How to Scale B2C AgeTech with Ivan Yuen from Elder Ventures | The AgeTech Podcast S5E14
It is not often that you come across a founder who has successfully exited two startups and then decides that their next big move is… AgeTech investments. But that is exactly what Ivan Yuen did. After spending 15 years in digital entertainment and consumer software, Ivan founded Elder Ventures to tackle one of the biggest opportunities of our time: the aging population. In this episode, we dig into why scaling B2C startups in this sector is so challenging, how to overcome the “founder’s trap” of relying too much on personal experience, and what exactly investors are looking for before they write that check. If you are building consumer tech for older adults, this conversation is a masterclass in finding your market fit.
Catch the full conversation on Youtube, Spotify, Apple Podcasts, or scroll down for the transcript (auto-generated, so pardon any oddities – the bots are still learning!)
keren etkin: Ivan, welcome to the show.
Ivan Yuen: Well, thank you. Thank you, Karen. Nice to talk to you today.
keren etkin: Thank you. So this is actually the first time you and I are meeting and while I was reading sort of your bio before this conversation, the one thing, like the top questions that popped into mind is how come a two time exited founder from other industries? Decides to start an age tech fund of all things.
I mean, of all the types of funds you could have started or of all the types of startups you could have started. Why an age tech fund?
Ivan Yuen: That’s a great question. As you said, my, my background is in consumer software and digital entertainment and after my last startup which I started for over 15 years, I was looking for different startups to work with. And I was looking for, I guess. Big trends trends that I think would have long staying power that are not, I guess a, you know, trendy you know, flash in the pan. And aging is one of those. As you know, it’s a global you know, global challenge that affects nearly every society around the world. And. Tech, I think tech has a large role to play in that, and especially here where I am in Canada, I feel there are not enough not enough founders, not enough entrepreneurs and investors focused on this area. And I thought that with my consumer experience, my and community building background, that I can help some of these startups. You know, tackle some of these problems. And so I started Elder Ventures, which is my own personal portfolio investing in age tech startups in 2022. So it’s been about three years. And to date, I have 16 companies in the portfolio. And it’s been a, an exciting learning experience so far. And like you said, why completely different? Industry, a completely different sector. Part of it is because I spent 15 years in consumer entertainment, digital entertainment, and, and I felt like I needed something new to kind of reset my thinking because at that point I was, see, I was talking to a lot of founders that are working in, consumer entertainment and. It because of my, because I spent so many years thinking about those problems, it’s, those problems either seem solved to me already or they seem unsolvable. And so I think switching switching industries, going into tech for, for adults, a lot of it is in in digital health and med tech kind of me to start from zero again. think that’s a bit of a superpower for me, right? Like it actually helps me look at the problem as a, with a fresh pair of eyes, with a fresh lens. So that’s a bit about kind of my background and why I started elder Ventures and started working with AgeTech startups.
keren etkin: This is fascinating. So what was your investment thesis when you were just starting out? What types of startups were you primarily looking to invest in and how has that evolved over the past three years?
Ivan Yuen: I think because of my background in consumer software that’s, that was my main focus. I was looking more for say, you know, B2C. Consumer, a lot of it is digital digital health. And, but I was also open to other areas that catering to older consumers. So it might be FinTech, it might be marketplaces, it might be social connection and mental health. All those things were interesting to me, but as I started. Talking to more founders in this area. I found that I think H Tech still skews very heavily towards health and, and medical startups. So there’s, I think part of it is because that’s the, maybe the first thing that comes to mind when people think about aging.
But secondly. Especially in, in the US so much of it is covered by insurance. So if you want to tap into that that pool of money it’s your startup is going to be catering to the medical needs of the senior.
keren etkin: Absolutely. So I, I find it fascinating that you obviously because of your background want, wanted to focus on consumer software startups because I feel like that is scaling consumer startups like purely B2C startups is very, very challenging to do and you managed to do it successfully. So. What advice do you find yourself giving your portfolio companies over and over again?
How and how do you see them scaling in this day and age? Because their 2020s, we live in a very different world than we we lived in even 10 years ago. So how is that different?
Ivan Yuen: Yeah. I do spend a lot of time talking to founders about how to, take their consumer product to market. So go to market, scaling the product, finding the right distribution. Like you said, it’s very tough for B2C because there’s really no you know, thing Google place to access these consumers for, and for, consumers, especially in, aging related technology.
It’s. And often they’re looking for it right at the point where they need it. It’s like something happens and then I need to go find a solution. It’s not something that you can add, advertise to them out to them before the the need arises. so came back to what, what are some of the
Much better.
I think one is yeah, especially in businesses that are building marketplaces, it’s. Even if you’re going B2C, it is useful to have a B2B channel to kind of kickstart that marketplace. I think that’s one strategy that’s worked, and it certainly worked for my last business, even though we were going to consumers, we were talking to businesses to help or create that liquidity within the marketplace. that’s one or one strategy, one technique to, to help. Businesses get started. Another is,
Another.
I think this is one of the, both the strength and challenges for founders in age, as you know, a lot of founders are really passionate because they came across or they identified the problem through their personal experience, either themselves or taking care of a loved one. So when they’re building the product, they’re very. This is, I’m speaking in, you know, generalizations here, but very often they’re thinking about their own experience and their own journey in discovering or coming coming up with a solution to the problem. So it’s very inwardly focused. And so my, of the, advice that I share is try to step back a little bit.
You have to. Kind of remove yourself a just a little bit enough so that you can take a step back and look at the broader market, broader opportunities and not be too focused the, the personal experience and challenges. And that’s why I said it’s both the strength and, and the weakness because you’re so focused, so passionate about that one, one problem that we, one personal experience it might blind you to other opportunities that are nearby.
keren etkin: Exactly. That’s a, like you said, you said, you said it perfectly. It is a, a double-edged sword because founders, like 99.9% of the founders in this ecosystem have a personal reason for starting their company. So the motivation is like up high but then you also can’t like neglect the foundations of user-centered design and really work with a broad range of users and buyers to validate that the problem exists for other people than your parents or grandparents.
And also that there is a willingness to pay and that there’s a budget. Someone has a budget to pay. ’cause otherwise you’re just. In, like if you build it, they will come. Doesn’t always work out the way that you expect it to.
Ivan Yuen: I think spending the time, spending the time to look at the market, whether the market’s big enough, what is the business model, what is the distributor like? All of those things are tend to be secondary for founders that are very focused on solving the problem, the media problem that, you know, they experience themselves.
keren etkin: Absolutely. So, and one of the things that I think is really an, an amazing opportunity in this day and age, particularly in 2025, is sort of the. The barrier to entry to starting a tech company has been lowered because of ai. So you could potentially build a billion dollar company as a single founder, and you could also potentially, bootstrap a company and serve niche markets that in the past you could not serve because no one would provide you venture capital funding and on your own.
Might have taken you too long to, to get to the point where the coffee money is profitable.
Ivan Yuen: That’s right. And I think that that’s one appeal for me for consumer software and to an extent digital health as well, is that it is, is infinitely scalable. It’s, you can reach everybody, like everybody on this planet. And so like you said, you can, you can sit very. small niches, but if you’re serving everybody on on earth that, that that is dealing with this problem, then all of a sudden that’s a big.
keren etkin: Exactly, and so, and you don’t, you don’t necessarily have to build a billion dollar company. Not everyone has to build billion dollar companies. There are plenty of other opportunities out there in which you could still build a profitable. Company and have a, a solid product in a good market that really solves the need for real people.
And without being, without the stress of raising tens of millions of dollars in, in VC funding, or hundreds of millions of dollars in VC funding to, to be that billion or $10 billion company.
Ivan Yuen: Agree.
keren etkin: So, what do you see works in, in, in marketing to older adults? Because, you know, building consumer software is one thing and then you have to market it. And I see that I see that startups today have multiple creative ways to get to the older adults or the family caregivers that they’re serving. What do, what have you seen that works, in your portfolio companies?
What innovative go-to-market strategies have they deployed?
Ivan Yuen: I think one that is not necessarily new, but I think not enough startups lean on this is the word of mouth viral aspect because of the, due to the natural network effects of a business. I know, you know social products are, you know, not that they’re not in vogue these days. But there’s a lot to be said for the power of word of mouth when people are experiencing or finding a product that they really love and benefit from or have, you know, some willingness to share with their with their friends. So there are number of there, there are a few companies that are building, social experiences for older adults and some of them are, you know, virtual online, some are in person, but experience of these of these events get better as you have your friends or neighbors or people that you know, join. So. I think that’s an example of the distribution that I think not enough companies are tapping into. And I think in some ways this can, this applies to non-social products as well because it might be a cool technology that, older adults or their caregivers are telling each other. I just had an interesting conversation a couple of weeks ago with a small group talking, talking about hearing aids and it was like complaining about how the hearing aids not working for their, for their elder parents. And one person shared that, her father recently changed to a new hearing aid and it’s like night and day.
Everything is so much clearer now. So everyone wanted to know what that was, and I’m sure they went home and did their research because of that. So I think word of mouth is still the most powerful, and to the extent that you can build that into product, build that into your marketing, I think that skipped, one, like one channel that companies are not leaning into.
keren etkin: Absolutely. And yeah, it’s, I mean it’s, it’s human nature. If we, if we find something good, we wanna tell our friends about it. And we sometimes may wanna be seen as the, the early adopter in our, in our group, in our social social circle that’s telling everyone about the, the cool new things that are actually improving our lives for the better.
So. Yeah, absolutely.
Ivan Yuen: Yeah, I think making tech cool is, is a key part. Because a lot of the challenges for old adults, they are, say personal in nature and in fact people try to hide the, the needs and help technology maybe will help ’em. And that’s not doing anybody service. So if there’s tech that is really helpful, it’s, yeah. It’s good to share that even though it might put you in a vulnerable position,
keren etkin: Absolutely. So are there any specific challenges of aging that you are currently looking to invest in because you think there are exciting opportunities, blue ocean types of opportunities?
Ivan Yuen: One area that I think is still under service is, I guess the, the term might be career extension or, or career longevity. Getting people into, people that are retired or semi-retired, more working opportunities. ’cause there’s so much knowledge and experience out there for those that either are forced to retire or could no, can no longer do the physically demanding work that they have done all their lives, but. The societal perspective, there’s a lot of knowledge that’s locked up and, and lost. And there are also jobs in society where there there is a shortage of people, shortage of people able and willing to do that. So trying to do the matchmaking between those two people that have the knowledge and what. Now are looking for some flexibility in their work and then also the workplace that needs that knowledge, that mentorship, and can benefit from some of the flexibility that this workforce needs. I think that’s one area that’s is still, not well served and lots of opportunities there. But another area that I’m looking at is not so much a.
S market or problem? I, because I’m a technologist at heart, I also look from the technology perspective there’s so many new tech that’s coming on board that is, reaching critical mass that can now be deployed. To older consumers. Older users, of course, you know, I’m sure you see tons in AI and robotics, but also, you know, smart glasses, ambient sensors.
All of these things are relatively new. And people are still trying to find applications for them. And I think within elder care and just the needs of the aging population, there’s a lot that can be served by these technologies that haven’t really been tapped into yet.
keren etkin: Absolutely. It’s one of the things that I, I keep finding myself repeating over and over in the past two or three years is that I feel like, I mean, unless you’re building, rocket ships, which people are doing anyway, even though it’s hard for most of the stuff that people wanna build. There’s not really a technology barrier.
I mean, you can pretty much build anything these days. You just have to figure out what exactly are you going to build and, and for whom, and, and really you know, make a case for it and, and really make sure that there is a, there is a market for what you’re building.
Ivan Yuen: Yeah, and I’m excited about all those other technologies because there’s example is robotics or smart glasses. There, it’s such a, you know, a transformational tech, tech. It’s, there’s a huge market for that. And it takes someone that understands the. The, the challenges or the opportunity within age tech to adapt some of those tech for, specific problems within age tech.
So it’s, it may not be a lot of I’m gonna say hard tech research going into developing this tech, but it’s more about adapting the tech so it’s usable so that it solves specific problems within this.
keren etkin: Exactly, and I think robotics is a perfect ex example for that because we already see like exoskeletons being used in um. In logistics, right, in, in storage facilities and in agriculture, helping, literally helping people do the heavy lifting. And only recently on, on. Very specific instances. I’ve seen it being used also in healthcare where people also do a lot of physical heavy lifting.
And I, I really can’t wait for, for the elder care industry and the healthcare industry in general to really adopt a lot of this existing technology from other industries because. Yes, it is currently expensive, but it also could potentially help with the labor shortage, which we know is like critical issue in healthcare and elder care.
And and you know, just basically help people, help the frontline workers do their work in a way that, you know, causes less injury, less turnover. We already have the technology to do all of that. It’s just not yet widespread in, in healthcare.
Ivan Yuen: Agree, but the technology is there. Some just need to put it to use.
keren etkin: Exactly. So when startups reach out to you looking for an investment, what types of boxes are you looking to check in order for you to write a check?
Ivan Yuen: Yeah, this number one, because. I, I’m investing at such early stages, typically shortly after the first version of the product, I’m looking, I spend most of my time talking to the founder, understanding their motivation, understanding journey. And for me, it’s, this has this, this, this person, what’s the, what’s their motivation?
Have they demonstrated. Grit along their journey, whether in their, you know, previous career or their their progress in building the company so far. And then also how, again, to my earlier about the, you know, the double-edged sword like you said, is how focus or, say focus are on the particular problem, but also can step back and see the bigger picture.
I think that’s, that’s key because, as most entrepreneurs experience, it’s your first problem that you set up to solve is very often not the, where the business is is very often not where you end up. So having that flexibility, having that I guess that mindset to be able to look at the broader picture helps develop the business and the business success over time.
So those are a couple of the things that I look for. When I talk to founders for the first time.
keren etkin: Awesome. And that was actually my last question. So is there anything else, we didn’t talk about that you would like to add Any, any call to action to people in the audience? I.
Ivan Yuen: Yeah. You asked me what am I excited about? What are the areas that I think that I’m on the, on the lookout for? And I touched on some of those. Another is maybe not so much a tech or startup opportunity, but I think we I mean, I, I don’t care enough,
I.
From, from, people in this ecosystem about the role that media has to play in, in this, and I, I, I say that because I come from, you know, digital media entertainment background, is that, the reason why this is, tends to be underserved is because it’s people not thinking about it. whether that’s public policy, whether that’s. Investors, these are things that are not front and center. And I think the more that media can shine a light on this, especially mainstream media and talk about not just the not just the challenges, but all the, great things, all the, all the opportunities that, that part of this our aging society, the more that people are exposed to this, I think it can shape. Public opinion and policy, and therefore how, we think about this as a society as a whole.
keren etkin: Absolutely. Yeah. I think definitely traditional media has a role to play here in shifting the mindset and looking at the aging of the population, not as a catastrophe, but as an opportunity to really figure out what we all are going to do with this new phase of life that suddenly has become available to us that did not exist for our ancestors.
And now like what are we gonna do? How are we going to really, we redesign basically the this new phase
Ivan Yuen: Yeah,
keren etkin: life. How are we going to reef?
Ivan Yuen: Of us.
keren etkin: Yeah. How are we gonna rethink retirement? How are we gonna reshape the, the workforce to, to sort, sort of accommodate so many people who are able and willing to continue to work?
How are we gonna just give people more opportunities to not just live their best life, but like really thrive in their later years? Because we’re all going to live longer, so we need, we all need to take part in this.
Ivan Yuen: This into something that people are looking forward to as opposed to something that people
keren etkin: Exactly. Well, Ivan thank you so much for joining me on the show today. It was an absolute pleasure chatting with you.
Ivan Yuen: Thank.
thank you for having me on, please continue doing this great work.