Late-life adventurers: the rise of the 50+ founder

The Hollywood version of astartup entrepreneur is typically a baby-faced 20-something, hitting their first billion while barely out of high school.

The reality? According to 2018 Harvard Business Review research the successful startup founder is, on the evidence, more likely to be middle aged.

The data showed that among the top 0.1 percent of successful startups – those with the fastest growth and most likely to exit via acquisition or IPO – the average age of the founder was around 45.

What inspires founders to take the leap later in life? And what advantages does age and experience bring? Caffeine spoke to four Kiwi founders aged 50-plus.

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First-time founders

The co-founders of Welfare Concepts, Richard Emslie (50) and Richard Olde Riekerink (51), became first-time founders after leaving the well-feathered corporate nest.

Both veterinarians and immigrants to New Zealand, they were colleagues at a multinational animal pharma company that scaled back its local operations two-and-a-half years ago.

“We were in a comfort zone,” says Emslie. “Working for a multinational is a good wicket, and although personally I was getting bored, it was too comfortable to leave. Getting made redundant was the perfect catalyst to launch us out into the world.”

Mid-2023, the pair raised $3 million from AgriHealth – a locally owned company that produces farm animal medicines for veterinarians. They plan to develop and commoditise five new products in the dairy industry, all aimed at improving animal health, welfare or productivity. The flagship concept is a disbudding injection that’s more humane for calves.

The duo have been able to leverage their decades-strong network of industry contacts and skills in product commercialisation. In his corporate role, Olde Riekerink was working as an innovation scout – going to dairy conferences and looking for new technologies to buy.

“I’d look at all these startups and the kind of money that was available. Given the potential of our own collaborations, I thought ‘we must be able to get funding for those’.

The reality was a little different when Welfare Concepts came to market in 2021. The global investment market had changed considerably, with funds flowing away from production animals in favour of domestic pets. After doing the rounds with “a very well-used pitch deck”, it was AgriHealth that stepped up to the plate, taking a 50 percent stake.

The founders have relished exploring the startup scene – especially the way entrepreneurs support each other.

“It’s so invigorating and refreshing,” says Elmsie. “You meet people along the way, they give you another contact, you chase down that new contact … everyone just helps each other.

For both, it’s a chance to do something meaningful with the 15 to 20 years left in their careers.

“In hindsight, I would have done it sooner,” says Emslie. “You get to surround yourself with people that you trust and want to work with, and you don’t have to deal with the hamster wheel and nonsense that comes with a corporate job.”

Olde Riekerink agrees: “When you retire, do you want to look back at your life and say ‘we’ve helped this big corporate to make more money’? Or do you want to do something that improves the lives of animals? That’s what we’re doing.”

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The accidental founder

For Dr Jenny Kruger of Junofem, becoming a startup founder in her 50s was more by accident than design.

Along with her co-founder, David Budgett, Kruger is commercialising Femfit – a device to help women tackle urinary incontinence.

Her CEO role follows a 30-year career as a midwife, researcher and academic; she developed the Femfit concept as a member of the Auckland Bioengineering Institute (ABI).

When Covid restrictions prevented travel, Kruger took over from the Sydney-based CEO. Although she didn’t foresee she’d be heading the company, it now feels like the right path.

“I’ve since realised it’s the creators of the technology that are probably best placed to take it to market for the first time, because we know the value of that technology. There’ll come a time when you need more expertise on the commercialisation side.”

She also says there are more similarities between the lives of an academic and a startup founder than you’d think.

“The pressures are different, but probably no less. Academics need to get grants to support ourselves, so it’s [similar to raising capital]. It’s funding in a different cloak.”

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Kruger encourages any would-be mature founder to back themselves, and play to their strengths.

“There’s so much life experience you can draw on from having been around the block a few times. You also have a degree of confidence, but it’s not over-confidence. I’m aware of my own skills, but also what I don’t know.”

Getting up to speed with social media is one example.

“What I didn’t know, but I’m learning, is the power of social media from a business perspective. You do need at least a working knowledge of how to leverage those platforms.”

For Kruger, having family responsibilities behind her also makes it easier to balance the all-consuming nature of a startup.

“Age is not a barrier, it really isn’t. But you really have to want to do it – a bit like a PhD, because it gets hard.”

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Having a purpose

For biotechnologist Dr Keith Hudson (60), there’s never been a better time to start his business – and not just for personal reasons.

His company, Sapro-Tech, is developing a world-first leather alternative from fungi, helping to combat the toxic environmental effects of the lucrative leather industry.

“I’m really passionate about doing something for the environment … For me, that’s the driving force. The scientific evidence is extremely strong that we’re headed for catastrophic outcomes in the next few decades. I’m highly motivated to do this, I’m fit and able, and I have decades of experience.”

Earlier this year, Sapro-Tech raised $1 million in seed funding after completing the Sprout agritech accelator programme, Most of the cohort in the 12-week programme were aged in their 30s.

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Although Keith believes “ageism definitely exists”, Sprout’s decision to invest shows that investors ultimately judge the merits of the product and the founder. And it works both ways.

“To me, it doesn’t matter what age you are, it’s the characteristics you present and the ideas you have. I was really impressed with a couple of university students in my cohort that had developed a way to analyse water pollution using satellite imagery.”

He also loves working with scientists of all ages, as reflected in the Sapro-Tech hires.

“When you’re making a team, you want that blend of experience with youth and vitality and enthusiasm that sometimes the older people don’t have.”

For any late-life founder – just like their younger counterparts – it’s all about finding that highly marketable idea. Once you’ve got that, reckons Hudson, there’s nothing to stop you.

“Just go for it, because you’re not going to get any younger. It’s so empowering – it gives you purpose, and if you don’t have purpose, I don’t think you’re living anymore.”

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