Older Entrepreneurs Start Companies too ...

In my daily reading, I try to keep up to date on my industry, politics, who's who in the zoo etc., and I also love to track start ups and all things innovative.

Start ups are like a drug to me, I had my first taste in 1998 with a software company that was eventually bought during the Internet bubble for US$2B.  While I didn't fully understand stock options contained in my employment contract at the time (stock options are not something that Australian companies hand out - we still don't understand the notion of sharing the wealth to those in the company that actually create it - but that's for another day/blog!) - I learned very quickly when it came time to cash out - WOW!

So, I continued in the start up arena, and continue to look around to see if there are opportunities for older entrepreneurs in today's environment.  I found this neat article today http://www.businessweek.com/articles/2012-04-30/older-entrepreneurs-start-companies-too  - have a look.

Why should young start up companies consider older people in their organisations?  Here is some great reasons:
1. we usually have money.  When you watch "The Social Network", I squirm to think that Zuckerberg scrambled for $17k from Eduardo Saverin (according to Sorkin's screenplay).  Given the amount of equity a lot of over 50's people have, bringing together reasonable amounts of capital is not an issue.
2.  we know the pitfalls of business.  We have scars, lots of them!  And there is no better way to learn in business than from other people's mistakes.  I have personally lost my house once in my 6 start ups thus far, so I know better than most what "risk" means.  Older people have the wisdom to advise / counsel and be far less judgemental.  Age gives you added benefit of being able to sort out idiots a lot faster, and not deal with them.
3.  we have contacts / networks.  "You can't put an old head on new shoulders" - so true, so outsource it!  There is nothing wrong with having an older set of people on advisory boards to assist young entrepreneurs.  Check out the Australian Institute of Company Directors (www.companydirectors.com.au), there are ton load of very qualified people looking to fill roles and assist - many of them will consider pro bono, or sweat equity arrangements in exchange for their time/experience.
4. we like innovation too.  We know the industry and we know people.  And people still buy from people today, and doing it over the internet or on a portal is no different.  We can smell a good deal even if its brand new and innovative.
5.  we present credibility / stability to outsider investors.  With some diversity in your hiring and board composition, you show outsiders that you are flexible, and it also provides some sense of security to potential investors that there's some older blood in the bunch of stallions out there trying to change the world.  Have a look at Facebook's board and top level executives, a lot are much older than Zuckerberg.

Can you think of other reasons why young start ups should strongly consider adding older, over 50 aged workers to their roster??

 Let me know ...  I'm sure if I get any opportunities, I be sure to share them with you all.

Have a great day.
Dom