A recent study shows that approximately one in four Americans between ages 44 to 70 are interested in starting their own small businesses or social ventures. The research, conducted by Civic Ventures, goes on to state that of this 25 percent of the age range, or 25 million people, more than one third have already begun their ventures, while more than half are planning to start within the next 5 to 10 years.
Edward Mazria is one of five people who received the $100,000 Purpose Prize from Civic Ventures. The idea behind the award: Society has a lot of problems, and people over age 60 have the expertise to solve them. The goal is to change the narrative of retirement from one of kicking back to one of giving back, sometimes through volunteer work and sometimes through regular income-producing jobs.
Approximately 25 million people – one in four Americans ages 44 to 70 – are interested in starting businesses or nonprofit ventures in the next five to 10 years, according to a new study by Civic Ventures. The report also found that more than 12 million of these aspiring entrepreneurs want to be encore entrepreneurs, making a positive social impact as well as a living.
Many boomers are looking to start second careers as entrepreneurs, new research from Civic Ventures finds. The research suggests that more than 25 million Americans ages 44 to 70 want to start small businesses or nonprofit ventures in upcoming years, despite tough economic times. Nearly half of these aspiring entrepreneurs, 48 percent, hope to make a positive social impact in their entrepreneurial efforts.
Our sputtering economy needs more workers with entrepreneurial spirit. Civic Ventures suggests they might come from an unexpected demographic: workers who are approaching middle age or their retirement years. The group found that one in four Americans between 44 and 70 want to build an enterprise, and nearly half of them want it to be a business with a strong social impact. (This article also appeared on Dowser.)
Each year, Civic Ventures awards The Purpose Prize to individuals over 60 who are combining their passion and experience for social good. The only grant of its kind in the nation, the prize awards $100,000 each to five people who advocate for new ways to tackle tough social problems.
Nancy Sanford Hughes has received a $100,000 Purpose Prize, funded by the John Templeton Foundation and The Atlantic Philanthropies. The founder of StoveTeam International, Hughes hopes to use the prize money to help develop more stove factories in countries where poor women often cook over dangerous open fires. So far, she's helped build six factories in five countries and, she estimates, improved the lives of 90,000 people.
For his work as director of Utah’s Homeless Task Force, Lloyd Pendleton received the 2011 YWCA Public Official of the Year award. Pendleton has a history of giving back; in 2009, he became a Purpose Prize fellow. The Purpose Prize recognizes people 60 and older who embark on encore careers dedicated to solving social problems. At the time, Pendleton said he wanted to "inspire others to begin looking at the homeless issue with fresh eyes."
Life stages are artificial, argues Marc Freedman, the 53-year-old social entrepreneur dubbed “the voice of aging baby boomers” by The New York Times. “There was no adolescence before 1904,” Freedman points out before launching into an explanation of his nonprofit’s mission: creating institutions and public policies geared toward boomers who may be past retirement age but are by no means elderly.
Civic Ventures is a nonprofit dedicated to helping people find meaningful, purpose-filled work in the second half of life. Each year the organization selects five people over who have made extraordinary contributions in their encore careers focusing on solving critical problems in education, health care, the environment and more. The organization has announced its 2011 Purpose Prize $100,000 winners.