Most people know Gerard Adams as a Millennial thought-leader. The co-founder of Elite Daily, he parlayed his early successes into opportunities for young entrepreneurs in Newark by housing and furnishing their ideas in his startup incubator, Fownders. He’s the quintessential Millennial success story - and that story found its audience online. Gerard has more than two-hundred thousand followers on Instagram, alone. But amidst the daily Snapstories and Instagram pictures, it’s hard to see the entrepreneurial scars that he’s accumulated from hard-won lessons, or the years that it took him to find (what seemed like) overnight success.
When I invited Gerard to Rutgers University to speak to students in the Rutgers Business School Entrepreneurship Program, I knew students would be inspired by his story. Gerard stepped onto the podium to tell the backstory - one of pain, triumph and struggle - to a packed auditorium. More than two-hundred hopeful visionaries, a new breed of aspiring entrepreneurs, listened in anticipation as they gleaned insights from his journey.
Here are some of the lessons I learned:
Mind the Gaps
As consumers (and social, technologically-inclined members of the 21st century who are conditioned to expect instant gratification, dammit), we’re easily annoyed by little gaps in service. These gaps are inconsequential enough - maybe it’s difficult to interact with a live person for a company, or maybe it takes too long to board a plane (seriously, can’t we figure out a better luggage system?). We all notice the gaps, but it takes an entrepreneur to fill them.
Gerard discovered a gap in the way that he received information regarding stocks. He searched for viable solutions to no avail. In his research, he discovered that other people were looking for the same solutions. So, he began to look for ways to solve the problem. Before long, he had executed and reaped the benefits. Still years away from starting Elite Daily and Fownders, he began to grow his wings and gain his battle scars in the world of entrepreneurship.
You Do You
Millennials are looking to do things that are meaningful to them. They want to be fairly compensated for their work, but more than that, they seek the ability to be their authentic selves.
“You do you” is a staple quote in pop culture, but we rarely explore the full scope of it’s meaning. Gerard is an excellent example of doing what he excelled at and turning it into gold. Here’s how:
Gerard realized a trend in what made his ventures successful - he had a knack for storytelling. That knack grew into a passion for creating compelling narratives, which he developed into documentaries that found some success. He honed his skills and was eventually able to monetize them.
Knowing what makes you unique and leveraging your strengths in business are imperative to your success. Are you able to rally support for things that you are passionate about? Are you a problem solver? Creative with an edge? Are you a connector? All of these attributes are valuable, and taking a moment to reflect on what you do well and how it can provide value to others will enable you to identify those who are willing to pay for your gift.
Know Your Why
Gerard made it clear in his conversation with our students that he did not intend to sell Elite Daily. He did not build to sell. He built a platform to provide value to Millennials - a platform that enabled them to receive content that was culturally relevant to their generation. He asked business founders in the audience to seek their why and to explore its meaning.
Rather than looking without - to the size of a market and your potential profit - Gerard emphasized looking within to discover how to provide value and make an impact.
Gerard is now spearheading a project, Fownders, that has the potential to impact countless lives - another testament to knowing his “why.” According to its website, “Our mission goes beyond building and scaling profitable businesses. Fownders is about transformation - driving economic growth, development, and prosperity by stimulating and supporting entrepreneurship and fostering an ecosystem where businesses can thrive.”
At Fownders, Gerard created an accelerator called Seed2Scale and is opening applications up for the spring time for a new cohort. If you have a company that you are looking to grow, it would be in your best interest to explore the application process and apply. If you’d like to visit Fownders, make sure to do so. It is centrally located and a great place to be.
At the end of the speech, Gerard was so devoted to answering questions, he didn’t depart until Rutgers was literally shutting down and he was forced to leave. His dedication to his “why” was shining, even as the lights turned off. This is what excellence looks like, Thank you Gerard for your dedication to the grind and the willingness to help propel future leaders in the world of entrepreneurship.