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.
Content presented by Bridge Bank, offering flexible, customized solutions for entrepreneurs.
Recent NewsBridge Bank Hires Abby Walls as Vice President, Relationship Manager for Corporate Banking in Southern CaliforniaBridge Bank Accelerates into 2017 with $4 Million Financing to BuyerQuestBridge Bank Reaffirms Commitment to Banking Technology and Innovation Companies
Recent InsightsHow startups can help senior citizensThings to know about 'decacorns'Can startups succeed away from Silicon Valley?
Don't miss the #Fintech boat, US administration to focus on industry comptitiveness according to @Nasdaq: bit.ly/2mVvnyZ - about 2 months 2 days ago@Fortune discusses how the VC funding gender gap is actually getting worse: for.tn/2nzP4sW - about 2 months 4 days agoWhat will determine the future of #fintech? According to @TheNextWeb, it’s #AI. Read more: bit.ly/2moerie - about 2 months 1 week agoAccording to @TheEconomist, private equity deals are heating up. Find out why here:econ.st/2m1sSZw - about 2 months 2 weeks agoJoin leading dealmakers for a live webcast on financing emerging growth companies w/ debt ft. Mike Lederman on 3/16 bit.ly/2m3JFKl - about 2 months 2 weeks agoBe sure to check out @Entrepreneur’s list of the top 12 #fintech companies to watch: bit.ly/2lQ4jA0 - about 2 months 2 weeks agoAn Indiana Senate panel has approved the advancement of a bill intended to reduce solar power incentives.bit.ly/2le7QFP - about 2 months 2 weeks agoWhat are the advantages of Regulation A+ venture capital? @Forbes has the answers here: bit.ly/2mctMoK - about 2 months 3 weeks agoAccording to @Nasdaq, renewable resrouces are among the top global trend creating invesment value this year: bit.ly/2kCVhCI - about 2 months 4 weeks agoCleantech venture capital is on the rise thanks to newfound market confidence. So what does its future look like? bit.ly/2lXvCFQ - about 3 months agoCEO Dan Myers discusses Bridge Bank growth and our approach to the current market, read more from TechFlash Editor,… twitter.com/i/web/status/8… - about 3 months 1 day agoCheck out the #cleantech startups that VCs have their eye on for 2017: bit.ly/2jYooot - about 3 months 6 days agoWhat does the future of clean energy look like under the Trump administration? @mercnews has the answers: bayareane.ws/2kAyNWF - about 3 months 1 week agoThe startup industry is headed internationally as more startups apply for funding. Read more on @Forbes bit.ly/2kALikZ - about 3 months 1 week agoAccording to @Bloomberg, #LifeSciences isn’t just thriving, it’s paving the way for new innovation. Read more: bit.ly/2kpAZOy - about 3 months 2 weeks agoClient @BuyerQuest demonstrates continued growth and innovation as they secure $4 million in financing bit.ly/2kazipW - about 3 months 2 weeks agoThe biotech era is not over yet. @TheStreet tells us how the sector will rebound with 3 key factors. bit.ly/2jfHhhK - about 3 months 2 weeks agoSilicon Valley, want to know what to expect under Trump’s administration? @Recode has the answers and more. bit.ly/2j5Oi9q - about 3 months 3 weeks ago@AppDynamics prepares to be the first #IPO of 2017...but it comes with a catch. @CNBC explains: cnb.cx/2iTzaHc - about 3 months 4 weeks agoGrowing difficulty in raising Series A and B funding could mean a rocky road for 2017: bit.ly/2iSbYwS - about 4 months 4 days ago2016 was a great year for #VentureCapital investing, even with the number of #startups falling by 12%. Read more: bit.ly/2j6ZlhI - about 4 months 6 days ago@TheStreet shares 17 thoughts on #biotech stocks as we head into 2017. Read more: bit.ly/2hYgsCN - about 4 months 1 week ago@TheStreet shares 17 thoughts on #biotech stocks as we head into 2017. Read more bit.ly/2hYgsCN - about 4 months 1 week agoStart the week off with "10 Tech Investing Quotes From the World's Best Venture Capitalists." @MotleyFoolTech bit.ly/2iJXY8j - about 4 months 2 weeks agoBridge Bank expands East Coast Presence with a new office near Research Triangle Park: bit.ly/2hbqvRi - about 5 months 1 week agoSouth meet West! We’re excited to announce our newest location in North Carolina: bit.ly/2hbqvRi - about 5 months 2 weeks agoBridge Bank expands with new clients, new teams, and a new office! bit.ly/2hbqvRi - about 5 months 2 weeks agoWhat lessons might a YouTube star have to share about entrepreneurial success? bit.ly/2gNugMz - about 5 months 2 weeks agoWe're prepared to provide flexible and creative solutions for renewable energy generation facilities: bit.ly/2ddvQpw - about 5 months 3 weeks agoStartups are surviving longer and SMB owners are seeing great success: bit.ly/2g2FNrq - about 5 months 3 weeks agoYour #startup is nothing without customers. Start measuring #NPS: bit.ly/2fWttc7 - about 5 months 3 weeks agoTelling your company's story can help secure critical funding: bit.ly/2fMZHKf - about 5 months 3 weeks agoSBA reinstated the 504 refinancing program. What does the program mean for your business? bit.ly/2dG1qMT - about 6 months 2 weeks agoBridge Bank is the smarter banking choice for growing tech companies: bit.ly/2d4L4kI - about 6 months 2 weeks agoMarket your #startup, and get the most bang for your buck with these #tips: bit.ly/2dN8POE - about 6 months 2 weeks ago via @Entrepreneur