The people born between 1980 and 2000 are affectionately called Millennials or the Gen Y generation. There were more than 92 million people born in that generation. Millennials make up the largest portion of the United States population. The collective purchasing power of the group is more than $200 billion. Corporations are doing their best to attract this challenging group and make them spend money.
But Millennials don’t have the same spending habits as the previous generations. It’s a hard group to crack, but one New York City entrepreneur has demonstrated his ability to not only crack that market, but he also has cozied up to Millennials. That entrepreneur is Billy McFarland. Billy McFarland is about to turn 25 years old, so he is a card carrying member of the Millennial generation.
McFarland was born in New York City, but he was raised in Short Hills, New Jersey, the affluent bedroom community just across the border from the Big Apple. Billy was one of those kids that was interested in computers and tech stuff when he was growing up. At 13, he started his own company, so it was apparent that he was destined to be one of those young entrepreneurs that makes a difference.
Billy studied computer engineering at Bucknell University for a year, but he decided to leave college and start another business. McFarland called that business venture, Spling. Just like the meaning of the word, Billy found himself “laughing out loud” because of the immediate interest in his online ad platform. Spling was a winner, and Billy McFarland became a sought after business leader at the ripe old age of 20.
But Billy had another Millennial idea up his sleeve. He wanted to create a series of social events for an exclusive membership that could mingle with people from various industries and build a powerful network. The membership was strictly Millennials that paid a $250 membership fee to carry a heavy black card that could be linked to a personal debit or credit card.
Billy called his new tech venture Magnises. Magnises open in March 2014, in New York City and by the end of 2015, the private social club had more than 12,000 members in New York, Washington, D.C., and San Francisco.