Data from Symphony, an international software design and development firm, reveals that the class of 2023 from Stanford and Harvard business schools founded nearly 100 startups. Stanford’s MBA class founded 23 companies, while Harvard’s MBA grads started 64 companies. The data also indicates that health care startups saw a significant increase at Stanford, while AI technology grew the most at Harvard since 2022.
Young entrepreneurs are drawn to the health care industry due to its potential for innovation and disruption, coupled with the growing global demand for health care services and technological advancements. The rising awareness of health and wellness among millennials and Gen Z also drives their interest in health care startups.
Climate tech is another domain attracting graduates with a startup desire. Climate change being an existential issue and a threat that needs intelligent solutions makes it a natural area of interest for ambitious individuals. The heightened awareness of the pressing climate crisis and the desire to create positive environmental impacts are motivating young entrepreneurs to tackle climate challenges.
However, Web3 startups seem to have lost their appeal to graduates, with only four startups in Web3 founded across both schools in 2023. Uncertainty, complexity of blockchain technology, and regulatory concerns may be contributing factors for young entrepreneurs shying away from Web3.
The importance of an MBA when starting a company can vary depending on individual circumstances, and graduates may weigh the potential benefits and risks before deciding to pursue entrepreneurship.
