They’re converging this week from around the globe, from Russia, from South Africa, and more than a dozen other countries.

For Kevin Langley, a veteran Louisiana entrepreneur, the 30 young people who have built businesses while students represent the the next wave of entrepreneurship. The student business people are descending on the New York Stock Exchange starting Thursday afternoon for an intense competition, the Global Student Entrepreneur Awards (GSEA), run by the Entrepreneurs Organization, the group Langley leads as global chairman.

"These young entrepreneurs are so smart and tenacious, you can’t help but have a sense of pride for what they are accomplishing while knowing exactly what they are contributing to: new jobs, new opportunities, new global relationships, and breaking the barriers of poverty, discrimination, economic instability," Langley said in a conversation with Portfolio.com.

The students' businesses range from a Web-hosting service to a cookie bakery its owner started when he was 13. They’ll be occupying the New York Stock Exchange all day Friday for an intense competition to determine which student-led business is the strongest.

If the past is prologue, the judges can expect to see some impressive talent on display (full disclosure, I will be a final-round judge for the second year in a row).

For example, 2010 winner of the competition Brent Skoda went on to found two new companies after his victory. Finalist Catherine Cook, along with her brothers David and Geoff, sold the company they cofounded, myYearbook, for $100 million to Quepasa and are in the process of growing that company globally.

The contest is sponsored by the Kauffman Foundation and the New York Stock Exchange and is a featured event of Kauffman's Global Entrepreneurship Week.

"GSEA provides both a window and an opportunity for business owners to understand the possibilities and challenges that young entrepreneurs face around the world. But it also gives them a clear perspective on how starting a business, even as young as 18, can build jobs, support local economies and communities, and help create real leaders for tomorrow," Langley said.

What follows is the email conversation we had:

Portfolio.com: What’s special about the Global Student Entrepreneur Awards?

Langley: GSEA is unlike any other student-business competition, because it’s not a business plan competition. It’s for student business owners who have already taken the courageous leap to start their own business, persevere through the daunting time commitments of studies and work, and execute on a vision for themselves and oftentimes fellow students to create their own destinies. We want to both recognize and support these budding entrepreneurs from their first point of contact with the Entrepreneurs’ Organization.

There are finalists from every region of the globe, from South Africa to Malaysia to, of course, the United States. How were they chosen?

Student entrepreneurs can nominate themselves, be nominated by their professors or co-workers, or most often through EO members through our 120 chapters around the world.

How much has this event grown and how fast?

Each year the GSEA grows by 15 percent to 20 percent. When EO first took over the program, we had just 750 nominations from 12 countries. Five years later, we have more than 1,600 nominations representing 42 countries. Because EO is a global organization with 8,000 members in 120 chapters, we can work with local universities and our members to find the best student entrepreneurs around the world. We’re tapping into a global movement in youth entrepreneurship.

What can these students teach the rest of us about coping with a difficult world economy, yet still building a successful company?

These students amaze me. Like all entrepreneurs, they find opportunity no matter what the economic climate. As you know, some of America’s greatest businesses were built during the toughest economic times. Great business leaders know how to spot opportunity, create a plan of attack, and go after their goals. Oftentimes, they fail in approach or planning, but like Churchill said, they never, never give up. That’s the lesson for all of us whether seeking a job or a starting a business—it takes persistence and creativity to get the job done, and these students have it instinctively.

What do the winners of the Finals competition get for their efforts?

This year is special. We’re proud that in addition to the $150,000 in cash and in-kind business services they’ll be getting, they will also get one year of mentorship with Redbox founder & CEO Mike DeLazzer. He was a final-round judge at the 2010 GSEA Global Finals and was so impressed with the program that he decided to mentor this year’s winner. Mike exemplifies what we see so often in entrepreneurial circles—the desire to give back and teach other business owners who are starting out how to do it right. We are honored that such an accomplished entrepreneur is willing to spend his time with our students and to get behind this movement in youth entrepreneurship through GSEA.

Last year’s finals were held at the Kauffman Foundation in Kansas City. What was the thinking behind holding them this year at probably the most potent symbol of global capitalism, the New York Stock Exchange?

Both the Kauffman Foundation and the New York Stock Exchange have been multiyear sponsors of GSEA and gracious hosts to GSEA regional and final rounds of the competition. GSEA is a featured event of Global Entrepreneurship Week, a program of Kauffman, and both EO and NYSE are active participants in GEW, so it seemed like a natural fit. We're thrilled that representatives from Kauffman will also be joining us again this year as final round judges.

Holding Global Finals at the NYSE allows these entrepreneurs to imagine the possibilities for their own companies and connect the dots between bootstrapping and gaining access to capital and global markets. They’re competing in a space just steps away from some of the biggest names in business and entrepreneurial success as publicly traded companies; that's a dream for many of these student entrepreneurs.

What do these students say about the state of entrepreneurship around the world?

We just returned from the G20 Youth Entrepreneurship Summit in Nice, France this month, hosted by French President Sarkozy. Many of our GSEA alumni came as part of the U.S. delegation, and they got to see how vibrant and alive the youth entrepreneurship movement is all over the world. GSEA provides both a window and an opportunity for business owners to understand the possibilities and challenges that young entrepreneurs face around the world. But it also gives them a clear perspective on how starting a business, even as young as 18, can build jobs, support local economies and communities, and help create real leaders for tomorrow. Through GSEA, they understand the global impact of youth entrepreneurship and their role in it.

How did you go about choosing the judges?

It’s not easy. This is the hottest ticket in town. This year, Kevin Harrington from ABC’s Shark Tank and EO cofounder, Mike DeLazzer CEO of Redbox, and Rackspace chairman Graham Weston will all be judging the Global Finals. In addition to being exceptional business and thought leaders, we want to engage with people who are passionate and committed to their communities and to entrepreneurship in general. Local EO members, established or serial entrepreneurs, members of the business medi and supporters of the GSEA are all participants as judges. We see these judges, who really grill our competitors on their businesses and their execution plans for the future, as mentors, who ask the tough questions in the quest to make these students even better at what they do when they leave the competition. Nearly every student walks away from the Global Finals, winner or not, with a greater sense of direction, purpose, and community from the experience. They know they’re not alone, and that others have taken that path before them. That knowledge transfer comes from our judges and their experiences in entrepreneurship.

This year’s GSEA is being played out at a time at least in the United States and Europe when many people are frustrated and angry with the state of the economy. That will be evident at the scene of this year’s event. What role do young entrepreneurs play in helping to heal the economies in the developed world, grow economies in the developing world, and build a stable system that works for everyone?

Based on new research from McKinsey and Company out this month, we know that 319 million people, 12 percent of the working-age population, are engaged in early-stage entrepreneurial activity across G20 countries, with small and medium-size businesses accounting for 64 percent of jobs in these countries. And even more impressive is the fact that the US would have 1.8 million more jobs today if businesses had continued to be launched at the 2007 rate. So it’s clear that entrepreneurship plays a crucial factor in the global economy. As for the disparities between developed and developing countries, 36 percent of the variation in economic growth can be explained by the variations in startup rates between the two, so we know that in economies where startups can thrive, their economies can too. Youth entrepreneurs are critical in this equation because success takes time, and great ideas require the nurturing, funding, tax policies, and market access to support their growth. The more we can encourage young entrepreneurs to try, perhaps fail, and try again, the stronger all of our economies can be.

Finally, what personal feelings do you have in watching this next generation of entrepreneurs learn and grow?

The overwhelming feeling is optimistic. These young entrepreneurs are so smart and tenacious, you can’t help but have a sense of pride for what they are accomplishing while knowing exactly what they are contributing to: new jobs, new opportunities, new global relationships, and breaking the barriers of poverty, discrimination, economic instability. All of these things I see in these young entrepreneurs, and I know that that’s only half of what each and every one of them is capable of: There’s so much more to come.

---

Kent Bernhard Jr. is News Editor of Portfolio.com