It is easy to read the news stories and come to the conclusion that entrepreneurial success and youth go hand in hand. The stereotype of young and quick success, such as Mark Zuckerberg’s Facebook story, is the exception rather than the norm. These stories are in the news because they are exciting and unique. The reality is that taking the time to gain experience and expertise in your field may be the recipe for entrepreneurial success. A quick look at the data on startups suggests that success may be more likely for entrepreneurs who wait to start a business.
Older Entrepreneurs Are More Common and More Successful
If you take a look at the average founder age of corporations and partnerships that were registered in the United States from 2007 to 2014, you will find that the average founder age is 42. Not only that, but in the most popular startup locations, including California and the Northeast, the average age is also 42, and New York City’s average founder age is 41.
In addition, data shows that the higher the success of the startup, the older the age of the founder. For example, the top one percent of startups between 2007 and 2014 have an average founder age of 43, while the top 0.1 percent had an even higher founder age of 45. Not only that, but the average age of founders has gone up over the years as well. In 2007, it was 41.8, and in 2014, it was 42.5. This shows clearly the majority of successful entrepreneurs found their companies later in life.
Technology Has Not Changed the Dynamic
Although young people have grown up with technology as a part of their everyday lives, youth is not a game-changer when it comes to startups. Some technology-related industries may attract younger entrepreneurs, but the average founder age in software publishing, for instance, is 40, which isn’t far off the overall age of 42. Also, there are many industries that have even higher founder ages for startups, including transportation of natural gas at 51 years old.