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HIGHLY CONFIDENTIAL & TRADE SECRETBlackstone LaunchPad StudentEntrepreneurialOutlook2021 Survey ReportAUGUST 2021LaunchPad Student Entrepreneurial Outlook 2021 Survey Report
RESULTS INDEXHIGHLY CONFIDENTIAL & TRADE SECRETI.Key FindingsII.Full Survey Results12III.Conclusion28LaunchPad Student Entrepreneurial Outlook 2021 Survey Report6Blackstone 1
BACKGROUNDHIGHLY CONFIDENTIAL & TRADE SECRETThe Blackstone LaunchPad network makes entrepreneurship and entrepreneurial skills accessible and relevant for allcollege students to help them build thriving companies and careers. To measure the outlook and expectations of theseincredible young founders, we conduct an annual survey that asks them about their academic and entrepreneurialexperience, current perspectives and points of view, and their vision for the future.More than a year into the COVID-19 pandemic, these students have been forced to adjust to a new way of learning andliving. Pursuing an entrepreneurial venture while balancing remote education, social isolation, and an uncertaineconomic outlook may have seemed unrealistic. But the students of the Blackstone LaunchPad network have nevershied away from adversity. In fact, a majority of respondents indicated they are more optimistic about the future andview the societal and technological shifts that have occurred as a result of the pandemic to be an opportunity.For full details about what these young entrepreneurs are thinking, we invite you to review the findings included in thisreport – the potential of these remarkable students has never been more critical to our collective future.LaunchPad Student Entrepreneurial Outlook 2021 Survey ReportBlackstone 2
ABOUT THE SURVEYHIGHLY CONFIDENTIAL & TRADE SECRET480 student responses collected during May 2021At the end of the 2020–2021 academic school year, students from the 30 campuses within Blackstone LaunchPad's 30 network were asked to participate in a survey designed to understand their evolving outlook on entrepreneurshipThe survey covered a variety of topics, including individual optimism and motivations, future plans aroundentrepreneurship, resources, skills, and attributes necessary for success, and opportunities and challenges faced bythese individuals. Questions were varied, including multiple choice, ranking, and text-field responses. (Given the needto maintain student privacy and confidentiality, we did not collect any individual information, including the specificschools' respondents attend)LaunchPad Student Entrepreneurial Outlook 2021 Survey ReportBlackstone 3
ABOUT BLACKSTONE LAUNCHPADHIGHLY CONFIDENTIAL & TRADE SECRETCollege entrepreneurship networkThe Blackstone LaunchPad network makes entrepreneurship and entrepreneurial skills accessible and relevantfor all college students to help them build thriving companies and careers. We work with higher-ed institutionsto deliver proven startup resources, facilitate access to a global network of mentors and advisors, and offer uniquevirtual and physical convening opportunities so thousands of diverse college students can go further, faster.Students learn by doing, gaining knowledge and critical skills to help them succeed as a founder or contributor tothe innovation economy. LaunchPad’s ever-expanding network encompasses campuses with predominantly underrepresented populationsLaunchPad Student Entrepreneurial Outlook 2021 Survey ReportBlackstone 4
ABOUT THE BLACKSTONE CHARITABLE FOUNDATIONHIGHLY CONFIDENTIAL & TRADE SECRETThe Blackstone Charitable Foundation has led Blackstone’s philanthropic initiatives since 2007. We are driven by theFirm’s commitment to diversity and inclusion and providing access to opportunity in the communities in which we liveand work. Blackstone LaunchPad helps college students learn entrepreneurial skills for success to build thrivingcompanies and careers, with an increasing commitment to schools that have a majority diverse student populationor engage with under-represented communities. BX Connects engages Blackstone’s global employee base to partnerwith non-profits, supporting their missions through volunteer opportunities, fundraising, board service, and othercharitable activitiesLaunchPad Student Entrepreneurial Outlook 2021 Survey ReportBlackstone 5
HIGHLY CONFIDENTIAL & TRADE SECRETI.Key FindingsLaunchPad Student Entrepreneurial Outlook 2021 Survey ReportBlackstone 6
KEY FINDINGS2021 Student Entrepreneurial Outlook65%are optimistic about future of entrepreneurship in the US Increases to 74% for students currently pursuing astartupHIGHLY CONFIDENTIAL & TRADE SECRETImpact of Pandemic on Views ofEntrepreneurship55%adjusted their model / pivoted or accelerated their workon a startupImpact of Pandemic on EntrepreneurialEndeavorsMost Motivating Factor to ExploreEntrepreneurship60%“Opportunity to think creatively to solve a problem”(35% – Top choice)are more optimistic as result of the pandemicLaunchPad Student Entrepreneurial Outlook 2021 Survey Report Females and students currently running a startupchose “Ability to have an impact on societalchallenges”(35% – Top choice)Blackstone 7
KEY FINDINGS (CONT’D)HIGHLY CONFIDENTIAL & TRADE SECRETSkill Development81%Believe that developing entrepreneurial skills and mindset attributes are very important for career developmentMost Important Personal SkillsMost Important Mindset Attributes33most important personal skillsmost important attributes Leadership Problem-solving Communication Perseverance Adaptability CreativityThough different in order, thesewere the top three personal skillschosen by all sub-segmentsLaunchPad Student Entrepreneurial Outlook 2021 Survey ReportBlackstone 8
KEY FINDINGS (CONT’D)HIGHLY CONFIDENTIAL & TRADE SECRETChallenges to Running a Startupas a StudentResources Critical to StudentEntrepreneurial SuccessTop ChallengesTop 3 Resources43%75%balancing a venture with academic demandsmentorship41%57%fundingsupportive network38%54%acquiring customersfundingThe greatest percentage of studentrespondents who identified as Black/ African American selected“Funding” (57%)LaunchPad Student Entrepreneurial Outlook 2021 Survey ReportThough different in order, thesewere the top three critical resourceschosen by all sub-segmentsBlackstone 9
KEY FINDINGS (CONT’D)HIGHLY CONFIDENTIAL & TRADE SECRETDiversitySocial Impact65%37%feel diversity is very important when creating leadershipstructures at a startup Increases to 81% for student respondents whoidentified as Black / African American; Increases to 82% for femalesbelieve entrepreneurs can best create social impact by“closing gaps in access to resources” (e.g., education,healthcare, etc.)41%would describe their own startup as “very diverse” Increases to 57% for student respondents whoidentified as Black / African AmericanLaunchPad Student Entrepreneurial Outlook 2021 Survey ReportBlackstone 10
KEY FINDINGS (CONT’D)HIGHLY CONFIDENTIAL & TRADE SECRETEntrepreneurs You Most Aspire to be LikeThomas Edison Gary Vee Mark Zuckerberg Daymond JohnKendra ScottJeff BezosWhitney Wolfe Herd Gary VaynerchukRichard BransonSteve Jobs Phil KnightElon Musk Jack Ma Bill Gates Sara BlakelyMark Cuban Tony Hsieh Walt Disney Melinda GatesJack Dorsey Henry Ford Oprah WinfreyNumber of Mentions3Fewer95MoreLaunchPad Student Entrepreneurial Outlook 2021 Survey ReportBlackstone 11
HIGHLY CONFIDENTIAL & TRADE SECRETII. Full Survey ResultsLaunchPad Student Entrepreneurial Outlook 2021 Survey ReportBlackstone 12
RESULTS INDEXHIGHLY CONFIDENTIAL & TRADE SECRETOptimism17Resources18Personal skills attributes Mindsets19Career ion Challenges23Funding Overcoming Obstacles24Diversity25Team Diversity26Pandemic changed views27Positive Impact negative Impact28Pandemic Impact social Impact29Role models30LaunchPad Student Entrepreneurial Outlook 2021 Survey ReportBlackstone 13
OPTIMISMHIGHLY CONFIDENTIAL & TRADE SECRETHow optimistic are you about the future ofentrepreneurship in the U.S.?How optimistic are you about the future ofentrepreneurship in the U.S.?(current stic65%LaunchPad Student Entrepreneurial Outlook 2021 Survey ReportVeryoptimistic74%Blackstone 14
RESOURCESHIGHLY CONFIDENTIAL & TRADE SECRETWhat resources do you think are most criticalto student entrepreneurial success?(ranked from most to least important)MentorshipSupportive networkFundingEntrepreneurial toolsEntrepreneurial mindset trainingEntrepreneurial skills trainingAcademic, disciplinary contentOther01LaunchPad Student Entrepreneurial Outlook 2021 Survey Report23456Blackstone 15
PERSONAL SKILLS ATTRIBUTES MINDSETSHIGHLY CONFIDENTIAL & TRADE SECRETWhat personal skills do you think are mostimportant to entrepreneurial success?What mindset attributes do you think aremost important to entrepreneurial success?(ranked from most to least important)(ranked from most to least ngTeam-buildingOptimismGoal-settingBusiness AcumenGratitudeTechnical skills and expertiseOtherOther0246LaunchPad Student Entrepreneurial Outlook 2021 Survey Report80123456Blackstone 16
CAREER DEVELOPMENTHIGHLY CONFIDENTIAL & TRADE SECRETHow important do you think developing entrepreneurialskills and mindset attributes are for career development?Not veryimportantSomewhatimportant18%Notimportantat allVeryimportant81%LaunchPad Student Entrepreneurial Outlook 2021 Survey ReportBlackstone 17
MOTIVATIONSHIGHLY CONFIDENTIAL & TRADE SECRETWhat has been the most motivating aspectfor you about being an entrepreneur?What has been the most motivating aspectfor you about being an entrepreneur?(female students)Working withpartners /teammates12%Sales / earningrevenue4%Opportunity tothink creativelyto solve aproblem35%Sales / earning revenue1%Abillity to haveWorking with partners /an impactteammateson societal15%challenges35%Being my own boss18%Opportunity to think creativelyto solve a problem31%Being myown boss16%What has been the most motivating aspectfor you about being an entrepreneur?(students currently running a startup)Abillity to have an impacton societal challenges33%Sales / earning revenue4%Working with partners /teammatesOpportunity to think creatively13%to solve a problem35%Being my own boss14%Abillity to have an impacton societal challenges34%LaunchPad Student Entrepreneurial Outlook 2021 Survey ReportBlackstone 18
CHALLENGESHIGHLY CONFIDENTIAL & TRADE SECRETWhat have been the most challengingaspects of running your startup?What have been the most challengingaspects of running your startup?(Black / African American)Balancing your venture andacademic demands43%Funding41%Acquiring customers38%Maintaining motivation andavoiding burnout36%Pivoting / adapting when initialassumptions didn't pan outGenerating an ideaWorking withpartners / teammatesWriting a business plan34%20%18%16%LaunchPad Student Entrepreneurial Outlook 2021 Survey ReportFunding57%Balancing your venture andacademic demands50%Acquiring customers43%Maintaining motivation andavoiding burnout30%Pivoting / adapting when initialassumptions didn't pan out27%Writing a business planGenerating an ideaWorking withpartners / teammates20%16%13%Blackstone 19
POST-GRADUATION CHALLENGESHIGHLY CONFIDENTIAL & TRADE SECRETWhat are the largest impediments toyou continuing to run the startup afteryou graduate?What are the largest impediments toyou continuing to run the startup afteryou graduate?(Black / African American)Lack of funding for my venture52%Running my venture full time feelslike too large a risk right now27%Student debt22%Lack of funding for my venture63%Lack of supportive network(partners, teammates, mentors)40%Student debt37%I am feeling burned out20%Running my venture full time feelslike too large a risk right nowLack of supportive network(partners, teammates, mentors)19%I am feeling burned outInterest in pursuing additionalstudents or traditional career path19%Interest in pursuing additionalstudents or traditional career path3%23%13%Adverse economy9%Adverse economy3%I do not have any impediments8%Parents / family objection3%I do not have any impediments3%Parents / family objection5%LaunchPad Student Entrepreneurial Outlook 2021 Survey ReportBlackstone 20
FUNDING OVERCOMING OBSTACLESHIGHLY CONFIDENTIAL & TRADE SECRETTo whom / where have you had theopportunity to pitch for additional funding?Pitch competitions57%Friends and family50%School-basedinvestor opportunitiesBreak down the hurdlesinto manageable pieces43%Pause and reevaluate the issueI am facing21%37%Incubators or accelerators(non-school based)Brainstorm alternate solutions13%Ask others for help13%30%Professional early-stageVCs / Investors18%Grantors (government orphilanthropic)Crowdfunding channelsWhen faced with seemingly insurmountablehurdles, my usual approach is to:15%8%LaunchPad Student Entrepreneurial Outlook 2021 Survey ReportShift my strategyCarry on with my planregardless of the hurdles6%4%Blackstone 21
DIVERSITYHIGHLY CONFIDENTIAL & TRADE SECRETHow important is it to consider diversitywhen creating leadership structures ata startup?How important is it to consider diversitywhen creating leadership structures ata startup?(consider gender, race, ethnicity, sexual orientation, disability, etc.)(consider gender, race, ethnicity, sexual orientation, disability, etc.)(Black / African American female students)Not veryimportant6%Not important at all3%Somewhatimportant19%Very w important is it to consider diversitywhen creating leadership structures ata startup?(consider gender, race, ethnicity, sexual orientation, disability, etc.)(Female)Somewhatimportant18%Very important82%LaunchPad Student Entrepreneurial Outlook 2021 Survey ReportBlackstone 22
TEAM DIVERSITYHIGHLY CONFIDENTIAL & TRADE SECRETHow would you describe the diversity ofyour team?How would you describe the diversity ofyour team?(Consider gender, race, ethnicity, sexual orientation, disability, etc.)(Consider gender, race, ethnicity, sexual orientation, disability, etc.)(Black / African American)Not verydiverse12%Not diverseat all4%Not verydiverse5%Very diverse41%Somewhatdiverse43%LaunchPad Student Entrepreneurial Outlook 2021 Survey ReportSomewhatdiverse38%Very diverse57%Blackstone 23
PANDEMIC CHANGED VIEWSHIGHLY CONFIDENTIAL & TRADE SECRETHow has the pandemic affected your viewson entrepreneurship? Are you.Pessimistic2%What pandemic-related change has mostsignificantly changed your views onentrepreneurship?New trends inyour industry17%Increasedimportance ofresilience icdownturn /instability17%LessOptimistic16%Ability to workremotely32%LaunchPad Student Entrepreneurial Outlook 2021 Survey ReportBlackstone 24
POSITIVE IMPACT NEGATIVE IMPACTHIGHLY CONFIDENTIAL & TRADE SECRETWhich pandemic-related change has mostpositively impacted your views onentrepreneurship?Which pandemic-related change has mostnegatively impacted your views onentrepreneurship?(Select ONE)Increasedopportunitiesfor creativity11%Ability to workremotely and lessneed for physicalworkspace39%New trends inyour industry12%Having moreopportunity tonetwork virtually(e.g., peers,customers,mentors, etc.)18%Needing to accommodate /manage remote workers andcorporate productivity10%Economic downturn /instability32%Disruption inyour industry12%Increasedimportance ofresilience oradaptability15%Uncovered hidden businessopportunitiesto fill new needs20%LaunchPad Student Entrepreneurial Outlook 2021 Survey ReportLess opportunity for face-to-facenetworking (e.g., peers,customers, mentors, etc.)31%Blackstone 25
PANDEMIC IMPACT SOCIAL IMPACTHIGHLY CONFIDENTIAL & TRADE SECRETHow did the pandemic impact yourentrepreneurial endeavors or progresswith your startup?Pandemic putmy startup onhold13%I permanentlystopped workon my startup6%The pandemicacceleratedplans / work onmy startup35%How do you think entrepreneurs can bestcreate social impact?I don't thinkentrepreneurscreate socialCreating nesspractices10%Closing gaps inaccess to resources(e.g., education,healthcare, etc.)37%Job creation11%Pandemicslowed theprogress onmy startup22%I adjusted mymodel / pivotedas a result of thepandemic24%LaunchPad Student Entrepreneurial Outlook 2021 Survey ReportMission-drivencompany35%Blackstone 26
ROLE MODELSHIGHLY CONFIDENTIAL & TRADE SECRETTop 10 Entrepreneur Role Models(write-in answers):Thomas Edison Gary Vee Mark Zuckerberg Daymond John1. Elon Musk2. Steve Jobs3. Jeff Bezos4. Bill Gates5. Mark Cuban6. Oprah Winfrey7. Walt Disney8. Whitney Wolfe9. Jack Dorsey10.Mark ZuckerbergKendra ScottJeff BezosWhitney Wolfe Herd Gary VaynerchukRichard BransonSteve Jobs Phil KnightElon Musk Jack Ma Bill Gates Sara BlakelyMark Cuban Tony Hsieh Walt Disney Melinda GatesJack Dorsey Henry Ford Oprah WinfreyNumber of Mentions3FewerLaunchPad Student Entrepreneurial Outlook 2021 Survey Report95MoreBlackstone 27
HIGHLY CONFIDENTIAL & TRADE SECRETIII. ConclusionLaunchPad Student Entrepreneurial Outlook 2021 Survey ReportBlackstone 28
CONCLUSIONHIGHLY CONFIDENTIAL & TRADE SECRETThe 2021 Student Entrepreneurship Outlook survey reveals some expected and some less-expected responses.It also highlights the uniqueness of each student entrepreneur. Attributes like where they are in the student-to-recentgraduate journey, whether or not they are currently pursuing a startup, and ways in which they identify themselves(gender, racial / ethnicity, etc.) all impact their outlook and opinions about being a founder.Some of the more-expected results include a decrease in optimism, though the number is still impressive given theimpacts of the pandemic in 2020 and 2021. Nearly two-thirds have an optimistic outlook, and this increases to threequarters for only those currently working on a startup. Other expected results include the importance of Leadership,Problem-solving, and Communication as personal skills, and Perseverance, Adaptability, and Creativity as mindsetattributes. Of course, the perennial difficulty around balancing school and work and access to funding sources remainthe top challenges student entrepreneurs face.Less-expected results from this year’s survey include the fact that more than one-half are actually more optimistic as aresult of the pandemic and its impacts. (“In the midst of chaos, there is also opportunity”?) Other less expected - butmaybe related – results include those around motivations. While the “Ability to have an impact on societal challenges”was the top motivational choice in 2020, the “Opportunity to think creatively to solve a problem” was the top choice in2021. Another somewhat surprising response was around resources critical to success. While Funding, had a predictablystrong showing coming in at #3, Mentorship and a Supportive Network superseded this result as the #1 and #2 mostselected. This result is proof of the importance and value of a network like the Blackstone Launchpad.LaunchPad Student Entrepreneurial Outlook 2021 Survey ReportBlackstone 29
CONCLUSION (CONT’D)HIGHLY CONFIDENTIAL & TRADE SECRETThe final key take-away from this year’s survey results is the importance of recognizing student entrepreneurs asindividuals. With varying backgrounds, experiences, beliefs, and identities, these remarkable young people also havedifferent views around entrepreneurship - and focus on how it applies to their own lives differently. Supporting them, inmyriad different ways, is essential to unlocking the full spectrum of their possibilities.Results suggest that some students currently running a startup are more optimistic than the average, and they are moremotivated to pursue entrepreneurship to address societal inequities. This comparatively elevated motivational priorityis also shared by some female students, according to survey data. Female students also share an elevated sense of theimportance of diversity with some Black / African American-identifying respondents. These students also conveyed apredictable, but disappointing nonetheless, greater challenge around funding.While we know that no two students are identical, it is important to reflect on this as it relates to the important workof cultivating entrepreneurship. As the Blackstone Launchpad network grows to include a wider variety of studentsserving a more diverse and less traditionally represented population, the unique and individual support offered by ourCampus Directors is exactly what is required for us all to fully benefit from the unlimited potential of these youngpeople. We hope you will join us – and them – on this journey.LaunchPad Student Entrepreneurial Outlook 2021 Survey ReportBlackstone 30
Kendra Scott Gary Vaynerchuk Bill Gates Gary Vee Mark Zuckerberg Daymond John Walt Disney Richard Branson Steve Jobs Elon Musk Jack Ma Jeff Bezos Sara Blakely Mark Cuban Whitney Wolfe Herd . Ask others for help Shift my strategy Carry on with my plan regardless of the hurdles. Blackstone
