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50+ entrepreneurs taking charge

Entrepreneurs aged 50 or over are responsible for a significant percentage of new start-ups in the UK, research has found.

A new report by the National Endowment for Science, Technology and the Arts (NESTA) found that so-called ‘third age entrepreneurs’, aged between 50 and 65, were behind 27% of successful UK start-ups between 2001 and 2005.

During this time, more than 350,000 new companies were established, with third age founders at the helm of 93,500.

The report also suggested that the presence of more experienced entrepreneurs often translated to success for start-ups, with the businesses displaying the most impressive growth being those co-founded by a team of young and older entrepreneurs.

NESTA argued that older entrepreneurs would be critical to the UK’s future economic growth. By 2025, it is estimated that half the adult population will be aged 50 or over.

Jonathan Kestenbaum, chief executive of NESTA, said: “At a time when an ageing society is being viewed as a problem, our study shows that there is a wealth of experience driving the UK economy today. Many third age entrepreneurs are setting up exciting new companies which are employing thousands of people.”

The report found little difference in the sectors chosen by older and younger founders or their attitudes towards risk.

This was posted in Bdaily's Members' News section by Ruth Mitchell .