[Congressional Record Volume 167, Number 123 (Wednesday, July 14, 2021)]
[Senate]
[Pages S4902-S4903]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. SCOTT of South Carolina (for himself and Mrs. Shaheen):
  S. 2348. A bill to establish within the Office of Entrepreneurial 
Development of the Small Business Administration a training curriculum 
relating to businesses owned by older individuals, and for other 
purposes; to the Committee on Small Business and Entrepreneurship.
  Mr. SCOTT of South Carolina. Mr. President, American entrepreneurship 
and innovation is the backbone of the American economy. American 
entrepreneurs provide new job opportunities for millions, bring new 
technologies to the marketplace, and drive forward our shared American 
Dream. Small businesses account for half of our gross domestic product, 
more than half our jobs, and three-fourths of new jobs created each 
year. Contrary to popular belief, not all of America's entrepreneurs 
are young tech-focused individuals starting companies in their garages.
  In fact, millions of older Americans represent a powerful and growing 
share of American entrepreneurs. Today, the average age of successful 
entrepreneurs in America is 45, and in 2018, 3 in 10 entrepreneurs were 
over the age of 50, an increase of 50 percent since 2007. Today, 
entrepreneurs ages 55 and over represent 55 percent of all small 
business employers. Not only do seniors represent the majority of small 
business employers, but their life experiences help drive their 
businesses to the top 0.1 percent of the highest growth startups in the 
country based on growth in the first 5 years of operation.

[[Page S4903]]

  In my conversations with older entrepreneurs in South Carolina. I 
have learned how they combine their years of experience, networks. and 
dreams to start countless successful small businesses. I have also 
learned that older entrepreneurs often face unique challenges in 
today's economy. Those challenges include the need for enhanced digital 
and technical skills. mentorship opportunities, business growth and 
hiring training; along with resources for estate and retirement 
planning for their businesses. These obstacles can prevent small 
businesses owned by older Americans from reaching their full growth 
potential. This untapped business growth potential leaves capital on 
the sidelines and slows innovation and job creation.
  That is why today I am introducing the Golden-preneurship Act. The 
Golden-preneurship Act would take a meaningful step in helping catapult 
senior-owned small businesses into the next level of success by 
establishing a new training program for ``Golden Entrepreneurs'' at the 
Small Business Administration. The newly developed ``Golden 
Entrepreneurs'' training program would equip proven senior 
entrepreneurs with the necessary tools to increase their business's 
market share and help bring jobs and capital to communities around the 
country. ``Golden Entrepreneurs'' would be a 7-month training program 
with two years of benchmark check-ins to fill the market gap and bridge 
the knowledge divide in digital and technical skills, business growth 
and hiring training, estate and retirement business planning, and 
provide new mentorship opportunities. The Golden-preneurship Act also 
requires the Small Business Administration to track the loans and 
grants provided to older Americans, valuable information we need to 
ensure America's older entrepreneurs are receiving the help they need.
  With the Golden-preneurship Act we will ensure that today's Golden 
Entrepreneurs have the tools and resources to create tomorrow's jobs, 
new technologies, and opportunities.
  Thank you.
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