In the expansive world of a Longevity Economy, many business sectors market specific products and services largely identifiable to a diverse older adult population. In this case, direct consumer economic activity typically includes items from financial and estate planning, to long-term care and medical assistive devices. Of course, older consumers purchase items common to any age, from groceries to cars, travel to housing, though needs and buying motivations change at different points during the later-life course.
Saving a more detailed discussion on broad consumer-facing sectors of a Longevity Economy for another day, it is worth noting here though, that while there are multiple products, services, and for that matter public policy programs that address the needs an aging population – these in some way all feed into central life themes, which include but are not limited to,
Healthcare Access, Independent Living, Transportation, Personal Mobility, Cognition and Social Connectivity.
For the focus of discussion here, one of the most significant areas of work in the Longevity Economy where so much product research and innovation is in fast forward is technology, and its intersection with aging and longevity. If you are looking for a career or business start-up in this space, it must be told that this in itself is a diverse field of opportunity, which deserves to be broken down into multiple segments, and the products within, in specific ways, plug in to those life themes as mentioned above.
So let us start today with one career story from a man who has a front row seat in this field, where technology meets aging and longevity – David Stoller, Managing Director, MySense Canada, for UK based MySense.ai which designs and delivershome healthcare monitoring systems. Prior to joining MySense, David was Marketing Lead for the Centre for Aging + Brain Health Innovation (CABHI) based in Toronto, Canada.
What gives David Stoller added insight into the bigger picture is the fact that he is also the Toronto Chapter Ambassador for Aging2.0 a global network of technology innovators that tackles the challenges and opportunities in aging and longevity.
After about two years in conversation with David, my recent interview questions for him arose out of my interest in his own career moves with his expertise in marketing in a diverse range of industries over almost 15 years:
What intrigued you to make a move into the aging and longevity space?
“I was motivated to work in a sector that had an aspect of social good – essentially making a difference in the community. My time working in retail and automotive gave me wonderful experience to understand aspects of business that I’ve been able to use in the aging and longevity space, but no other industry that I’ve been a part of has allowed me to feel as good about my contributions. Success in this sector often includes improving quality of life for older adults, caregiver providers and family caregivers.”
Catching the wave in the longevity sector
In particular, with David Stoller’s three years at the Centre for Aging + Brain Health Innovation (CABHI) (led by the Baycrest Centre) the technology primarily addressed the Cognition theme. The reward, to David’s point, was that thousands of older adults and their caregivers were engaged in CABHI innovation projects. “The opportunity, he said, “to be with CABHI and work with over 200 innovations was incredible. It’s massively rewarding to see those individuals who are pushing the boundaries of innovation across this sector… a sector that is providing so much opportunity for new ideas and innovations.”
Now five or so years into his journey with technology, aging and longevity, I asked David: For anyone looking for career or business opportunities, how would you describe the near term and long-term future promise of this field?
“There is an undeniable fact that the global population is aging…the implications felt from this fact are – social, economic, and technical, so the opportunities are not only large, they are also widespread. People can apply their specialties to areas of the longevity space and add value where they can see the best return. From a pure business perspective, this is a growth industry – so people can catch the wave and ride it for a long time. In the near term, I see opportunities in three areas:
Sector Connectivity: As people age they begin to see more doctors, specialists, nurses, etc. and this reality means there can be a disconnect between all the records and data kept for each person, so innovations that are bridging the gap and bringing data and information together into one place will be very beneficial.
Caregiver Support: This is a big one and the issue that is most personal to me. Many of us don’t realize the impact that unpaid family caregiving can have on individuals – it is massive. Most of us are not trained to be caregivers, and then one day we are expected to care for our aging parents or loved ones. This is a huge responsibility, but comes with no training! The opportunity available right now is to develop new solutions that can support the caregiver so they can enjoy some piece of mind. Things like remote monitoring, educational apps, and AI-driven alert systems can all improve the quality of life for not only the user, but the caregiver as well.
Smart Homes / IoT Systems and AI: These technologies are set to revolutionize the way we age in place. Use MySense as an example – this technology is set up in an individual’s home and can then learn what that specific person’s routine looks like. It comes to understand when a person gets out of bed, when they eat, sleep, drink, and go out. The magic of the system is not that it can learn a person’s routine, but rather that it identifies how changes in that routine might represent a decline in well being…often these changes in behaviour are minor and would go undetected without the notifications sent out [to the circle of care] by MySense.”
“This type of technology should be a natural area of focus for people looking to break into the sector.”
In next week’s post, more from David Stoller and his comments on technology companies with their products in what he calls the “longevity sector” and about the road ahead for MySense.