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Forget About Age Limits – An Entrepreneurial Spirit Is All That Matters

Throughout American history, the entrepreneurial spirit has remained strong. This same spirit dwelled within the early frontiersmen who explored the West. The same passion fueled the barons of the Industrial Age like Carnegie and Vanderbilt. And in more modern times, many associate the word entrepreneur with names like Jobs, Gates, Bezos and Musk. Because of this, many people envision today’s stereotypical entrepreneur as being young, techy, and, in many cases, male. But this image is actually not stereotypical at all. In fact, the most successful entrepreneurs often have almost a completely opposite profile.

Several surveys and studies now show that the average entrepreneur today is often in their forties. In some countries, like Australia, the 55-to-64-year-old age group represents the fastest growing segment of entrepreneurs around. While at this may seem unusual at first, there are many reasons why this is the case. Not only is the entrepreneurial spirit timeless and free of age-related limits. But today’s business climate is ideal for those a bit older who wish to pursue their own passions. This means anyone thinking about starting a new business should ignore the naysayers. And it means we need to readjust what we think is the stereotypical entrepreneur.

”Across billion-dollar companies, the age range is quite substantial. Some founders were as young as eighteen, others as old as sixty-eight when they started their companies. The median age of a billion-dollar startup’s founder was thirty-four years old.” – Ali Tamaseb, Author of Super Founders: What Data Reveals About Billion-Dollar Startups

The Modern-Day Stereotypical Entrepreneur

In the last few years, several groups have accumulated date regarding the modern-day entrepreneur. In each case, it has become clear that the stereotypical entrepreneur isn’t the young, super-energetic techy grad in Silicon Valley. Among all entrepreneurs, the average age is actually 40 years. And among those heading up startups that lead to market success, the average age if 45 years. Not only are those launching new businesses older, but those who tend to be more successful. In fact, in contrast to the 50% fail-rate of most new businesses, older entrepreneurs with experience have an 85% success-rate.

While this may go against our vision of the stereotypical entrepreneur, such circumstances aren’t necessarily new. For example, Henry Ford was in his mid-forties when he first built the Model T. (Read up on Henry Ford in this Bold Leadership profile!) Sam Walton was also 44 years of age when he started Walmart. And Ray Kroc, of McDonald’s fame, began his franchising and real estate empire in his early fifties. Each of these individuals had a healthy dose of the entrepreneurial spirit and pursued in later in life. The only difference today is that such circumstances are more common, and for good reason.

“Given their deep expertise accumulated from their work experience in a specific domain or field, experienced professionals are actually better positioned to start successful new enterprises that go on to generate meaningful economic growth and value.” – Daniel Kim, Assistant Professor of Management, Wharton School, University of Pennsylvania

The Perfect Climate for an Entrepreneurial Spirit

Compared to generations past, today’s business environment is certainly more amenable to startups and new businesses. With the Internet, Wi-Fi and cloud computing, many cost barriers are less. At the same time, the gig economy has paved the way for those with an entrepreneurial spirit. Freelancers, contract workers, and side-hustlers abound in today’s marketplace, fueled by recent pandemic pressures. And increasingly, larger corporations are realizing the benefits of outsourcing and a virtual workforce. (Dig deeper into how Bold Business is maximizing the virtual workforce in this Bold story.) All of these developments have made it easier to individuals to start their own business.

As these shifts have occurred, the stereotypical entrepreneur profile has changed as well. Indeed, roughly 70% of all young adults graduating from college want to start their own business. But at the same time, half of all adults do as well. Experts now predict that there will be over 86 million freelancers in the U.S. by 2027. This represents over half the U.S. workforce. Likewise, the first three quarters of 2020 saw a higher number of new business applications than all of 2019. Much of this increase has occurred because a larger percentage of older individuals are taking an entrepreneurial leap.

“They’ve got the ‘university of life’ and the networks – and now they can add all these new competencies.” – Dr. Alex Maritz, La Trobe University

Specific Advantages of the Older Entrepreneur

In addition to a changing business environment, the age of the stereotypical entrepreneur has increased for other reasons as well. Notably, entrepreneurs in their forties and fifties enjoy a broader network upon which they can rely. At the same time, they have gained deeper knowledge and experience in various industries. Many have also acquired some level of capital and wealth, making it easier to launch a new business. As more older individuals embrace their entrepreneurial spirit, they begin to see how age can be an asset. It’s therefore no wonder that older entrepreneurs often enjoy a higher level of success.

An older dude talking on his cell phone
The stereotypical entrepreneur may be someone young, but true entrepreneurial spirit defies age.

The other advantage offers older adults involves greater opportunities for hybrid entrepreneurship. By definition, hybrid entrepreneurship is where someone leverages their current job to explore new startup opportunities. As employees have become accustomed to work remotely from home, they have seized the opportunity to start a side business. Often, such side businesses are fueled by interests and passion. And older workers are often able to balance both endeavors at the same time given their knowledge and experience. The ingredients of older age and an entrepreneurial spirit often offer a great recipe for success. Hybrid entrepreneurship is a way to take advantage of this combination.

A New Definition of the Stereotypical Entrepreneur

Instead of thinking of the stereotypical entrepreneur from an age perspective, other qualities need to define such a personality. These are individuals at any age who enjoy an entrepreneurial spirit of innovation, inspiration, and confidence. They believe in themselves and their ideas. And they are willing to go it alone, take significant risks, and launch their own business. Regardless of age, these are the defining qualities of an entrepreneur. And they have never been more prevalent than they are today.

 

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Healthcare and the Gamification of Wellness

Though healthcare may be late to the game, there is little doubt that digitization is rapidly occurring in the sector. Fueled by demands created by the COVID-19 pandemic, healthcare strategies had little choice but to adapt. Certainly, electronic health records were already in place. But telehealth services had to rapidly evolve to accommodate lockdowns and infection risks. At the same time, the ever-increasing burden of rising costs has similar forced new considerations. Understanding this, one of the notable shifts in recent months has been the presence of gamification in healthcare. Not only does gamification for wellness embrace digital strategies. But it also is placing a greater portion of responsibility on patients.

In short, gamification simply refers to introducing game-like features into non-game areas. Often, games offer rewards and sometimes penalties, which can grab users’ attention. Gamification in healthcare strategies thus hope to better engage patients and to encourage them to adopt healthier behaviors. Ideally, these games can be used as a way to augment fitness. (Read more about how augmented reality is augmenting fitness in this Bold story.) But there remains a great many questions about the best approach and design. Many believe gamification for wellness has significant potential in improving healthcare outcomes and reducing costs. But thus far, the jury is out as to whether this approach will yield a large enough impact to make a significant difference.

“Wearable devices and digital weight scales are increasingly being adopted…these technologies are powerful when combined with behavioral science to guide people toward better habits and better health.” – Kevin Volpp, M.D., Director of the Penn Center for Health Incentives and Behavioral Economics

The Push for Gamification in Healthcare

It’s no secret that healthcare costs continue to rise in the U.S. Healthcare expenses account for 18 percent of GDP in the nation presently. Likewise, aging of the population and increasing longevity are cause the prevalence of chronic diseases to increase. By 2025, it is estimated that more than half the population will have at least one chronic illness. This not only means a reduced quality of life for the majority of Americans. But it also means more frequent utilization of healthcare services on a regular basis. Because of this, the healthcare system overall is increasingly placing a greater responsibility on patients. And this is where gamification for wellness comes into play.

In terms of statistics, the numbers for patient compliance with medical advice aren’t great. Each year, non-adherence to medical recommendations account for $100 billion in additional healthcare spending. Likewise, this also accounts for an additional 100,000 deaths annually as well. The challenge in reversing these trends requires strong engagement of patients to make better choices. Gamification in healthcare has this potential, especially with increasing expenditures on digital health. In the last 2 years alone, the amount spent on digital health tools has quadrupled. For 2021, spending in this area is approaching almost $30 billion. This sets the perfect stage in pursuing gamification for wellness strategies.

“Gamification is commonly used in wellness programs and smartphone apps, but often is not designed to incorporate insights on how people behave and have not been well-tested over longer periods.” – Mitesh Patel, M.D., Director of the Nudge Unit at University of Pennsylvania

Best Practices in Gamification for Wellness Approaches

Over the last few years, there have been an increasing number of research studies exploring gamification in healthcare. Combining behavioral economics concepts like loss aversion and behavioral rewards, some notable insights have been gained. Games that result in some type of loss to the patient when a behavior isn’t performed are the most impactful. For example, patients might be given a set amount of tokens at the start. Then, if they fail to adhere to medical advice, they risk losing those tokens. This approach result in much better response rates than reward-only games without any risk of loss.

In addition to tapping into loss aversion strategies, there are other best practices when considering gamification in healthcare. Games that require opting-out instead of opting-in have been shown to promote greater patient engagement. In a study of diabetics, this feature alone increased adherence from 13 percent to 38 percent. Also, allowing patient to participate in their own goal-setting similarly promotes better engagement. And accountability measures also can boost gamification for wellness results. Having patients pledge participation in writing or being held accountable by family and friends is powerful. Based on research thus far, these gamification for wellness strategies look to yield the best results.

“The world of mobile and digital health has created an environment where rolling these programs out is easier and more interactive. Time will certainly tell in how these incentives can be used to in equitable and sustainable ways.” – Anish Agarwal, M.D., Researcher at Perelman School of Medicine, University of Pennsylvania

Current Gamification in Healthcare Businesses

In today’s current environment, there are a handful of companies already offering gamification in healthcare applications. In each case, they combine various rewards and, in some cases, setbacks, in an effort to incentivize healthier behaviors. For example, Paceline allows consumers to link their credit or debit card to their Paceline account. Every time they receive a fitness reward, they can then claim wellness rewards on select purchases. Sweetcorn takes a similar approach in converting wellness behaviors into purchase discounts. However, it hopes to actually create its own “fitness currency” in the process.

An app that does a lot of health stuff
Gamification in healthcare has a multitude of benefits–not the least of which is that it encourages good health.

Other companies are approaching gamification for wellness on the healthcare administration side of things. For example, Betterfly lets consumers leverage healthy habits into charitable donations or embedded insurance protections. (Can embedded insurance protections fix the coverage gap? Read more in this Bold story.) Sempre Health reduces consumers’ out-of-pocket costs when they adhere to medical advice. And Wellth provides direct financial rewards for things like on-time prescription refills and regular monitoring tests. As is evident, no single strategy for gamification for wellness is being adopted. But as these companies gather data, it’s likely that some approaches will be more fruitful than others.

Patient-Centric and Dis-Aggregated Healthcare

Gamification in healthcare definitely aligns well with trends toward patient-centric care. Understanding that adherence to medical advice is essential for better value outcomes, responsibilities are shifting toward patients. But at the same time, healthcare is experiencing a type of disaggregation similar to the financial industry in the past. Apps and platforms gradually dissected the banking industry, offering specific services in payments, lending and investing. This now seems to be occurring in healthcare with gamification for wellness reflecting one example. Specifically, gamification in healthcare appears to be tackling adherence and prevention issues at a consumer level. Given how this has been effective in other sectors, it’s therefore likely that gamification in healthcare will persist. It’s simply a matter of determining how to best utilize this approach to address the challenges today’s healthcare system pose.

 

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Autonomous Ships and Surface Vessels Are the Next Facet of the Blue Economy

When considering frontiers about which we still have much to learn, the world’s oceans represent one of the most intriguing. Increasingly, the blue economy has been expanding over the past several decades. Notably, oceans and waterways serve critical roles in food supplies and in logistics transportation. This has been  quite evident throughout the pandemic and even now. But oceans are also important for many other reasons including scientific research, climate change solutions, and offshore wind technologies. Because of this, innovations involving this frontier are important not only for our future but the earth’s as well.

(Read more about offshore wind technology and the renewable energy conundrum in this Bold story.)

Understanding this, many businesses are investing heavily in automation and other technologies related to the blue economy. One of the most notable areas in this regard involve autonomous ships and related vessels. Often referred to as unmanned or autonomous surface vessels, there are an array of tasks these machines can perform. These include not only mapping ocean waterways and sea beds. But it also includes collecting all types of data that might improve weather predictions and a sustainable aquatics culture. With this in mind, it’s worth taking a look at  some reputable companies involved in autonomous surface vessels.

“[Existing sonar vessels have] a big data problem — how would you design the systems to support [a] solution? We make it a modern data service, instead of like a huge marine operation — you’re not tied to this massive piece of infrastructure floating in the water.” – Anthony DiMare, CEO and Co-founder of Bedrock

Autonomous Ships and Mapping Innovations

As waterway traffic increases, it’s becoming increasingly critical to obtain better maps of the oceans and seas. Current technologies that are most commonly used require large vessels with sizable sonar devices. Likewise, these devices produce tremendous amounts of data that requires constant contextual referencing. Understanding that many ships lack consistent access to the Internet, many must download and store this data. But as data pools expand, this becomes increasingly cumbersome. Because of this, some innovative autonomous ships are exploring new ways to map waterways. And one of the most intriguing companies doing this are pursuing underwater versions of autonomous surface vessels.

Bedrock chose to start from scratch and design a completely new approach to mapping oceans. Instead of autonomous surface vessels, their autonomous ships travel underwater. They then use high-frequency sonar to map ocean and sea beds with incredible accuracy. Initially, concerns existed about how this might be harmful to aquatic life. But Bedrocks drones travel in close proximity to the ocean floor, making it safe for underwater creatures. Plus, the data collected is stored and analyzed to the cloud, making it much more accessible to ships. All of this results in both better quality images, better access to maps, and reduced costs. It’s understandable why Bedrock has received significant funding support for its efforts.

“Saildrone is going where no research vessel has ever ventured, sailing right into the eye of the hurricane, gathering data that will transform our understanding of these powerful storms.” – Richard Jenkins, Founder and CEO of Saildrone

Autonomous Ships Advancing Research and Discovery

Bedrock is not the only business using autonomous ships to provide better mapping tools to the ocean. Saildrone is another competitor that has deployed several autonomous surface vessels for mapping. In fact, their vessels have over half a million miles collectively through various oceans and seas. But Saildrone is involved in other endeavors as well that go beyond oceanographic mapping. Recently, one of its autonomous surface vessels, the Surveyor, went in the midst of a Category 4 hurricane. Incredibly, it survived 50-foot waves and 120 mph winds. And in the process, collected an abundance of scientific data for future analysis by meteorologists and oceanographers.

A graphic of an autonomous boat checking out its peers
Autonomous ships and surface vessels are adding a new wrinkle to the Blue Economy.

As far as startups in autonomous ships, Saildrone is among the top businesses in the field. In fact, the company recently received $100 million in Series C funding from investors. The company’s capacity to offer broad services in autonomous ships makes it attractive to venture capitalists. Its current pursuits involve navigational information, scientific research, climate change insights, and details about aquaculture. The biggest downside is the expense involved in order to scale its autonomous surface vessels to competitive levels. Certainly, its recent funding will be used for these purposes.

“Remotely-commanded autonomous vessels provide the industry with significant increases in productivity and operational safety and will provide a new world of actionable operational data for improved planning and business practices.” – Michael Johnson, CEO of Sea Machines

Rising Competition and Offerings in the Industry

In addition to Bedrock and Saildrone, there are many other businesses involved in autonomous ships. For example, Sea Machines Robotics has developed autonomous surface vessels that serve as tug boats. They also have a line of commercial autonomous ships as well. Their vessels interesting run off vegetable oil and thus use no fossil fuels. This makes them attractive from an environmental perspective. The company’s SM300 recently completed a 1,027-mile journey that was nearly all under autonomous control. This provides proof of the viability of autonomous ships serving key roles in the future of oceanic traffic and services.

Other businesses in this field also deserve recognition. EcoDrone and Sea Proven are involved in the design of commercial autonomous ships as well. However, both of these companies offer smaller vessels that can be highly customized. And there are many others exploring autonomous surface vessels for logistics transportation overseas. Because so many operations are in existence, the competition is currently fierce. But it’s this same competition that will drive important changes in the blue economy. The impact of autonomous boats are already being felt throughout the world. And like several other sectors, this one will also see high levels of automation and digitization in the years to come.

 

Explore Bold Business’ ten-article deep dive into the Blue Economy–start your voyage with this story on the future of maritime trade.

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