Six truths for successful startups tackling the older adult care opportunity

▤ Summary

According to an AARP report, the 106 million Americans over 50 represent a transformative force that will generate more than $13.5 trillion in annual economic activity by 2032, accounting for more than half of the U.S. GDP. Thankfully, older adults are embracing a variety of health-centric technology initiatives — from telemedicine and remote diagnostics to remote/automated monitoring and home-installed sensors, and I’m seeing the pace of this adoption increasing at a nice clip. As difficult as it is for me to admit (given their fear-based selling and circa 1970 creative and product design), traditional personal emergency pendant companies like Life Alert understand this maniacal focus on targeting, and they do it well. I have talked to so many startup founders in the space that lead with the benefits their solution or product provides for the caregiver, family, senior living center, hospital, insurer, etc. Michael Rogers may have said it best in a previous AARP report: “Boomer ideals were forged in an era when human rights and individual freedoms were central concerns … Boomers want technology to fit the lives they have made and the values they hold dear.” Successful older adult care businesses will be built on a foundation that addresses an incredibly specific audience, understands the importance of distribution, makes design and user experience a priority and solves the prototyping puzzle.

▦ Linked Companies

Caremerge

$1M to $5M