Third Age Entrepreneurs
The UK’s National Endowment for Science, Technology and the Arts (NESTA) has recently published a report on The grey economy. Authors Ron Botham and Andrew Graves argue that as the UK population is getting older, the economic contribution of people aged 50 and over is also increasing: more people are working beyond statutory retirement age and more of them are running their own businesses.
The dynamics discussed in the report parallels the phenomenon in the U.S. where the baby boomers are becoming more entrepreneurial. The Kauffman Foundation study authored by Vivek Wadhwa, The Coming Entrepreneurship Boom, found that the shifting age distribution of the country, the continued decline of lifetime employment, the experience such employees carry with them, and the effects of the 2008-2009 recession on established sectors of the economy, are all contributing to an entrepreneurship boom.
It appears that third age entrepreneurs will make one of the most valuable contributions to economic recovery in the UK and U.S.