May 1, 2013

Startup Helps Students Create Jobs

With more young people entering a tight job market, one startup is helping them employ themselves.

Ian Shakil: One day a huge amount of money just was deposited into my personal bank account.

Julian: Stanford University grad Ian Shakil’s cash discovery was made possible by Upstart. It is the website Ian used to raise money to fund the creation of a medical app.

Ian: And now I feel ready to set out on my own and found my own company.

Julian: Former Google executive Dave Girouard co-founded Upstart, which connects investors and recent grads.

Dave Girouard: We actually need more people early in the careers taking risks, trying to create jobs rather than just take jobs.

Julian: In this economy it is no surprise that more people want to start their own businesses. The unemployment rate – or the amount of people without a job looking for work – is nearly 30% for high school graduates. And for college grads, it is almost 9%.

Right now, there are about eighty entrepreneurs on the Upstart site. More than half of them have been successfully funded. Fewer than ten have failed.

Ian: I have 32 angel investors through

Julian: And now, Ian’s company has ten employees whose jobs can all be tracked back to Upstart.

Ian: It just opens doors to say that these folks have our back, our mentors. It gives us a lot of credibility.

Julian: Julian Dujarric, Channel One News.


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