Too old to become an entrepreneur? Quite the opposite!
The most innovative entrepreneurs are over 50. Yet it is younger entrepreneurs who tend to attract the capital and attention. That is why NHH recently invited people aged 50+ to an evening dedicated to entrepreneurship and new ideas.
At the “Sølvspiren” (the "Silver sprout") event, participants developed several business ideas during an intensive four-hour session. One of them was former top executive and sports leader Berit Kjøll:
“This is the first time an academic institution has launched an initiative like this,” says an enthusiastic Kjøll.
Several new ideas emerged
NHH professors Inger Stensaker and Therese Egeland finds that the research into the field shows that older entrepreneurs have a greater chance of success than businesses founded by people in their twenties. They launch products that are entirely new to the market and invest more in radical innovation.
This research paradox prompted Stensaker and Egeland to turn research into action. They organised “Sølvspiren”, inviting people aged 50+ to meet some of NHH’s leading experts on innovation and entrepreneurship.
Bram Timmermans, professor and head of the DIG research centre at NHH, and Associate Professor Bjørn Schmeisser have already developed an “AI-powered innovation sprint” for students. At “Sølvspiren”, however, it was people with extensive experience who were given the opportunity to discuss and develop ideas.
“Life Compass”, “Moving Guide” and “Work in Waves”
During a condensed innovation sprint, participants developed several ideas for new services and products suited to a market shaped by the demographic changes Norway is facing as the average age of the population rises.
How can we make better use of the skills of people whose capacity to work varies? Some days it may be 20 per cent, other days 100 per cent, and sometimes nothing at all. How could contracts and work assignments be adapted accordingly? “Work in Waves” is one possible answer.
How can we make it easier for older people who remain in large family homes for much longer than they really need them, while young families are looking to buy? One idea is to develop a “moving guide” service that takes care of the practicalities, combined with new and creative financing solutions and forms of housing. “Live light – live more!”
And how can people put their skills and motivation to use when their identity suddenly changes to “retiree”, even though they still have much to contribute? “Life Compass” would map what you can do, what you want to do and what you need, and match this with available assignments in both working life and the voluntary sector.
From top executives to entrepreneurs
Among the participants were two prominent business leaders: Lisbet Nærø, former CEO of Fana Sparebank, and Berit Kjøll, who has held a number of senior executive positions in business. Both are involved in the organisation Livly Norge, which aims to make everyday life easier for seniors by providing services in areas such as finance, law and care, while also creating more social meeting places for this target group.
The participants developed their ideas in groups. Lisbet Nærø was part of the group exploring how working arrangements could be adapted to varying levels of work capacity.
“It is exciting to see the potential in the creativity in this room. There is an enormous amount of experience gathered here, while at the same time we get to meet people taking on roles they have never had before. It gives you energy. The idea and concept our group came up with, ‘Work in Waves’, is excellent and definitely deserves to be developed further.”
Berit Kjøll was part of the group that came up with the idea for “Life Compass”. She believes “Sølvspiren” is an important initiative.
“The researchers here provide credibility, and this is an eye-opener when it comes to seeing new possibilities. Most importantly, NHH is highlighting the significance of ‘The Silver Economy’ as Norway’s next major opportunity for value creation,” she says.