Julie Wainwright – working as a CEO for almost two decades – was in her mid-50s when she created The RealReal platform for secondhand luxury. Harland Sanders was 62 when he started Kentucky Fried Chicken (KFC) restaurant chain, and Bernie Marcus was 50 when opening the first Home Depot home-improvement store. But just how common is such innovation potential in older entrepreneurs?
As populations are ageing in many developed countries and people are working longer, it is important to know how we can best take advantage of the experience of more mature individuals.
In our study published in July, we provide evidence that older entrepreneurs have a lot to offer. Our findings show that those who start businesses later in life (50 years old and above) are more likely to bring radical innovations to the market than younger business owners. These novel products and services are of great benefit to the economy. This means that skills and experiences of older entrepreneurs are highly valuable.
