Boris Mordkovich, a 30-year-old serial entrepreneur, had never considered developing products for the aging baby boomer market. One day, however, he saw that his parents had started using an electric bike that his brother Yevgeniy had modified for his wife and himself.
"Electric bikes are an equalizer," said Mr. Mordkovich, who has also owned a software company and a small-business magazine. "They let the rider decide how much or how little they will pedal."
This year, he said, Evelo, the electric bike company that he founded with his brother, will double its revenue to $4 million, and it is profitable. "There's no shortage of potential customers," he added.
The company is just one of many that are plugging into a wealthy slice of the over-50 demographic called the longevity market, whose annual economic activity currently amounts to $7.6 trillion, according to AARP.