In a world of missed opportunities, there are few demographics that are more woefully overlooked than “The Elderly.” This is particularly true in the tech sector, which itself is demonstrably ageist, and skews younger for many reasons, some more logical than others. However, for entrepreneurs and angel investors looking for untapped tech markets, the baby boom generation might be what Bloomberg Beta's Roy Bahat calls “the greatest unicorn opportunity yet.”
Right now, the tech sector is focusing on a two-dimensional caricature of "The Elderly" when it focuses on older people at all. The result is a dearth of tech products that target older people, and a narrow focus for those that do. Apps and devices that have to do with health-related problems, insurance, wills, and other stereotypically limited ideas are among the tech that gets marketed to older people, but this list is a poor reflection of what the demographic really looks like.
Bahat compares the way technology firms carefully analyze younger demographics and place them into endless numbers of categories, while oversimplifying “older people” into a single “old” group. Sure, this is offensive, but it's also bad business. For example, by putting everyone aged 55 to 90 together, you're lumping together multiple generations with vastly different needs, wants, and interests. Bahat also shares the fact that insights into older tech consumers have often come serendipitously and connected to other research efforts targeting other demographics, rather than as part of a data-driven process.