Moves for Seniors Blog

There’s a massive misconception about entrepreneurship in American culture, founded on the belief that you must be a certain age to develop your big innovative idea into a profitable enterprise. Venture capitalists who fall into the startup ageism trap are omitting a major detail: older entrepreneurs (and older people in general) have much-needed life experience.

Along with that life experience comes an understanding of business relationships, a time-tested network and a fine-tuned vision. Not to mention finances — people over age 50 are more likely to own assets and have established a good line of credit. Wisdom and access to capital? Those are two necessities in the startup world.

Innovation knows no age: Ben Franklin invented the lightning rod at age 44. Ray Kroc founded McDonald’s when he was in his early 50s. Steve Jobs was 52 when he announced one of his greatest inventions – the first iPhone.

Encore.org is a national organization that celebrates older Americans who pave themselves a new career path by becoming social entrepreneurs. Every year, the organization awards entrepreneurs over 60 who start community-minded businesses with funding – a series they call the “Purpose Prize.”

Here are a few past Purpose Prize Winners:

1. Dr. Pamela Cantor (67): President and CEO of Turnaround for Children, Inc.

By partnering with underserved public schools, Cantor’s nonprofit helps impoverished youth overcome the psychological consequences of living in poverty.

2. Ed Nicholson (73): Founder and President of Project Healing Waters Fly Fishing, Inc.

Nicholson, a military veteran and cancer survivor, soothes disabled soldiers and veterans’ mental health by taking them on fly fishing trips through the organization he founded.

3. Mauricio Lim Miller (68): Founder, President and CEO of Family Independence Initiative

Through his nonprofit, Miller helps low-income families boost their finances by providing counseling via an intricate support system.

4. Barbara Chandler Allen (?): Founder and Executive Director, Fresh Artists

Allen’s nonprofit installs large reproductions of children’s artwork at large businesses. In return, those businesses provide underfunded Philadelphia public schools with art supplies.

5. Barbara Nevins Taylor (?): Founder, ConsumerMojo.com

Taylor, a TV reporter, created a website that helps older consumers avoid online scams by guiding them through complicated processes.