Age Unlimited Scotland

We always like to emphasis the opportunities for older people in setting up their own businesses. They tend to fail less often than those set up by the under 50's. Whether this be what G'ment sources rather patronisingly call 'lifestyle businesses' which usually involve one person pursuing an interest for profit or setting up a business with the potential for growth and employing others - the opportunities are there.

The Scottish operation explores ways to help people in their 50s and 60s to become social entrepreneurs. As such they can play a central role in the design and delivery of innovative new services, which improve their local communities. And they can continue playing an active role in society.
The NESTA funded agency supported 15 new ventures including Mamie Donald, who at 73 is a self-professed video games addict. Mamie spotted an opportunity to provide video gaming workshops for older people, introducing them to the benefits of IT and online social networks, thus reducing social isolation in the very old. Another older convert has just bought himself an iPad so that he can read the digital edition of his newspapers at 5am each day.
The programme takes a different approach to traditional enterprise support which focuses solely on the idea the would-be social entrepreneur puts forward and often uses off-putting business terminology. Instead, they develop the idea and the individual simultaneously through group workshops which offer personal development training as well as practical advice about how to make their idea a reality.
They give participants practical skills to challenge and improve the quality of their venture idea, to help make it feasible and sustainable. Through peer sessions with like-minded individuals the programme raises confidence and builds ambition levels, which in turn drives the idea forward.
This year they are introducing mentoring into the programme – training more established social entrepreneurs in mentoring techniques and then pairing them with the new 'older entrepreneurs'.

From the start of the programme they encourage ventures to think about commercial style business models rather than relying on public sector funding. This forces participants to think about long term sustainability early on.
Through Age Unlimited Scotland, NESTA has reached people who wouldn't see themselves as social entrepreneurs; many doubted their own abilities and wouldn't normally have put themselves forward for this opportunity – they are modest and just had "a bit of an idea". Participants describe the programme as a worthwhile but emotional journey, fast-paced and a huge learning curve. NESTA is learning a lot too. Supporting new older entrepreneurs is time intensive - start-up challenges can seem like huge barriers and many like ongoing reassurance that their idea is credible and a worthy investment of their time.

'Let us keep working after retirement' say over 50’s

Sixty per cent of over 50's feel that there is not enough help given to them to remain in the workplace after the default retirement age, despite one in three people wanting to do so, according to new research out today.

SAGA and the National Endowment for Science, Technology and the Arts (NESTA) say that two thirds of over 50's (67 per cent) believe a default retirement age is unnecessary. 90 per cent say that retirement should not be about age, but about ability and desire to work and 85 per cent say that the default retirement age is used as an excuse by employers to get rid of staff.

The survey of 13,040 over 50's reveals that rather than being a drain on society in retirement, a third want to continue working after retirement age with a further 12 per cent wanting to contribute to society in some way - either through volunteering or caring.

Emma Soames, editor at large, Saga Magazine, says: 'Our research very clearly shows that a default retirement age is arbitrary for many people approaching retirement and many feel unsupported, particularly if they want to continue working. Moving from full time work to retirement should be a process of winding down - more akin to strolling down to the beach rather than being pushed off the cliff edge.'

The most common reason for working after retirement was to earn money (61 per cent) followed by wanting to keep an active mind (59 per cent) and enjoyment of working (50 per cent). 46 per cent agreed that it should be for the individual to decide when to retire, not the state. 46 per cent also stated that they could not afford to stop working at the default retirement age.

Jonathan Kestenbaum, Chief Executive of NESTA, says: 'Against a backdrop of an ageing society and strained public services older people can contribute immeasurably to the economy and society. Our survey shows that they want choice and flexibility in how they live their lives. We need a radical rethink of how we engage with older people.'

Further research shows:

* A third (35 per cent) of over 50's want to continue working after the state retirement age, whether full time, part time work or by setting up a business

* A third (31 per cent) want to stop working before the state retirement age and 14 per cent want to stop working at the state retirement age

NESTA's 'Age Unlimited' programme works with people in their 50s, employers and third sector organisations to experiment with new work patterns and lifestyle choices that enable them to continue to contribute to the economy and society.

For more information please visit www.nesta.org.uk/age_unlimited

Third age entrepreneurs

NESTA has just published a fascinating new report on older entrepreneurs. We already know that 50+ entrepreneurs overall are less likely to have their businesses fail than younger entrepreneurs. This study examines the differences between the growth and more lifestyle enterprises set up by the over 50's. Download it by following the hyperlink above.

The over 50's entrepreneurs

A new report by the National Endowment for Science, Technology and the Arts (NESTA) found that so-called ‘third age entrepreneurs’, aged between 50 and 65, were behind 27% of successful UK start-ups between 2001 and 2005.

During this time, more than 350,000 new companies were established, with third age founders at the helm of 93,500, resulting in the creation of almost 400,000 jobs.

The report also suggested that the presence of more experienced entrepreneurs often translated to success for start-ups, with the businesses displaying the most impressive growth co-founded by a team of young and older entrepreneurs.

NESTA argued that older entrepreneurs would be critical to the UK’s future economic growth. By 2025, it is estimated that half the adult population will be aged 50 or over.

Jonathan Kestenbaum, chief executive of NESTA, commented: “At a time when an ageing society is being viewed as a problem, our study shows that there is a wealth of experience driving the UK economy today. Many third age entrepreneurs are setting up exciting new companies which are employing thousands of people.”

According to NESTA, there are 122,300 third-age entrepreneurs in the UK, of which 47,000 are the sole founders of their businesses.

Contrary to the preconception that tech companies are usually started by young people, the report found little difference in the sectors chosen by older and younger founders or their attitudes towards risk.

If anything, third age entrepreneurs were typically less concerned about having their homes repossessed, due to having other sources of income to fall back on, and just half had plans to retire at 65. Older entrepreneurs are also often motivated by the desire to give something back, NESTA added.

Voices of older people

Nesta are launching a new initiative as part of their Age Unlimited work. This video is an introduction to what older people feel about the ageing process and their attitudes to retirement in the UK.