"The Younger You Are, the Better for Startups" NO... 'Experience' is a Key Element for Middle-Aged and Older Entrepreneurs

▲ (From left) Lee Bo-ram, CEO of Third Age; Kim Cheol-beom, CEO of Deep Plant; Choi Jong-seok, CEO of CampingTalk

The reality is that while one may feel young at heart, it's daunting to figure out where and what to do after retirement. You might think there are many things you can do based on your past experience, but taking on a new challenge is not easy.

According to the book Don't Trust Your Gut by data scientist Seth Stephens-Davidowitz, the common belief that 'being younger is more advantageous for startups' is wrong. A survey of 2.7 million U.S. founders from 2007 to 2014 found their average age to be 41.9. Companies founded by those in their forties outperformed those established by younger people in terms of survival rate and net income. In fact, a 60-year-old startup founder was more than three times as likely to build a valuable company as a 30-year-old founder. The author states, "Business success is mostly the result of decades of mastery in one field."

At the 'COMEUP 2023' event, on its final day, November 10, 2023, a 'Future talk' session titled "Can't 50-year-olds start a business?" featured the stories of Deep Plant CEO Kim Cheol-beom and CampingTalk CEO Choi Jong-seok, who started new chapters in their lives by founding companies with unique ideas in their 50s, discussing the strengths and potential of entrepreneurship for the middle-aged and older.

In the session, moderated by Lee Bo-ram, CEO of Third Age, panelists Kim Cheol-beom, CEO of Deep Plant, and Choi Jong-seok, CEO of CampingTalk, shared various opinions on topics including: ▲the strengths and potential of senior entrepreneurship, ▲the importance and necessity of it, ▲the pros and cons, ▲conditions needed to vitalize it, and ▲advice for aspiring older entrepreneurs.

Deep Plant, established in 2019, is a domestic food-tech startup with a patented 'Artificial Intelligence (AI)-based Deep Aging' technology for enhancing the umami flavor of low-grade and non-preferred cuts of meat. The company's technology has the advantage of tenderizing meat and enhancing its flavor in a short time by activating enzymes distributed in the protein without any chemical additives. It is currently developing high-value-added products with major Korean corporations.

CampingTalk, founded in 2018, is a one-stop platform that gathers data on various camping-related accommodations such as campsites, glamping, caravans, bungalows, and pensions, providing services from search to reservation and payment. CampingTalk aims for a symbiotic model that enhances campsite service satisfaction and promotes a quality camping culture by reducing the information gap between campers and facility operators. It is currently directly affiliated with over 450 businesses nationwide, acting as a point of contact for campers.

Kim Cheol-beom, CEO of Deep Plant, emphasized, "It's better for unprepared middle-aged individuals not to start a business." He added, "It's necessary to vitalize senior entrepreneurship through active government support, similar to the promotion of youth startups, and systematic entrepreneurial education to foster an entrepreneurial spirit. We need to pass on the experience and knowledge of the older generation to the younger generation. These aspects seem to require policy changes."

Choi Jong-seok, CEO of CampingTalk, advised, "Without a thorough and specific preparation process, starting a business becomes difficult. You need experience in the field you want to enter. Try gaining experience beforehand by working part-time in the same industry."

Both experts pointed to 'experience' and 'know-how' as the core strengths of senior entrepreneurship, while citing physical stamina as a drawback and difficulty. They suggested a need for separate entrepreneurship education programs for mentoring and competency enhancement for the middle-aged and older.

In particular, CEO Kim advised, "It's good to build a network with many young startup founders during your entrepreneurial activities. It's also helpful to meet and listen to many of them." He added, "Base your business on your own experience, but use that experience only as an ingredient (for reference). If you rely solely on it to run your business, you're likely to fail."

They generously shared advice for entrepreneurship, offering tips necessary for middle-aged and older founders

▲ (From left) Lee Bo-ram, CEO of Third Age; Kim Cheol-beom, CEO of Deep Plant; Choi Jong-seok, CEO of CampingTalk.

Meanwhile, moderator Lee Bo-ram mentioned a 2022 survey from the Korea Institute for Industrial Economics & Trade (KIET). According to the report, the average age of senior technology founders (those over 40 in manufacturing, related services, and knowledge service industries) was 50.8 years.

Also, 84.6% of them had corporate careers, indicating that most start businesses based on their company experience. The difficulties these founders faced were, in order: ▲difficulty securing startup funds (42.3%), ▲anxiety about securing sales channels and stable profits (25.2%), ▲fear of failure (15.3%), and ▲difficulty in commercializing their knowledge and technology (14.9%).

This implies a need to expand support for startup funding, sales channel development, and commercialization of technology and knowledge to resolve the issues faced by senior tech founders. The report suggested that since this group has a high probability of success due to their substantial foundation in technology, experience, and networks, targeted policy support is necessary.