefined the way we do things, so why not tackle the bigger issues and set out to change the world at large? The world is changed one idea at a time. Young entrepreneurs are raking in the revenue from their ideas. How they handle their fortunes is ultimately what will define them. In the eyes of their peers, and the world.

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