TLDR;
The speaker shares their personal journey of transitioning from a corporate job to becoming an entrepreneur at the age of 66 after being laid off. They started a business focusing on biodegradable packaging to combat plastic pollution. Despite facing challenges typically associated with startups, they have achieved significant growth, including doubling revenues each year. The talk encourages recognizing the potential of older entrepreneurs and advocates for creating a supportive community for them.
- The speaker was fired from a corporate job at age 64, marking the end of a long career.
- They launched a business to create biodegradable packaging to address environmental concerns.
- The speaker highlights the success and growth of their venture while emphasizing the need to support older entrepreneurs.
The Turning Point [0:12]
The speaker reflects on a pivotal moment in their life seven years prior when they were fired from their position as director of operations at a consumer products company. This incident occurred a few days before Christmas in 2009 and led to an unexpected shift in their life. Initially uncertain about the future, the speaker joined their wife at a restaurant, celebrating what would become a significant turning point.
The Birth of an Idea [1:29]
After spending two years consulting without passion, the speaker's concern for the environment sparked the idea to create biodegradable packaging from waste materials, such as paper and agricultural byproducts. This idea aimed to replace plastic packaging and reduce pollution. With 40 years of knowledge and experience, the speaker embraced entrepreneurship at the age of 66, marking a new chapter in their professional journey.
Business Challenges and Achievements [2:39]
The speaker discusses common startup challenges such as manufacturing, job creation, and funding, and the unique challenges faced as an older entrepreneur. Competing for funding in a youth-focused tech environment was daunting, but five years later, their business had flourished dramatically. Revenue doubled annually, they had no debt, secured marquee clients, and received multiple awards for their work in biodegradable packaging, contributing to a solution for the global plastic pollution crisis.
Encouraging Older Entrepreneurs [4:01]
The speaker emphasizes the importance of connecting older first-time entrepreneurs who often lack role models. They call for a shift in conversation to recognize and celebrate older individuals who are embarking on entrepreneurial ventures. The majority of new jobs in the U.S. are created by small businesses, as highlighted by the Small Business Administration, reinforcing the potential contributions of older entrepreneurs to the economy.
Future of Entrepreneurship [5:27]
Looking ahead, the speaker notes that by 2050, the senior population in the U.S. will significantly increase, leading to potentially millions of first-time entrepreneurs. They argue that these older entrepreneurs possess valuable experience and high success rates, which should be recognized and celebrated alongside their younger counterparts. The speaker advocates for making the term "70 over 70," celebrating senior entrepreneurs, as commonplace as "30 under 30," highlighting the importance of their contributions to entrepreneurship and society.
