It’s never too late to innovate

I am still astounded at how entrenched the ‘entrepreneur stereotype’ seems to be.

When we hear the words “startup” and “innovation” in the same sentence, it’s easy to think of young people who start a whiz-bang tech-based business in their room or garage or kitchen as they step over fast food boxes and drink bottles. And it is great to support youthful enthusiasm and give them opportunities in innovation hubs and startup competitions. I’ve spent half my life with wonderful postgrads commercialising new technologies and coming up with new solutions. I sincerely hope activities in this space carry on.

However, these entrepreneurship images are outmoded and far from accurate. It turns out that people in the 50-65 age group are the fastest growing group of entrepreneurs internationally (so-called ‘senior entrepreneurs’). And not only that, research shows that this sector creates businesses that succeed (trade for at least 5 years) at almost 3 times the rate of those under 50!  Multiple personal and societal benefits also result when people 50+ start their own businesses.

Given the impressive extension of life-expectancy we now enjoy (into the 80s), those in the 50+ cohort have many years ahead of them.  We should ensure there are support systems for the over 50s seeking to start new businesses for the first time. It will benefit all of us.  And they are much more likely to succeed!

If you’re over 50 and considering starting a business, you’re in good company. More and more people are proving that age brings wisdom, resilience, and the confidence to build something meaningful. At StartUpsNZ, we’re proud to support first-time founders aged 50+ through a programme designed by entrepreneurs over 50, for entrepreneurs over 50.

Find out how our Starting a Business Over 50 Programme can help you turn your idea into reality.