Are U.S. Cities Having a Senior Moment?
“I guess they’re right. Senior citizens, although slow and dangerous behind the wheel, can still serve a purpose.”
In a not-so-PC way, who knew Lloyd Christmas in “Dumb and Dumber” was outlining one of the latest trends in economic development? With one in five Americans set to be 50-plus years old by 2050, this demographic is playing an increasingly important role in our national economy, and not just as consumers as the media so often likes to portray.
Despite the bevy of “Best Places to Retire” rankings (here is the latest one), those in or approaching their Golden Years are instead more often taking on new projects, pursuing entrepreneurial dreams, or changing careers in the new economy. According to a 2010 report by Barclays Wealth titled The Age Illusion: How the Wealthy are Redefining Their Retirement, 54% of respondents say they plan to become “Neveretirees,” meaning they plan to work or run their company well into their 50s, 60s and 70s. Numerous other studies by the U.S. Bureau of Labor Statistics and Kauffman Foundation show that employment and entrepreneurship among this age group is on the rise.
As this trend emerges, some cities have incorporated it as a part of their economic development strategy. In Detroit, BOOM! The New Economy is a recent initiative in partnership with Tech Town, a downtown incubator/accelerator, to create pathways for the 50-plus adult to pursue those aforementioned career aspirations. The initiative is being led by Randall Charlton, a 71-year-old serial entrepreneur who was once the head of Tech Town and, while there, noticed that one-third of its companies were run by “seniors.”
Meanwhile, Pittsburgh has taken a broader approach, announcing last fall an essay contest with a $100,000 prize to attract people 45 and older who want to live out an unrealized dream. From starting a business to just looking for change in general, the contest is aimed at positioning Pittsburgh as a “place to be” among this age group. Organizers of the initiative cited a study that showed the addition of 1,250 new residents 45 and older during the next 20 years could mean an economic impact of more than $2.5 billion. Winners will be announced in the spring.
And in Sarasota County, FL, a report by Global Urban Development recommended that the community recruit and support 50-80 year-olds as part of its larger strategy for innovation in energy and sustainability. The report cited the demographic’s wisdom, vision and, in some cases, financial resources to help turn the region into a hub for the cleantech industry. The age group could do so through starting companies themselves, working or consulting with local startups, investing in companies with new technologies, or sitting on the Board of Directors at these firms.
Are you aware of other cities or states with similar programs to tap the often overlooked entrepreneurial and economic potential of America’s aging population?
