The Rise of Olderpreneurship

WiseLearn Plattform/ March 3, 2023

The Rise of Olderpreneurship

More and more successful companies are being founded by older people. So-called Senior Entrepreneurs benefit from their life experience and resources. Read more about this highly innovative trend.

What is a Senior Entrepreneur?

A senior entrepreneur, also known as an olderpreneur, is an individual who starts a business or pursues entrepreneurial ventures later in life, usually defined as over 50 years. Olderpreneurs bring a wealth of knowledge, experience, and skills to their ventures, and can be successful in a wide range of industries. The trend of older entrepreneurship has been on the rise in recent years, as more and more older adults are choosing to start their own businesses rather than retiring or seeking traditional employment [1]. Figures from 1996 showed the 55-64 age group made up 14% of new businesses (in the US), by 2018 this figure had risen to 25.8% [2] and continues to rise.

The Growth of Senior Entrepreneurship in Europe

In recent years, Senior Entrepreneurs have become an increasingly important and visible part of the European business landscape. As people are living longer and healthier lives, more and more older adults are choosing to start their own businesses rather than retiring or seeking traditional employment.

There are a number of factors that have contributed to the rise of olderpreneurs in Europe. One is the economic recession, which has led many older adults to seek alternative sources of income. Another is the desire to stay active and engaged in their communities, and to pursue a sense of purpose and fulfilment later in life. As our societies age and the over 65’s become the most significant growth demographic, this trend can be expected to continue and to increase.

Despite the challenges that senior entrepreneurs may face, such as limited access to funding and difficulty adapting to new technology, they are often successful in their ventures. In fact, research has shown that older entrepreneurs are more likely to start businesses that are innovative, scalable, and financially successful. An article by Forbes [3] notes that a 60-year-old starting a new business is three times more likely to succeed than a 30-year-old peer, with older entrepreneurs consistently outperforming their younger counterparts. Contrary to most assumptions that entrepreneurship is the realm of the young, the average age of a business start-up founder (in the US) is 42 years [4]. Some of the factors that benefit an older entrepreneur are; their more developed networks, greater experience, higher managerial and technical skills and often a stronger financial position [5].