To date, MIT alumni have founded more than 30,000 companies employing 4.6 million people and producing annual revenues of $1.9 trillion. That makes the Institute roughly equivalent to the world’s 10th largest economy. And those stats are ticking up daily. Seventeen of the young entrepreneurs that Forbes magazine recently named to its “30 Under 30” list for 2017 are MIT students and alumni. Their buzz-worthy startups are widely diverse, ranging from a malaria detection device to all-natural cosmetics. Here’s the line-up:
- Ricky Ashenfelter, MBA ’15, cofounded Spoiler Alert, an online platform to help businesses manage food donations and reduce food waste.
- Noam Angrist, SB ’13, cofounded the nonprofit Young 1ove to develop successful sexual health information campaigns for African youth.
- John Lewandowski, a PhD student, launched Disease Diagnostic Groupto produce a handheld malaria detection device.
- Kwami Williams, SB ’12, started MoringaConnectto create cosmetics and snacks from Moringa trees growing in Ghana.
- Archit Bhise, SB ’13, andVinayak Ramesh, SB ’12, founded Wellframe, a care management app and dashboard for health insurance companies and patients.
How does a company build and keep consumer trust—and more important, win it back when that trust has been compromised? Thanks to viral video, the world has seen United Airlines “involuntarily deboard” a passenger, to use the airline’s term, and drag that passenger kicking and screaming from a legitimately purchased airline seat. The result? In the days following the incident, customers cut up United credit cards, shares in United Airlines stock slipped by 4%, and the company’s market value plummeted by $1 billion.
How can a company like United that has lost consumer trust gain it back? MIT Sloan Professor John Hauser says that it’s not enough to tell consumers that they can and should trust a company. “It’s critical to actually prove, again and again, that a company and its products can indeed be trusted – and customers must be provided with tangible, observable proof that a company has changed its ways.”
Four years ago, Hauser, MIT Sloan professor and former dean Glen Urban, and Gui Liberali of the Erasmus School of Economics in Rotterdam published a study on trust-based marketing called “Competitive information, trust, brand consideration and sales: Two field experiments.” The team tracked four marketing strategies by an American automaker with an ailing brand. The company had suffered from decades of negative publicity over the quality of its products and was working on several fronts to correct public perceptions.
If there’s a universal malady that strikes entrepreneurs, it’s burnout. A startup can consume its founder, leaving no time or energy for a personal life. Leadership and decision-making suffer as well as relationships with families and friends.
Jag Gill, SF ’13, founder and CEO of the global apparel startup Sundar notes that when you’re passionate about your business, it can be difficult to turn it off. “It’s easy to lose track of other important aspects of your life. It’s essential to have personal rituals built into your day. The gym, family time, a regular dinner with a friend. I like to say that if your time isn’t measured, it’s not managed.”
Alan Yan, SF ’07, founder of several successful enterprises, including AdChina, which was acquired by Alibaba in 2015, says he always makes sure to choose life over business. Enterprises come and go, he says, but family and friends are forever. “People are not machines. We are not digital action figures.” Yan made a decision to sell AdChina, in part, because a member of his family needed to move to California for health reasons. “I believe—and I have experienced this—that when you have the right balance between your personal and professional priorities, you function better in all areas of your life.”