In today's entrepreneurial market, company giants such as Facebook, Skype, and Instagram choose to target generations Y and Z, in hopes to create a tech savvy customer base which will use these services throughout their lifetime. This is indeed sound logic, but are today's entrepreneurs neglecting a generation soon to be an extremely profitable investment?
The baby boomers are projected to climb from 41 million in 2011 to 71 million by 2029. With about 3 million baby boomers reaching retirement age every year for about the next 20yrs, one would think an intelligent decision would be to take advantage of these possible 60 million customers. Some companies are already ahead of the curve inventing and branding technologies. Here are a few examples of three innovative individuals and one large healthcare company who have already tapped into the baby boomer market.
Marjorie Skubic, director of the Center for Eldercare and Rehabilitation Technology at the University of Missouri, and her colleague, nursing professor Marilyn Rantz, have created an alert system using a combination of motion sensors, radar, and sensors that gather depth information to produce 3-D images of people used to detect falls.
Yuval Malinsky, CEO of Vigorous Mind, a web-based brain wellness & social networking platform for senior living, home care and hospitals, hopes to delay age related decline in cognitive function with the simple concept of regular mental exercise and physical activity. The Vigorous Mind program addresses the basic human desires of communication and socialization, independence, curiosity, and enjoyment. A personal dashboard is created for each individual containing sections to: plan and organize one's day, communicate with their friends and loved ones through email and/or skype, engage in brain stimulating exercises and games, and "reminisce and record their life story using our proprietary "Recollections" database of pictures from the 1920-1990s".
Even the government is recognizing the ever increasing medical needs of the rising baby-boomer population. Through the Affordable Care Act, Avera Health has received an $8.8 million grant from the federal government to use telemedicine in rural nursing homes. If Dr. Skubic and Rantz's and Yuval Malinsky's programs as well as technologies such as "Telemedicine" are successful, imagine having these devices placed in every nursing home in the country. It would become a national standard. Interested in tapping into this market?
Come get your feet wet at our Technology Application & Clinical Process Innovation in Senior Care meeting. See more information at http://www.healthinno.org/upcoming1.html. Listen to Yuval Malinsky, CEO of Vigorous Mind, Dr. Jatin Dave, Medical Director of Geriatrics at Tufts Health Plan, and Lorraine Pigeon, Director of Clinical Geriatrics and High Risk Populations, offer some insight into the profitable geriatric space and learn how they are changing the face of healthcare. Will you be next?