They used to say ‘life begins at 40’. For that, now read ‘50’. Glossy celebrity magazines might still be churning out tired features listing a million ways to stay looking young, but the UK’s 50-somethings are busy building for the future, not clinging to the past.

While Tony and Cherie Blair decided changing nappies was the route for them, growing numbers of over-50s are choosing to rebel against society’s ludicrous prejudices by starting their own business.

According to Barclays Bank, the number of middle-aged people starting businesses grew by 50 per cent between 1990 and 2000 and now accounts for almost a quarter of new businesses. While there is plenty of help available to encourage more young entrepreneurs, it’s the frequently written-off over-50s that are actually taking up the challenge and succeeding.

Marcus Austin, editor-in-chief of Startups.co.uk, isn’t surprised. He says: “As a nation we’re doing everything later in life: finding jobs, getting married, having families. Yet there is still a degree of prejudice against employing the over-50s, which is absurd.

“However, the grey generation is using it to their advantage by turning their backs on employment and starting their own businesses. And they’re in an ideal position to do so: they’re more likely to be financially stable, more experienced and often better skilled.

“The new generation of over-50s entrepreneurs are showing the youngsters how to do it and that’s why we decided to recognise their achievements by having a ‘Silver Fox’ category in the Startups Awards 2004. I’d urge all those silver foxes who are proving life begins at 50 to enter so they can inspire even more people to start their own business.”

The Silver Fox Award is one of 13 categories featuring in this year’s Startups Awards 2004, a new award scheme launched earlier this month by Startups.co.uk, the UK’s largest website for people starting and running their own business.

The awards are designed to acknowledge and celebrate the best new businesses and will see one overall winner named ‘Small Business Person of the Year’ and awarded £5,000 at a grand final luncheon to be held in a top London hotel in October.

Silver Foxes and anyone else who has started a business in the last three years currently employing less than 60 workers, can find out more about entering the Startups Awards 2004 on www.startupawards.co.uk or by calling 020 8334 1638