Baby boomers are gaining traction as attractive targets for startups.
As reported by The New York Times, small companies boasting innovation as their technological and design advantages are looking with excitement at the purchasing power of the boomers, those citizens over 50 who are collectively armed with purchasing power (formally known as economic activity) to the tune of $7.6 trillion, as estimated by AARP. There are around 75 million boomers in the U.S., said The Times, and they are in full consumption mode for goods and services.
Among the offerings being embraced with open, if wizened arms: chefs and yoga, to name just a few.
One staple that needs to be overhauled: Walkers, the ubiquitous aids that help mobility, and which have sported their current design for decades. High-tech health aids such as wearable devices may not make the same leap as a must-have, the article noted, due to the frustrations of linking devices or using instructions.
But fear not: The AARP has been drawing a bead on what boomers need and want and has an incubator in place, known as the Hatchery – and at an initial innovations pitch event four years ago, there were 80 companies; most recently this year there were 200. There’s also the Silicon Valley Boomer Venture Summit, and Aging 2.0, a California-based innovation accelerator.
Caregiving is an important area, one typically taken over by family members – though there is now a startup called Envoy, which has garnered $4.2 million from backers including Lowercase Capital and Fitbit and enlists stay-at-home moms to help with light chores.
Among other offerings spotlighted in the article: Bicycles, designed for ease of use (and exercise of course), and also shoes.