The IT industry, known for its relentless pace of change, presents a unique challenge for experienced contractors looking to launch a new product or service as part of their second career act.
Age is Just a Number: The Rise of Entrepreneurship Over 50
Contrary to popular belief, entrepreneurship isn’t just a young person’s game. A recent report from SCORE, “How Entrepreneurs Over 50 Are Making Their Mark”, reveals that older entrepreneurs are not only thriving but redefining entrepreneurship norms.
The report shows that while entrepreneurs under 30 launch 35% of new businesses, a significant 24% are started by individuals over 50. This data dispels the notion that entrepreneurial spirit diminishes with age.
Furthermore, entrepreneurs over 50 bring with them unique strengths and experience, often contributing to their success. For instance, 70% of these entrepreneurs rely on personal funds to start their businesses, demonstrating their financial stability and preparedness.
The report also highlights that 47% of these older entrepreneurs are driven by the desire for greater independence and flexibility, and 33% seek to turn their passions into profit.
Overall, the report paints a compelling picture of a growing trend of older contractors who are leveraging their experience and passion to start a new business. It serves as an inspiration to aspiring entrepreneurs of all ages, proving that it’s never too late to pursue one’s entrepreneurial dreams.
Engage digital natives for inspiration and trends
While their technical expertise is invaluable, staying ahead of the curve demands more than just coding skills. It requires a keen understanding of emerging trends, user behaviours, and market demands. And where better to source this vital information than from the very demographic shaping the future: younger generations.
Gen Z and younger Millennials, often labelled as “digital natives,” possess an intuitive grasp of technology from growing up immersed in it. They are the early adopters, the trendsetters, and the ones dictating the direction of the digital landscape. Their preferences and behaviours offer a window into the future of tech, making them an invaluable resource for IT contractors seeking to innovate.
Statistics back this up. A recent study by Pew Research Center revealed that 95% of teens have access to a smartphone, and they spend an average of seven hours and 22 minutes online each day. This constant connectivity translates into a deep understanding of digital platforms, social media trends, and emerging technologies like AI.
Consider the rise of the creator economy, fuelled by platforms like TikTok, YouTube, and Twitch. Young people are not just consumers of content but also active producers, monetising their skills and passions in unprecedented ways. For IT contractors, this presents an opportunity to develop tools and services that cater to this growing market.
Social impact
Another area of growth is sustainability and social impact. A 2021 study by Deloitte found that 42% of Gen Z consumers are willing to pay more for sustainable products. This trend underscores the importance of aligning new ventures with ethical and environmental considerations.
AI
AI, too, is playing an increasingly significant role. AI-powered tools can help analyze social media trends, conduct market research, and even assist in product development. For instance, an IT contractor could leverage AI to identify emerging niches on platforms like Reddit or Discord, or to create personalized user experiences within their product.
Engagement leads to better understanding
The key is to actively engage with the younger generation. Whether it’s through casual conversations, attending hackathons, or immersing oneself in online communities, IT contractors need to tap into the youthful pulse to truly understand what makes them tick.
Older customers are also a target market
That said, new apps geared for older generations can be just as valuable, especially if they solve problems that make life or any task easier, safer or cheaper.
For IT contractors looking to make a successful second career act, tapping into the youthful pulse or older generations is not just an option but a necessity. By understanding their preferences, behaviours, and the technologies they embrace or problems they want solved, IT contractors can position themselves at the forefront of innovation and create products and services that truly resonate with the market.
