Millennials Are Launching Companies for Aging Boomers

Written by Sophie Okolo

As the number of baby boomers continues to rise, Millennials are now launching companies to improve the standard of living for older adults. This is great news especially since Gen Y, for the first time, outnumbers aging boomers in the United States. Now is the time for this age group to showcase their entrepreneurial skills by starting projects that enhance the quality of life for older adults.

Read MoreMillennials extend a helping hand to aging Boomers

Millennial entrepreneurs are always creative and innovative; this generation is known for their strong sense of community, both local and global. Like other demographics, baby boomers are a key part of society and Millennials are looking for ways to assist them through hard work and vision, even if it leads to a job loss. In fact, “Rising entrepreneurial interests is a factor behind the quick turnover,” according to Nyshka Chandran, writer for CNBC International.

Read More: Millennials: A Generous Generation

The BNP Paribas 2015 Global Entrepreneurialism Report states that, “Some 43 percent of the over 2,500 global entrepreneurs surveyed were under 39-years-old.” This is younger than the older generation of successful entrepreneurs especially as “…the average start date for all entrepreneurs is now under 32 years, with most typically launching their entrepreneurial career at the age of 29,” states the report.

Read MoreThe State of Philanthropy: Why Millennials Will Revive the Nonprofit Sector

Compared with other generations, Millennials use technology at higher rates, which has allowed this age group to produce ground-breaking companies. “From a pharmacy that sorts out customers’ medications into individual daily packs, to a website that helps families find reliable caregivers,” Gen Y is changing the future of companies that impact the health of older adults. One reason for this trend is that Millennials realize the need to prepare for an aging population as the responsibility of caring for their loved ones is important.

Have you heard about any exciting millennial entrepreneurs? If so, are they involved in improving the health of older adults?

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