Unretirement: Championing The New Wave of Older Entrepreneurs

In 2024, a new category in the Great British Entrepreneurs Awards was created – the Unretirement Entrepreneur of the Year Award. This award recognises and celebrates the over-50s entrepreneurs who are defying the odds and building successful businesses.

55/Redefined is deeply committed to supporting over-50s entrepreneurs. We believe that age is an asset, not a barrier. Over-50s entrepreneurs have a wealth of experience, knowledge, and networks that they can bring to bear on their businesses. They're also more likely to be successful, with a higher start-up success rate than younger entrepreneurs.

In 2024, 55/Redefined worked in partnership with Specsavers as they share a synergy in their support of this cohort, and this award acknowledged that mid-life can be the start of something brilliant.

Specsavers are fully committed to supporting older entrepreneurs through its partnership scheme, giving support and mentoring to candidates of any age who wish to part-own and run a joint venture of their own, as part of the Specsavers group.

Read about Life Redefiner with an entrepreneurial spirit, Darren Underwood, who changed their career to become a hearing specialist at Specsavers.

The Power of Unretirement

Unretirement is the new retirement. It's about living a longer, healthier, and more fulfilling life. And for many over-50s, that means stepping up and starting their own business.

55/Redefined’s report into ageing, The Unretirement Uprising, found that there are many reasons why people are unretiring. Some people are simply bored in retirement. Others want to continue working to stay mentally and physically active. And still others are motivated by a desire to make a difference in the world. Many feel pushed out by employers – as many as 1 in 5 found that they were overlooked for promotion past 50. With limited growth opportunities with employers, it’s little wonder that many are striking out and making the decision to go it alone.

Why Unretirement Entrepreneurship is the Disruption We Need

Unretiree entrepreneurs are disrupting the business landscape. These over-50s entrepreneurs are not just starting mundane ventures; they’re often at the forefront of innovation; their ventures both lucrative and impactful. Their businesses often emerge from a lifetime of observing gaps in the market, understanding longstanding problems, and having the wisdom to devise sustainable solutions.

The Success of Older Entrepreneurs in the UK

There’s a growing body of evidence that shows that older entrepreneurs are more successful than younger entrepreneurs:

• Older entrepreneurs are contributing significantly to the UK economy. A report by the Department for Work and Pensions found that over-50s entrepreneurs contribute over £25 billion to the UK economy each year.
• Midlife entrepreneurs are bringing new ideas and perspectives to the table. They're also more likely to start businesses in underserved markets.
• These battle-hardened entrepreneurs are contributing significantly to job creation and GDP growth. Their businesses tend to have a higher survival rate. A study by Age UK found that businesses started by older entrepreneurs had a 70% chance of surviving the critical first five years, compared to 28% for younger entrepreneurs. This stability directly translates to steady job opportunities and robust contributions to the economy.

And of course, it almost goes without saying that older entrepreneurs are not only creating jobs, but are fostering inclusive environments that shatter age stereotypes. But it's not just about the money or societal impact. It's about the indomitable spirit of the over-50s. There's something awe-inspiring about someone who, after decades in a particular field, decides to pivot and start anew. It sends a powerful message to the world: Age is not a barrier; it's a launchpad.

Imagine being in your prime, thinking you've seen it all, done it all, only to dive headfirst into uncharted waters. It requires courage, determination, and a dash of audacity. It's this spirit that's making waves in the entrepreneurial world, showing everyone that the over-50s are a force to be reckoned with.

In a world that's rapidly ageing, these golden entrepreneurs are not just relevant; they are essential. They're a testament to the boundless potential of age and an inspiration to us all.

A Powerful Collaboration

The partnership between 55/Redefined and Specsavers was a powerful one, working together to uplift older founders and helping to build the age-inclusive economy.

55/Redefined’s founder and CEO, Lyndsey Simpson is a serial entrepreneur, recognised as one of the UKs ‘Top 35 Businesswomen’ and one of the UKs ‘50 Most Inspirational Entrepreneurs’.

Specsavers co-founder, Dame Mary Perkins, founded Specsavers in her forties, growing it into a multimillion-pound global business.

The Unretirement Entrepreneur of the Year Award is a celebration of British innovation and entrepreneurship. It recognises the audacious over-50s entrepreneurs who are smashing stereotypes, defying the odds and building successful businesses.

Great ideas don’t come with an expiry date, and there shouldn’t be one for people looking to step up and do something for themselves and go it alone.

Here’s a few tips:

1. Do your research. Make sure you have a good understanding of the market you are entering and the competition you will face.
2. Develop a strong business plan. This will help you to clarify your goals and strategies.
3. Consider a partnership or joint venture. If setting up on your own feels too overwhelming, a partnership with Specsavers, where you work independently as your own boss, but with all the support of a household-name brand may be the ideal solution.
4. Network with other entrepreneurs. There are many online and offline communities where you can connect with other entrepreneurs to find support.
5. Seek out funding. There are several funding options available for entrepreneurs, including government grants, loans, and venture capital.

If you’d like to partner with 55/Redefined to help support and champion older workers (or entrepreneurs), or would simply like to find out how to attract over-50s talent, we have a range of employer-focused solutions for you, including Age-Inclusive accreditation, Age Diagnostics and a wide range of consultancy and recruitment advertising packages.