AgeTech

Don’t quit your day job just yet – do the homework first.  Starting a new company in the boomer/senior, mHealth/Digital Health tech space? I hear fairly regularly from those who have this intent.  Maybe they have a prototype they have created. When I don’t hear first, sometimes I catch who they are through the modern-day miracle of Google Alerts. So maybe we chat, maybe I take a look at a website, learn how they are going about getting their funding, and I ask if they know about products that may be similar to what they are doing.  Or have they browsed online catalogs, or spoken to non-profits (if that is one of the target audiences).  Have they studied market sizings and surveys from Nielsen to Pew to the exuberant Semico Research? And so on.  So here’s an updated set of advice for the pre-early stage:

Press releases propagate predictive thought. Most wearables and health-related predictions reflect the universe of themselves, that is, gadget press releases and press hype about the rise in wearables, for example, among consumers. Per IDC, in 2014 "wearables and embedded sensors will become mainstream." What is mainstream, considering that only 32% of consumers are even aware of fitness trackers? Or consider that low-risk prediction: "Certain health care organizations will experiment with Google Glass."  Well, maybe not so much this year -- two months before, a Fast Company article interviewed a surgeon who was experimenting, concluding that the device has a 'long way to go.'