Gen Z Drives "Friendpreneur" Trend, New AI Tools Help Them Kickstart Their Business

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Jul 30, 2024, 08:59 ET

New research reveals Gen Z's enthusiasm for starting businesses with friends, as Photoroom introduces collaborative tools to empower young entrepreneurs

PARIS, July 30, 2024 /PRNewswire/ -- Photoroom, the world's most popular AI photo editor, today announced the launch of new multiplayer features designed to support the growing "friendpreneur" trend among Gen Z in the U.S. This move comes as new research highlights the younger generation's inclination towards starting a business with friends.

A study commissioned by Photoroom reveals that Gen Z is spearheading the friendpreneur movement, with 55% of Gen Z respondents stating they are somewhat or extremely likely to start a business with friends. Older generations are less enthusiastic about the concept with 42% of Millennials noting they are somewhat or extremely likely, and 62% of Gen X and Boomers stating they are extremely unlikely to consider the idea.

The research also uncovered that:

60% of Gen Z business owners already involve their friends in their ventures, compared to 42% of Millennials and 21% of Gen X and Boomers.
59% of Gen Z have discussed starting a business with a friend, indicating a strong interest in joint entrepreneurship.
Gen Z sees reduced stress (46%) as one of the greatest benefits of running a business with friends, highlighting the emotional support aspect of friendpreneurship.

In response to these findings, Photoroom is celebrating International Day of Friendship with two key features that enable friends to kickstart their business:

Three Photoroom Seats for the Price of One: With Photoroom Pro, users can invite two additional people to join their team at no extra cost. This makes it easier for friends to work together and share resources.
Collaborate Anywhere, Anytime: Users can snap photos on their phones, share them with their team for instant feedback, and edit together across multiple devices, all within the Photoroom app. This ensures that creative processes are streamlined and efficient, no matter where team members are located.

"Our research clearly shows that Gen Z is redefining entrepreneurship through collaboration with friends," said Matthieu Rouif, CEO and cofounder at Photoroom. "With our new multiplayer features, we're providing the tools young business leaders need to turn their shared visions into reality. Photoroom is committed to evolving its platform to meet the needs of this ambitious generation."

When it comes to industries, the study found that cafes/restaurants (33%) and handmade goods businesses (25%) are the most popular ventures Gen Z and Millennials are interested in starting with friends. Photoroom's AI-powered editing tools are particularly well-suited for these sectors, enabling teams to create professional product photos and marketing materials quickly and easily.

Diving a bit deeper, the study analyzed a variety of partnerships that are commonly found in small business and the views on how these relationships would impact success.

Which Relationship can be Personal and Professional?

When thinking about successful entrepreneur relationships, 28% believed cofounders – where acquaintances form a business – were most successful, followed by Friendpreneurs (23%). Respondents ranked "Familypreneur" – running a business with a family member – as the least successful (12%). Running a business with your partner or spouse ("couplepreneur") was seen as successful as running a business on your own as a "solopreneur" (19%).

Considering Hiring a Friend?

The majority (70%) said their best friend would make a great business partner and 32% of respondents currently run a business where their friends are involved. Respondents ranked trustworthiness (82%) as the most important quality in a business partner, followed by work ethic (78%) and positive attitude (67%). When asked whether friends have ever discussed starting a business together, the results were evenly split, with 49% answering yes and 51% answering no.

Challenges and Benefits

Running a business with friends comes with its own set of obstacles and rewards. The biggest concern is the fear of ruining the friendship (49%), followed by disagreements over finances (46%) and handling conflict together (38%). However, the advantages include established trust (56%), shared workload (51%), and shared vision and values (47%). For Gen Z friendpreneurs, their greatest hurdle would be communication, with 53% citing this as their biggest potential challenge.

"Regardless of the specific business relationship, whether it's friendpreneurs, co-founders, or solo entrepreneurs, our mission is to break down barriers and provide accessible, powerful tools that help people turn their creative visions into thriving businesses," said Rouif. "With our new multiplayer features, we're empowering teams to work seamlessly together, no matter where they are or how they choose to structure their ventures."

The new multiplayer features are available now to all Photoroom Pro users. For more information about Photoroom, visit www.photoroom.com.

About Photoroom

Photoroom was founded in 2019, and over the past 4 years has carved out a niche in the commerce photography space. Photoroom first found success with its best-in-class background remover. It has now expanded its offering to include a batch photo editor, and generative AI offerings: AI Backgrounds and AI Shadows. Processing over 5 billion images a year, and downloaded over 150 million times, Photoroom is now the world's #1 AI photo-editing app, available across mobile, web and via an API in over 180 countries. Photoroom is headquartered in Paris with a global team of over 50 employees.

SOURCE Photoroom