Not many people like to be called “old.” This is interesting in itself, because in many societies, elders were and are still revered for their wisdom, something that results in a universal treatment of the utmost respect - a discussion for another post.
It is not a vanity thing that our seniors don’t like to be called “old.” Nobody wants to be stigmatised. And ageism is a serious problem. Fortunately, initiatives such as the UK Centre for Ageing Better are pushing back against ageism in several ways, for example, by promoting its “Age without Limits” campaign in the workplace.
Moreover, many of our elders don’t actually feel old. In many countries, seniors are, on the whole, able to live much healthier lives than in previous generations; they are more active and able than ever before.
The fact that older people don’t like to be called out in marketing is a challenge for agetech entrepreneurs and marketers in general. Founders who are developing products and services for the elderly realise they have to be savvy about how they address their target audience. The UK’s most popular content site for those over 50 is called “Rest Less” and plays on exactly this sentiment. The mantra being that “Restless” is a state of mind, not a state of body.
Additionally, the challenge is not only the brand name and marketing, it’s the imagery, customer service, the whole pie.
One way to address this is not to directly market to the elderly generation, but to their children or caregivers. Or alternatively, for B2B startups, care companies or health plan providers. This approach is often perfect for startups focused on specific challenges for older people which impact care, health, independence or loneliness. NourishedRX, which provides meal plans for elders, is an example, but there are plenty more.
Another way to address this challenge is to avoid an exclusive focus on age, while being mindful of it. The average age of the VRBO (HomeAway) - a holiday provider - user is 58, but you do not see this being reflected in their marketing. In fact, there are images of people of all ages on their website. We view these companies as “undercover” agetech.
It gets even more hazy when startups, like the VC-financed startup David Protein, which as a protein supplement also helps older people retain muscle mass, are genuinely relevant for everyone seeking additional protein, regardless of age. Or Playtomic, a hugely popular padel booking platform sweeping up popularity in Spain and elsewhere in Europe.
Are David Protein and Playtomic AgeTech companies? In a way, yes. They are startups which develop services and products to help older people live a good life. Both startups know how important this customer group is. An increasingly important part of many organisations’ customer base is the elderly - they are all “partially agetech.”
In a nutshell, then, an agetech startup is any company innovating for the good life for our elderly population, through an array of different but interconnected areas. And agetech startups can come in three varieties:
“Full agetech,”
“Undercover agetech”
and “Partial agetech.”