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Market Overview for Technology for Aging in Place

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tech-enabled home care

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tech-enabled home care

This week -- age-related topics and tech in Chicago

Aging in America – hosting innovators and technologists for helping older adults.  The conference seesaws between west coasts (San Francisco 2018) and the windy city of Chicago, where it was this year – offering up a full program of sessions across the week of March 20-24. Bookending this conference, which offers Continuing Education Units (CEUs) for social service professionals, was What's Next Boomer Summit and the Aging 2.0 Chicago Pitch Event.  The Pitch winner was i65, a tool to help professionals provide guidance on Medicare. That event also included TeleCalm – an intriguing telephone service to help block unwanted calls, including a tool for caregivers to create a trusted list of callers.

Home Hero is sort of done (maybe, for now??) – What can others learn?

After the long, long, long HomeHero goodbye – was the analysis correct?  HomeHero, based in LA, was one of the three dubbed here as 'Home-egos' to launch within the past 2-3 years -- along with Honor and Hometeam -- and the first to shut its home care business down.  But, unlike most shutdowns, this was a moment for founder Kyle Hill to recap the 'tech-enabled' home care firm’s life and closing story in exhaustive and exhausting detail, complete with pictures. Considering its $23 million of investment, it should have landed on the same Forbes page as the other home care investments –overlooked perhaps because its investors were not typical VCs.  But HomeHero’s example illustrates the enthusiasm and limited business analysis of startups in the older adult space, Lively being one of the most recent, but there are many more which were publicized loudly and then disappeared quickly without even a puff of smoke – or a founder post-mortem. 

2017 Tech-Enabled Home Care Report: Rising worker scarcity, family expectations

Why does tech-enabled home care show potential? Growing life expectancy and shrinking assets limit options of older adults in late life, leaving those who may need care more likely to receive it at home. The biggest constraint for this industry is scarcity of willing workers. Although a greater role for technology is envisioned by many, the highly fragmented home care industry has made incremental progress in achieving it.  As the industry matures, standard practices and tech-enablement have begun to take shape. With the coming age wave, venture capitalists have been intrigued and funding has exploded, exceeding $200 million by 2016 year end. 

Six observations from Tech-Enabled Home Care 2017 Research

Tech-enabled home care -- what does the interview research reveal? The report will be posted later this month, but specific insights emerged after speaking with 21 leaders in the home care business and technology segments.  The interviews are completed and the report is drafted. Here are six predictions that are drawn directly from that process:

Six technology-enabled innovations for older adults from 2016

Tech announcements spew forth, fast and furiously – but most do not help older adults.  Stay tuned and hopeful if you can, to the hundreds of announcements that will pour forth in the coming weeks from CES 2017 – hopefully a number of them focused on or at least interested in the care and/or services related to an aging population – and yes, according to the CDC, if one lives to age 65, life expectancy is unchanged. In the meantime, let’s reflect on 2016, which saw the rise in awareness of future caregiver shortages, shortages in family time, but not shortages in investor money:

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