Boomer-Senior Tech Business

You have a pliers in your kitchen. Rant on. If you were lucky enough to read Don Norman’s rant in Fast Company, you must agree with his view of design and its mismatch with the needs of the elderly. You would agree with Don that today’s designs fail all people, not just the elderly.  Because you too have a pliers or wrench in your kitchen to twist tops off bottles and jars. You puzzle at how best to position a knife to release the suction on jars. You have a slippery front door handle that a person with hand arthritis could never open. You have a not-so-universal TV remote with 45 buttons on it, the smallest of which is ‘Mute’.  If you have another box, it has a remote, and perhaps another for stereo equipment and an stylishly confusing one for Apple TV. And that’s just one room. You frequently want to print from a device to a network printer, which requires a network, which requires a router, which needs an upgrade. Let’s not go there.

Today’s What’s Next Boomer Business Summit is recognized as key for entrepreneurs.  For the past 16 years, Mary Furlong and Associates have presented the What’s Next Boomer Business Summit – reflecting ideas and trends about what really is next for the older adult market segments, encompassing, according to AARP, a mind-boggling $7.6 trillion economy. These five companies presented at What’s Next this week in New Orleans today -- Loro was one of  the audience choice winners, along with Intuition Robotics.  Both will head to AARP’s grand pitch finale in the fall.  Information is from the websites of the companies:

FinTech – are these tools for seniors?  Some trendy terminology transformations in recent years, for example Voice First and IoT, refer to tech that is relatively new or recently revived.  FinTech, a concatenation of Financial Technology, may be similar.  The category has been generally described as software "designed to be a threat to, challenge, and eventually usurp entrenched traditional financial services providers with the purpose of being more nimble and serving an underserved segment, or providing faster, better service." The next quote sounds a bit ageist, if likely true: "As for consumers, as with most technology, the younger you are the more likely it will be that you are aware of and can accurately describe what FinTech is." Looking at a list of ‘top’ FinTech companies, one might laugh at a company called Robinhood. Don't laugh, though. Charmingly named, Robinhood, which offers free stock trades, is worth $5.6 billion and has more accounts today than eTrade.    

You may have seen that rechargeable hearing aid commercial.   What was most striking about the commercial to a hearing industry outsider is the upfront commentary on what sounded like the predatory price of hearing aids – providers “charge whatever they can get.”   Several interesting aspects to that commercial – but the most interesting was that comment.  Who is ‘they’, how much can they ‘get’, and is there insurance that pays for them?  This is in an era where hearing aids have evolved to incorporate embedded AI, fall detection, direct connections for phone calls, and numerous other features and functions.