With an estimated 74.9 million baby boomers, according to Pew Research Center, the biggest market opportunity for start-ups is older Americans rather than hip millennials.
As members of the generation that defined rock ’n’ roll grow older, they are adding a wide range of goods and services to their lifestyles.
Boris Mordkovich, a 30-year-old serial entrepreneur, had never considered developing products for the aging baby boomer market.
One day, however, he saw that his parents had started using an electric bike that his brother Yevgeniy had modified for his wife and himself.“Electric bikes are an equalizer,” said Mr.
They include companies that offer home downsizing, gyms for the 55-and-older set and meal kits for people with diabetes or heart conditions.“There’s quite a lot of funding available, too,” Mr. Entrepreneurs are also showing up at other events like the Silicon Valley Boomer Venture Summit, which Ms.
Furlong produces, and those held by Aging 2.0, a San Francisco innovation accelerator.
The staggering size of the total longevity economy — bigger even than Japan’s — has been attracting more entrepreneurs, deep-pocketed financiers and places to pitch new ideas in the past few years.“Every dissonance of age is a marketing opportunity,” said Mary Furlong, a marketing and strategy consultant for the 50-plus market and author of “Turning Silver Into Gold.”New business ideas that cater to boomers are nearly endless, she said, and include chefs, online dating sites and yoga instructors for people with health issues.“There’s more talent coming into the market,” she said.
The Mordkovich brothers initially financed Evelo with 0,000 that came from selling their previous businesses.One of their biggest challenges was finding good manufacturing plants in Asia.“We had come from e-commerce and virtual goods,” Mr. With the help of referrals from the Light Electric Vehicle Association, they found factories in Taiwan and southern China.They have bought a bike, registered on the site to be ambassadors and can opt to take prospective buyers on test rides.After a bike purchase, the ambassador gets a 0 check.According to a 2014 survey done for AARP, 34.2 million Americans served as unpaid caregivers to a loved one 50 years old or older in the previous 12 months.