Boomer Bioentrepreneurs: Don't screw up the encore

Boomers are back on stage for an encore.Whether it's for financial reasons or a chance to try something new, more baby boomers are embarking on an encore career —a second or even third professional career that can bring in not only money but often the fulfillment that may have been lacking the first time around the career bend. Is it time to repurpose your purpose?

Retailers, restaurants and tour operators need to be OK with boomers. As older generations are vaccinated first, they are poised to drive a silver surge in spending. Not only will mature consumers be active, but they are also less likely to have been hurt financially by the pandemic. What's more, they are likely to spend in some of the hardest hit areas of the economy, such as travel, particularly cruising, and restaurants.?

In this Generational Power Index (GPI) 2021, the authors ranked generations on how much power and influence they hold in American society.

And when it comes to money and economic power, research has concluded that Baby Boomers, those between the ages of 57-75, have more influence than Millennials, Gen X, and Gen Z combined .

In addition, boomers have benefitted from the stock market and real estate runup and the wealth effect might fuel any entrepreneurial ambitions or non-clinical jobs or encore careers.

Careers are often depicted as having two phases: a steady climb upward towards commercial success, fame, and power, which is then capped by a period of continuing effort dedicated to service to others.?But, for many women, the reality is exactly the reverse.

Jungle Jim careers have replaced career ladders. Lifelong learning, multiple career pivots and rewiring, not retiring, have replaced the three boxes of life-education, job, retirement

Retirement comes with emotional and physical detachment. There are ways to prevent that. Taking advantage of solitude to get attached to your authentic self is one that is not often mentioned.

They say that in the first half of life you accumulate stuff and get rid of it in the second half. That includes self-doubts, fear of flying and paying extra for all that psychic baggage that comes with it. In the second half, you can fly anywhere with just a carry on.

In fact, adults over the age of 50 comprise one of the fastest-growing groups of entrepreneurs in the United States, according to a new Gallup study. Among those people who don't currently own a business, baby boomers are twice as likely as millennials to say they plan to start a business in the next year.

Here are 5 myths about boomers:

MYTH 1:?I’m not going to find a good job.

REALITY:?Baby boomers are getting jobs with better pay, status and working conditions than prior generations of older workers.

Myth 2:?You can’t take time off, or you’ll never get back into the workforce.

REALITY:?About 40% of people who retire take a break and then return to work, typically within two years.

MYTH 3:?I’m not going to make as big of a contribution as I did in the past.

REALITY:?Older workers can play a more vital role than ever.

MYTH 4:?The only type of work available to older applicants is part time.

REALITY:?Since 1995, the number of people age 65 or older working full time has more than tripled.

MYTH 5:?The chance to be an entrepreneur has passed me by.

REALITY:?Americans in their 50s and 60s make up a growing share of entrepreneurs.

Startups have been decreasing lately. It might have to do with the aftershock of the Great Recession, or it might be attributable to generational attitudes about risk. It seems, though, that those born between 1946-64 say they are interested in a 2nd act.

While some say, because of the Internet, that it's never been easier to start a business, Newco survival rates are abysmally small. It's even more treacherous for those interested in biomedical or health entrepreneurship. There are several reasons why:

1. The Life Science Innovation Roadmap is a complicated path filled with intellectual property, regulatory, reimbursement and business model challenges that few can master.

2. There is more than just one customer. There are not just patients, but providers, payers and other ecosystem partners.

3. Health policy changes on an almost daily basis and it is highly uncertain.

4. Healthcare USA is 90% sick care and 10% disease prevention and wellness, driven mostly by reimbursement rules.

5. Fee for service is changing to value and bundled payments and everyone is trying to figure out how to make the transition while killing the almost $3T cash cow.

6. Digital health has introduced big challenges and opportunities that are intoxicating for technopreneurs, but extremely hazardous for those who are not familiar with the medical culture.

7. Biomedical products and services take a long time and a lot of money to get to the market.

8. Remember, we are talking about technologies, products and businesses intended to diagnosis and treat people. Human subject trials are arduous and require areas of expertise.

9. It is mostly a fool's errand trying to change patient and doctor behavior.

10. Bioentrepreneurs, like all entrepreneurs, need education, networks, mentors, resources, and experiential learning to develop. Those things are not readily available in most communities.

Polls and surveys indicate that graduating medical students and residents are more risk averse and are opting to work for someone else instead of taking on the risks of independent practice, which are dropping about 2% each year.

In addition, boomer entrepreneurs are interested in mostly making more money or pursuing a particular interest. That is not a formula for success, since few seem genuinely interested in solving a unmet market need.

Boomer bioentrepreneurs seem more willing to jump into the pool with both feet, but they will find the water to be very cold and deeper than they thought it would be.

Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs on Substack