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Entrepreneurship: Aging and Innovation

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If you are interested in the intersection between aging and innovation, these certainly are intriguing times.

Last Thursday I attended the kickoff event for Aging 2.0’s brand new GENerator program. This is “a new founders program that supports the most promising entrepreneurs working to enhance the lives of older adults and improve long-term care.” (Which I think means this is a business accelerator, but after only a year blogging about digital health innovations, I can’t promise to have mastered all the business lingo.)
Despite the whopping size of the boomer market (see this terrific Bloomberg article on how business has so far struggled to tap it), this seems to be the first accelerator focused on serving the 50+ demographic.
I found myself impressed both by the growth of Aging 2.0 — an organization co-founded by a gerontologist only 18 months ago — and by the offerings of the eleven companies chosen. It’s encouraging to see the power of innovation and technology really focusing on the problems affecting older Americans, and those who serve them.
Of course, I also find myself with some reservations. I think of myself as a public-health geriatrician, and as such, my primary interest in these new innovations is less about whether there’s a good business market, and more about whether or not these offer good, practical solutions to the more important health and social problems affecting aging adults.
There is no question that entrepreneurs are great at innovation. But to succeed they also need to be great at selling their product. Businesses involved in healthcare or other socially-minded arenas always proclaim that they are doing good things for individuals and for society. Which sometimes is true but often it’s not quite as true as the business says it is, or as the business would like it to be. In the end, a startup must satisfy its investors. And an accelerator must satisfy its startups and investors.
So what does this mean for those of us professionals with expertise assessing social value and healthcare value? It means we should get in there and plan to constructively engage with two crucial groups. One group is the the innovators themselves, who will be interested in our expertise and feedback (although once they have a product at market they’ll probably be ambivalent when we raise concerns).
The other group is the public to whom these products are being marketed. We can and should equip ourselves to help the public assess and understand the real health and social value (or at least, likely value) of these innovations that they are being invited to purchase. 
This public, needless to say, is quite a large group. It encompasses the 50+ demographic, as well as those offering services to this group, including long-term care and senior housing providers. And the sheer size and diversity of the 50+ age group is really something: the US Census data shows that in 2011, the 50+ population (civilian, non-institutionalized) was 98 million people.
Of those people, many are family caregivers worried about an aging adult. Others are themselves in need of products and services to help cope with chronic illness, cognitive problems, or physical frailties. And of course, a large group of boomers is eager to maintain health and wellbeing for as long as possible.

11 Startups chosen by Aging 2.0

For its inaugural GENerator program, Aging 2.0 chose eleven companies. I heard each give a short talk last week. Here are capsule summaries, based on what I heard, along with a few extra thoughts.
  • BrainAid: smartphone or tablet app with patented software meant to help people compensate for executive dysfunction. Originally designed to help people with brain injury or stroke, the company believes its software can help people with early Alzheimer’s or other neurodegenerative cognitive impairment as well. Company has been working with the VA.
  • CareLinx: online marketplace allowing families to find, screen, hire, and pay in-home caregivers without going through an agency. (I wrote about CareLinx last year; still think it’s a promising idea although I have no idea how well it’s actually working out for the families and paid caregivers involved.)
  • CareSolver: a free online platform that provides customized tools to help family caregivers manage the needs of aging parents or other loved ones. This is right up my alley given my long interest in caregiver education, so I will probably try this soon. Of note, they apparently offer a Beer’s criteria med checker (something I’ve said we need in previous GeriTech posts).
  • Life2: predictive analytics company focusing on aging. From the short presentation provided, seems to me they might focus on helping LTC providers identify residents at increased risk, along with offering support in mitigating the risk. Suspect mitigating risk will end up being harder than identifying those at risk.
  • Lift Hero: “Medical Trips Made Easy,” says the website. Connects seniors who need rides with off-duty EMTs who provide door-through-door service to appointments. (Having seen elderly patients struggle to get to and from the curb, that “through” could be important.) This could be a very useful service although if the passengers are on average frail enough to benefit from EMT drivers, or have cognitive impairment, I certainly hope clinicians will have a way to connect with the care circle regarding the visit. (Often the person accompanying the older patient is instrumental in providing extra history, or in helping relay instructions to the care circle.)
  • MyGrove: This one flummoxed me a bit so I’ll just quote the blurb passed out at the event: “a multimedia marketplace and social engagement platform tailored for Active Adults and their communities.” If you, like me, aren’t sure what an Active Adult is, it’s apparently a term used to refer to people aged 55+. (What to call Active Adults when age and illness render them less active? I don’t know.) Whatever this product is, it sounds like they are targeting the “young old” who aren’t yet close to needing geriatric expertise.
  • OpenPlacement: platform designed to help seniors, families, and discharge planners find and choose among rehab or residential placements more easily. I assume this is modeled on OpenTable, although obviously placing seniors is more complicated than making a restaurant reservation. Should be helpful to families and discharge planners facing transitions in care, since right now families often find it’s a nightmare to figure out who accepts their insurance, has beds available, offers certain features, etc.
  • Sabi: Per Google, the “pill box and walking cane company.” Per Sabi, a creator of products that improve day-to-day life with “superior functionality and design.” The website reminds me of the dilemma many companies face: how to sell products to older adults without reminding them that they are older? Still, the products really are attractive and look quite functional too.
  • Tapestry: App for web and mobile which simplifies social media for older adults. Meant to help families stay connected, by creating an easy interface for seniors to view Facebook photos, email, photos, etc. Currently has a free basic plan or for $5/month offers unlimited messages and photo storage. In general I think this kind of service will ultimately very useful to many older adults. Almost every older person loves to get messages and pictures from family, but navigating a standard tablet can be overwhelming to some, either because they are not tech-savvy or because they are cognitively impaired.
  • True Link: A caregiver-managed debit card allowing personalized spending controls and with fraud-protection features. The founder said that every year seniors lose $52 billion to scams and fraud (!); True Link is meant to offer vulnerable seniors a way to spend without putting themselves at excess financial risk. Caregivers can block spending on certain merchants or types of merchants (i.e. sweepstakes.) I could see this being a great option for seniors with cognitive impairment, and wonder if it will be of interest to financial trustees and fiduciaries. For families, the hard part will be bringing up their concerns re finances to an older loved one; proposing this option likely will be dicey.
So there you have it: eleven ideas meant to make life better for older adults and their caregivers. Will they take off? Will people use them? Will people like them? (And how will we know if people like them? Hopefully users will have some way of posting reviews.)
Last but not least, will these improve outcomes in terms of wellbeing, function, avoiding morbidity, and reduction of caregiver stress?
We should find out the answers to at least a few of these questions over the next year or two.

And we should think about giving the innovators, as well as the public, constructive feedback on these products. They surely aren’t perfect, but they are a step in the right direction and most of them are trying to meet real needs of aging Americans.

In the meantime, if you’re a clinician or work on healthcare for older adults, which of these ideas do you find most promising?
[Disclosure: I have no financial ties to any of these companies, or to Aging 2.0.]
______________________________________________________
About the Author

This article was written by Leslie Kernisan, geriatrician & founder GeriTech blog.

Callum Connects

Trung Nguyen, Founder & Managing Director of Advertising Vietnam

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Having initial success with his first start up in the ad industry, Trung Nguyen went on to start other ventures in the ad world in Vietnam. He now has the largest agency community in Vietnam.

What’s your story?
Three years ago I got my first job in the advertising industry. I worked for a local agency in town, and I fell in love with the creative industry. In June 2015, I founded Agency Life Community in Vietnam. It quickly became the most engaging community in the ad industry. The main content focuses on entertainment. After six months we had over 30,000 organic followers, now we have 120,000 followers.

Because the industry had been good to me, I decided I had to something for the industry to help the industry be better. So, I opened http://AdvertisingVietnam.com – a creative industry ad site which keeps advertising informative, creative and inspiring.

After more than a year in the ads industry in Vietnam, I figured the industry needed a better solution for the recruitment of good staff. Given I own the largest advertising community platform, why don’t I utilise Agency Life to help connect talent with ad agencies. So, I founded job site, AdJob.Asia in January 2017.

What excites you most about your industry?
The ad industry is a creative one with very passionate people who are always challenging themselves. The exciting part for creatives, in the morning they might be working on a baby brand and in the afternoon they are answering a beer brief. There is so much diversity. Every day is the new journey.

What’s your connection to Asia?
I am Vietnamese.

Favourite city in Asia for business and why?
Thailand. The Thais are the kings of the creative industry in SEA. Thai ads are very smart and creative.

What’s the best piece of advice you ever received?
Do what you love.

Who inspires you?
My friend, mentor and partner Mr Nghi Nguyen, founder of BrandsVietnam.com. We started our businesses at a similar time. He doesn’t see us as a competitor but rather, he believes that we share the same passion and we are working to provide better knowledge for the ad community.
Mr Nghi also guided me a lot when I first opened the business. I am inspired by his vision to make our marketing industry better.

What have you just learnt recently that blew you away?
Our business is a startup company and as a founder I do everything from operations, business development, planning and strategy. However, this is not the good way grow our business. You have to share the workload – find a co-founder or hire a great employee to help share the workload. “If you want to go fast, go alone. If you want to go far, go together.”

If you had your time again, what would you do differently?
Quit my full time job sooner.
During the first year of running my business, I was still working as an ad manager for an agency. However I lacked focus at work due to the overload of work and it affected the company I used to work for. I strongly recommend people who have an idea to start their own business, quit their job early on and focus 100% on it from the get go!

How do you unwind?
Play with my cat.

Favourite Asian destination for relaxation? Why?
I love to travel throughout all of Asia. I enjoy new places and meeting new people.

Everyone in business should read this book:
The Carpenter: A story about the greatest success strategies of all.

Shameless plug for your business:
AdvertisingVietnam.com is a site where you can quickly update yourself on the advertising news in Vietnam. We have 15,000 unique monthly readers who are professional people in the advertising and communications industries.

The Agency Life, https://www.facebook.com/agencylife is largest agency community in Vietnam. This is the right place for ad agencies to share their creative work.

AdJob.Asia now has more than 160 agencies in Vietnam who use our services. We are a leading recruitment service for the advertising industry in Vietnam.

How can people connect with you?
You can connect with me:
Facebook: https://www.facebook.com/trungnx26
Email: [email protected]
LinkedIn: https://www.linkedin.com/in/trungnx26/

This interview is part of the ‘Callum Connect’ series of more than 500 interviews

Callum Laing is an entrepreneur and investor based in Singapore. He has previously started, built and sold half a dozen businesses and is now a Partner at Unity-Group Private Equity and Co-Founder of The Marketing Group PLC. He is the author two best selling books ‘Progressive Partnerships’ and ‘Agglomerate’.

Connect with Callum here:
twitter.com/laingcallum
linkedin.com/in/callumlaing
Download free copies of his books here: www.callumlaing.com

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Entrepreneurship

Women on Top in Tech – Minette Navarrete, Co-Founder, Vice-Chairman, and President of Kickstart Ventures

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(Women on Top in Tech is a series about Women Founders, CEOs, and Leaders in technology. It aims to amplify and bring to the fore diversity in leadership in technology.)

Here is our interview with Minette Navarrete, Co-Founder, Vice-Chairman, and President of Kickstart Ventures. Kickstart is an investment firm that funds early-stage digital startups, providing capital, incubation and mentoring, and market access.  Minette has held CEO/COO positions in various industries, ranging from Philippine startups to iconic multinationals.

What makes you do what you do?
I’m keenly interested in innovation and ecosystem development, and committed to contributing to nation-building. I love that my job combines all of that, and allows me to leverage all my past experiences into a new role that creates value for founders and fund-providers alike.

How did you rise in the industry you are in?
Counter-intuitively! I don’t have a background in tech; nor do I have a long history of venture investing. My skill sets are in strategy, general management, and marketing; and my experience has largely been in innovation and business turnaround. But I have a broad range of work experience (FMCG, apparel, property, and online game publishing in a startup), and that has helped inform my views. More than anything, though, Kickstart has made this progress because of the trust of our principals, and the initiative of a wonderful team. Truly, people make the difference.

Why did you take on this role/start this startup especially since this is perhaps a stretch or challenge for you (or viewed as one since you are not the usual leadership demographics)?
All throughout my career, I’ve only taken on difficult roles. There’s little growth in a role that is easy; and the challenges are what makes a role worth doing.

Do you have a mentor that you look up to in your industries or did you look for one or how did that work?
I’ve had the benefit of a number of good mentors through my career.

How did you make a match if you and how did you end up being mentored by him/her?
First off: I have had both male and female mentors. Generally, I’ve met mentors in work situations: i.e. they started out being an immediate superior, or being on my Board of Directors. The close work association evolved as both sides found the experience productive, intellectually satisfying, and fun.

Now as a leader how do you spot, develop, keep, grow and support your talent?
Mostly through the same process: nothing compares to actually working together. That said, with more and more experience, I think people develop a sharper instinct about talent, and the potential for development. It’s also important to build the relationship over time, and to invest in actively supporting talent by both seeing things through their eyes as well as helping them find other lenses with which to view the situation they find themselves in.

Do you consciously or unconsciously support diversity and why?
Yes, we care about diversity, although the primary filter for Kickstart is always ability and performance. Many studies have shown that diverse teams are closely correlated to better results; and given the kind of work we do, it’s important that we all sharpen our ability to deal with varied types of people and situations.

What is your take on what it takes to be a great leader in your industry and as a general rule of thumb?
It’s important to be trustworthy, especially given that venture investing deals with the highest-risk asset class. Trust is earned through competence, diligence, honesty, clarity, and courage.

Advice for others?
I say this a lot: Build strong foundations. Be clear about your values, principles, and priorities. Volunteer for the toughest jobs. Do the unsexy stuff. And work with conviction, commitment, courage, and honour. None of this is particularly glamorous, and they don’t deliver instantaneous results, but the value-creation is real, authentic, and sustainable over a longer period.


If you’d like to get in touch with Minette Navarrete, please feel free to reach out to her on LinkedIn: https://www.linkedin.com/in/minettenavarrete/

To learn more about Kickstart Ventures , please click here.

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