For the experienced exec looking for a new opportunity, the startup world can look pretty attractive, with tons of growth plus lots of buzz. According to CyberStates, in 2018 the U.S. economy added 40,500 new tech companies. In fact, tech is the sixth largest occupation category overall. In 2018 alone, there were 3.7 million job postings in tech. Yet when you look at photos on these companies’ About pages, you notice something. No gray hair.
With a few notable exceptions, the startup and tech workforce is dominated by millennials, employees in their late 20s and early 30s. Founders even admit ageism is a problem. The most recent First Round Review annual survey of 529 startup founders revealed that 89% thought older employees face discrimination in tech, and they believe this starts at around age 45. It’s a daunting environment for the over-50 job search.
But not impossible.
Careful targeting of the right companies can save valuable time and resources in the job search. Aiming at these three company categories can be especially fruitful.
1. Network-needy disrupters
Over the course of your career, which now spans decades, you have built up a host of contacts. These contacts are invaluable to a startup trying to gain traction in your field. Maximize the value of your network and the transfer of your skills by looking first at the startups emerging in your market. Are any companies claiming to disrupt the field? Candidates in sales and marketing especially have a leg up when they bring a network and deep knowledge of the target audience to the table.
2. Thrifty early-stage
A barrier to hiring you as an older employee can be the hiring manager’s perception that you’re too expensive. Or that if you took the job, you’d be secretly unhappy with the compensation, and therefore unmotivated. If you’re truly willing to take a pay cut, very young startups offer an opportunity. Early-stage company employees are expected to earn below-market rates (and will probably be compensated for this with greater equity). Be direct. When you apply to these companies, emphasize that, like everyone else in the company, you expect below-market compensation. If you want to work for a young scrappy company, you bring priceless experience to the table, and that company is getting real value.
3. Series B rocketships
The middle market may be where you find the most success when you’re in a job search over 50. Forget the “big name” unicorns like Google and Facebook, which continue to prefer to hire straight out of college. Companies that have recently secured Series B funding will be in full growth mode with an imperative to scale, yet mature enough to want to diversify their workforce. With maturity also comes more security for you as an employee, with reduced risk the company will fail during your tenure (as opposed to early-stage), more generous compensation, and some key structures already in place.
How to research companies to target? AngelList is an invaluable resource for those in the job market and targeting startups or tech. Its comprehensive company list includes stage and market, and companies list job openings right on AngelList. Crunchbase also maintains an exhaustive database of tech companies, and you can filter there on market categories, as well as funding amounts and dates. You can also search the internet for companies with a policy of age inclusion. These exist, though most are not in tech. Finally, try googling, “Disrupt [your industry]” to learn about new companies that may need your network and experience.
Your time and energy are valuable, so give yourself the best possible start by applying for roles in startups where you’ll find the best chances of success.