Andrew Levine knew he wouldn't find a job in investment banking when he graduated with an M.B.A. from the University of Miami in 2008. Wall Street was in the midst of a financial collapse. So instead the 24-year-old focused his efforts on launching a start-up. "I figured that starting my own company was the best use of my time while I waited for the market to thaw," says Mr. Levine.
Faced with an unemployment rate of 16% for 20- to 24-year-olds, a growing number of recent college and grad-school graduates are launching their own companies, according to anecdotal evidence from colleges, universities and entrepreneurship programs around the U.S.
For his part, Mr. Levine built upon a business plan for a niche social-networking company he had created for an entrepreneurship class the prior year. He showed the plan to the father of a college friend who was an angel investor and got $40,000 in seed money in exchange for an equity stake in the business.
Armed with start-up cash, Mr. Levine created audimated.com, an online social-networking site for musicians and their followers. It serves as a forum for the independent music community--both fans and musicians--to discover and promote new music. The site is in beta testing now with a launch expected in January.
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