Intergenerational Entrepreneurship: The New Model to Create and Fund Startups
Businesses that adapt and survive in the turbulence of our economy have always been the backbone of the global marketplace. The ability for a business to survive and profit is solely based on the ability to adapt and diversify. When we think about diversity, we often think about race and gender. However, there is another important way to diversify that many businesses should learn about: intergenerational entrepreneurship.This type of management means forming a business with at least (two) of the four major generations we have in the workforce: Gen Z, Millennial, Gen X and Baby Boomers.
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Intergenerational co-founder teams foster diversity in backgrounds, experiences and perspectives. These differences yield smarter decisions, better cash management, and more innovation when bringing products and services to market. Startups having intergenerational teams provide a competitive advantage. Traditional models of intergenerational businesses have been formed as family businesses. There can be several drawbacks associated with family businesses, so companies like Graebel are reducing potential issues by building an intergenerational entrepreneurship team of non-family members.
Did you know? Too few startups are created and 80% fail within 18 months. And within the sample of startups, many have never heard of the phrase intergenerational entrepreneurship. Building an intergenerational team of entrepreneurs gives you full advantage of the intelligence each generation has, and also builds a strong sense of community. Being in touch with each generation is important in order to learn from one another and work collaboratively with each other.