Ano 2 \u2013 Edi\u00e7\u00e3o 2 \u2013 Periodicidade semanal<\/p>\n
The Golden Age of Innovation<\/p>\n
Despite stereotypes of entrepreneurs as fresh-faced youngsters, new
\nresearch has found that older workers are more likely to innovate
\nthan their under-35 counterparts.<\/p>\n
by Stefan Theil (\/authors\/stefan-theil.html) August 27, 2010<\/p>\n
Peach-fuzzed entrepreneurs like Mark Zuckerberg, who founded Facebook at age 19, and Larry Page and Sergey Brin, both 23 when they developed Google, have created a collective image of the successful innovator as youthful, brash, and brilliant. In turn, we\u2019ve been taught that with middle age comes calcified habits, outdated skills, and an aversion to risk. Sounds bad, right? It gets even worse when you consider that, by 2030, the average age will rise from 37 to
\n39 in the United States, from 40 to 45 in the European Union, and from 45 to 49 in Japan. The implication is that such figures, plus the post-baby-boomer decline in birthrates, could leave swaths of the world with a deficit in creative potential. The question then becomes whether
\nthese places can continue to compete, grow, and create wealth with an aging pool of prospective entrepreneurs and workers. According to several new studies, the surprising answer is yes.<\/p>\n
It turns out that many of the most common stereotypes about aging are dead wrong. Take the clich\u00e9 of the youthful entrepreneur. As it happens, the average founder of a high-tech startup isn\u2019t a whiz-kid graduate, but a mature 40-year-old engineer or business type with a spouse and children who simply got tired of working for others, says Duke University scholar Vivek Wadhwa, who studied 549 successful technology ventures. What\u2019s more, older entrepreneurs have higher
\nsuccess rates when they start companies. That\u2019s because they have accumulated expertise in their technological fields, have deep knowledge of their customers\u2019 needs, and have spent
\nyears developing a network of supporters, often including financial backers. \u201cOlder entrepreneurs are just able to build companies that are more advanced in their technology and more sophisticated in the way they deal with customers,\u201d Wadhwa says.<\/p>\n
The age at which entrepreneurs are more innovative and willing to take risks seems to be going up. According to data from the Kauffman Foundation, the highest rate of entrepreneurship in America has shifted to the 55-to-64 age group, with people older than 55 almost twice as likely to found successful companies than those between 20 and 34. And while the entrepreneurship rate has gone up since 1996 in most other age brackets as well, it has actually declined among
\nAmericans younger than 35. That\u2019s good news for one very simple reason: baby boomers are now in their prime, startup-founding years, which Kauffman researcher Dane Stangler says will unleash an entrepreneurship boom. Since new companies create the vast majority of jobs, the positive impact on a post-recession economy could be great.<\/p>\n
Part of the reason companies started by older workers don\u2019t get much recognition is they don\u2019t generally produce hot Web apps or other easily understood products. Instead, they tend to involve more complex technologies like biotech, energy, or IT hardware. They also tend to sell products and services to other businesses, which consumers rarely see, but that do most of the heavy lifting in powering innovation and economic growth.<\/p>\n
In fact, America\u2019s fastest-growing tech startup, according to Forbes magazine\u2019s Fast Tech 500, is First Solar, founded by a 68-year-old serial inventor in 1984. The founders of No. 2 on the Forbes list, Riverbed Technology, were 51 and 33 when they started their networks company. No. 3, data specialist Compellent Technologies, had founders aged 45, 55, and 58. Even the Internet is no longer just the province of young adults. Zynga, the company behind Farmville and
\nother infectiously popular games, will likely pass a billion dollars in revenue next year. Its founder and CEO, Mark Pincus, is a stereotype-defying 44. In sectors such as biotech and energy, Wadhwa estimates the average entrepreneur to be even older.<\/p>\n
So if entrepreneurs don\u2019t necessarily fade out with age, what about regular workers? One of Germany\u2019s largest companies had a researcher examine its system for continuous improvement, expecting the findings to back up its policy of pushing workers into early retirement. The numbers, however, showed that older workers not only had great ideas for making procedures and processes more efficient, but their innovations also produced significantly higher returns for the company than those of workers in younger age groups. Birgit Verwonk, a Dresden University of Applied Sciences economist and author of the study, says the findings were so surprising for the company (which wasn\u2019t named in the study) that it is now phasing out its early-retirement program.<\/p>\n
Given these sorts of results, why is the notion that older people are less productive or innovative so entrenched? Part of it is because there are deep stereotypes and cultural narratives at play. In a series of landmark studies on creativity in the arts and sciences, David Galenson, a University of Chicago economist, identified two types of creativity. One was based on radical new concepts, at which young innovators excel (think Picasso or Einstein, who were both in their
\n20s when they revolutionized their fields), and the other built on probing experimentation that coalesces later in life (think C\u00e9zanne or Darwin). The second type of innovation is more hesitant and is often a work in progress, which Galenson argues leads to some of the conventional wisdom regarding older genius.<\/p>\n
That misconception has some ugly side effects, according to Wadhwa. It becomes the reason why some venture capitalists often don\u2019t return calls from 40-plus entrepreneurs. \u201cThe VC people boast that they\u2019re financing all the whiz kids,\u201d says Wadhwa. But given the rates of
\nentrepreneurial success for that group, \u201cthey should really be embarrassed.\u201d<\/p>\n
The way companies tend to be organized is also to blame. Companies often put new hires fresh out of college on their most innovative projects, while making older workers do routine jobs with existing systems, says Verwonk. Also, too few companies spend enough on continuous training to keep their employees\u2019 expertise up to date. But workers themselves are at fault as well. Many older employees coast into premature obsolescence instead of keeping their skills current. In
\nthe European Union, for example, only 30 percent of employees older than 55 participate in any kind of job-related training, compared with 50 percent of their younger colleagues.<\/p>\n
One thing is clear: a change in the mindset about older entrepreneurs and workers won\u2019t happen by itself. Mixed-age teams, such as the ones automaker BMW is using, are one possible approach and have the added benefit of minimizing the loss of knowledge that occurs when older workers retire. Siemens, the Munich technology conglomerate, has instituted a cross-mentoring system under which older employees show younger ones the ropes while getting an update on the latest skills from these new hires. These shifts are a start, but a lot still
\nhas to be done, says Verwonk. Demographic and economic pressures will soon force workers, businesses, and entire economies to rethink certain stereotypes. With fewer younger workers, retirement ages rising, and single-employer careers fast disappearing, fading out with age will be a luxury no one can any longer afford.<\/p>\n","protected":false},"excerpt":{"rendered":"
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