A dedicated business support program called Silver Founders is set to launch in the Black Country, aimed at empowering older entrepreneurs. This initiative is part of the Business Growth West Midlands Investment Readiness Programme, funded by the West Midlands Combined Authority (WMCA). Silver Founders seeks to assist 60 individuals aged 50 and over in starting or developing their businesses by providing access to specialized advice and guidance.
Course Overview
The program will be delivered by Oxford Innovation Advice through a five-week in-person course designed to foster collaboration among like-minded individuals. Participants will enhance their skillsets, delve into sales and marketing strategies, and gain insights into various funding options available to them.
The initiative comes in response to the increasing number of individuals over 50 in the UK, which currently stands at 10.4 million, reflecting a 2.4 million increase over the past decade. Many of these individuals are facing challenges returning to employment after redundancy or are seeking new career paths to channel their extensive experience into entrepreneurial ventures.
The Vision Behind Silver Founders
Vernon Hogg of Oxford Innovation Advice, who has over five years of experience in this field, emphasized the wealth of untapped potential among older individuals: “There are so many good ideas, so much experience, and so much business passion among the over 50s that goes unnoticed. That’s why we wanted to create Silver Founders and bring it to potential entrepreneurs or early-stage firms in the Black Country.”
The course will accommodate up to 20 participants per cohort, guiding them through the process of turning ideas into viable businesses. For those already operating, it provides an opportunity to explore avenues for faster growth.
Addressing Age Discrimination and Economic Needs
Hogg further noted the increasing comfort of the current generation of older entrepreneurs with technology, as well as the necessity for them to extend their working lives due to insufficient pension savings. Many also encounter challenges re-entering the job market after redundancy, facing age discrimination when applying for new positions.
Program Structure and Support
Silver Founders will kick off with an onboarding session focused on community building, allowing participants to identify shared challenges and engage with various business support organizations. The subsequent four weeks will offer an interactive curriculum covering essential topics such as accessing finance, business structures and planning, cash flow forecasting, scaling strategies, and the importance of networking and marketing.
Throughout the course, participants will receive direct referrals to organizations that can provide additional support. The final session will culminate in a celebration event aimed at fostering community spirit among participants.
Success of Previous Initiatives
Vernon Hogg highlighted that Silver Founders builds upon the success of the Founders Collective Programme, which has been operational since 2022. Over the past two years, this program has assisted 250 entrepreneurs, helping them secure nearly £2.4 million in external funding. Hogg expressed hope that Silver Founders will similarly empower older business leaders in the Black Country, creating a dynamic community that leverages the talent and experience of its participants.
Conclusion
The Silver Founders initiative represents a significant step towards harnessing the entrepreneurial potential of older individuals in the Black Country. By providing targeted support and fostering a collaborative environment, the program aims to equip older entrepreneurs with the tools and resources necessary for success in today’s competitive business landscape.
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