How Old is ‘Old’?
Entrepreneurship isn't a young person's game.
Despite pervasive stereotypes, age and experience is an asset in building successful businesses.
Yet when it comes to age diversity, we are not making progress.
Reflecting on my raison d'être and life as an entrepreneur, I believe in the power of entrepreneurship to drive change.
Founders, investors - It's time to step up.
Let's set the scene
On average a child born in the UK will live to be 103. This century we've added 30 healthy years to life expectancy, with over 50s being the only workforce age group projected to increase.
The tech world's obsession with youth has perpetuated harmful ageist misconceptions.
But the data tells a different story.
Research indicates that older entrepreneurs are more successful:
The 45-54 age group led new entrepreneurship rates in 2020.
The average age of successful start-up founders is 45.
Founders in their 50s have 1.8 times greater odds of starting a successful company compared to 30-year-old founders.
These statistics challenge the notion that innovation and entrepreneurial success are primarily driven by youth.
There is sense behind the data. Older entrepreneurs typically have:
More work and industry experience to draw upon.
Better-developed technical and managerial skills.
A wealth of knowledge that can be applied to new ventures.
A wider range of contacts across various industries.
Better risk assessment and mitigation strategies.
This accumulated experience often translates into a deeper understanding of business operations, market dynamics, and problem-solving strategies.
The UK's 50+ Powerhouse Entrepreneurs
I'm sure you'll be familiar with the commonly cited 50+ successful founders, Arianna Huffington and Harland Sanders. But we have incredible examples in the UK.
Professor Peter Donnelly
Genomics was founded by four academics from the University of Oxford. One of them was Peter Donnelly, the company’s CEO, who was 54 when the startup was incorporated in 2014. Genomic’s vision is for doctors and healthcare systems to deliver care before people get sick. The company has raised a total of £66.2m.
Anne Boden
Starling Bank was founded by Anne Boden, at 55 years of age, alongside Mark Winlow, at 51. Recognising how technology could transform how people manage their money in a way that traditional banks hadn’t, Boden and Winlow created one of the UK's leading challenger banks.
Trinny
Founded by Trinny Woodall from her kitchen table in 2017, Trinny London was born with one goal in mind – to give everyone the tools to be their best. With inspiring innovation and a motto to rethink your routine, their global expansion makes them one of Europe’s fastest-growing beauty brands.
A Rallying Cry
As entrepreneurs and investors, we play a crucial role in changing the narrative:
Investors looking to promote diversity and inclusion can use the power of capital to help drive positive change. From investing in companies with strong diversity credentials, to investing in companies providing solutions that combat social inequality.
Entrepreneurs should intentionally build a multi-generational workforce; a powerhouse for positive collaboration of perspectives, experiences, and skills. Additionally challenging age-based stereotypes and creating supportive ecosystems is essential.
By championing age diversity, we're not just supporting entrepreneurs—we're building a more innovative, inclusive economic future.
