Older entrepreneurs accounted for almost 30% of new business start-ups between 2001 and 2005, according to research conducted by the National Endowment for Science, Technology and the Arts (NESTA).

The report revealed that entrepreneurs aged between 50 - 65 year-old started 27% of successful start-ups between 2001 and 2005.

"At a time when an ageing society is being viewed as a problem, our study shows that there is a wealth of experience driving the UK economy today," said Jonathan Kestenbaum, chief executive of NESTA.