Ageism Makes No Business Sense

From Pilita Clark’s column in the Financial Times:

  • Older people have been starting new businesses at a higher rate than those in their twenties and thirties in the US for years. And they tend to be more successful, even in the tech sector.
  • Among the fastest-growing new tech companies, the average founder was 45 at the time the outfit was born. Runaway success was nearly twice as likely for a 50-year-old entrepreneur as a 30-year-old.
  • Yet who gets a disproportionate slice of venture capital money? The young.
  • Over-60s are better educated than their forebears and considerably more durable. A 65-year-old American today has the same risk of getting horribly ill or dying as someone in their mid-fifties a generation ago.
  • Older workers may be more expensive, but experts say they outperform younger ones on almost every measure of job performance. They are more conscientious, less absent and have better social skills.
  • They stick around. The length of time American workers in the 55-64 age bracket stay with the same company is more than triple that of those aged from 25 to 34. So it is a mistake to think investing in the young will be repaid by longer tenure.

Click here to read the whole thing.