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Report: Baltimore entrepreneurs younger than many other cities’

(appalachianview /Depositphotos.com)

(appalachianview /Depositphotos.com)

Entrepreneurs in Baltimore tend to be younger than entrepreneurs in many other cities, a recent report from Lending Tree shows.

Baltimore’s average age of 39.45 for entrepreneurs when they founded their businesses places the city 19th out of the 50 largest U.S. cities in the report, which gives younger average ages a higher ranking.

The city came in ahead of nearby rivals like Washington, D.C. (37th), Richmond (33rd) and New York (27th) but behind other neighbors, including Philadelphia (11th) and Virginia Beach (15th).

The study found that most entrepreneurs are between the ages of 37 and 42. But within that range, older may be better.

Some of the most successful startup hubs in the country also tended to be among the oldest. Bay Area hubs like San Francisco and San Jose ranked in the 40s, as did Boston.

But some of the country’s up-and-coming startup hubs, including Austin (10th), Portland (8th) and Charlotte (5th), trended younger. Salt Lake City topped the list at 37.81.

The report also broke down entrepreneurship in cities by generation. Most of Baltimore’s startup activity comes from its middle generations: millennials and Gen X.

Millennials, defined in the report as those born between 1981 and 1996, accounted for 39 percent of startups. Generation X, born between 1965 and 1980, accounted for 41.4 percent of new businesses in Baltimore. Baby Boomers, born between 1946 and 1964, held a smaller but still significant share of the startup pie, 18.1 percent.

Younger and older generations had a very small share of the city’s startup economy. Gen Z, those born after 1996, started less than 1 percent of businesses. The silent generation, born between 1928 and 1945, also started less than 1 percent of businesses.

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