Central Ohio’s entrepreneurs are more likely to be in their late 30s, according to a new study.
The region ranked No. 32 based on the average age of business founders over the last five years among the 50 largest U.S. cities, according to LendingTree, an online loan marketplace.
The average age of Columbus business founders was more than 39 years old with 40.5 percent of founders belonging to Generation X, while millennials make up 39.2 percent and baby boomers 16.9 percent. Generation Z and the silent generation made up less 4 percent of the founder population.
“For young entrepreneurs, finding the right location can be an important part of launching their startup,” said Hunter Stunzi, senior vice president of business loans at LendingTree, in a statement. “Entrepreneurs should consider the different factors working for — or against — new companies in a city and try to find a location with strong support systems and lower barriers to entry.”
The city with the youngest entrepreneurs was Salt Lake City with the average age of 37.81, followed by Buffalo, N.Y. (37.91), New Orleans (37.95), Oklahoma City (37.97), Charlotte, N.C. (38.21), Minneapolis (38.74), St. Louis (38.77), Portland, Ore. (38.79), Milwaukee (38.79) and Austin, Texas (39.02).
The study found that Providence, R.I.; San Jose, Calif.; and Hartford, Conn., had older business founders who were more than 42 years old. Providence, R.I., and Philadelphia had the highest proportion of Gen X founders at 48.7 percent. And Louisville, Ky., had the highest proportion of millennial founders at 44.8 percent.
In addition, baby boomers founded more businesses in Silicon Valley than any other U.S. city at 24.1 percent.
The U.S. average was 39.75 years old with 41.1 percent of the population belonging to Generation X, 37.6 percent belonging to millennials and 18 percent to baby boomers.
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