Many older adults are creating successful new businesses that take advantage of their extensive work experience, well-established networks, and a desire to remain engaged mentally. As the old proverb states “necessity is the mother of invention” and often older adult entrepreneurs are able to recognize a need and create innovative solutions based on their years of life experience. The moniker Seniorpreneur has been coined to identify the phenomenon.
Case in point is Cardiologist, Dr. David Albert who identified the need for a handheld electrocardiogram device back in the 90’s. At the time, current technology was unable to produce the device. When the iPhone was first introduced in 2007, Albert recognized how the new technology could be used to realize his vision. According to an article on LinkedIn “In 2010, at the age of 56, Albert started Alivecor with $250,000 from his savings. His goal was to build an iPhone case that performs an EKG. This device was approved by the FDA last December and now retails for $200 – with a prescription.”
According to an article in the Business Insider “one in three new businesses in the US were started by an entrepreneur age 50 or older and those aged 55-64 in the US have had the highest rate of entrepreneurial activity in the last 10 years.”
To further highlight the trend of older adult entrepreneurs, an article entitled Is the Era of the Seniorpreneur Upon Us? reports that “At the 2014 Startup Canada Awards, the Lifetime Achievement Award was granted to Gerry Pond, a pillar of the entrepreneurial community on the East Coast. During his acceptance speech, 70-year-old Pond said he hoped next year’s ceremony would include a winner in a “seniorpreneur” category”.
Promote your business at the next Business of Aging: Information Exchange Network (BA:IEN) after hours networking meeting (5 p.m. – 7 p.m.) on October 28, 2015. A limited number of booths will be available. To reserve a booth contact Kathryn Warren-Norton at 905.845.9430 x2978 or email at email@example.com
BA:IEN connects business and industry leaders to exchange ideas, information and resources related to the needs and wants of mature consumers and their families.