Older Americans Are Starting More Businesses Than Ever

Research indicates that older American entrepreneurism is surging to unprecedented heights, reports Bloomberg BusinessWeek . The Ewing Marion Kauffman Foundation estimates that 26 percent of new entrepreneurs in 2017 were 55- to 64-year-olds, while the Global Entrepreneurship Monitor says this same demographic has enjoyed the highest rate of business startup activity worldwide in the past 10 years. Hospitality entrepreneur Chip Conley says older business owners have an "intergenerational potluck" advantage, where across-the-board diversity "ignites the creative spark" in virtually any field. Older business partners typically have lots of industry expertise and a lifetime of connections and potential clients, not to mention capital; younger generations are usually digital natives often weighed down by student loans. "The incentive is they really need each other," says Global Institute for Experienced Entrepreneurship CEO Elizabeth Isele. "It's how to add value to each other." Basic economic and societal changes help make multigenerational entrepreneurship practical, with cities and towns encouraging more entrepreneurship by supporting incubators, accelerators, and new business competitions. Meanwhile, information technology innovations reduce startup costs.