Gen Z Entrepreneurs Are Set To Monetize Their Creativity
PSFK's Forecast Z report describes how an entrepreneurial mindset will turn time into money for Gen Z, with digital currencies and more
With Gen Z we are seeing a rise in entrepreneurial mindsets and, concurrently, a generation that is eager to tap into new financial platforms and technologies. In PSFK’s Forecast Z report, we label this trend ‘Z-Coin’—Gen Z’s desire and ability to monetize engagement with their own audiences.
It’s important to understand the distinct traits of Gen Z to get a sense of their financial mindsets. For starters, our survey showed that 12% fewer Gen Z perceive creative expression as a solitary effort compared to Millennials. This generation is more interested in borrowing, remixing and collaborating with other people to complete a project. Furthermore, they are a generation that identifies themselves largely with the words “creativity” and “multitasking.”
Gen Z is equipped with the ambition and the tech to take a new approach to monetization, and some companies are already paving the way with new financial models. Drip, a project by Kickstarter, offers an opportunity for artists to receive continuous financial support while offering donors a unique view into their ongoing creative process, with previews of projects and the chance to read the artists’ notes.
An even more literal idea of someone monetizing their time comes from entrepreneur Evan Prodromou, who created his own cryptocurrency called Evancoin. Those wishing to meet with him must first download an Ethereum wallet and purchase Evancoin. We can expect Gen Z, who are already at ease with new technologies, to take advantage of and develop new digital currencies.
Brands seeking to tap into this Gen Z mentality can begin by offering insight into their production process, celebrating craftsmanship while also committing to transparency to build trust. Brands can also invite Gen Z creators to collaborate on projects and products, giving creators the chance to gain professional experience and brands a fresh take to reach new audiences.