3 Key Benefits of Intergenerational Entrepreneurship Webinar
How to Ignite Intergenerational Teamwork
According to CB Insights, top 3 reasons why startups fail are:
No market need
Not enough cash
In this webinar, Jim Sugarman, Co-Founder of 4GenNow, and OneClick.chat Intergenerational Co-founders, Dillon Myers (Millennial) and Alan Gibson (Boomer) explain the key benefits of launching a startup with someone twice or half your age:
Diversity: When we think of diversity, we typically think of race and gender. However, there's another type of diversity that all startups can use to become more successful... intergenerational diversity
Perspective: "Multigenerational teams have an edge in understanding the customer because they come from multiple perspectives ... and are more likely to successfully scale up and execute with closer connections to the markets by virtue of having multiple perspectives," Peter Adams, Executive Director of Rockies Venture Club
Innovation: "Like-minded teams maintain while diverse teams innovate," according to Ryan Jenkins in a Forbes article entitled: "Why Generational Diversity is the Ultimate Competitive Advantage"
Kerry Hannon, Forbes Contributor, Interviews 4GenNow
In his impactful article for Forbes, "How to Maximize The Success of Your Intergenerational Work Team," Wayne Elsey, founder and CEO of Elsey Enterprises, shares five steps to "respect different workers and also capture their motivations and mindsets based on the shared experience of each particular age group..."
In Step #4, he suggests:
-encourage an open and transparent atmosphere where essential issues, such as intergenerational collaboration are discussed
-openly talk about generations so people can speak about their experiences, similarities and differences
-create a respectful environment based on the understanding of other people
-don't assume that people in their 20s have experience working with people in their 50s and vice versa
Intergenerational Entrepreneurship: Profitable Solopreneur Seeks Intergenerational Co-Founder
“So I was delighted to learn about what Jim Sugarman (a boomer) and his daughter, Samantha (a millennial), are doing to play matchmaker for prospective intergenerational partnerships with their nonprofit enterprise, 4GenNow, and to connect them with potential funders.
The Advantages of Older/Younger Co-Founder Teams
Here’s what I love about this kind of startup synergy: The older partner can bring decades of experience, potential clients or customers and possibly capital while the younger one can deliver the ambition of someone in the early stages of a career, plus an eagerness to try new ways of doing things. Frequently, the younger partner is especially tech savvy, too.”
Why Startups Fail & How to Fix
--> Skip the steps of starting from scratch and join a profitable operation with international appeal. Happy to introduce everyone to 4GenNow member Mark Wanger, CEO of Fort-Collins based www.Ridekick.com that "adds electric power to any bike." Mark is looking for an intergenerational co-founder to scale Ridekick operations, revenues and profits. The intergenerational co-founder (Gen Z, Millennial or Gen X) should be:
1 Effective at web marketing to specific market segments
2 Capable of managing hardware products from supply chain to shipment
3 Able to manage a successful customer support experience
4 Be passionate about growing a business providing a fun, healthy, green cycling lifestyle
Intergenerational Entrepreneurship Can Help Women Entrepreneurs 50+ Who Launch Startups out of Necessity
According to CB Insights, the #3 Reason Why Startups Fail is Not Having the Right Team.
Building the right team is tough. Getting it wrong can be catastrophic.
To launch and scale your startup, every entrepreneur needs complementary skills or experience, connections or capital.
Wouldn't it be nice to have "Startup Co-Founder Insurance?" That's what we offer.
After two (2) years of research and (2) in-person events, we have developed an intergenerational co-founder matching system.
We guarantee to find your intergenerational co-founder in six (6) months; then you pitch to our angel investors (3) months later.
The Most Entrepreneurial Age Cohorts Are...
In an impactful article by Patrick J. Kiger, for AARP, he states that: "Women entrepreneurs 65 and older are more likely to start businesses because they've lost a job or just need more income, according to newly released data from a survey of 20,000 U.S. small-business owners. That’s a contrast to millennial women owners, who are more likely to take advantage of a business opportunity. “ What if... These women entrepreneurs with enormous "portfolios" of experiences, connections and proven ideas - were to launch startups with younger entrepreneurs (Gen Z, Millennial and Gen X)? Bet there would be some awesome success stories!
Intergenerational Entrepreneurship Solves Succession Crisis in Boomer Businesses
Boomers and Gen Xers, according to new research from the Kauffman Foundation:
Boomer Entrepreneurs! "All of the age groups either experienced increases or no change in the rate of new entrepreneurs in 2017. The rate of new entrepreneurs is lowest among the youngest group... An aging population has led to a rising share of new entrepreneurs in the group aged 55-64. This group represented 15 percent of new entrepreneurs in 1996, and it represented 26 percent of new entrepreneurs in 2017." (Source: 2017 National Report on Early-Stage Entrepreneurship, Kauffman Indicators of Entrepreneurship, February 2019)
VCs bet on the wrong generation of founders! Harvard Business Review Article
Boomers to Sell $10 Trillion of Assets Over the Next Two Decades (Source: California Association of Business Brokers)
In an article for Forbes, "Baby Boomers Are Selling Their Businesses to Millennial Entrepreneurs, and It's a Brilliant Idea," Jason Duff, CEO of COMSTOR Outdoor, states:
"Experts estimate that millions of baby boomer entrepreneurs will close or sell their business in the next decade.
A 2016 survey of small businesses in the United States indicated that 72% of small business owners don’t have an exit plan and 54% intend to leave in 10 years. We have a succession crisis."
“Why Do VC Investors Tend to Bet on Young Founders?
In light of this evidence, why do some VCs persist in betting on young founders? We cannot definitively answer this question with the data at our disposal, but we believe that two mechanisms could be at play. First, many VCs may operate under a mistaken belief that youth is the elixir of successful entrepreneurship — in other words, VCs are simply wrong. Though it is tempting to see age bias as the leading explanation for the divergence between our findings and investor behavior, there is a more benign possibility: VCs are not simply looking to identify the firms with the highest growth potential. “