Gen Z VCs Summit -- A Founder's Take

Megan Loyst and the team at Lerer Hippeau hosted a one-of-a-kind virtual conference geared towards all things Gen Z.

As a millennial, I've found myself feeling misunderstood by the generation before me. I doubt that I'm alone here. I suspect every generation feels misunderstood by its predecessor. Yet, generational conflict is real and has existed for thousands of years. Every generation finds a way to complain about its successors. Don't believe me? Receipts here (if you enjoy bashing millennials) and here (some light psychology). Therein lies the irony.

It's time we that break through this cycle. To all the millennials out there -- it is bad enough that we have been tagged with the 'whiny' label, among others. Do we really want to reinforce these labels by sh*****g on Gen Z? That's a hard pass from me.

Personally, I like Gen Z. What I know is that they are true digital natives, incredibly accepting, racially diverse, and savvy consumers. However, there is much that I don't know. When I noticed the roster of speakers and panelists such as Harry Stebbings (20 VC), Abby Roberts (pretty cool influencer), Bri Kimmel (Worklife Ventures) Bo Han (Buzzer), and many others, I clicked 'register' faster than I 'accept all cookies' on every website I visit.

Below is a quick summary of what I learned -

On selling and marketing to Gen Z

Gen Z considers purchases and buys differently. Old school marketing channels and methods may not work anymore. More importantly,

• Bye bye desktops. Hello fully mobile (or at a minimum mobile friendly). Many don't own TVs.
• Authenticity is the name of the game. Gen Z calls bulls*** very quickly and does not like being advertised to. Lead with value.
• User generated content can be a powerful marketing tool. With the reach of social media in its current form, your customers are your greatest evangelizers.
• Content that is approachable > Content that is overly produced
• Creators are here to stay. Don't be prescriptive when working with creators. Understand that they know their audience best. If you are working with a creator, collaborate, don't dictate.

On edtech and the future of work

The last 18 months have changed people's perception of what work can look like. Some of these changes are here to stay. The need to adapt is acute.

• Pathways to economic mobility are getting expensive (cue, student loan crisis).
• Upskilling & reskilling is gaining prevalence for two reasons: i) people who graduated with debt are increasingly finding themselves unemployed or underemployed and need a solution; and ii) new types of jobs (for example, green jobs) require a discrete set of skills which are missing in existing talent pools.
• Skilled trades present a massive opportunity for entrepreneurs looking to make an impact in the edtech space.
• Gen Z learns differently. Educational content must be engaging and entertaining.
• The concept of being a 'teacher' is now democratized. Any subject matter expert with an iphone, good lighting, a tiktok account, and some creativity can be a teacher with thousands of learners (followers). To sweeten the pie, these modern-day teachers are now able to easily monetize their skills.
• The 'consumerization' of learning has begun and is well underway now. Whoever captures the attention of learners wins.

Gen Z is rapidly gaining steam as a strong consumer base with spending power in the billions. They are here, now. No two ways about it. In the spirit of being a millennial who grew up on Harry Potter, here are my parting thoughts:

‘Understanding is the first step to acceptance, and only with acceptance can there be recovery.’ - Albus Dumbledore

Perhaps we should try a little harder to understand the generations beyond us. Maybe we will learn a thing or two. I, for one, have become quite fond of Gen Z and their glorious potential.