Technology has recently taken a beating. Mark Zuckerberg is set to testify this week about Facebook’s privacy practices — concerns that have sent the stock reeling. Our reliance on instantaneous communication and impersonal devices has been blamed for epidemic increases in mental health problems among young people. But there’s one area where technology is being viewed as a breakthrough: the advances it will bring to the fast growing elderly population. It’s been a busy week, so I’m just now getting around to debriefing on the What’s Next Boomer Summit I attended last month in San Francisco. In its 15th year, it’s the brainchild of Mary Furlong, an entrepreneur considered the “godmother” to those who are developing products aimed at improving the quality of life for older Americans. At this most recent gathering, I got a view of a variety of promising innovations. Apps have been developed for areas where they’re most desperately needed, like protecting the financial assets of the elderly. As AARP finds the majority of older Americans seek to remain in their homes as they age, there are a plethora of interactive technologies underway to help them. Robotics is ushering in an era that will allow not just supervision for older people, but socialization. As we take stock of the negative repercussions of technology, it’s uplifting to see the positive role it could ultimately play in improving the quality of life of aging Americans, who will soon comprise the majority; nearly one in five U.S. residents will be age 65 or older by 2030. Along those lines of living a fulfilling life, I write articles for The Wall Street Journal focused on those who switch to interesting new careers after 50. I’m always on the hunt for the next round of inspirational stories, so please contact me if you or someone you know would like to be featured.
Every day for the next twenty years, an average of 10,000 people will turn 65. No matter how many times I hear or see that number, it’s hard to wrap my head around it. With 75 million baby boomers in our country today — defined as those born between the ages of 1946 and 1964 — a huge swath of our population is going through the aging process. And with that comes an unprecedented opportunity for entrepreneurs. I just attended the 2017 What’s Next Boomer Business Summit in Chicago, an annual gathering of entrepreneurs focused on the aging industry. The Summit is organized by Mary Furlong, an entrepreneur who is viewed as a mentor and godmother to aging-related start-up founders. According to AARP, the longevity market, as it’s called, accounts for $7.6 billion in economic activity. Realizing the gold mine of story ideas that can be found in this burgeoning aging beat, I’ve been attending the Boomer Summit for the past few years. Each year, the number of attendees has grown exponentially; there’s clearly an appetite for businesses related to aging. There are so many problems to be solved and innovators springing up to solve them.
What’s always been remarkable to me is the personal experiences that motivate positive change. Whether it’s someone who launched a ride service for seniors after his mother became isolated and housebound or a service to cook meals for seniors that took root after a founder’s grandmother could no longer prepare her own healthy meals, the businesses are often born out of a commitment to solving vexing problems related to aging. I’m not naive enough to believe these entrepreneurs aren’t also after profit, but at least the businesses seem to be founded on the principle of helping a vulnerable part of the population. I’ve latched on to this area as a journalist because it’s so clear that there are fascinating innovations happening in this space every day. And it’s not just in the traditional fields of health care. Technology developments have been a huge force. According to Aging in Place Technology Watch, there’s plenty of opportunity in this sector: the marketplace for technology to assist the many adults wanting to age in place is expected to grow from $2 billion currently to more than $30-billion over the next few years.
Jody Holtzman, AARP’s senior vice president of market innovation, speaking at the Boomer Summit said, “Addressing the needs of over 100 million people is called an opportunity.” I’ve written several articles about the plethora of new businesses being established to serve the crucial needs of Americans as they age, including this one and this one, both for CNBC. I look forward to continuing to track these extremely newsworthy developments over the next few years, as even more boomers (myself included!) continue to age.
I spent the last two days at the What’s Next Boomer Summit in Chicago, an impressive gathering of 400 organized by Mary Furlong. Over the next 30 years, the population of those turning 65 is expected to double. It’s a daunting number, one that will transform the way companies do business in this country. Many of those attending the Summit were heads of start-up companies with products geared towards the aging industry. One woman is launching a service that allows grandparents to better engage grandchildren over Skype by developing games they can play together. Another is pioneering a device that monitors older people living alone that doesn’t require them to press a button if they fall. It automatically tracks their motions as part of a passive system. An owner of a facility discussed a new approach to treating Alzheimer’s patients, using the gentler term, “memory care.” It’s impressive how many people are using innovative ways to address the many issues that will surface as so many people enter old age. I look forward to writing several articles about this emerging, and fast growing industry, one that not only will be profitable, but hopefully will present some proactive solutions to the vexing problem of elderly care giving.