Today's older adults will not get a 'check engine light for their body.' Investors in innovation worry when utilization of technology doesn't match hyper-hysterical investment pace. So it is with Digital Health. Buried beneath broad and unclear definitions, how about that 'check engine light' metaphor -- reset it yourself, go ahead! Vague and hyper-funded, Digital Health, says Startup Health, received up to $5 billion investment just in 2014. Still there's bit of whining about startups starting but users not adopting. So what's the solution? Don't critique investment decisions, bad product ideas and those dual dilemmas of doctor and patient disinterest. See VC Tom Rodgers push the predicted adoption date out another 15-20 years and at the same time criticize the non-tech literacy of the old and sick of today. Says he: Digital Health will go mainstream when millennials are older and sicker.
Start with the premise -- Silicon Valley VC firms matter for entrepreneur success. Is this true? And especially, is it true for early stage companies, with founders that are known to VCs; or do angel investors or startup money from friends and family matter more? Instead of speculating, consider the leading Silicon Valley VC firms -- and examine their online featured list of investments. Note mention in this article that the venture 'industry has gone back to its IT- and IT-enabled services roots.' So let's take a look at their historical successes. Sequoia Capital -- health-related investments are disease oriented, big hits include LinkedIn, PayPal, Instagram, Kayak, and eHarmony. For sure, the full list contains many useful tools for people of all ages, but unless we're talking diabetes and glucometers, nothing much that is age-related for seniors.
Startup mania is one thing -- but bigger companies like tech too. AARP has a Longevity Network to encourage startups and an updated market overview report -- and funds are blossoming -- see Linkage Ventures and Aging 2.0. Then there's the StartUp Health billions and billions, and RockHealth (more billions) -- yada yada yada. With all of that money flowing and hype flowering around startup wannabes, who knows what other incubators, accelerators, and motivators in 2015 are ahead? The new year starts off at CES in Las Vegas -- will it bring new companies to light that are focused on seniors? Meanwhile way back here in what's left of 2014, a number of firms that are NOT startups by any definition have recently announced new offerings -- each of these acknowledges and encourages seniors to use cell phone, tablet, and smartphone technology today. List is alphabetical, and all content is taken from press announcements and/or the organizations' own websites.
Proliferation of device types is also proliferating malware. 159.8 million people in the U.S. owned smartphones (66.8 percent mobile market penetration) during the three months ending in January 2014, 51% were Android devices, 41.6% were Apple iOS and rest were 'other'. There were 70 million tablets in the USA around then as well, 51% Apple, and 40% Android. Both device types are of interest to the malware hacking communities. Researchers at Georgia Tech showed how to hack an iPhone in 60 seconds, removing the Facebook app and replacing it with an imposter.
Some cool tech enters the market. Consider the Apple introduction of the HealthKit (for the health care industry) and the smartwatch which joins the Pebble (which helped fuel interest in smartwatches) and Samsung smartwatches. Intel found smartwatches intriguing enough to sponsor a clinical trial in conjunction with Parkinson's disease. Why? Smartwatches (and smartphones) contain accelerometers that enable the device to determine sudden motion -- like detecting a fall, gyroscope and compass to detect whether you're on of the 61 million people out there running. And they are able to determine location by enabling GPS position of the device. These devices have geofencing capability -- used in Apple devices for setting up a Location Reminder when you arrive at or leave a location (don't forget to do such-and-so errand).
The numbers of our boomer lives. So you launch your market messages with an assertion about the addressable market for a product. So one of the timeworn ways used is to start with a concept. For example, they are going to turn 65 and are retiring -- or perhaps they are unretiring and starting businesses -- at a rate that is big, really, really, big. So let's consider the following oddity. In 2010, boomers were going to turn 65 at the rate of 10,000 per day for the next 18 years. Then in 2014, you perhaps noticed a different phrase about boomers, including this one from AARP: They are going to turn 65 at the rate of 8,000 per day for the next 18 years. This caused me to wonder, what happened to 2000 of them? Could they have died? Left the country? How many people there are in a certain age range making up an addressable market -- that should be fact, right? Sort of. I turned to Brent Green, an advisor to boomer marketers.
Next week is Active Aging Week 2014. According to the International Council on Active Aging, there are 3000 events (all over the place) to celebrate beginning tomorrow -- there are "never more reasons to get off the couch." So now there are 43 million people age 65+ in the US. (Remember when it was 39 million, back in 2012?) Today there are many reasons for older adults to get up and get moving. Seniors are saddled with ever-lengthening life expectancies (one in four of today's 65-year-olds will live to 90! They are stuck in their awkward and costly houses, with questionable health status and a propensity to be overweight. Meanwhile, more than half of those aged 65+ rely on Social Security -- with its average payment of $1294/month -- for more than half of their income.
