DETROIT – Last week, the cover of Time Magazine captured a snapshot of a ruined city. It could have been Stalingrad in the 1940s when young untrained Russian youths were thrown into desperate battle with one rifle shared between two men, to save a city that was already reduced to rubble.
In fact last week’s issue of Time depicted a tragedy that on the surface, at least, seemed as stark as that 20th century communist battle for survival. This time the citizens of Detroit are fighting an economic war in a decaying city that was once a symbol of the success of capitalism. By common agreement Detroit is in the economic front line, with one in three citizens fighting to survive without a job. So who do we throw into the front line to lead the battle for our salvation? Old folks, that�??s who �?? men and women in their 50s, 60s and 70s and even 80s.
Why? We know that in their agonizing condition the best the auto industry can do is save itself, try to retain the jobs that it has left. With no other major industry around there is no option but to look to entrepreneurs to create new companies and new jobs. A recent study by the Kauffman Foundation has shown that this vital innovation will come not from baby-faced innocent geniuses but our experienced wrinkled senior citizens. In fact it is already happening as attendance at entrepreneurial events in Detroit this summer revealed.
The events called “FastTrac to the Future” were staged with support from the ten foundations that make up the New Economy Initiative. A total of 1,251 prospective entrepreneurs attended.
One in three of the attendees were over 45 years of age. Over ten per cent were over 56 years old. Put another way only 3.8 per cent of the attendees – that�??s 46 people – were under the age of 25.
Already over 912 of this gray army of entrepreneurs have signed up for a total of 40 courses which have begun at TechTown, Detroit’s business incubator. And guess what, another army of senior citizens are having a major influence in helping these new mid-life businessmen and women survive and prosper.
We are recruiting another gray army of mentors to help guide the fledgling businesses as they over come the early challenges. This group, known as TechTown Mentors, volunteer their services to support companies between FastTrac classes. Their advice and support for new companies is often critical to success. Many are former Chief Executive Officers of successful companies; others have expertise in finance, sales, market research, law and human resources. All represent the new reality. Americans are living longer and staying healthier and they are no longer content to hobble off to play shuffleboard in the sunshine. The gray generation once regarded as a liability may now be our greatest asset.
If you are in that asset class you may want to contact TechTown’s manager of our mentor program, Sheu-Jane Gallagher, and find out how you can join the community that is fighting the economic battle for Detroit. You can meet Sheu-Jane and some of the gray army at our next big event which is Wayne State University’s fifth annual e2 Detroit conference on October 15 at WSU’s McGregor Conference Center and Community Arts Auditorium.
There is a fee for the conference but we need your help so badly we will offer you a senior citizen discount. Get the details by contacting Sheu-Jane at 313-483-0999 or email her at email [email protected]
Others who are helping us harness the energy, expertise and experience of senior citizens include Natalie Zappella of the Community Foundation for Southeast Michigan and Tim Wintermute and Marcia Baum of Hannan House. These individuals recognize the rapidly evolving contribution of senior citizens and are supporting the TechTown recruitment drive.
For details of the Kauffman Foundations study of the importance of the aging population go to Kauffman.Org for The Coming Entrepreneurial Boom by Dane Stangler.
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