The age of Entrepreneurship

Thursday, 01 December 2011

Entrepreneurs are more likely to be wise old owls than young guns says Nominet Trust as it urges over 65s to innovate online

Contrary to popular belief, the largest number of British entrepreneurs are 55 years and over, rather than 20-somethings like Facebook’s Mark Zuckerberg and Twitter’s Jack Dorsey.

New findings by Nominet Trust explode the myth that older people don’t have the desire or know-how to be entrepreneurs. Nearly two fifths of people (39 per cent) believe that entrepreneurs fit into the 25-34 age group, when in fact they are more likely to be over 55.

Nominet Trust also found that perceptions of how older people use the internet and what they have to offer are largely incorrect: most people believe that people over 65 are luddites when, in fact, this group represents the fastest growing users of digital and social media.

Published 26th October, Nominet Trust’s Ageing and the Use of the Internet report, written by Prof Christine Milligan and Dr Don Passey, highlights that there is huge potential to mobilise our aging population’s enterprise and digital savvy to use the internet to address social problems in their lives and communities. In particular, the report shows there is a pressing need for products, services and technologies for older people designed by older people.

For this reason, Nominet Trust is launching a £250,000 Challenge, with funding and support available for the strongest projects that could work with older people to: use the internet to address specific social problems facing older people; design new and better ways for older people to get on to and use the internet; and develop and use technologies which older people feel comfortable with.

Projects currently supported by Nominet Trust include Internet Buddies, a mentoring scheme which pairs young volunteers with older people to help get them online; and Cockermouth Centre for the Third Age which has created an online platform linked to local GP surgeries which can refer people experiencing isolation, depression or mobility issues to a community of volunteers ready to help.

Annika Small, Director of Nominet Trust, said:

“The internet has the potential to make entrepreneurs of us all. At this time of global recession, we urgently need to tap into the creativity, experience and enterprise of older people to address big social challenges. There is already a wealth of older entrepreneurs but as a society we’re missing a trick by not encouraging them to develop products and services with and for their peers. The internet is a powerful tool to engage people in the design of solutions that meet a specific social problem and improve their lives and communities.”

A survey carried out by Nominet Trust to coincide with the research launch has found that people are more likely than not to be interested in becoming an entrepreneur past the age of 55, if they had the resource to do so.

The fastest growing users of digital and social media are older and evidence suggests that increasing numbers of older people are using the internet as next generation users, creating content, sharing ideas and experiences, and using the internet to take action in their community.

With the survey also suggesting older people are more likely to look to their peers to help them solve problems than younger age groups, Nominet Trust is calling for these older users to act as champions and help bring even more older people online.

According to Annika, “The real generation gap is in our perceptions and it is time that we recognise the huge potential of our aging population to use the internet in addressing the big social challenges facing this country”