"Rock-Climbing Generation at Foot of U.S. Startup Ascent: Economy"

The Gravity Vault was featured in an article titled, “Rock-Climbing Generation at Foot of U.S. Startup Ascent: Economy” than ran on Friday, March 21, 2014 on Bloomberg.com. and BusinessWeek.com. Read below to learn about how young entrepreneurs are creating businesses poised and ready for growth. The article includes information about Lucas and Tim’s backgrounds, the concept inception story, and how they are enjoying their lifestyle by operating a rock climbing gym. Preview article below or read full story here.

"Rock-Climbing Generation at Foot of U.S. Startup Ascent: Economy"

BY: Shobhana Chandra

Lucas Kovalcik and Tim Walsh turned their passion for rock climbing into a business. Their success helps show why U.S. entrepreneurship probably is about to get a shot in the arm.

After toiling at jobs such as hotel management and wireless network administration, the high school friends opened Gravity Vault in 2005, a cavernous 13,000-plus square foot (1,208 square meter) gym for those wanting to work up a sweat by rappelling faux walls, overhangs and arches. What began in Upper Saddle River, New Jersey, as a six-person operation -- including their wives -- now has two locations with 45 employees.

“We learned what we enjoy doing, and part of our skill set is knowing who we are, what we’re good at,” said Kovalcik, 37.

A record 93 million Americans will be 30 to 49 years old in 2030, a group that includes the Echo Boomers born to the Baby Boom Generation, the Ewing Marion Kauffman Foundation projects. Kovalcik and Walsh, 38, are part of this age bracket, the one most likely to start new businesses, which research shows account for a disproportionate share of job creation.

“We should expect more new businesses to be created,” said Dane Stangler, vice president of research and policy at the foundation, a Kansas City, Missouri-based private group focused on education and entrepreneurship. “That’s a positive for the economy. It’s a piece of good news in the standard narrative about how we’re aging as a country.”

Read full story here.