How I became an entrepreneur at 66 | Paul Tasner

Summary

In 2009, at 64, the speaker was unexpectedly fired from his job as a director of operations. Despite his extensive experience in engineering and manufacturing, he faced a challenging job market. Undeterred, he pivoted to entrepreneurship, founding a clean technology company focused on biodegradable packaging from waste materials. At 66, he tackled the plastic pollution crisis, achieving significant business growth and social impact. He advocates for recognizing the potential of senior entrepreneurs, highlighting their high success rate and the importance of their contributions to the economy and society.

Takeaways

• 👔 The speaker was the director of operations at a consumer products company in San Francisco and was unexpectedly fired at the age of 64.
• 🍷 After the firing, the speaker and his wife had an emotional evening, coping by drinking heavily.
• 💼 Despite having a strong professional network and background, the speaker found retirement not to be an option, so he turned to consulting without passion.
• 🌱 An idea began to form about building a business that designs and manufactures biodegradable packaging using waste materials like paper and textiles.
• ♻️ The speaker's goal was to replace toxic disposable plastic packaging, contributing to the fight against plastic pollution.
• 💡 At 66, the speaker became a first-time entrepreneur, a move that was both challenging and rewarding.
• 🚀 The business succeeded, doubling revenues annually, gaining marquee clients, and winning over 20 awards for its efforts.
• 👟 The speaker humorously reflects on competing for funding with much younger entrepreneurs, finding it both intimidating and discouraging.
• 🏆 The speaker advocates for more visibility and support for senior entrepreneurs, stating that older entrepreneurs have a 70% success rate compared to 28% for younger ones.
• 🌍 He envisions a future where more seniors will become entrepreneurs, contributing meaningfully to the global marketplace, and calls for the phrase '70 over 70' to be as celebrated as '30 under 30'.

Q & A

What significant event happened to the speaker in 2009?

In 2009, the speaker was unexpectedly fired from his job as the director of operations at a consumer products company in San Francisco.

How did the speaker spend the evening after being fired?

The speaker and his wife got 'really silly drunk' to cope with the sudden change in his career.

What was the speaker's professional background before starting his own business?

The speaker had a background as an engineer in manufacturing and packaging, with over 40 years of experience working for various companies.

What motivated the speaker to start his own business?

The speaker was motivated by his concern for the environment and wanted to create biodegradable packaging from waste to replace toxic, disposable plastic packaging.

What is the term for the type of business the speaker started?

The type of business the speaker started is referred to as 'clean technology,' which aims to reduce pollution and environmental damage.

How old was the speaker when he became an entrepreneur for the first time?

The speaker became an entrepreneur for the first time at the age of 66.

What were some of the challenges the speaker faced when starting his business?

The speaker faced challenges such as manufacturing, outsourcing, job creation, patents, partnerships, and funding, which are typical for startups but new to him.

How does the speaker describe his experience competing for funding in San Francisco?

The speaker found it discouraging and intimidating to compete for funding with much younger individuals from the high-tech industry.

What achievements has the speaker's company accomplished in five years?

In five years, the speaker's company has doubled revenues annually, has no debt, has acquired marquee clients, received a patent, won over 20 awards, and made a small impact on the global plastic pollution crisis.

What is the speaker's perspective on the potential of older entrepreneurs?

The speaker believes that older entrepreneurs have a high success rate, with 70 percent success in starting new ventures, and he advocates for more recognition and support for this demographic.

What is the speaker's vision for the future regarding older entrepreneurs?

The speaker envisions a future where '70 over 70' becomes as commonplace as '30 under 30,' highlighting the accomplishments of older entrepreneurs and challenging ageist expectations.

Outlines

00:00

🌿 Environmental Entrepreneurship at 66

The speaker recounts being unexpectedly fired at the age of 64, after over 40 years of continuous employment. Despite having a good network and reputation, the speaker found themselves without a job just before Christmas 2009. After a period of consulting without passion, the speaker decided to become an entrepreneur at the age of 66, driven by a concern for the environment. The speaker's new venture focused on creating biodegradable packaging from waste materials to replace single-use plastic packaging. This clean technology aimed to reduce the billions of pounds of plastic waste that pollute the environment. The speaker faced typical start-up challenges such as manufacturing, outsourcing, job creation, patents, partnerships, and funding, but also the unique challenge of competing for funding against much younger high-tech entrepreneurs in San Francisco. Despite these challenges, the speaker's company has seen revenues double each year, has no debt, has secured marquee clients, and has won over 20 awards. The speaker is proud to be doing meaningful work and is making a small but significant impact on the global plastic pollution crisis.

05:00

👵 The Rise of Senior Entrepreneurs

The speaker challenges the cultural expectation that seniors should retire to a life of leisure, such as golfing or babysitting grandchildren, and instead advocates for the potential of older individuals to become successful entrepreneurs. Citing statistics from the Census Bureau, the speaker points out that by 2050, there will be 84 million seniors in the United States, nearly twice the current number. The speaker argues that this demographic shift could lead to a significant number of first-time entrepreneurs with decades of experience. The speaker highlights that older entrepreneurs in the U.S. have a 70 percent success rate in starting new ventures, a stark contrast to the 28 percent success rate of younger entrepreneurs, according to a UK-based group called CMI. The speaker calls for more recognition and discussion of these 'senior entrepreneurs,' suggesting that their achievements are just as meaningful and newsworthy as those of younger entrepreneurs. The speaker aims to popularize the phrase '70 over 70' as a counterpart to the well-known '30 under 30,' celebrating the accomplishments of entrepreneurs over the age of 70.

Keywords

💡Entrepreneur

An entrepreneur is an individual who organizes and operates a business, taking on financial risks to do so, with the goal of making a profit. In the video, the speaker becomes an entrepreneur at the age of 66, which is a key part of the narrative. The speaker's venture into entrepreneurship is driven by a desire to create biodegradable packaging, highlighting the role of entrepreneurs in addressing environmental issues.

💡Biodegradable Packaging

Biodegradable packaging refers to packaging materials that can be decomposed by microorganisms, such as bacteria and fungi, into water, carbon dioxide, and biomass. In the context of the video, the speaker's business focuses on designing and manufacturing biodegradable packaging from waste materials as an alternative to single-use plastic packaging, aiming to reduce plastic pollution.

💡Clean Technology

Clean technology, or cleantech, encompasses a range of products, services, and processes that reduce negative environmental impacts and improve operational performance. The speaker's business venture is described as clean technology, emphasizing its focus on sustainability and environmental responsibility. This term is central to understanding the speaker's motivation and the impact of their work.

💡Plastic Pollution

Plastic pollution refers to the accumulation of plastic products in the environment, causing harm to wildlife and ecosystems. The video discusses the speaker's concern for plastic pollution and their desire to contribute to its reduction through their business, which is a driving force behind their entrepreneurial journey.

💡Manufacturing

Manufacturing is the process of producing goods or parts of goods through the use of machinery, tools, or labor. In the video, the speaker mentions manufacturing as one of the issues they had to deal with when starting their business, highlighting the practical aspects of turning an idea into a physical product.

💡Outsourcing

Outsourcing is the practice of hiring another company or individual to perform tasks or services that were previously performed in-house. The speaker touches upon outsourcing as a typical issue for startups, suggesting that they had to consider whether to produce their packaging in-house or through external partners.

💡Job Creation

Job creation refers to the process of establishing new positions or roles within a company or industry. The video mentions job creation as a challenge faced by the speaker's startup, indicating the broader economic impact of their venture and the importance of startups in generating employment.

💡Patents

A patent is an exclusive right granted for an invention, preventing others from making, using, or selling the invention without the patent owner's consent. The speaker mentions obtaining a patent for their technology, which is crucial for protecting their intellectual property and maintaining a competitive edge in the market.

💡Partnerships

Partnerships refer to a business relationship where two or more parties agree to cooperate to advance their mutual interests. The speaker talks about having a wonderful partner from the beginning, emphasizing the importance of collaboration and support in the entrepreneurial process.

💡Funding

Funding in the context of startups refers to the financial resources required to start and grow a business. The speaker discusses the challenges of securing funding, particularly as an older entrepreneur competing with younger individuals from the high-tech industry, which underscores the financial hurdles faced by many startups.

💡Senior Entrepreneurs

Senior entrepreneurs are individuals who start their own businesses later in life. The video's speaker advocates for more recognition and support for senior entrepreneurs, highlighting the success rate and potential of this demographic. The term is central to the speaker's call to action for a shift in societal attitudes towards entrepreneurship and aging.

Highlights

The speaker was unexpectedly fired at age 64, marking the end of over 40 years of continuous employment.

Retirement was not an option, leading the speaker to start consulting without passion for a few years.

The idea to start a business in clean technology emerged from the speaker’s concern for the environment, particularly focusing on biodegradable packaging.

At age 66, the speaker became an entrepreneur for the first time, aiming to replace toxic disposable plastic packaging with sustainable alternatives.

Challenges faced in the startup included manufacturing, outsourcing, patents, partnerships, job creation, and funding.

The speaker humorously compares competing with young tech entrepreneurs for funding, highlighting the age gap.

Five years later, the speaker’s company has doubled its revenue every year, accumulated no debt, and gained several marquee clients.

The company received over 20 awards for its innovative work and secured a patent, signaling significant success in the industry.

The speaker emphasizes the rewarding nature of their work, especially in contributing to reducing plastic pollution.

The speaker laments the lack of role models for senior entrepreneurs, noting that most success stories focus on younger tech developers.

The speaker advocates for more attention and community building around older first-time entrepreneurs.

The Small Business Administration reports that 64% of new jobs in the U.S. are created by small businesses, which the speaker sees as a key driver of economic growth.

The speaker calls for a shift in culture, where older people aren’t expected to simply retire but continue contributing to meaningful ventures.

By 2050, there will be 84 million seniors in the U.S., presenting significant opportunities for senior entrepreneurs.

Older entrepreneurs have a 70% success rate in starting ventures, compared to just 28% for younger entrepreneurs.

The speaker suggests promoting '70 over 70' as a way to celebrate the accomplishments of senior entrepreneurs, just like '30 under 30.'

Transcripts

I'd like to take you back about seven years in my life.

Friday afternoon,

a few days before Christmas 2009,

I was the director of operations

at a consumer products company in San Francisco,

and I was called into a meeting that was already in progress.

That meeting turned out to be my exit interview.

I was fired, along with several others.

I was 64 years old at the time.

It wasn't completely unexpected.

I signed a stack of papers,

gathered my personal effects,

and left to join my wife

who was waiting for me at a nearby restaurant,

completely unaware.

Fast-forward several hours,

we both got really silly drunk.

(Laughter)

So, 40 plus years of continuous employment

for a variety of companies, large and small,

was over.

I had a good a network, a good reputation --

I thought I'd be just fine.

I was an engineer in manufacturing and packaging,

I had a good background.

Retirement was, like for so many people,

simply not an option for me,

so I turned to consulting for the next couple of years

without any passion whatsoever.

And then an idea began to take root,

born from my concern for our environment.

I wanted to build my own business,

designing and manufacturing biodegradable packaging from waste --

paper, agricultural, even textile waste --

replacing the toxic, disposable plastic packaging

to which we've all become addicted.

This is called clean technology,

and it felt really meaningful to me.

A venture that could help to reduce the billions of pounds

of single-use plastic packaging dumped each year,

and polluting our land, our rivers and our oceans,

and left for future generations to resolve --

our grandchildren,

my grandchildren.

And so now at the age of 66,

with 40 years of experience,

I became an entrepreneur for the very first time.

(Cheers)

(Applause)

Thank you.

But there's more.

(Laughter)

Lots of issues to deal with:

manufacturing, outsourcing, job creation,

patents, partnerships, funding --

these are all typical issues for a start-up,

but hardly typical for me.

And a word about funding.

I live and work in San Francisco,

and if you're looking for funding,

you are typically going to compete with some very young people

from the high-tech industry,

and it can be very discouraging and intimidating.

I have shoes older than most of these people.

(Laughter)

I do.

(Laughter)

But five years later,

I'm thrilled and proud to share with you

that our revenues have doubled every year,

we have no debt,

we have several marquee clients,

our patent was issued,

I have a wonderful partner

who's been with me right from the beginning,

and we've won more than 20 awards for the work that we've done.

But best of all,

we've made a small dent --

a very small dent --

in the worldwide plastic pollution crisis.

(Applause)

And I am doing the most rewarding and meaningful work of my life right now.

I can tell you there's lots of resources available to entrepreneurs of all ages,

but what I really yearned for five years ago

was to find other first-time entrepreneurs

who were my age.

I wanted to connect with them.

I had no role models, absolutely none.

That 20-something app developer from Silicon Valley

was not my role model.

(Laughter)

I'm sure he was very clever --

(Laughter)

I want to do something about that,

and I want all of us to do something about that.

I want us to start talking more

about people who don't become entrepreneurs until they are seniors.

Talking about these bold men and women who are checking in

when their peers, in essence, are checking out.

And then connecting all these people across industries, across regions,

across countries --

building a community.

You know, the Small Business Administration tells us

that 64 percent of new jobs created in the private sector in the USA

are thanks to small businesses like mine.

And who's to say that we'll stay forever small?

We have an interesting culture

that really expects when you reach a certain age,

you're going to be golfing, or playing checkers,

or babysitting the grandkids all of the time.

And I adore my grandchildren --

(Laughter)

and I'm also passionate

about doing something meaningful in the global marketplace.

And I'm going to have lots of company.

The Census Bureau says that by 2050,

there will be 84 million seniors in this country.

That's an amazing number.

That's almost twice as many as we have today.

Can you imagine how many first-time entrepreneurs there will be

among 84 million people?

And they'll all have four decades of experience.

(Laughter)

So when I say, "Let's start talking more about these wonderful entrepreneurs,"

I mean, let's talk about their ventures,

just as we do the ventures of their much younger counterparts.

The older entrepreneurs in this country have a 70 percent success rate

starting new ventures.

70 percent success rate.

We're like the Golden State Warriors of entrepreneurs --

(Laughter)

(Applause)

And that number plummets to 28 percent for younger entrepreneurs.

This is according to a UK-based group called CMI.

Aren't the accomplishments of a 70-year-old entrepreneur

every bit as meaningful,

every bit as newsworthy,

as the accomplishments of a 30-year-old entrepreneur?

Of course they are.

That's why I'd like to make the phrase "70 over 70" just as --

(Laughter)

just as commonplace as the phrase "30 under 30."

(Applause)

Thank you.

(Cheers)

(Applause)