AgeTech

Older adults will adapt to change and adopt new technology. When an 88-year-old neighbor is filming fireworks with his smartphone, it is easy to see that times have changed. If an affordable technology can be found that meets a personal need (or answers a compelling question with AI), people will find it and get it to work. Remember encyclopedias – we now cannot imagine any process that would again make them useful. Could training be more readily found? Will all devices default to ‘Accessibility’ and security options that you must undo? 

You were not alone at finding the first page of Google search results annoying.  As has been expected, the tech user experience was annoying. There were ads and more ads to scroll past as you looked for a believable answer.  As a result of those ads, the answer seemed, well, somewhat untrustworthy.  But a few months ago, that changed, and for those of you just returning for a search, you will be startled. Asking “what AI is in hearing aids” – a longer answer is provided, with the ads for hearing aids pushed to the right side for those with big screens.  On a phone, these are not visible. No doubt Google is working on that as we speak, though its list of examples, these soon became AI (Gemini) powered paid ads.

Aging baby boomers – the demographic looms large – and their future is likely underserved.  You see it everywhere, baby boomer-focused marketing, articles about their wealth and interests, etc. Yet the 30 million peak boomers also represent a bleak future ‘peak burden.' This Economic Impact study published in April 2024 notes that two-thirds are not prepared for retirement. The details of this study are depressing – about a future that will be financially worse for women than men, in total representing 30 million people who will all be 65+ in six years. On the positive side, according to an AARP survey there is growing interest in technology from the older adult population, particularly in fitness apps. But are useful technologies viewed in combination for the baby boomers’ life and health span? Not yet. 

The population is aging – and still, the tech solution market is immature.  Investors of all types demonstrate interest in a product here and an offering there.  Competitions highlight product winners; money is raised for one product at a time.  One reason for the immaturity of the market is the behavior of buyers. Senior living companies buy a product for this and an offering for that. The future is predicted to incorporate new technology like AI – but that is always ‘in the future.’ Everyone agrees that AI could enhance retirement living and healthcare, but deployment of new offerings is always described as in the future. No other software categories in tech history – consider office, finance, supply chain –  remain a laundry list of point products when markets expect suites.

Don’t we already have technology to live our best life as we age?  Absolutely, as predicted in 2011, needs have been fulfilled, tech innovation has made it so. But do older adults know about it?  Could they afford it?  Could they deploy it in their homes? Will it enable them to age in place?  Do investors view the ‘best life’ suite of capabilities as an opportunity worthy of funding? The process of pitching one product at a time is well established – and innovators are comfortable with it, as are their judges.  But is that what older adults need?  Or would a suite of offerings, with deployment before the need becomes urgent, make more sense?  Here are the four blog posts from June, 2024: