B-school grads shun Wall Street
A growing number of business school students are rejecting traditional postgraduate paths like investment banking and hedge funds.business Updated: May 03, 2011 21:10 IST
A growing number of business school students are rejecting traditional postgraduate paths like investment banking and hedge funds. It is a trend that is accelerating in the wake of the financial crisis as Wall Street loses its lustre and Silicon Valley shines with a new crop of multibillion-dollar start-ups.
At Harvard, some students are applying their entrepreneurial ambitions to technology ventures. Kevin Nazemi, a former Microsoft product manager, started Done, a personal productivity service, last year. Daniel Gulati founded the retail site Fashionstake.com with classmate Vivian Weng.
Graduates from the class of 2010 started 30 to 40 businesses last year, a 50% increase from the previous year, said William A. Sahlman, a professor of entrepreneurship at Harvard Business School.
"The level of entrepreneurship activity here, and I presume at other schools, is up dramatically over the last two years," said Sahlman.
Investors, both inside the school and out, have taken notice. Last year, budding entrepreneurs at Harvard formed the Startup Tribe, a student group. The school is also planning to open a student centre for start-ups.
The New York Times