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Scott Cadora

Entrepreneur

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Senior Report

Senior Report originally started as an online journal publishing articles on topics important to senior citizens.  We also enabled seniors to write and publish their own articles in a crowdsource format.  While our initial readership numbers were positive, advertising revenues were far below expectations.  So we re-evaluated our business model and employed lean starrtup methodology to evaluate our target customer assumptions.  Based upon this evaluation, we are currently evaluating a pivot to provide an online application to provide customized financial advice to seniors.

Based on our research and customer interviews, we learned the following lessons:

  • Is our customer who we thought:  Yes
  • Do they have the problem: Yes

Key Learning

  1. Senior citizens are concerned about making financial decisions.  These financial decisions have a critical impact on their lives and a poor decision can have real and lasting negative ramifications on seniors.
  2. The primary sources of information in making some of these decisions are direct mail (i.e. brochures), government agencies, professional advisors, vendor sales people, peers and family members.
  3. While there is abundant information available about such decisions, many seniors still find it difficult to interpret this information and use it to make a decision that best meets their individual needs.
  4. Because of this complexity, many seniors often avoid making a decision until they reach an outside imposed deadline.  They then rush and do not make an educated decision.
  5. While many seniors are comfortable discussing such decisions with their peers, many avoid discussing financial matters with their adult children.

Validation Board Available Here:

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