The average age of a successful startup founder

According to research from Harvard Business Review, the average age of successful startup founders is 45. The article presents fascinating evidence challenging the widely held belief that the most successful entrepreneurs are young. From the article:

• “Among those who have started a firm, older entrepreneurs have a substantially higher success rate.”

• “Why might this be? Although there are many other factors that may explain the age advantage in entrepreneurship, we found that work experience plays a critical role. Relative to founders with no relevant experience, those with at least three years of prior work experience in the same narrow industry as their startup were 85% more likely to launch a highly successful startup.”

What if you’re passionate about an industry where you don’t have experience on your side? Consider partnering with someone that does.

It’s a fascinating bit of research. You can read the full article here.

Time and perceived value

Back in 2018 Recode and market research company Toluna did a survey asking American Facebook users if they would be willing to pay for an ad-free version of Facebook. 77% of respondents said they would not be willing to pay. This reveals something remarkable about how we can come to value our time.

According to Statista, American adult users of Facebook spent an average of 33 minutes per day between 2017 and 2022. Yet the perceived value that the user derives from that time spent, is worth nothing in their own opinion. Not even a few bucks over the course of a month.

We’re willing to spend money on something like sleep that in and of itself is free because there is clear value to be derived from good sleep. Cumulatively we spend thousands of dollars on good mattresses, sheets, pillows, etc.

Yet, something remarkable can happen to our perception of the value of our time when it comes to certain things. What’s the metaphor here?

Defining “best”

What’s the best restaurant? What’s the best way to format a resume? What’s the best way to find a new job? Who’s the best football/basketball/baseball player? What’s the best deal?

Consumers are increasingly using the term "best" as a qualifying criterion when searching for solutions. But how do you, and better yet, how do your customers define best? What do they really mean by “best”? What drives someone to qualify their desired outcome with the term “best” in the first place? Back in 2018, Google shared its research on this subject. Here’s an interesting snippet:

“With so many options and so much information online, consumers increasingly can and have to make decisions based on differences beyond quality, price, and basic features. The deciding factor is often personal criteria for that product and how it solves their individual needs. Convenience, for example, can enter the “best” equation. One person told us, “A taqueria 10 miles away might have 400 5-star reviews, but I'd be fine with a 4.5-star taqueria a stone’s throw away.” One person might be swayed by product features, whereas another won’t. “I don’t care if a vacuum cleaner has a light on the front or an automatic cord winder. The best one for me is best at picking up pet hair,” another person said. That’s not to say price and quality aren’t part of the picture. But how they fit in depends on the shopper. As one person said, “I don’t necessarily look for the best product in the market, but for something that would be the best for what I need the product for.”

Interestingly, “best” doesn’t always mean best-selling. Nor does the best deal always mean the best price. Understanding what your prospects actually mean by “best” allows you to craft the best offer for them.