When you think of an entrepreneur, who comes to mind? The popular image of a young genius clad in a grey hoodie, toiling away in a dorm room is inaccurate, says CNBC. The reality is, “[i]ndividuals turn to entrepreneurship throughout their lives.”
The online report points to First Round’s recently released results from its 2016 survey, “State of Startups.” More than 700 founders responded, revealing a wealth of information. Highlights include:
- Forty-five percent of startup founders are between 35 and 50 years old.
- Thirty-two percent started their company 3-5 years ago.
- Thirty-eight percent are in the Enterprise sector, 23 percent in the Consumer Internet and 9 percent in Financial Tech.
- Forty-three percent are most focused on the Web platform, 29 percent on Mobile.
- Twenty-six percent named “Individual partner expertise” as their No. 1 quality when selecting a lead investor, 20 percent named “Terms of the deal.”
- Fifty percent feel that lead investors have met their expectations.
- Sixty-one percent think that over the past few years, entrepreneurs have held the power.
- Sixty-seven percent think that in the next few years, investors will hold the power.
But back to the matter of age …
CNBC drew from a PBS Newshour piece by Vivek Wadhwa, vice president of innovation and research at Singularity University, fellow at Stanford Law School, and director of research at the Center for Entrepreneurship and Research Commercialization at Duke University. Wadhwa asserts that the young entrepreneurs who start up billion-dollar businesses are outliers. Some gain a lot of media attention because of their unique position and stories. But for Wadhwa, ideas come from need, which comes from experience and experience comes with age.
CNBC gives the timely example of Arianna Huffington who, while in her 50s, launched The Huffington Post. Now in her 60s, the successful entrepreneur, whom we’ve never seen in a grey hoodie, recently launched her second media, Thrive Global.