Gen Z business founders are more likely to engage business mentors than their older counterparts, according to independent research commissioned by Connectd, the growth marketplace connecting startups with investors, advisors and mentors.
The study, conducted by Censuswide, polled 100 Gen Z entrepreneurs (aged between 18-24) and entrepreneurs aged over 25 to discover changing priorities between each group.
When asked to rank what they look for in an advisor or non-executive director, support for growing and scaling the business (64%) and financial and legal expertise (60%) came out on top.
Interestingly, 54% of Gen Z founders want specific help with their health and wellbeing.
“The role of a business advisor is changing,” said Roei Samuel, serial entrepreneur, investor and CEO of Connectd. “This new breed of entrepreneur is demanding more from their inner circle, who must broaden their skillset if they are going to play a leading role in businesses from here on.”
The study also showed that Gen Z entrepreneurs are more likely to be open and honest about their struggles than those aged over 25. More than half (54%) said they would seek advice when their business is facing hardship, but only 19% of older founders said they would do the same.
Samuel added: This reflects a societal trend we see, where younger generations are more likely to seek advice during hard times, even compared to my generation.”
The nature of how founders engage entrepreneurs is also shifting. The Connectd study found 80% of Gen Z founders prefer to interact and receive advice via digital channels, compared to just 44% among older business leaders.
Anne Watson, Board Advisor, comments: “Most founders, whatever their age, are focused and determined but Gen Z really takes this to the next level. I think that springs from their having a really strong sense of purpose and I really welcome this positive shift.”