11A – Idea Napkin No. 1

The Business Concept

We help the elderly stay informed on current scam tactics so they will become less likely to fall victim.

About Me

I am a second year Information Systems and Operations Management (ISOM) major looking to specialize in cybersecurity. I am fluent in multiple programming languages and has experience in network security and fraud identification. Recently, my two grandparents were victims of a phone scam and almost lost thousands of dollars if it wasn't for the diligent cashiers at Walgreens. I believe this business concept will greatly impact my life, the relationships with victims of scams, and I hope one day the business' influence will spread nationwide. 

Value Proposition 

I am providing senior citizens with relevant and easy to understand information about scams, scammer tactics, and preventative measures via a subscription based service that delivers the materials to their home on a weekly or bi-weekly basis.  Unlike other companies what specialize in technical scam protection, my business will satisfy the heart of the need: a growing knowledge gap between the elderly and scams. 

Target Audience and Market Segment 

The target audience is people in the U.S. that are 65 years or older and live at home (with no caretaker). Also, this population must have access to a home or cell phone and/or a computer with internet. Here is the following break down of the customer psychographics: attributes, interests, and motivations.

A - caring, trustworthy, and impulsive individuals 

I - interested in protecting retirement and other funds, interested in staying informed

M - values family, wants to live in retirement worry-free, security. 

Elderly scam victims share one thing in common: They believe the scam and scammers are REAL.

What's in it for You?

You've spent decades working hard to provide for your family all while building your retirement nest egg. Why place your money, assets, and well-being at risk? Scammers have been exploiting people like you for years, but do you know them and their tactics? At a fraction of the cost of an average scam you can protect yourself and your retirement. 

What sets us apart ?

Your healthcare provider may already send you information about scams through magazines or emails, but do you know that scammers are known to use your healthcare provider and other familiar company names to take advantage of you? Also, scam related information may be combined with other unrelated topics making the important information harder to understand and find. Our approach keeps things simple. Our patented information kits are straightforward and easy to understand, accessible, and delivered straight to your door. 

Summary

I believe that overall the five elements of the business concept align well with each other to solve the customer's unmet need. With that being said, I do think the weakest element would be the "Why do they care?" (What's in it for you?) because convincing the elderly population to learn something new is no easy task. However, looking at recent data regarding scams, an average of $2.9 billion is being taken from the elderly population in the U.S. every year so the need is there. How do I convince them to see the same problem and turn to my solution?