Philadelphia hosted the inaugural Forbes Under 30 Summit, held October 19-22, 2014 at the Pennsylvania Convention Center. The event brought together over 1,000 members of Forbes “30 Under 30” list with an array of business leaders and mentors. I attended as a roving correspondent for 10-Q.
Peter Thiel, Co-Founder and former CEO of PayPal, and a graduate of Stanford Law School, headlined the Forum by providing the gathered budding entrepreneurs with some valuable business insights. He stated that there are only two kinds of businesses: those that face intense competition and those that are one-of-a-kind or monopolies.
Thiel explained that there is no straightforward formula for good businesses, but that it’s crucial to pursue a substantive area you are passionate about and aim for concrete goals.
The best kinds of businesses, he added, are always one-of-a-kind. Thiel argued that having a great product, thinking forward 10 years, and having a plan are crucial determinants of entrepreneurial success. Thiel rejected as an excuse the common refrain that some things are out of your control.
Thiel has become famous–or perhaps infamous–for encouraging young students to apply for a Thiel Fellowship. Thiel Fellowships pay grantees $100,000 to drop out of college and focus on “their work, their research, and their self-education while outside of university.” Naturally, the lawyers and law students in attendance were curious as to why a Stanford Law graduate would encourage “anti-education” opportunities. Thiel explained with lawyerly precision that he spent seven months and three days working in big law and noticed that everyone on the outside wanted to get in and everyone on the inside wanted to get out. Thiel quipped that based on his experience, “It’s possible to escape from Alcatraz,” but concluded by stressing the value of hard work and that you truly make your own luck no matter the substance of your endeavors.
I also had the good fortune of talking with John Paul DeJoria, Co-Founder and Chairman of the Board of John Paul Mitchell Systems and Patron Spirits Company. DeJoria suggested that there are a number of roles for young attorneys to play in an increasingly entrepreneurial business market. Specifically, DeJoria mentioned that many brilliant entrepreneurs don’t know how to file for a patent or trademark, aren’t well-versed in the tax consequences of their business decisions, or are in desperate need of affordable legal advisory services.
Finally, Mayor Nutter focused on Philadelphia’s increasing strength as a millennial hot spot. He argued that Philadelphia has vastly improved its business environment after years of struggle by focusing on support for start-ups and creating a partnership with Goldman Sachs to support 10,000 small businesses. Ultimately, Nutter expressed hope that the City, which already flaunts a rich tradition of arts, cultural attractions, food, sports, and history, will continue to host the Forbes Under 30 Summit in future years.