How does late-career entrepreneurship relate to innovation?

In this paper, we present an explorative study that develops our understanding of the relationship between late-career entrepreneurship and innovation-driven business activity. Based on observations of 2903 solo founders of new ventures in Germany in 2008-2017, we offer first and robust evidence that late-career entrepreneurs (similar to 50 years and above) are more likely than younger founders to introduce product/service innovations that are 'new to the market'. Our explorations specifically reveal that older founders who draw on personal financial resources and combine their innovation orientation with prior managerial experience are most likely to generate the types of innovations that bring new products or services to the market. We conclude by discussing how our study's insights contribute to the research agenda on innovations in late-career entrepreneurship.

Automated summary

This paper presents an explorative study on the relationship between late-career entrepreneurship and innovation-driven business activity. The study provides evidence that late-career entrepreneurs are more likely to introduce 'new to the market' product/service innovations. It also finds that older founders with personal financial resources and prior managerial experience are most likely to bring new products or services to the market. The study's insights contribute to the research agenda on innovations in late-career entrepreneurship.