Entrepreneurs and age

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«We need some gray hair», once referred to needingg someone with more experience. But I haven’t heard that expression in a very long time.

The most common image of an innovator is that of a kid developing a great idea in a garage, a dorm room or a makeshift office. This is the story of Mark Zuckerberg of Facebook, Bill Gates and Paul Allen of Microsoft and Steve Jobs and Steve Wozniak of Apple.

In reality, though, these examples are the exception and not the rule. Consider this: The directors of the five top-grossing films of 2012 are all in their 40s or 50s. And two of the biggest-selling authors of fiction for 2012 Suzanne collins and E.L.James- are around 50.

According to research by Alex Mesoudi of Durham University in England, the age of eventual nobel Prize winners when making a discovery, and of invetors when making a significant breakthrough, averaged around 38 in 2000, and increase of about 6 years since 1900.

One executive at a major investment bank remarked with concern that the aerate age at his firm was 32. But  according to research by Benjamin Jones of Northwestern university, a 55 year-old and even 65-year-old have significantly more innovation potential than a 25-year-old.

If an organization wants innovation to flourish, the conversation needs to change from severance packages to retention bonuses. Instead of managing the average age downward, companies should be managing it upward.

Fuente: The new York Times. March, 30 2013 – Tom Agan «Why innovators Get better with Age»

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