I have just read that after launching in September of 2006, Baby Boomer Web community SecondPrime.com, has begun its search for first round 'angel' funding to finance its complete build-out. The portal targets Internet users age 55-plus.
SecondPrime.com hopes to attract Boomers and ambitious seniors with a focus: "not on obituaries and legacies but on starting businesses, travel, education, volunteering, vitality and personal connection”.
For anybody thinking of starting or funding a BBP – sorry I couldn’t resist the acronym – I have a few questions and assumptions for you to ponder.
1. Read the early history of the Web and you will see portals, of all shapes and sizes were a big thing. They lost their investors a lot of money and few exist today – why is that?
2. But the numbers are huge. Zillions of Boomers with Trillions of dollars and all you need is .0001% of their spend – how hard can that be?
3. Isn’t the future of the Internet all about Web 2.0 stuff and social networking? Surely if that is combined with the millions of technology literate Boomers must create a winner?
4. The business model is simple. Relatively inexpensive Web site + plus Boomer related content (most of it free) + chance for people to chat and exchange ideas. This generates a flow of Boomers who are just waiting to click on the advertising and affiliate deals. Result - you watch the money come rolling in?
5. The Web is about scale or niche – what type of portal do you have?
6. The Web is a big noisy place. In words of one syllable how are you going to get your voice heard when the size of your communications budget is paltry compared to the big brands (see yesterday’s post about P&G)?
If you have answers to the questions and still think BBPs are a good idea then remember that most of them will fail – do you feel lucky?' Well, do ya punk. Dick Stroud
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