When facing retirement, around 10% of people dream of starting their own business and 73% need to continue working for financial reasons in Portugal. No wonder there is a growing number of people considering a second career and looking to create start-ups. In view of this panoram – and inspired by the successful pilots of the programme in other European countries -, the Instituto Pedro Nunes launched in 2020 the Portuguese version of Empreendedorismo 5.0.
Empreendedorismo 5.0: supporting seniors entrepreneurship in Portugal
In the framework of Better Incubation, Impact Hub joined forces with European-wide partners to achieve systemic change towards a more inclusive social entrepreneurship environment in the region. For that end, thematic Communities of Practice (CoP) were developed as a means for participants to exchange their knowledge and share their experiences on how to best support entrepreneurs from under-represented groups. Empreendedorismo 5.0 was one of the CoP’s programmatic approaches appointed as an inspiring best practice devoted to supporting seniors’ entrepreneurship.
How are they supporting seniors’ entrepreneurship?
Developed within the scope of EIT Health, a ‘knowledge and innovation community’ of 150 partner organisations created in 2015, Empreendedorismo 5.0 is aimed at people over 50 – employed, unemployed, retired or inactive – who have a business idea and want to develop entrepreneurial skills, as well as enhance their experience, strengthen their network of contacts, share and learn. Its overall goal is to support the creation of startups aimed at healthy living, reducing the risk of financial vulnerability and active aging, providing new perspectives, tools and knowledge through courses.
Empreendedorismo 5.0 is supporting seniors’ entrepreneurial endeavors through an eight-week entrepreneurship capacity-building training and mentoring programme delivered in a mixed format. The format provides a combination of 3 face-to-face sessions and remote online sessions.
In this way, regardless of their place of residence – and level of knowledge, as it does not require prior experience -, participants can engage in the most convenient way for them and adapt at their own pace, whilst maintaining permanent online access to content, trainers and mentors.
What I appreciate the most is the sense of community involved and the trust that the group has been able to build when it comes to programmes. – Empreendedorismo 5.0’s participant
With a previously defined training trajectory including a vast array of topics, the progreamme’s participants learn to explore the market, and receive permanent personal specialized support in various subjects related to entrepreneurship and the world of business.
Despite the fact that Empreendedorismo 5.0 is a recent initiative and is still ongoing, the results achieved so far are worthy of recognition and reveal a promising future: among the more than 50 selected participants, over 40 seniors have been highly involved in the process together with 33 mentors. In addition, three start-up projects have already been created and supported within the programme’s framework.
Better Incubation is an effort fomented by Impact Hub along with the European Business and Innovation Centre Network and the European Venture Philanthropy Association. The program aims to promote knowledge exchanges and achieve systemic change through enhancing Business Support Organisations’ skills, methods and tools for a more inclusive incubating environment in Europe. Read more about other inspiring Better Incubation-related best practices and action stories from the CoP participants in our Impact Blog.