Forty may be the new 30, but 50 is the new entrepreneur. At least, according to the latest report by a market research company, which also says the face of the American entrepreneur is increasingly female and racially diverse.

Research analyst Arnobio Morelix with the Kauffman Foundation says one in every four U.S. entrepreneurs is now over age 55, and women are starting more businesses. That’s based on their latest survey comparing 1996 data to 2015.

Morelix also said the number of Latino entrepreneurs has doubled in the last 20 years.

“The biggest increase were among Latinos. When you go back to 1996, 10 percent of all new entrepreneurs were Latino, about 10 percent, so one in 10. When you go to 2015, that goes up to 20 percent.”

Morelix said Western states, with higher numbers of Latino populations also have higher numbers of entrepreneurs. Arizona is now ranked sixth among the the 25 largest states.