Last week, Primetime Partners Fund launched with renowned investor Alan Patricof and Abby Levy. The fund specializes in investing in companies with over-the-age-of-60 founders, and companies that are targeted at the needs of over-60s. Given the credibility heft that Alan has, this is a rather notable event.
In the past couple of months, we have had several VC funds contact AGEIST for help understanding what our people are about. It is an interesting moment, and as is true with some of the other data points we track, it signals a shift in cultural perceptions. Money follows culture; it doesn’t like to lead culture as that is far too risky. So when there is a shift in the culture, capital will naturally sense this and look to participate.
When there is a shift in the culture, capital will naturally sense this and look to participate
In the past, we have written about why we feel that fashion models are important. If older people are being shown as aspirational in marketing, as they started to about 4 years ago, then this also indicates that something has shifted. Brands are not in the business of cultural change, they are in the business of appealing to customers. When we first saw Joan Didion for Céline, we knew something big was moving. When Versace has J Lo walking the runway, that is also something to notice.
For most of us, this is a bit of a “why did it take so long for us to be noticed” moment. It’s not like we have suddenly arrived on the scene. What is happening is that the culture has shifted enough in our direction that it gives brands permission to show us as we are.
The issue was: What could these new businesses look like?
With the capital markets, it is similar. The numbers in demographic and financial terms have been compelling for a long time. The issue was: What could these new businesses look like? Are we just recycling our grandparent’s First Alert-type products, or is there something far more modern in terms of products and services that could be started? Once again, it comes not so much from a numbers-based position, but from a vision-based one.
Who are these AGEIST people? What are they doing? Why are they different? What do they need now, and what will they need in the future? These questions need to be answered in a modern way, understanding that among the people in our age group there are many radically different groups. After all, not all people age the same.
Primetime Partners Accelerates Business Growth for 60+ Market
Alan Patricof, the 85-year old chairman emeritus of Greycroft, as the co-founder of Primetime Partners, sees himself as a “poster boy” for September entrepreneurs: “I felt I had another round ahead of me — a third act.”
As seen on their site: “The fund’s mission is to support the founders and organizations that create meaningful new products, services and experiences in the under-served, trillion-dollar global sector of Aging. They accelerate business growth through our direct-to-consumer marketing expertise, strategic distribution partners, synergies across their portfolio companies, and an engaged network of advisors. Their core mission is to unlock the talent and expertise of experienced older adults as founders and business builders.”
Patricof’s co-founder is the very accomplished Abby Levy. She was an executive at SoulCycle, where she oversaw business development and revenue growth outside the consumer studio business, with an emphasis on building new digital products as the Senior Vice President of Strategy & Growth. Abby has also been a Founder herself, teaming with Arianna Huffington to launch Thrive Global, a behavior change technology company focused on employee productivity and wellness. Abby served as President of Thrive Global and remains on the Thrive Board. Abby began her career at McKinsey & Company then led product development at OXO International.
Having Primetime on the scene is wonderful news. As more businesses are capitalized in our age segment, there will be increased competition for our attention and dollars and the development of better products and services.