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.
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SOURCE Photoroom