Success at Any and Every Age
At Tech Square ATL (TSQATL) Social Club, we take pride in being a part of the innovation and community that thrives here in Tech Square. Whether it’s by connecting community members, discussing innovators who inspire them, shedding a light on their achievements, or spotlighting successful, local women, we not only aspire to foster an environment where these connections can be made, but also serve as a platform that touts the amazing startups, dedicated professionals, and fresh talent that make this community so unique. Whether you’re green in your respective field, or have been in the workforce more years than you can count, to us, age is nothing but a number.
In a similar fashion, Forbes released their “50 Over 50: Women Proving Success Has No Age Limit” article earlier this month. It is a great acknowledgement for women who thrive to succeed, especially in today’s climate, where a global pandemic has pushed women out of the workforce. Equally as important, is the notion that age is truly just a number, and success knows no boundaries.
Out of 10,000 nominations, 50 exceptional women – over the age of 50 – were selected to be featured. From founders to movement leaders to world changers, check out just a small sample of the many remarkable ladies that made the list:
Kamala Harris, 56, Vice President of the United States
Aisha Evans, 52, CEO of Zoox
Julie Wainwright, 64, Founder & CEO of The RealReal
Katalin Kariko, 66, Biochemist & Senior VP at BioNTech
In today’s culture, many are fixated on the “new, younger model” mindset, always keeping an eye out for the latest young entrepreneur. Household names like Mark Zuckerberg, Bill Gates, and Steve Jobs, who all founded their companies in their teens or early twenties, help feed into this frenzy. And there's no doubt that youth is often synonymous with fresh ideas and perspectives. And while that can certainly be true, data shows that the average age of success among entrepreneurs is 45. In fact, the study “Age and High-Growth Entrepreneurship,” conducted by the University of Pennsylvania, found that the most successful entrepreneurs in the United States are in their 40s. Key findings in this research include:
The average age of founders of U.S. companies who went on to hire at least one employee was 41. For the highest-growth new ventures, it was 45.
The “batting average” for creating five successful first rises dramatically with age: A 50-year-old founder is 1.8x times more likely to achieve upper-tail growth than a 30-year-old founder.
Founders in their 20s have the lowest likelihood of a successful exit or creating a high-growth business.
Of course, we couldn’t talk about this age demographic without discussing age discrimination, particularly in the workforce. The Equal Employment Opportunity Commission (EEOC) noted in 2018 that more than 60 percent of workers ages 45 and older have seen or experienced age discrimination, among 90 percent of them say it’s very common, and that three out of four older workers say their age has been an obstacle when finding a job.
In fact, the House, just this week, passed legislation that can make it easier for people to make claims allegating age discrimination in the workplace. According to The Hill, “This bill would effectively reject the 2009 Supreme Court decision, Gross v. FBL Financial Services, which held that people bringing age discrimination claims must prove that it was the decisive factor in an employment decision. Instead, workers alleging discrimination would only have to demonstrate that it was a motivating factor, even if other factors were involved.”
So, whether you’re a seasoned vet, or just starting out in your career, one thing is for certain – success is not measured, one way or another, by the number of candles on your birthday cake.
DID YOU KNOW?
The overwhelming majority of boards are still dominated by men. The 2020 Fortune 500 list published in May revealed 37 women CEOs and the other 463 CEO positions are held by men.
What did you think of the Forbes 50 Over 50 list? Let us know in the comments below.