CALIFORNIA BUSINESS MINUTE
Entrepreneurs, Older
07-01-08
Hi, I am Tim Johnson and welcome to the California Business Minute.
In a study conducted by Harvard and Duke Universities by the Kauffman
Foundation, it found that most entrepreneurs involved in creating a technology
or engineering business were older in age, in fact the average and median age
was 39.
The study points to a correlation between founders' education levels and their
companies' performance. Ninety-two percent had bachelor's degrees, 31% had
master's degrees, and 10% had Ph.D.s. Almost half of the degrees were in science,
technology, engineering, and mathematics. A third of the degrees were in business,
finance, and accounting.
"Because entrepreneurship is an indicator of economic vitality in regions and across
the country, this study raises important policy questions about how to foster greater
tech entrepreneurship to boost economic growth," said Robert Litan, the Kauffman
Foundation's VP of research and policy. Forty-five percent of the tech startups were
established in the state where American technology entrepreneurs received their
education.
Among U.S.-born technology entrepreneurs earning degrees from California, 69% eventually
started a business there. Fifty-eight percent of those in Michigan started their own businesses
there, while 53% in Texas and 52% in Ohio did so. New York's retention rate was just 21%,
according to the study.
I am Tim Johnson and this has been the California Business Minute.
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