An American-British businesswoman is launching a start-up business school for 50-something ‘olderpreneurs’ in London after a new report warned of lockdown’s ‘scarring effect’ on the age group – and how many will simply drop out of the labour market altogether.

With the government’s furlough scheme due to end this month, the new report by London Councils – which represents London’s 32 borough councils and the City of London – found that lockdown has seen large rises in unemployment for over-50s, with the group ‘more at risk of being furloughed’, adding: ‘The Office of Budget Responsibility has warned of a scarring effect on this demographic – a group which might drop out of the labour market altogether.’

And that’s prompted American-British serial entrepreneur, speaker and writer Suzanne Noble, 60, to launch Startup School for Seniors, to help the rising number of unemployed people aged 50+ start businesses of their own – and seek to create a new generation of olderpreneurs.

Suzanne, who lives in North West London, said: ‘Covid-19 has changed the employment market irreversibly and made it even harder for workers aged 50+ to find a job.

‘We want to give older people a platform through which they can take back control by launching a business of their own. When people think of start-ups, they tend to picture high-growth tech businesses launched by 20-somethings, but in reality the decision for many people to set up their own company is increasingly driven by necessity and putting food on the table.

‘It could involve them monetising a lifelong hobby or putting the experience they’ve gleaned through their employed careers into use for themselves. For many of the olderpreneurs on our course, self-employment is also about flexibility and working around caring responsibilities, which affect one in five people over 50.’

The free, eight-week course comprises over 25 hours of video lessons from Suzanne and co-founder Mark Elliott, 57, plus a weekly exploration and collaboration call designed to encourage participants to articulate their business ideas in a safe and welcoming space.

American-born Londoner Suzanne piloted the idea late last year, following a grant from London Community Response, and its success has resulted in further support from Ealing Council and the Greater London Authority.

She added: ‘We have designed, facilitated and participated in many start-up programmes and seen how these often fail participants, especially those in the intersections of age, gender, colour, ability, wealth and class.

‘Whether your goal is to turn a hobby into a money making project, whether it’s about having a burning passion, whether it’s just about putting food on the table doesn’t matter.

‘Whatever the reason inspired you to join Startup School, we’re going to take you, a unique individual with a personal vision, through the same steps that have helped others reach their goal. Because while entrepreneurial paths lead in different directions, the first steps toward success are always the same.’

Startup School for Seniors starts online on Friday September 10 and is free to those who have been resident in the UK for 3+ years.