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Billions of potential 'wasted'

Groups of ‘hidden innovators’ could add billions to the economy if they are given the right support, research has found. The report, by Cass Business School’s Centre for New Technologies, Innovation and Entrepreneurship (CENTIVE), found that groups including ‘oldrepreneurs’, minority and ethnic groups, and people with a disability could add as much as £15bn to the economy if the ‘right conditions’ were created.

According to the figures, those aged over 50 could alone contribute an extra 17% of the potential uplift to the UK economy by 2012, and, as the size of the group expands over the next four years, will be key to capitalising on innovation.

The report, which was sponsored by Microsoft, said that with a wealth of experience and insight built up over their careers, the over-50s has the highest rate of business success and longevity, with over 70% of start-ups lasting more than three years, compared with under 30% for younger entrepreneurs.

Julie Logan, professor of entrepreneurship at CENTIVE, said: “There are some things that we can be doing to tap into this potential. This is as simple as helping to build entrepreneurial self-confidence through better business mentoring and support. “Faced with increasing global competition, part of the solution must be to make better use of the pools of talent already in existence and this means a renewed focus on what the older generation, disabled and ethnic minority communities can add to the economy.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .