The 50+ cohort seems like a market with almost $3 trillion in spending power and interest in new and relevant products and services. But AARP's new report, Challenging Innovators June, 2014, asserts that it is a cohort reachable, not by age, but by need.
Age doesn't matter — validating and targeting based on need is what works for entrepreneurs targeting older adults. As the first era in which so many will live well into their 90's, terms like 'aging' and 'seniors' are ineffective for understanding an addressable market. Too often passion and personal experience cloud innovators' judgment as to what works and what doesn't. The "Challenging Innovators: Matching Offerings to the Needs of Older Adults" report will be discussed at the Silicon Valley Boomer Venture Summit in Santa Clara on June 25. It highlights past mistakes made by entrepreneurs and the need for startup companies to take advantage of new market opportunities arising from crowdfunding, incubators and accelerators, health policy changes, and disruptive pricing.
Jody Holtzman, AARP's Senior Vice President of Thought Leadership and sponsor for the Challenging Innovators research notes: "Innovative start-ups are illustrating the possibilities – using existing technologies in new ways, and finding technology solutions for long-time but growing health challenges.”
Long-time tech industry veteran Laurie M. Orlov is the leading industry analyst tracking technology trends in the boomer/senior markets. Her previous reports overview the market of technologies, offered guidance to specific industries, and surveyed seniors about the technologies they could or would use.
Headquartered in Port St. Lucie, Florida, Boomer Health Tech Watch provides thought leadership, analysis and guidance about technologies and related services that enable older adults to remain longer in their home of choice. In addition to her technology background and years as an industry analyst, founder Laurie M. Orlov is a certified geriatric care manager and was a long-time member of the Philips Think Tank on Health & Well-Being. She is also the founder of Aging in Place Technology Watch and the author of numerous research reports.
Orlov spent more than 30 years in the technology industry, including 24 years in IT and nine years as a leading industry analyst at Forrester Research. She is a recognized expert and has consulted to organizations like Microsoft, AARP and Philips, and her insights have been referenced in publications like Kiplinger, the Wall Street Journal and the New York Times. She has been a frequent keynote speaker at both national and international events.
