How startups can help senior citizens
Nearly 10,000 baby boomers are expected to retire every day from now until 2020, according to The Motley Fool.
That statistic is noteworthy because it means older Americans will require new and different health care needs as they age. About 30 million baby boomers will develop at least one chronic medical condition that requires constant care by 2030, the American Hospital Association stated.
Health care, is ripe for technological innovation by startups, particularly in sectors focused on the elderly. However, startups need to proceed carefully because if they don't, they'll fail.
Here are some ways health startups can succeed at a time when older Americans are more open to health technologies.
Always remain cautious
According to Accenture, 50 percent of health startups fail within two years. These companies are also known as "zombie" startups because they're dying but still hold important technologies or talent that can make a difference in health care. New startups can avoid turning into a zombie by always remaining cautious. While millions may be raised in a Series A round, the next startup financing round may not turn out as well.
TechCrunch recommended startups and their leaders carefully choose what they say and their branding message. Words matter more in health care because senior citizens don't want to be seen differently. For example, health startups should decide whether to address their audience as "senior citizens" or "older adults" because terms reverberate differently.
Older citizens know they're aging, but they still want to be treated with respect. That's why a cautious approach to wording is key.
Solve specific issues with design
While startups often to try solve massive issues, they need to focus on specific senior health care needs.
Senior health care is an entirely different field because every senior has different needs. Some older adults may be quite active for their age, while others may not be less able. Startups should focus on a specific subgroup of seniors and design products to specifically meet their needs.
Product designs should not only look great, but also serve a functional purpose. If a startup doesn't give much thought to design, seniors won't either.
The health care industry is a breeding ground for technological innovation, and new inventions are already making an impact, such as telehealth machines.
But for startups to truly make an impact and avoid early failure they need to carefully choose their branding messaging while focusing on a specific group of older citizens.
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