“Olderpreneurs” could add billions to the UK economy

11/04/2008

A latent pool of hidden innovators could potentially add £15 billion to the UK economy by 2012 if the right conditions were created, according to new research conducted by Cass Business School’s Centre for New Technologies, Innovation and Entrepreneurship (CENTIVE) sponsored by Microsoft.
 
Faced with increasing global competition, concludes the report, part of the solution must be to make better use of the pools of talent already in existence and this means a renewed focus on what the older generation, disabled and BME communities can add to the economy.

 

Older entrepreneurs, or "olderpreneurs" could contribute an increased 17% of the potential uplift to the UK economy by 2012 and will be key to capitalising on this innovation opportunity as the size of this group expands over the next four years.

 

With a wealth of experience and insight built up over their careers, this group has the highest rate of business success and longevity, with over 70% of startups lasting more than three years, compared with 28% for younger entrepreneurs. Moreover, with those over 55 set to account for a third of the UK population by 2025, older entrepreneurs are well placed to tap into the fast-growing potential marketplace through their shared experiences and understanding, the report reveals.

One of the report’s key findings is that entrepreneurial self-confidence is a critical issue for all the hidden innovator groups and a major barrier in pursuing an entrepreneurial path. Policy makers, concludes the report, should be urged to provide equivalent support to the over 50s as they do to younger people.
 
Julie Logan, Professor of Entrepreneurship at Cass Business School’s Centre for New Technologies, Innovation and Entrepreneurship (CENTIVE) and one of the report authors, said: “This report shows that in the UK we have a tremendous opportunity to capitalise on the rich pool of entrepreneurial and innovative talent that is held by groups in society that has previously been underutilised. There are some things that we can be doing to tap into this potential.

Trevor Baylis, inventor of the ClockWork Radio, said: “We need to create a culture in the UK which encourages and nurtures innovation across all groups in society. This is especially true for the older generation who have built up experience during their careers which enables them to identify and act on business ideas quickly and effectively.

 

"It seems to me that chance favours the prepared mind and I see some of the best innovations coming from this group. But we can help our olderpreneurs further by making sure that appropriate support and advice networks are in place so that great ideas become a reality.”
 
For the disabled community, the report reveals that technology has presented new opportunities to pursue entrepreneurial paths - whether by enabling better access to information or underpinning  the business model, technology has fundamentally changed the way in which disabled people can innovate.