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Market Overview for Technology for Aging in Place

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Ten Tips For Launching A Product or Service - Updated July, 2017

So you want to launch a boomer/senior, home health tech product, caregiving marketplace, or caregiver advisory service.   Or other.  As your new company gets ready to travel into battle at this week's lively Silicon Valley Boomer Venture Summit pitch event, or the following week, or whenever, it is time to for you to revisit this guidance. Perhaps some time soon, your new or existing company will officially launch its product or service, or perhaps a long-awaited, over-described and much-anticipated offering will finally ship. First read the AARP-sponsored Challenging Innovators or Caregiving Innovation Frontiers research reports -- studying the example offerings and check out their staying power in the market. Then look over this updated checklist that continues to hold true – with a few links that are merely examples:

Bootcamps Silicon Valley Boomer Venture Summit July 19-21

07/14/2017

Silicon Valley Boomer Venture Summit Announces Business Plan Competition Finalists, Keynote Speakers and Boot Camp Sessions for 2017 Event

The Claremont, July 20th

Conference produced by Mary Furlong and Associates, Lori Bitter/The Business of Aging, Michael Skaff, 

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Five new technologies for older adults – May, 2017

In home and out and about – new and not quite here offerings.  The top of the list alphabetically is the not-yet-here and pricey Amazon Echo Show.  Is this a ground-breaking innovation? Or is it an always-watching irritant set to ‘drop-in mode’ which automatically will accept a video call after 10 seconds? On the positive side -- start chatting with an aging parent who lacks or hates PC/Macs, tablets, or smartphones.  Consider the potentially negative response: an intrusive person (your loving relative) sneaks up on your screen, ready to converse when you least expect it. How creepy-Skype-y is it?  Here are the five:

Your Money or Your Life: AARP Fintech and Amazon Show

So many head-spinning numbers to describe the 50+ Consumer.  In making the case for the 'Fintech' innovation market opportunity, AARP’s new Financial Innovation Frontiers report (aimed at the Fintech industry) freely fires off a wide range of market segment numbers.  Is the report about the population aged 50-100?  There are 111 million Americans aged 50 and older, 35% of the US population, described as a 'generation.'  That includes three segments of baby boomers as well as their parents. The report is not about the growing life expectancy of those who live to age 65 with their predicted longevity  (88.8 for women, 86.6 for men). Instead, the report focuses on the 50+ Consumer (their term) aged 50-60 who is a decade away or less from ‘retirement’, an increasingly obsolete term. They are confronted with a range of financial challenges -- the report suggests fintech tools that could help them deal with retirement savings shortfalls resulting from career setbacks ($4.3 trillion savings gap), unplanned withdrawals ($4.1 trillion) and student debt ($1.3 trillion).

Excerpts from the 2017 Update Technology Market Overview

As we approach the date for the upcoming week of March 20-24 in Chicago, it is worth noting a few trends. The marketplace of products and services today is still fragmented, with ever-shifting cottage industries comprised largely of startups, challenged by channel complexity and end user resistance.  But with fragments assembled into an overall puzzle, this business for boomers and beyond has been estimated by some to grow to $20 billion by 2020 or even $30 billion by 2017.  The larger market will be based on growing boomer awareness and aging. It will be strikingly different from today – fueled the growing availability of in-car technology, mobile PERS health integration, wearable fitness and health devices, in-home ‘Voice First’ IoT hubs and smart phone apps. In particular:

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