Tech Firms Discover Boomer Market

Scoot over, millennials. You’re no longer the predominantly sought-after demographic for Silicon Valley start-ups.

Boomers are about to become the new target market for tech-company entrepreneurs, Slate.com reports. In the past, tech firms seemed to ignore the $750 billion boomer market, which accounts for half ofSenior man giving woman piggyback ride all discretionary spending in the United States, Slate notes.

Now a new generation of start-ups is poised to tap into that wealth by focusing on how technology can meet the needs of older adults. For instance, Rock Health, a seed fund investing in digital health start-ups, raised more than $1.9 billion in 2013, Slate reports. That’s double the amount it raised in 2011.

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According to Rock Health, some of these start-ups are focusing on:

 

  • Using data and analytics to help intensive care unit and emergency room workers make better decisions.

 

  • Allowing patients to have video consultations with physicians.

 

  • Offering mobile dental offices that visit patients at work.

 

  • Developing a scoring system that measures health, similar to the FICO score used to determine consumers’ credit worthiness.

 

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Transforming the delivery of health care seems like a no-brainer for companies hoping to cash in on the needs of the graying 50-and-older set. AngelList, a bellwether for emerging trends in seed-stage start-ups, has 4,281 companies in its health care category, with an average valuation of $4.2 million, Slate reports.

Have no fear, millennials. Despite a new focus on boomers, tech companies will surely continue to come up with new and exciting ways to share photos and videos on social media sites to keep you happy and engaged.

Photo: Monkeybusinessimages/iStock

 

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