Many studies have been done on the topic, including reports by the Kauffman Foundation, Duke University and the Founder Institute, to name a few.
The collective summary of their learnings is that
the average entrepreneur is 40 when they launch their startup.
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People over 55 are twice as likely as people under 35 to launch a high-growth startup. The average age of a successful startup with over $1 million in revenues was 39. Age was less of a driver to entrepreneurial success than previous startup and industry experience.
Finding customers is easier
With the network older entrepreneurs leverage, and a certain patience and discipline that comes with time, often older entrepreneurs are able to find customers fast. Many partner with younger people to inject new technologies into the growing company–a habit some of them have already honed so delegation is not a new skill to develop as it can be with younger founders.
Finding venture capital is harder
Now, there is a caveat—Silicon Valley and the venture capital scene in particular prefers younger founders. There is no study I’m aware of to show why, but if you think about it—it makes sense. Older founders often bring the industry network, experience and expertise to attract strategic capital—from a customer, or from their network. Younger founders need capital and often don’t have deep industry experience, making them pair stronger with the connections and capital of most venture firms.
Read more about this topic in the Harvard Business Review.
