We all know the stories about the 20-something entrepreneurs who beat the odds and grew their startups to be billion-dollar unicorns. Venture capitalists are quick to celebrate the achievements of these young entrepreneurs and use these dorm rooms-to-Wall Street success stories as their rationale for backing another whiz kid. The reality is that it’s not just college-age entrepreneurs and millennials at the forefront of innovation. The preference for younger entrepreneurs goes against research that shows the older you get, the more likely you are to succeed.
Unfortunately, we don’t see the same enthusiasm for entrepreneurs over 50 in a society that continues to get older. Aging is negatively associated with a decline in productivity and new ideas. The older people get, the more they are expected to withdraw and ride off to the sunset.
This persistent societal stigma of aging overshadows the immense potential of older individuals and contributes to a range of detrimental economic-related effects, such as slowed innovation, talent shortages, and a widening skills gap. Yet, the impact of negative age stereotypes goes beyond contributions to business. It has reduced older people’s ability to engage meaningfully with others in and outside the workforce, which research shows accelerates cognitive decline.
A New Kind of Mission
I launched the Brilliant Minds fund to close the early-stage investing gap for older entrepreneurs. We’re the first fund dedicated to funding early-stage startups led by founders over 50. Our mission is twofold: We aim to drive a cultural shift that redefines aging through investing in seasoned founders, and to revolutionize longevity by addressing one of the most significant factors that age our brains. That factor, societal neglect, is fueled by ageism.
Within weeks of opening up our investment pipeline, we received thousands of applications from entrepreneurs over 50 who are seeking funding. The growing influx of interest has happened organically with very little marketing, helping to validate our fund’s unique focus. I like to refer to these professionals as “seasoned” entrepreneurs because they have decades of experience, industry expertise, and know-how to manage through different economic cycles and life circumstances.
Brilliant Minds is industry-agnostic at this point. We’re planning to fund 15 to 18 early-stage (pre-seed, seed) companies and be the “first money in.”
Trends Spotted
These entrepreneurs who applied for funding from Brilliant Minds are working on a diverse range of ideas that tackle different problems. Analyzing the thousands of inbound applications we’ve received, three early trends have emerged:
AI and Blockchain
Seasoned founders are increasingly leveraging cutting-edge technologies like AI and blockchain to address pressing health, longevity, social and environmental issues. Nearly half of the startups we’ve reviewed (55%) are leveraging AI technology in their solutions, reflecting the growing trend and importance of AI across various industries. These entrepreneurs’ wealth of experience, combined with their desire to make a positive impact, uniquely positions them to drive innovation in these critical areas.
Seasoned Female Founders Rising
We’ve also noted a significant uptick in seasoned female founders, who represent 21% of our pipeline. This significantly outpaces the 2023 statistic, where women accounted for just 13% of startup founders of all ages. This highlights the potential for greater gender diversity among older entrepreneurs, fostering a more inclusive and balanced entrepreneurial ecosystem.
Startups Featuring Multigenerational Teams
One of the most exciting developments is the rise of multigenerational teams. These teams combine the innovative energy of younger founders with the experience and networks of older founders, creating a dynamic synergy that can drive unprecedented innovation.
Younger team members bring fresh perspectives and tech-savvy skills, while their older counterparts provide strategic insights, mentorship, and established industry connections. This collaboration enhances the startup’s potential for success and helps bridge the generational divide, fostering mutual respect and learning.
Actionable Insights for Investors
Investors should recognize the value of older entrepreneurs and actively seek opportunities to support them. Here are some actionable steps:
Network Inclusively. Create networking events and platforms specifically designed to connect older entrepreneurs with potential investors and mentors.
Provide Targeted Funding. Develop funds and financial products tailored to the needs of older entrepreneurs, who may have different financial situations and requirements than younger founders.
Mentorship Programs. Establish mentorship programs that leverage the experience of older entrepreneurs to guide younger startups. This fosters mutual growth and learning.
It is crucial to build inclusive solutions and platforms for the aging population before it’s too late. Most of the current solutions are focused on retirement, but we need to expand our vision to include opportunities, funding and policies that support continuity and inclusivity for older entrepreneurs.
By challenging the societal stigma of aging and recognizing the value of older entrepreneurs, startups and investors can help address talent shortages, bridge the skills gap, and foster a more inclusive and innovative economy.
The emerging trends among seasoned founders — leveraging advanced technologies, fostering gender diversity, and forming multigenerational teams—underscore the untapped potential within this demographic. By investing in older entrepreneurs, we are able to support their personal and professional growth while paving the way for a more dynamic and resilient entrepreneurial ecosystem.
Katerina Stroponiati is a dynamic entrepreneur, engineer, and investor. She pioneers the Brilliant Minds Fund, exclusively for new entrepreneurs over 50, to combat ageism and promote longevity. She advocates for the concept of “modern humans,” celebrating continuous learning and evolution. Katerina leverages bold, unconventional tactics, including engaging younger generations, to amplify her initiatives and drive change.
