Laying a foundation for future changeLaying a foundation for future change

I watched a fascinating TV show recently about the future of innovation.

Called “20 under 20: Transforming Tomorrow,” the CNBC special showcased the ideas of students under the age of 20 who are seeking to change the world by stomping out poverty, curing diseases and rethinking energy consumption. The students were competing for a Thiel Fellowship, which grants $100,000 per project and two years to work independently on the venture.

The brainchild of Peter Thiel, co-founder of PayPal and a prominent venture capitalist in Silicon Valley, the fellowship encourages the brightest minds in America to step out of the treadmill of high school, college or career, and mine their entrepreneurial spirit with the goal of creating change.

“Why don’t we have self-driving cars? Why don’t we have a cure for cancer?” asked Thiel. “There are so many talented people that — if they were just given the freedom to be able to do things — could make things better.”

Eradicating major diseases and ending global warming don’t have much to do with restaurants. But I was struck by how obvious it was that a new generation of thinkers would create big change in this world. Young people looking to innovate are everywhere, and while some will take on science and global issues, others will look to change business, commerce and the way we communicate.

It will be this innovation that changes the restaurant industry and returns it to growth. There is limited room for expansion in the United States; consumers aren’t exactly demanding more restaurants or even more occasions for dining out, and the economy isn’t going to turn around any time soon. Operators might make small gains by taking market share from competitors, but industry growth will come only from substantial change.

New thinkers will usher in new restaurant concepts aimed at new consumers. Established operators will need to develop new ways of approaching and serving customers and employees who value companies that have, well, values. And restaurant leaders will need to encourage new ways of thinking not only to build business, but to build goodwill so that the best young thinkers are attracted to the industry.

About a dozen restaurant operators and industry consultants are working on that very premise of big change. Called the Changers of Commerce, the group was founded by Kat Cole, president of Cinnabon.

I thought about this group as I watched ‘20 under 20,’ where some of the wealthiest investors and entrepreneurs support entrepreneurialism among young adults looking to change the world. Restaurant leaders also need to step up to the plate.

As my colleague Ron Ruggless reported in April, because the industry is comprised of large and small businesses alike, it is well situated to have a real impact.


“We are where Main Street meets Wall Street,” Cole said at the time. “We are perfectly poised to practice an evolved version of capitalism where we are a visible investor in the success of the community.”


Change is good.

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Contact Sarah E. Lockyer at [email protected].
Follow her on Twitter: @slockyerNRN.