Forbes Under 30 Summit shines spotlight on Cleveland, innovation – and celebrities

Posted by: John Petkovic on Tuesday, October 3, 2023

25 entrepreneurs with Ohio connections made the Forbes list; Ohioans eligible for discounted tickets

Where there is fear, there is opportunity. After all, if it was easy to be an entrepreneur, everyone would be doing it – and companies like Apple would have never become a household name, let alone a $2.7 trillion-dollar business.

It wouldn’t have even made it out of Steve Jobs’ garage.

The path of the entrepreneur is an American story blazed by risk takers: people with a vision, one that breaks through hurdlers and forges ahead.

For 12 years, Forbes has celebrated that story and honored young, bold, fearless Americans who took a chance and transformed an idea into a reality.

From October 8 - 11, the New York business magazine will bring its Forbes Under 30 Summit to Cleveland. It will honor entrepreneurs under the age of 30 who saw opportunities where others didn’t – and pursued them with passion, ingenuity and a lot of hard work. Twenty-five young innovators with Ohio connections are included.

Some of the honorees are dropouts. Many started on shoe-string budgets. Most would have gone out of business if they had given up when things looked bleak.

The Cleveland event is the first of three Forbes Summits that will hit Ohio. Cincinnati and Columbus will host it the next two years, in 2024 and 2025, respectively. The Summit is also the launch of the Forbes Local Leaders lists, which feature our city as one of just ten innovation hubs nationwide.

“When selecting an Under 30 location we look for several factors: breadth of industry, education, cultural diversity and most of all, a base of young talent,” says Kristin Stoller, senior editor of the of the Forbes 30 Under 30 lists. “When we think about the future and those who shape it, it’s very clear that Ohio is a big part of that equation - being at the forefront of technology, infrastructure and industrial manufacturing, and building on its rich history of innovation and entrepreneurship.”

Just a decade ago, such words would have been the exclusive domain of the coasts. Times have changed, in no small part due to economic dislocations resulting from COVID-19.

Financing and venture capital dried up, which forced entrepreneurs to be disciplined and frugal. High rent and living costs forced many to stay in, or, in some cases, relocate to more affordable parts of the country – like Ohio.

One of those companies is Lucky App, a fast-growing start-up that connects consumers to their favorite brands to create a more efficient shopping experience.

Its founders Sneh Parmar and Nafis Azad will be honored as members of the Forbes Under 30 Class of 2023.

Starting a business at any age is a roll of the dice. It seemed like folly to do so in an economy disrupted by COVID, rising interest rates, inflation, recessionary fears and a challenging environment for raising capital.

Not to Azad, pictured above left, who exemplifies entrepreneurial spirit.

“Stores were shut down during COVID and it created a real challenge for retail, but it also opened opportunity for, say, gyms, which were allowed to stay open,” says Azad, a Columbus native. “So I would put up shelves of fitness and wellness products and turn them into retail spaces.”

Such success stories – and how they fit into a broader post-COVID business trend – helped sell Forbes on the Buckeye State.

“Given the way that Ohio is attracting, retaining and expanding business and talent across the state, it makes it the perfect place to gather our Under 30 community for the next three years,” says Stoller.

But innovation doesn’t sprout out of nowhere. It requires fertile soil with an entrepreneurial tradition and a hospitable environment that encourage ideas and help shepherd them to realization.

“Cleveland is rich in amazing culture and innovation, being the home to nationally-recognized landmarks like the Rock & Roll Hall of Fame and the Cleveland Clinic -- just to name a couple,” says Stoller. “Cleveland was an obvious choice for our first Ohio host city to gather our vibrant Under 30 community and begin showcasing different corners of the state of Ohio.”

Of course, you still need the risk-takers who aren’t afraid to fail and keep on going, even when the economic tanks, doomsday warnings are abound and all signs say no.

Hey, who ever said it’s supposed to be easy?

Forbes offering 'Local Entrepreneurs' Summit Discount

You are invited to join the best and brightest entrepreneurs and celebrity guests for four days of connecting, learning, teaching and building. Forbes is now offering Ohio entrepreneurs discounted registration.

The growing list of celebrity speakers includes founder of 818 Tequila, Kendall Jenner; artist & entrepreneur, Cleveland's own Machine Gun Kelly; content creator, Alix Earle; comedian Matt Rife; and chart-topping Grammy winner Bad Bunny.

Find more on the Summit here.