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 News
    Bridge Bank company logo red black and white
    Bridge Bank's Business Escrow Services Group Launches New Paying Agent Platform
    Bridge Bank company logo red black and white
    Bridge Bank Extends $12,000,000 Credit Facility to Ellevation
    Bridge Bank company logo red black and white
    Alex Tsarnas Joins Bridge Bank Team to Lead Its Newly Established Banking Group, Business Escrow Services
    Bridge Bank company logo red black and white
    Bridge Bank Expands Capital Finance Group Adding Several New Positions
    Bridge Bank company logo red black and white
    Bridge Bank Extends $25,000,000 Credit Facility to Health-Ade
  • Recent Insights
    Austin's VC Ecosystem Tops $2 Billion in Value for Third Year Running
    NY Report - Thumbnail
    New York Sees Second-Highest Annual Exit Value at Nearly $37 Billion
    CytoSorbents Delivers Technology to Calm the Storm
    MasterClass Streams Inspiration When It's Needed Most
    Leaving LIBOR
    Leaving LIBOR: 4 things to know about changing interest rate benchmarks
  • Get Started