(We originally posted this in 2021. You can read more of our original ideas in our archive.)
Problem: “By 2050, there will be more than 2 billion people over the age of 60 in the world – about 25% of the world’s population. These numbers, combined with a massive increase in tech adoption by older adults, and a growing number of elderly-care providers, all contribute to a massive demand for technology to serve the needs and aspirations of older adults.” — The Gerontechnologist
Solution: There are quite a few businesses in the age-tech market already (as The Gerontechnologist describes below); however, this business would thrive by bundling and vertically integrating a variety of services into one platform and under one brand umbrella. Perhaps, it would start in a non-crowded space (like Retirement 2.0 or InsureTech) then build out options for older individuals to receive tangential services. Or, even more easily, the platform could be a bundler for the various longevity tech platforms. Through purchasing through the business, elderly individuals would receive at least one benefit from each of the startup buckets mentioned below at a discount or a more reasonable price than paying for them all independently.
While this business would not be guaranteed to be a unicorn, the market is extremely huge. According to AARP and Oxford Economics’ report on the “Longevity Economy” it is responsible for over $7.1 trillion today.
A powerful new force is changing the face of America, composed of 106 million people responsible for at least $7.1 trillion in annual economic activity—a figure that is expected to reach well over $13.5 trillion in real terms by 2032. This is the Longevity Economy, representing the sum of all economic activity serving the needs of Americans over 50 and including both the products and services they purchase directly and the further economic activity this spending generates. This population of older workers and retirees represents both a transformative force by itself, expected to account for more than half of US GDP by 2032, and a net national asset—a fast-growing contingent of active, productive people who are working longer and taking the American economy in new directions.
On average, Boomers are also willing to spend more on technology annually then Gen X, Gen Y, or Gen Z. As reported by Oxford Economics, they are willing, in fact, to spend nearly 33% more.
Perhaps the future of tech lies in the past. If so, perhaps the longevity or AgeTech markets could breed the next brand of unicorn companies.
Monetization: Subscriptions to the bundled AgeTech platform.
Contributed by: Michael Bervell (Billion Dollar Startup Ideas)