[tarsinge]

I’m not familiar with the data but is the type of company taken into account? E.g. VC-fueled unicorn, consultancy, ...?

Because there is a whole class of B2B companies that opens up as you get older: it requires experience in an industry to find a niche market, of entreprise sale processes, customer support, basic accounting, good connections and a network of previous trusted clients, and of course a large breadth of technical expertise to deliver. But then with correct execution and not much risks so you can have a “boring” but viable company from the start. Whereas in your twenties only the high risk type are doable.

So maybe there is a simple explanation in these numbers without doing hypotheses on the cognition and risk aversion of younger vs older people.