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Baby boomers fueling wave of entrepreneurship

  • This photo taken Oct. 3, 2013 shows James Glay poses with his collection of vintage drums in Arlington Heights, Ill. (AP Photo/M. Spencer Green)

EDITOR'S NOTE _ Aging America is a joint AP-APME project examining the aging of the baby boomers and the impact that this so-called silver tsunami has had on society

ARLINGTON HEIGHTS, Ill. — Every passing month and unanswered resume dimmed Jim Glay's optimism more. So with no job in sight, he joined a growing number of older people and created his own.

In a mix of boomer individualism and economic necessity, older Americans have fueled a wave of entrepreneurship. The result is a slew of enterprises such as Crash Boom Bam, the vintage drum company that 64-year-old Glay began running from a spare bedroom in his apartment in 2009.

The business hasn't made him rich, but Glay credits it with keeping him afloat when no one would hire him.

"You would send out a stack of 50 resumes and not hear anything," said Glay, who had been laid off from a sales job. "This has saved me."

The annual entrepreneurial activity report published in April by the Kansas City, Mo.-based Ewing Marion Kauffman Foundation found the share of new entrepreneurs ages 55 to 64 grew from 14.3 percent in 1996 to 23.4 percent last year. Entrepreneurship among 45- to 54-year-olds saw a slight bump, while activity among younger age groups fell.

The foundation doesn't track startups by those 65 and older, but Bureau of Labor Statistics data show that group has a higher rate of self-employment than any other age group.

Part of the growth is the result of the overall aging of America. But experts say older people are flocking to self-employment both because of a frustrating job market and the growing ease and falling cost of starting a business.

"It's become easier technologically and geographically to do this at older ages," said Dane Stangler, the research and policy director at Kauffman. "We'll see continued higher rates of entrepreneurship because of these demographic trends."

Paul Giannone's later-life move to start a business was fueled not by losing a job, but by a desire for change.

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