Disabusing the Myth that Older People Do Not Have New Ideas

A valuable article1 by Vivek Wadhwa in the Washington Post argued against the common misconception that the best entrepreneurs are young. The article began with a quote from the venture capitalist Vinod Khosla who said, “People under 35 are the people who make change happen. People over 45 basically die in terms of new ideas.” This is a common misconception.

Wadhwa counters this misconception with research of his own. He and his research team explored the backgrounds of 652 chief executives and heads of product development in 502 successful engineering and technology companies established from 1995 to 2005. The median age of successful founders was 39. Twice as many founder were older than 50 as were younger than 25, and there were twice as many over 60 as under 20. Another researcher, Dane Stangler, analyzing Kaufman Firm Survey Data and the Kaufman Index of Entrepreneurial Activity found that the average age of U.S. Entrepreneurs is rising, and that the highest rate of entprepreneurial activity shifted to the 55 to 64 age group.

Wadhwa provided further evidence that people do not stop being creative when they reach middle age. Benjamin Franklin invented the lightning rod when he was 44, discovered, electricity at 46, helped draft the Declaration of Independence at 70, and invented bifocals after that. Henry Ford introduced the Model T when he was 45. Sam Walton built Wal-Mart in his mid-40s. Ray Kroc built McDonald’s in his early 50s. Ray Kurzweil published “The Singularity is Near” in his 50’s. Alfred Hitchcock directed “Vertigo” at 59. The architectural masterpiece, Fallingwater, was built by Frank Lloyd Wright when he was 68. Wadwha goes on to note that the most significant innovations of the highly celebrated Steve Jobs, the iMac, iTunes, iPod, iPhone, and iPad, came after he was 45.

Reader’s of the Healthymemory Blog should be aware that these examples of successful aging are due to their continuing to engage their attentional and System Two processes (See the Healthymemory Blog Posts “Review of the Washington Post’s The Aging Brain, More on Attention and Cognitive Control,”, “Passing 65,” “Memory and Aging,” and The Two System View of Cognition.” ) (Note that clicking on the hyperlinks will take you to other articles and not the Healthymemory Blog Posts.  To read the posts, enter the title in the blogs Search Box.)

1Wahwha, V. (2011). Who says the best entrepreneurs are young? Not the numbers. Washington Post, 11 December, G4.

© Douglas Griffith and healthymemory.wordpress.com, 2012. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Douglas Griffith and healthymemory.wordpress.com with appropriate and specific direction to the original content.

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