Accumulated professional experience, the knowledge gained, and the need to stay active in the job market are driving an increasing number of entrepreneurial initiatives led by people aged 55 and older. However, this reality has two sides: although seniors start businesses less often than other age groups, when they do, they demonstrate a greater ability to consolidate their projects and sustain them over time.
This emerges from the report ‘Senior Entrepreneurship in Spain’, produced by the Ageingnomics Research Center at Fundación Mapfre, in collaboration with the Spanish Entrepreneurship Observatory. The study analyzes the role of senior talent in the Spanish entrepreneurial ecosystem, identifies the main barriers and opportunities for starting a business from ages 55 to 64—comparing them with those under 50 and the pre-senior group (ages 50–54)—and highlights the economic and social impact of this demographic, which already counts more than 16.9 million people and represents 34.76% of the total population. Specifically, it notes that among Spaniards aged 55 and older, 9.9% are entrepreneurs.
The report highlights that since 2008, unemployment among those over 55 in Spain has nearly doubled, reaching 505,700 people in 2024 (with an unemployment rate of 10%, well above the European average of 4%). Moreover, 62% of senior jobseekers are long-term unemployed. This situation has fostered a trend toward earlier exit from the labor market among senior workers, making self-employment a fundamental way to stay active, leverage accumulated experience, and continue professional trajectories that still have much to contribute.
“The aging of the population is an undeniable reality that, if approached with a positive and strategic mindset, can become a powerful source of economic growth and social development. Despite labor challenges and ageism, the senior cohort in Spain is an active economic actor, with spending power, savings, and, fundamentally, a growing entrepreneurial spirit,” has indicated Juan Fernández Palacios, director of the Ageingnomics Research Center at Fundación Mapfre.
More experience and lower business abandonment
One of the main findings highlighted by the report is the stability of senior entrepreneurial ventures. While the business abandonment rate among those aged 55 and older stands at 1.2%, among pre-seniors it sits at 4.5% and at 4.1% among those under 50.
On the other hand, while among those under 55 the potential entrepreneurship (people who have expressed an intention to start a business in the next 3 years) carries more weight than established companies; for seniors it is the opposite: 7% lead established companies (with more than 3.5 years), compared to 2.3% of potential entrepreneurship and 2.9% who have recently started a venture.
Starting a business out of job necessity
The main motivation for seniors to start a business is the need to generate income in the face of scarce job opportunities. 57% say they started to “make a living,” a figure rising to 65% among those who run established enterprises.
Alongside this economic motivation, the report also identifies other relevant factors, such as the desire to accumulate substantial wealth (32% among recent entrepreneurs and 29% among those with an established company), to make a social impact (31% and 28%, respectively), or to continue a family tradition (20% and 29%).
Eight in ten seniors believe they have the necessary skills to start a business
Eight-two percent of those aged 55 and older who start a business believe they possess the knowledge, experience, and skills needed to develop a venture. Additionally, 39% say they detect opportunities to start a business, a share higher than among those under 50 and the pre-seniors (38% and 37%, respectively).
Moreover, only 35% are afraid of failure. However, just 33% consider the process of starting a business easy. These data show that even with the know-how and skills to start a venture, almost two-thirds of entrepreneurs believe the startup process is not easy.
Gender and nationality gaps persist
The study also highlights important differences within senior entrepreneurship, both by gender and nationality. Thus, 9.1% of men aged 55 and older lead established companies, compared with 5% of women, and the rate of recent entrepreneurship among men (3.6%) exceeds that of women (2.2%).
Similarly, foreigners aged 55 and older have a higher rate of recent entrepreneurship (6.2%), more than double that of Spaniards of the same age (2.7%). Additionally, the share of established companies led by foreign seniors (9.1%) is higher than that led by Spaniards (6.9%).
Solo ventures and those with large initial investments
Seventy-two percent of those aged 55 and older who start a business tend to launch their projects solo, with a single promoter-partner, drawing on accumulated life and professional experience and on well-established professional networks. Likewise, nearly half of the initiatives (49% for recent ventures and 51% for established businesses) do not contribute to creating new jobs beyond those of the founders themselves.
The majority of senior-led initiatives are concentrated in the services sector, especially consumer-oriented activities (42% for recent ventures and 37% for established companies) and business services (31% and 34%, respectively). The report also highlights the growing importance of sustainability in senior projects. In fact, 72% of those over 55 with an established company prioritize the social or environmental impact of the business (47% for recent ventures). Additionally, 65% take steps to minimize environmental impact and 67% to maximize social impact (48% and 38% among early-stage entrepreneurs).
However, only 10% of recent senior ventures feature a medium-high degree of technological innovation (11% among established ventures). Nevertheless, recent entrepreneurial initiatives show a higher level of innovation than established ones, both in processes (35% vs. 26%) and in products (38% vs. 25%). The data show that the innovative orientation of entrepreneurial projects tends to diminish as entrepreneurs age, especially after 55.
AI to boost business competitiveness
The valuation of artificial intelligence (AI) as a strategic tool is higher among those in the early stages of the entrepreneurial process (17%) and tends to decrease with age. However, three years out, there is a broad-based increase in the perceived value of AI across all age groups and in both stages of the entrepreneurial process (recent and established).
The main concerns of seniors regarding AI’s negative impact on business center on ensuring data security and privacy (39%), the cost associated with development and implementation (33%), and resistance to its use among employees and ethical dilemmas in decision-making (both at 25%). For the positive impact of AI, those over 55 highlight improved personalization (41%), improved productivity and efficiency (40%), and innovation in products and services (39%).
La Rioja, Cantabria, and Aragon lead
The report highlights significant differences among the autonomous communities. In this regard, La Rioja stands out as the territory with the highest share of senior entrepreneurs (20.3%), followed by Cantabria (16.7%) and Aragon (14.4%).
Specifically, regarding the recent activity rate of entrepreneurship among those over 55, Catalonia and the Community of Madrid report the highest percentages (3.7%). Following them are Aragon (3.2%), and Galicia, Castile and León, the Balearic Islands, and Cantabria (all at 3%). Meanwhile, regarding the intention to undertake among the senior population (potential entrepreneurship), the standout regions are the Canary Islands (5%), the Balearic Islands (4.9%), and Cantabria (3.5%). Finally, the level of senior business consolidation is notable in La Rioja (18.3%), Cantabria (13.7%), Aragon (11.2%), and Galicia (9.6%).
“Senior entrepreneurship can and should grow in our country. Today, people aged 55 and over represent more than a third of the Spanish population, and senior unemployment remains one of the main challenges in the labor market. Therefore, it is important to promote specific public policies and business strategies that support senior entrepreneurship and ensure that longevity translates into opportunities and quality of life for all,” concluded Juan Fernández Palacios.
