Myths, joys and lessons learned: entrepreneurship after 50

When we asked AI to create an image of a “stereotypical startup founder,” it gave us exactly what you’d expect – a young, gym-fit Pākehā guy in jeans, trendy sneakers, and a plain t-shirt. He’s glued to his laptop, surrounded by post-its, looking driven.

Society teaches us that this is what an entrepreneur should look like. Yet, the global average age of the most successful founder is 45 years old. Strip away the cliché attire, and what remains is the essence of a hardworking, ambitious individual – still surrounded by post-its. Because, some things never change.

This brings us to the real magic of our 50 Up startup programme. In collaboration with the Selwyn Foundation and Callaghan Innovation, we brought together 17 first-time entrepreneurs over the age of 50, guiding them through the initial stages of their startup journeys. This was a programme built off the huge impact that Geoff Pearman’s work has had on drawing attention to the opportunity we have in harnessing the skills of our ageing population.

So, what unfolded over those transformative three months? Grab a cuppa and enjoy this cosy read to find out. 

Forever learning: the 2024 recap of our 50 Up startup programme.

Our goal with this year’s 50 Up programme was not just to connect these passionate entrepreneurs but also to broaden diversity within the cohort. We were thrilled to see our largest group of Māori and Pacific Peoples joining us this year.

50 Up is similar to our startup accelerators, whereby these entrepreneurs are set up with:

• 1:1 coaching.
• Mentoring.
• Topical workshops covering the fundamentals of setting up your business.
• Frameworks and the Creative HQ toolkit, and our specialty trained GPTs, giving entrepreneurs the tools they need to plan, test and launch their business.

What truly stood out this year was the sense of community and camaraderie that blossomed among the participants. The diversity of backgrounds, skills and experiences added so much richness to every conversation, creating a supportive environment where people could learn, grow and find their footing after overcoming personal challenges.

I had the great joy of facilitating this amazing group of people with my co-facilitator, Saara Tawha.

From the moment Saara and I welcomed people into our space we knew we were part of something special. First off it was the warmth, generosity, openness and energy of the group that really struck us. And then as time progressed we were awed by the diversity of experience participants had and which they shared so freely with others.

Many were driven by a passion to change things for the better based on their own experiences. While the programme has finished, the cohort continues to meet and share. And for me, I feel myself lit up whenever I think of these beautiful people and what they are creating.

What did joining the 50 Up programme mean for this year’s cohort?

Our participants shared that joining the 50 Up programme was not about overcoming misconceptions related to their age. Instead, it was about redefining what success means at this stage in life – aligning their work with personal values and goals.

So, what does success look like?

Peter,  has developed an innovative audio-based feedback tool – using AI for authentic spoken data collection that can be analysed to improve workplace wellbeing. By capturing people’s comments using AI, users can hear first hand what people think about their programmes with no mediation or interference by third parties.

He sees untapped potential in supporting 50+ entrepreneurs, who often have skills, networks and resources to create impactful businesses. He comes from a background as a consultant and organisational psychologist – now wanting to solve “wicked problems” impacting health and social services. 

When asked about misconceptions, he noted NZ’s tendency towards “necessity entrepreneurship” rather than “opportunity entrepreneurship”. He wants to encourage others thinking about entrepreneurship to be ambitious, thinking about how you can make your idea big, not just make ends meet. He says to envision growth beyond NZ’s borders – but find a supportive community as you embark on your entrepreneurship journey. 

Check out what Peter’s building: talkscape.io

Daisuke is working on a backyard insect farming system – using black soldier flies for composting and sustainable protein production. When asked about misconceptions on entrepreneurship, he explained it was more about realising what success means at this stage in life.

To him, success was redefined as spending time and resources in a personally meaningful way. He wants his work to align his personal values with the desired impact. And this ended up being the theme of these conversations with our other participants. 

Daisuke’s is providing business update over on Instagram.

Glenn, who through this programme transitioned out of a corporate role into starting his own therapy business defined his success as making a positive impact on people’s lives too. He’s focussed on helping men who struggle with trauma and PTSD, hoping to do his part to combat New Zealand’s suicide rates. 

He says this programme helped him with his market positioning, strategy and finding a safe environment to test ideas within. He didn’t have misconceptions about his age and entrepreneurship – “age is just a number”. His priorities have shifted throughout his life to let go of materialism and focus more on finding happiness. 

You can check out Glenn’s Services and follow his journey on Instagram.

Catherine, an inspiring mother and now teacher-turned-startup-founder, is developing ExploreAble World, a technology solution inspired by her vision impaired children, giving all low vision individuals more opportunities to experience the world. 

She has no background in tech and how to build these solutions, but she’s fully immersed and is learning along the way. When asked about the misconceptions she had about starting this process, she said neither age or a lack of experience is something to hold you back. 

The 50 Up programme provided her with the digital literacy skills, entrepreneurial tools and the courage to pursue her venture idea. Now, with a prototype and validated business case, she’s partnering up with Blind Low Vision NZ to bring her venture idea to life. This could be a game-changer for differently abled people, particularly when travelling. 

Contact Catherine if you’re interested in what she’s building at ExploreAble World.

Rachel, another impact-driven entrepreneur (who’s keeping her business idea under wraps for now!) said that, prior to joining the programme, she had reservations about pursuing her own venture and how many news skills she would need to learn. She said that age wasn’t holding her back, it was confidence, and the 50 Up crew have helped her combat this. We asked her about the lessons she’s learned through the programme and she shared some great nuggets of wisdom:

• Work in collaboration, not isolation.
• Unexpected opportunities arise from diverse connections – grow your network.
• Continuous learning and adaptation are crucial for success.
• Give yourself the freedom to explore and express oneself in your business.

What made 50 Up 2024 so special?

50 Up was a transformative journey for our participants, empowering them with newfound confidence, practical skills, and a supportive network of like-minded entrepreneurs. 

Many found that the programme not only bolstered their belief in their entrepreneurial abilities but also emphasised the value of purpose-driven business ventures over purely financial goals. The collaborative spirit within the cohort stood out as a major highlight, empowering participants to tap into the rich tapestry of skills and perspectives shared among them.

Participants like Rachel and Peter discovered a boost in their entrepreneurial confidence and valued  the wisdom gained about VC funding and personalised coaching. For Rachel, hearing other founders’ stories was particularly inspiring, while Peter valued the guidance provided by facilitators such as Alexandra, Brett and Saara to fine-tune his business model. 

Catherine’s journey with “ExploreAble World” illustrated the programme’s impact on building digital literacy and fostering a mindset of inclusive design. Her experience was described as transformational, equipping her with the tools and courage to bring her vision to life.

Daisuke and Glenn both appreciated the structure and support the 50 Up programme offered, with Daisuke highlighting the energising and life-changing nature of the experience. The one-on-one coaching sessions provided clarity and focus, helping them overcome initial challenges – right at the critical stage of his journey. Glenn found the community aspect invaluable, realising not only the benefits he received but also the positive influence he could have on his peers. 

So, next time you think of your ‘typical startup founder’, remember that entrepreneurship has no age limit. Keep dreaming, keep innovating and keep changing the game.

We wish them all the best and will be following their journeys as they take their ventures to the next step.