EXPLORING THE INNOVATIVE ACTIVITY OF SENIOR ENTREPRENEURS
EXPLORING THE INNOVATIVE ACTIVITY OF SENIOR ENTREPRENEURS

Author(s): Mihaela Mikić, Ivana Kovač, Tin Horvatinović
Subject(s): National Economy, Social development, Social Theory, Economic development, Socio-Economic Research
Published by: Sveučilište Josipa Jurja Strossmayera u Osijeku, Ekonomski fakultet u Osijeku
Keywords: senior entrepreneurship; innovation; challenges; innovation drivers;
Summary/Abstract: Even though there is a common stereotype that innovation is associated with younger individuals, senior entrepreneurs can also be highly innovative. They face challenges such as limited familiarity with new technologies and digital tools, difficulties accessing funding, and social biases that may view them as less willing to take risks. However, their experience, stability, and established networks provide unique advantages. Senior entrepreneurs develop sustainable and relevant innovation because of their more profound understanding of the market, customers and business models. Usually, they have extensive networks and reputations that help facilitate partnerships and collaborations, and they use strategic planning and decision-making skills to assess long-term effects and align innovations with sustainable business goals. Senior entrepreneurs are less pressured by the need for rapid growth, which gives them more freedom to implement long-term innovations. They often collaborate with younger, technically skilled professionals to combine their experience with fresh ideas. All that results in impactful and sustainable innovative solutions that address real market needs. This chapter explores the relationship between senior entrepreneurship and innovation to determine their innovation driver and the challenges they meet on the way.

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