FLOWER MOUND (CBS11) – An increasing number of baby boomers are getting into the startup entrepreneurial world.
Startups have typically been dominated by millennials, but numbers published by Missouri-based Kauffman Foundation show an uptick in baby boomers trying their hand in this non-traditional business model.
The Kauffman Foundation reports the percentage of new U.S. startups by baby boomers at about 24 percent. That’s compared to about 14 percent back in 1996 according to Kauffman.
Sharon Bagley and her husband Frank Flores of Flower Mound are part of this trend.
They invested their life savings to create frankyray.com, a company that makes custom made medical scrubs for men.
Flores, who has a background in medical apparel sales, said he got the idea about 10 years ago.
“We are the first to design and create a mens scrub pant with waist and inseam, jean front pocket, and no draw string,” said Flores.
It’s the kind of niche market that startups are all about.
The husband and wife, who are both 54, hope this idea will take them right into retirement.
“It was really hard for me, because I had to catch up bad”, about the generational and technological aspects of a start-up that she had to learn,” said Bagley.
She said she hasn’t worked outside the home since the 80’s and this world was completely foreign to her.
“It’s frightening because you don’t know how to set up a website.”
The couple admits it has been a big risk to gamble their life savings into a startup idea, but they’re hoping this will earn them the financial stability they are looking for in their retirement days.
The Kauffman Foundation says its data indicates, not only are new baby boomer start-ups popping u,p but those business are also employing people.
They say that’s a sign some of these businesses are seeing success.
Asked what advice she would give to any other baby boomer wanting to jump in on the trend, Bagley said, “They need to be passionate about their idea, really driven to make a go of it.”