I saw in yesterday’s local newspaper that a group of young people, aged in their twenties primarily, have developed a habit of meeting together monthly at a bar. They hold a common interest in starting their own companies, enterprises, and ventures, mostly in the technology sector. The article also pointed out that many venture capitalists and angel investors were beginning to show up at the gatherings. They offer advice, connections, and a host of other things. I wonder how many of these young people are interested in founding something, as opposed to starting-up?

I researched into the first five years of the first hospital in North America, Pennysylvania Hospital (1751-1756). It was a fascinating and startling experience for me to retrace the steps of this organization, which included Benjamin Franklin as a member of its board of trustees. They were a prime example of founding versus starting-up.

The two concepts aren’t mutually exclusive. PA Hospital showed that they can co-exist with great effectiveness. Sadly, in our current world, too few people bother to think about founding and seek only the fast-road-to-wealth embodied in the start-up, the IPO, and/or the sale to an eager larger company.