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has awarded the Entrepreneurship Research of the Year Award to a study that examines the link between late-stage entrepreneurship and innovation.

The winning study challenges the idea that new innovations are only created by young entrepreneurs. Indeed, the findings show that market-changing innovations are driven by entrepreneurs who become entrepreneurs later in their careers, especially those over 50.

Research article "How does late-career entrepreneurship relate to innovation?" provides new insights into how older entrepreneurs, especially those over 50, influence the innovation that is brought to market.

The results show that older founders are more likely to launch new products or services compared to younger ones. Factors influencing this include the entrepreneur's propensity to innovate, personal wealth and management experience.

The study is based on data analysing 2903 sole founders in Germany between 2008 and 2017, and was conducted by Martin Murmann, Virva Salmivaara, and Ewald Kibler. The study is a collaboration between several universities. In Finland, Aalto University has been the implementation site. The study is openly available on .

An important contribution to a timely and important debate

The working group and the Board of Directors that prepared the selection of the Boardman LJT considered the article to be a significant addition to a very topical and important debate, also in Finland, on the ageing of the workforce and the emergence of new innovations.

The article ” has been published in a leading journal of innovation research and provides important insights for both those planning entrepreneurship and for societal decision making. The skills and experience of people who become entrepreneurs later in their careers can contribute to innovation.

The prize is worth €3 000 and is funded by the Private Entrepreneurs Foundation. The prize is awarded to an outstanding entrepreneurship research project carried out at a Finnish university, higher education institution or research institute. A key criterion for selection is the practical utility of the research results.

The Boardman LJT (Entrepreneurship Research Group) is one of the member forums of the Boardman Network of Excellence, which focuses on research relevant to owner, board and management decision-making. The LJT promotes collaboration between academic research and practitioners and the use of researched knowledge in entrepreneurship and decision-making. Finnish entrepreneurship research is one of its focus areas.

The prize is awarded in cooperation with the Federation of Family Enterprises, the Confederation of Finnish Industries EK, the Finnish Entrepreneurs and the Central Chamber of Commerce.

Source: Boardman.fi