Are Older Entrepreneurs the Best Entrepreneurs?

Research from Penn State University suggests older people are an important yet underutilized resource of entrepreneurism, reports Forbes . The researchers argue that this group's diverse passions can fuel new ideas and innovations, which often concentrate on communal benefits instead of personal or commercial profit. "A good example was the knitting group that met in the library and made a lot of scarves," the investigators note. "After they were done, they would put the scarves on the statues in front of the library for people to take in the winter. If people are cold, they can pick up a scarf, which . . . was pretty interesting and creative." The Senior Planet community hopes to harness this inventiveness and expertise, offering classes on using social media and other tools to be entrepreneurial. A Massachusetts Institute of Technology/Northwestern University study found the average age of company founders in the United States is 41.9 years, and the most successful startups are being founded by people with 45 years of experience. Moreover, a 50-year-old entrepreneur was 1.8 times more likely to achieve high growth than a 30-something founder.