What is the ideal age to start a business? Young age or when you get older? The world's top startup ecosystems, mainly Silicon Valley, worship the young as the 21st-century role model for creativity, but a new report published recently reflects that when people get older, they become more creative and productive and can think differently, too.
A study conducted by the Information Technology & Innovation Foundation delved into the demographic composition of over 900 businesses spanning age groups from 18 to 80, all of which have made significant, marketable, and impactful contributions to technology-driven industries in the United States.The study found;
The overall medium age of innovators was 47 years old.
Only 5.8 per cent of individuals were 30 years or younger.
Innovations peaked between the 46-50 age groups.
At the age of 55, the rate of innovation was highest.
After 65, the rate of innovation declined very sharply.
There is one more research that has shown that not only aged people start businesses, but they are also more successful than others. This study was conducted by the Kauffman Foundation and covered 652 US-based businesses and disclosed some interesting facts;
Most of the US-based tech founders started their companies at the age of 39.
Tech founders holding MBA degrees established companies more quickly than others. They took a maximum of 13 years to be successful.
Those with PhDs typically waited for almost 25 years to become successful tech entrepreneurs
Master's degree holders took 14.7 years.
Bachelor's degrees entrepreneurs took 16.7 years to become established entrepreneurs.
The findings of both these studies were consistent with one another study conducted by the Georgia Institute of Technology and Sadao Nagaoka, the Hitotsubashi University, Japan, in 2009 that analyzed the portfolio of 19000 inventors in the US and found that 47 was the average age for American inventors.
More than 20 % of inventors were in their fifties.
More than 10% were 60 or older.
So, these reports confirmed that older inventors produced higher-value companies. Apart from these studies, several other studies also confirmed that many inventors come up with their best ideas or technology at later stages of their age.
There is a long list of aged influencers who are dominating the Indian Start-up Ecosystem. A few names that prove this fact that innovation is not just a young man's game include;
PRANAY CHULET, 43, Co-founder and CEO, Quikr. He founded Quikr in 2008, which today has become a unicorn and claims more than 30 million unique monthly visitors.
SUDHIR SETHI, 58, Founder & Chairman, IDG Ventures India Advisors Education, has seen off a tough fundraising process for IDG after many in the start-up ecosystem had cast doubt on whether VCs could attract large amounts of so-called rupee capital.
GIRISH MATHRUBOOTHAM, 41, Founder and CEO, Freshdesk, a software start-up. He is giving tough competition to the new-age Indian software startups.
SHARAD SHARMA, 52, Co-founder & CEO, BrandSigma; Co-founder, iSpirt. He is known as a champ of the Indian high-tech startup ecosystem.
VANI KOLA, 52, Managing Director, Kalaari Capital Partners. She is one of the most powerful voices in the start-up ecosystem.
HARI MENON, 54, Co-founder and chief executive at BigBasket. He made BigBasket survive during a funding slowdown and emerges as the largest online grocer while many other startups from the same domain shut shop.
VANI KOLA, 52, Managing Director, Kalaari Capital Partners. She is a serial entrepreneur and has proved her mettle with more than 50 successful funding deals from Kalaari Capital.
These are a few names. There are a lot of other success stories of aged entrepreneurs, especially from industries like Bio-tech and heavy engineering etc. Moreover, starting a business is a highly personal decision and age is no bar for this.
The question of the ideal age to embark on an entrepreneurial journey has long been a subject of debate. While youth has often been celebrated as the breeding ground for innovation, recent research has shed light on the powerful role that age plays in the world of startups.
The findings from various studies have revealed a compelling narrative: that older individuals are not only active participants but also significant contributors to the entrepreneurial landscape.
Contrary to the Silicon Valley stereotype, where youth is often hailed as the epitome of creativity, the data suggests that innovation knows no age boundaries.
In the realm of high-value startups, it's evident that experience and accumulated wisdom can be catalysts for success. In essence, the entrepreneurial mindset is not bound by age; it transcends generational boundaries.
The message is clear: whether you're in your 20s or your 60s, if you have a vision and the determination to pursue it, age should not deter you from venturing into the world of startups.
