New Financial Backing for Older Internet Entrepreneurs

It may come as a surprise to learn that, according to a new study Ageing and the Use of the internet, the majority of entrepreneurs in the UK are aged 55 and over and are not in the younger age groups as is commonly thought.

Accordingly a new scheme has been launched by the Nominet Trust, the internet charity that commissioned the study, whereby older entrepreneurs are to be given the opportunity to compete for a share of £250,000 to enable them to set up internet companies that benefit older people in the UK.

The report showed that older people have particular needs that are best understood by older entrepreneurs. There is much misconception and misunderstanding among younger people surrounding both the needs of older people and the digital abilities and inclinations of over 65s. In fact, contrary to popular belief, over 65s are amongst the fastest growing users of the internet and social media.

The project is open to anyone over 55 who has a good idea for an internet start-up that will benefit older people. It could be to find better ways for older people to use the internet, to make it easier for them to use technology in general or to tackle specific social problems that older people face.

Although there is no set amount that each winner can get, there is always the possibility that some winners could be awarded a large amount, even as much as £100,000 which will go some way to achieving their entrepreneurial goals.

Among the projects supported by the Nominet Trust are Internet Buddies, a mentoring scheme which matches young volunteers with older people to help get them online; and the Cockermouth Centre for the Third Age, which has created an online platform linked to local GP surgeries where older people with, for example, depression or mobility issues can be linked to a pool of volunteers who can help them.

Annika Small, Director of Nominet Trust, said: “The internet has the potential to make entrepreneurs of us all. At this time of global recession, we urgently need to tap into the creativity, experience and enterprise of older people to address big social challenges. There is already a wealth of older entrepreneurs but as a society we’re missing a trick by not encouraging them to develop products and services with and for their peers. The internet is a powerful tool to engage people in the design of solutions that meet a specific social problem and improve their lives and communities.”

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