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Senior Entrepreneurship Works is a “Movement,”
striving through education programs, policy, capitalization and
research to create a paradigm shift that recognizes the
Human Capital of Seniors as
Assets Not Liabilities
“New Engines for a New Economy”
Driving Social, Economic, and Environmental
Growth in Communities, the Nation, and the World.
Senior Entrepreneurs
Entrepreneuring Trumps Aging
Scope of Session
Overview of the social, environmental, and economic impact of senior
entrepreneurship in today's global “longevity economy” and what is needed to
create and sustain it.
Senior Entrepreneurship Today
Creating Senior Entrepreneurs – eProv Studio Workshops
Harnessing the individual and collective experience of older adults to
boost prosperity for all ages
Building an infrastructure of cross-sector support (programs, capitalization,
policy and research) to nourish and sustain senior entrepreneurship
Presenter
Elizabeth Isele
Co-Creator and Founder,
eProvStudio.com, Babson College, Wellesley, MA
Co-Founder and CEO,
SeniorEntrepreneurshipWorks.org, Baruch College, New York City, NY
Email: [email protected]
Paradox of the New “Longevity
Economy” - Passive vs. Proactive
Passive: Seniors, aged 50+, as a $3 Trillion Market Opportunity
in the US - $15 Trillion Globally
Proactive: Seniors, aged 50+, Creating and Driving Economic
Markets
Seniors, aged 50+, as a Market Opportunity
Aging 2.0 – innovators, brand managers, marketers, and product designers,
who ignored this market for decades, now want a piece of the trillion dollar pie.
Products such as medical alert bracelets and adult diapers are palliative in
nature. They highlight and reinforce the debilitating effects of aging.
Passive Drivers
Innovation based on what can be sold to this huge and growing,
at 10,000 a day, demographic.
Product innovation aimed primarily at the older olds, age 75 and up.
Seniors, aged 50+, Creating and Driving Economic Markets
Proactive Drivers
Recent research in the United States from the MetLife foundation documents 34 million
boomers want to start their own businesses.
Contrary to a commonly held perception that only young people engage in business start-ups,
research by the Kauffman Foundation for Entrepreneurship has established that the highest rate
of business start-up activity over the past decade has consistently been among people
in the 55-to-64 age bracket.
According to the Kauffman Foundation's Index of Entrepreneurial Activity, 1 in 5 new
entrepreneurs in 2011 were aged 55-64; almost half of all new entrepreneurs were between
the ages of 45 and 64 and this cohort continues to grow.
The 2013 GEM (Global Entrepreneurship Monitor) data documents that 50% of new
businesses launched by individuals aged 50+ are still in business after five years.
Contrast this to the US Bureau of Labor Statistics (BLS) and the Census which note:
"The typical new business started in the United States is no longer in operation five years
after being founded."
This is a highly creative, powerful, and extraordinary demographic – courageous, enlightened
and willing to fight for what they believe in. We need to unleash their potential.
Seniors, aged 50+, Creating and Driving Economic Markets
Proactive Drivers (cont.)
Social Benefits and Economic ROI
Individual's health, well-being, and economic self-reliance.
Communities' (including employers') health and well-being as in Age Friendly Cities and
environmental health (boomers building green businesses), and Economic (workforce development,
job creation, improved productivity and wealth development as senior entrepreneurs pour
investment dollars back into their communities).
Rather than taking jobs away from the younger generation, they are creating jobs
for them and simultaneously boosting their local and our national economy. Often, too,
as this NY Times article, Retiree Start-ups with Age and Youth as Partners, indicates,
seniors are working hand-in-hand with the younger generation to create new businesses.
And, according to research from the AEO (Association for Enterprise Opportunity), if
one in three micro-businesses in the United States hired an additional employee, the US
would be at full employment (see http://www.oneinthree.biz).
Seniors, aged 50+, Creating and Driving Economic Markets
Proactive Drivers (cont.)
Social Benefits and Economic ROI
Senior Entrepreneurs and employed adults, aged 65+, contribute $120+ billion in federal taxes*
annually to support federal programs and reduce dependency on entitlement programs.
Senior Entrepreneurs present new market lending opportunities for lenders.
New digital business opportunities. Increased demand for Technology (products, services,
e-commerce) to facilitate senior business startups.
More than 60% of senior startups are green businesses - huge impact on environment.
Intellectual capital: Engaging seniors in both business creation and in supporting new and
existing entrepreneurs would maximize the wealth of experience they possess that can be lost
on retirement, cultivate intergenerational learning and ensure knowledge transfer.
Seniors, aged 50+, Creating and Driving Economic Markets
Proactive Drivers (cont.)
Social Benefits and Economic ROI
Collaborative entrepreneurship. Seniors, who may not wish to launch a business of their own,
represent a valuable resource for other entrepreneurs. Retired business people have precious know-how
and experience that can make it easier to start and run a company than it might otherwise be
for an inexperienced founder. We should be encouraging motivated seniors to serve as voluntary mentors,
potential buyers of or investors in businesses, or as temporary managers to assist vulnerable start-ups
or businesses in transition.
Senior Entrepreneurs are driving economic recovery in our communities and in our country,
and their experience, extensive networks, and problem-solving expertise mitigate the risk of failure
endemic among new business startups.
Today's Senior Entrepreneurs are creating a whole new paradigm for aging. The
world is beginning to recognize seniors as assets and not liabilities - and it's
not a moment too soon!
Creating Senior Entrepreneurs
A tool to ignite ideas through ET&A® (Entrepreneurial Thought and
Action) and Improvisation for seniors to re-imagine/renew their lives
rather than retire from them.
Shaping entrepreneurs of all kinds…
Courtesy, Mischa Richter
eProv Studio
and of all ages, with visions large and small!
eProv Studio
What Is ET&A® (Entrepreneurial Thought and Action)?
The world's most powerful force for social and economic value creation.
A dynamic methodology that was created and is being taught
every day at Babson College, the # 1 school of entrepreneurship.
It extends entrepreneurial activity to Entrepreneurship of All Kinds ®
to impact individual's lives, work and communities.
A method for creating the things that really matter to you by taking
swift, confident, and smart action when faced with the unknown.
It puts entrepreneurship in the hands of the many not the few.
What Is Improvisation?
Theatrical improvisation was developed to help actors solve problems on stage.
Rather than halting a performance because lines were forgotten, actors would improvise
(make-up) dialogue and the audience would not recognize any irregularity.
The focus is on creating scenes and building stories with very limited physical resources.
Successful improvisation actors understand the importance of
Listening to others without prejudgment
Trusting that the group (not the individual actor) will solve a particular problem
Building on a storyline in creative but useful ways
Letting go of the need to control a situation, and
Thinking quickly and acting under pressure to maintain momentum .
What Is eProv Studio Improvisation?
Using Improvisation to experience creativity and design thinking,
the eProv Studio "playshops” accelerate ideation.
The improvisers (eProv workshop participants) work together responsively
through a series of “Yes, and” exercises, providing constructive feedback,
identifying needs, and determining ways to help one another in
a process of co-creation.
Mary Catherine Bateson, writer, cultural anthropologist and daughter of Margaret
Mead, says in her new book, Composing a Further Life:The Age of Active Wisdom,
“that with its unprecedented levels of health, energy, time, and resources, aging today
is an improvisational art form calling for imagination and willingness to learn.”
Building Confidence Through Improvisation
Improvisation requires one to create on the spot while being fully exposed.
Improvisation skills help to eliminate the fear factor, allowing ideas to flow freely
in order to create scenes and build stories.
Individuals who go through eProv training acquire a heightened sense of self
and a greater tolerance for failure.
Don’t let your fear of being wrong paralyze you. Thomas Alva Edison, inventor
of the light bulb, the motion picture camera, and the phonograph, among many
other things, did not think of his experiments in terms of success or failure, but rather
as learning. He conducted 10,000 experiments in his efforts to create the first
storage battery! “Results!” he said. “I have gotten a lot of results. The best part is that
now I know what doesn’t work and won’t have to be tried again.”
Building Confidence Through Improvisation
It takes courage to believe in your self, to start something new.
Thinking of courage reminds me of “The Wizard of Oz,” celebrating its 75th birthday
and record of the most watched movie of all time. I treasure this quote about the movie’s
cowardly lion from Mary Anne Radmacher, “Courage does not always roar. Sometimes
it is a quiet voice at the end of the day, saying…’I will try again tomorrow.’”
eProv Studio‟s Guiding Principles
Reality based - no rose colored glasses allowed.
Replace the noun entrepreneurship with the verb
entrepreneuring.
Take the intimidation out of entrepreneuring.
Anyone can become an entrepreneur – you don’t have to be born one.
Unleash the potential for everyone to create a more just,
equitable, and mutually beneficial civil society.
Entrepreneuring is not an individual sport – doing it in “community”
amplifies the results.
Potential never gets old!
Recognize there are many different kinds of entrepreneurs.
How Does eProv Studio Work?
– One Minute Snapshot
1. Know what you want.
2. Act with the means at hand.
3. Be alert and open to what is and what you are getting.
Make reality your friend and asset; build off what you find.
4. Take steps based on your means and what you can afford and want to pay
to play. It’s not what you’re going to do; it’s what you’re going to do next.
Spread risk and acquire resources as you go along.
5. Bring other people with you.
6. Remain flexible in what you want and how you do it based on your most
current insights, until you achieve your goal.
How Does eProv Studio work?
(Know Who You Are and What You Bring to the Table)
Identify Skills and Experience you can bring forward
from your 50+ years of living and working.
Identify one accomplishment /pivotal point from each decade of your life.
Prioritize those accomplishments.
Recognize skills you drew upon to achieve them.
Identify barriers you overcame and assets you had to help you overcome
them to achieve the breakthrough.
Look for patterns and relationships between what you have achieved and
what you desire to achieve in the future.
Decoding Your Entrepreneurial History Exercise
Resources – Using the Means at Hand
The Red Armchair, Picasso
Did you know that Picasso painted some of his masterpieces, like
The Red Armchair, with ordinary, commercial house paint?
How Does eProv Studio work?
Mine your hidden talents and explore the possibilities
with other players in this workshop.
Someone once said, “The greatest wastes are unused talents and untried ideas.”
eProv Studio’s “Yes, and” improvisation exercises help you unleash ideas you may have quietly
percolating on a back burner. Do you have a hobby, for example, that could be a good business venture?
Check out Stan Munroe, who’s rebuilding the world one toothpick at a time!
Pearl Malkin – Kickstarting Grandma!
Precious Costello Caldwell
Robert Gray
Mandy Aftel, perfume entrepreneur extraordinaire!
Judi Henderson Townsend - “Mannequin Madness”
Jill Kerttula
Reconstructing Sweaters One Beautiful Stitch at a Time!
Paul Tasner - PulpWorks
Inez Killingsworth
Empowering and Strengthening Ohio's People
Joe James Agri-Tech Producers
"The Greening of Black America - A Rural Development Opportunity"
How SEW Is - and You Can Harness the Individual and Collective
Experience of Older Adults to Boost and Sustain Prosperity for All Ages
Energize entrepreneurial communities to foster an entrepreneurial approach to
economic development.
Create space in our economy and society for entrepreneurship and innovation.
Support the swelling numbers of self-employed, small and micro-business
startups in Puerto Rico which are driving a new round of economic and social
progress and prosperity.
How SEW Is - and You Can Harness the Individual and Collective
Experience of Older Adults to Boost and Sustain Prosperity for All Ages
Stimulate Robust Investment in Entrepreneurship Programs, Policy,
Capitalization, and Research
1. Public Funding
2. Leveraged Private Investment
3. Community Philanthropy
4. Impact Investment - For many impact investors, “impact,” especially early stage
investment, is the shortest line between capital and community. The growing field of
impact investing focuses on investing capital with the deliberate intention of achieving
both financial value (return on capital) and social value (positive impact on social and
environmental problems).
How SEW Is - and You Can Harness the Individual and Collective
Experience of Older Adults to Boost and Sustain Prosperity for All Ages
Proactively integrate innovators of all ages who are creating products and services
for the $15 trillion senior market with entrepreneurs aged 50+ who, in addition to
creating products and services for this ever expanding senior market, are also
creating new markets and asset growth to amplify the “Longevity Economy”.
How SEW Is - and You Can Harness the Individual and Collective
Experience of Older Adults to Boost and Sustain Prosperity for All Ages
Build new and innovative alliances among public/private stakeholders (including
those in this room) invested in the health and well-being of seniors to translate their
missions into socially and economically healthy communities – local and global.
How SEW Is - and You Can Harness the Individual and Collective
Experience of Older Adults to Boost and Sustain Prosperity for All Ages
Develop Entrepreneurial Education Programs –including intergenerational
programs.
Training
Mentoring
Shared Spaces
Incubators and Accelerators
Local, national, and international forums
Think Tanks for Cross-Sector Thought Leaders in the Senior Entrepreneurs
as “New Engines for a New Economy” Arena
How SEW Is - and You Can Harness the Individual and Collective
Experience of Older Adults to Boost and Sustain Prosperity for All Ages
Create New Methods of Capitalization for Boomer Business Startups.
Private Commercial Banks
CDFI Fund and Community Banks
Micro-lending – Accion and Kiva.org
Federal Reserve
US Treasury
Impact Investing
Private Loan Guarantees
How SEW Is - and You Can Harness the Individual and Collective
Experience of Older Adults to Boost and Sustain Prosperity for All Ages
Generate New Research Initiatives to document the social, environmental, and
economic impact of seniors contributing to our “Longevity Economy.”
Babson College
Baruch College
GEM
Stanford Center on Longevity
UNC Chapel Hill
Washington University, St Louis
International – Ireland, UK Prince’s Fund, Nesta.org, and EU Commission
How SEW Is - and You Can Harness the Individual and Collective
Experience of Older Adults to Boost and Sustain Prosperity for All Ages
Advocate for New Public Policy that recognizes older adults as assets and not
liabilities.
Local Puerto Rican Community Economic Development
National – US Senate Hearing and White House Initiatives
International – Ireland, UK Prince’s Fund, EU Entrepreneurship and their
2020 Strategic Plan
“It's time to stop the prevalent gloom
and doom attitude coursing through
the hallowed halls of Congress as senator
and representatives speak of the huge
demographic shift as a „silver tsunami.‟
We need to change that mindset by
recognizing that seniors are assets not
liabilities and, as such they represent
a 'silver lining, yielding golden dividends.”