A tech company called SundayTech, conducted a survey of 1500+ working professionals and found that if given a chance 92% of people are keen to set up a start-up venture after 40. While there are common perceptions like youngsters are the ones who set up Startups usually, it is also found during this research that a 40+ founder has higher chances of success which can be attributed to their experience and maturity in handling various people and business realities.
To understand the potential in this age group as startup drivers, Sunday Tech partnered with Crowdwisdom360 (A Global Tech Based Predictions and Forecasting publishing company which operates crowdwisdom.live) and conducted a study to understand the attitude among the 40 to 55 age bracket in Mumbai (mostly Gen-X born between 1965 to 1980) towards entrepreneurship and also to understand their motivations and barriers.
The research was also conducted towards understanding the potential of this age group from a funding perspective as domestic capital could be far better utilised with founders who are likely to give a better return of domestic capital as against foreign capital and could provide a direction to the government in its start-up policies.
The survey was conducted among working professionals in the 40 to 55 age bracket (Gen-X) with more than 1500+ entries who submitted their responses.
Joseph George, Founder of Sunday Tech said, “Having enabled multiple start-ups over the last 10 years, we have seen the high potential that Gen-X founders bring to the table. Many have phenomenal corporate experience and are able to build businesses with limited funds and be far more capital efficient. The findings from our study have been very encouraging and have helped us identify motivations and gaps which if addressed can foster the next set of entrepreneurs who found businesses that don’t just survive on funding but also build stronger foundations on the basis of what this age group has experienced in their professional lives like - happy customers, cash flows and profits. We hope to play a small part in India’s startup story by enabling entrepreneurs whose businesses don’t just depend on global funding sentiments. We are now actively looking at addressing the huge opportunity in the 40+ segment and we are convinced that GenX holds the future for entrepreneurship in India.”
“If one minutely observes the success stories of successful start-ups, the ‘power of execution’ was the game-changer and was always at the core. The Indian startup ecosystem has more than 50 unicorns, of which 10 are founded by seasoned entrepreneurs who are 40+. Five of these startups entered the coveted unicorn club in 2021. When it comes to tech startups, many envision young techies and founders at the helm of such companies. However, age is not a criterion for startup unicorns,” George concluded.
The top findings were:
92% said they would want to found a start-up. Of this, 45% said they want to do so immediately.76% were willing to invest their own savings to start their ventures. 65% said they already have a business idea.
The stated challenges in starting a venture vary from current financial commitments (34%), lack of an idea (22%), lack of funds (18%), lack of cofounder (14%), lack of tech knowledge (7%) and lack of family support (6%).- Interestingly, 90% of respondents said that they would immediately jump at any opportunity to start their venture while still working.