Baby boomers and seniors age 50+ comprise an enormous cohort. But they do not represent a market segment that can be divided neatly by age. This amorphous population of 100 million people confounds innovators with widely different needs, budgets and marketing channels. But entrepreneurs can learn from prospective customers, experts from specific sub-segments and market niches, and from the learnings of those who have done well.
The AARP-sponsored 2014 interview report, “Challenging Innovators: Matching Offerings to the Needs of Older Adults,” reveals new tactics, but as much determination as ever. The interviewees in this report – including AgeTech West Executive Director Scott Peifer – advised new entrants to consider innovating at life transition points; seeking interested funders and accelerators, using crowdfunding to gain visibility; leveraging policy changes that open up new opportunities; entering a market at disruptive price points; and above all, seeking partnerships carefully – and early.