Older Entrepreneurs Oppose Innovation

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CORONAVIRUS IMPACT

It is often assumed that the older people get, the harder they accept technological innovations. Even though there are always exceptions, a new study confirmed this popular belief.

According to a research conducted by NEOMA Business School, older entrepreneurs tend to struggle with modern technology. The study includes almost 70,000 entrepreneurs from over 60 countries. In addition, it took place over a period of seven years.

It discovered that this particular stereotype has a lot to do with real life. The researched found that owners of startup business under the age of 50 are more likely to invest in innovations compared to their colleagues aged 50+ years. In addition, nearly, 45% of entrepreneurs under the age of 30 focused on offering new services and products to their clients. With startup owners over 50, this percentage falls under 40%.

Also, older entrepreneurs were discovered to invest less in newly released technology products. Only 5.4% of them were open to this practice. In contrast, around 8.4% of younger startup owners are interested in the latest technology innovations on the market.

But what causes this gap? Even though the difference between the two age groups is far from striking, it is obvious. According to the people behind the research, the reason for that has a lot to do with entrepreneurs’ behavioural roots. They explain that the more a person ages, the more reluctant they become to adopting new technology. That is because they have already built stricter mindsets and routines.

The researchers also add that there are various solutions which can fill this gap between the generations. For intake, they suggest that governments should introduce special training programs for entrepreneurs who struggle to see the benefits of today’s innovations in business. According to them, such a practice would also help startup owners to get a better understating on the moderns business environment and trends. The study even goes as far as to say that older entrepreneurs can learn many new things if they find a younger mentor.

However, it should also be noted, that the research greatly overlooks another important entrepreneurship factor – experience. Therefore, it leaves a small, but key area unexplored.

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