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Age Friendly Bootcamp - market opportunity

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Age Friendly Bootcamp - market opportunity

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Age Friendly Bootcamp - market opportunity

  1. 1. This programme has been funded with support from the European Commission AN EXCITING EU PROJECT
  2. 2. Setting the Silver Scene 9.30am Registration and Tea & Coffee 9.45am Sarah Mallon, LEO Welcome, Overview and Objectives of the AFE Programme 10.00am Facilitators Outline the day’s running order, objectives & outcomes Group Introductions 10.20am Facilitator The Business Case for Innovation & The Silver Economy Opportunity 10.40am Group Exercise Identify Innovation & Opportunities for your business – Blueskies thinking 11.00am Tea & Coffee Break 11.10am Guest Speaker – Karen Coan, Netwell CASALA The Silver Economy – Understanding their drivers and motivations Q&A 11.30am Guest Speaker – Philip Hogan, Cliffrun Media Sharing the experience of developing and selling a product for the Silver Economy Q&A 11.50 Orla Casey, Feltech Get Connected through Age Friendly Economy Platform Use the power of www.agefriendlyeconomy.eu portal to connect with others in the sector, learn about the benefits of the platform and how to use it Registration of all participants on www.agefriendlyeconomy.eu portal 12.10 Facilitator Digital Marketing for your Business 12.40 Lunch 1.25pm Facilitator Ideate – Brainstorming Session – an interactive session – develop those blueskies thoughts 1.45pm Facilitator – One to Interactive Session Introduce Business Canvas Model 2.15pm One to One interactive session Completing the BCM Tea & Coffee made available during this time 3.15pm Facilitator Introduce the Commercialisation Action Plan 3.45pm Next Steps Day Two Agenda 4.00pm Evaluation Day One Complete distributed form 4.15pm End
  3. 3. BUSINESS CASE FOR INNOVATION
  4. 4. INNOVATION AGE FRIENDLY ECONOMY | FUTURE OPPORTUNITIES FOR SMES
  5. 5. • Baby boomers have great expectations to live longer and better. • Expectation of services and care options that fit their lifestyle and needs. • Demands new thinking to challenge existing ageing products/services. • Some innovation will come from technology: • Devices/sensors to monitor, manage and motivate older people to take medication, eat well, exercise, wellbeing, and social activities. (AI, Virtual and Augmented realities will also add further capability/complexity). • Technology alone is not innovation. Innovation is about doing things differently and achieving different outcomes. • New systems thinking is required to address organisational design, workforce upskilling and collaboration. AGE FRIENDLY INNOVATION
  6. 6. AGE FRIENDLY INNOVATION
  7. 7. AGE FRIENDLY PRODUCTS & SERVICES AGE FRIENDLY ECONOMY | FUTURE OPPORTUNITIES FOR SMES • Age Friendly Product and Service innovation approaches should include: – Tech Savvy balanced with Care Savvy with capacity to deal with public and private aging bodies, – Develop new services to relieve the overburdened aging services and healthcare providers – Create Partnerships – look to retailers, food and health, lifestyle, communications, care sectors who are seeing the opportunity of this ageing population
  8. 8. EMPATHY WITH DESIGN AGE FRIENDLY ECONOMY | FUTURE OPPORTUNITIES FOR SMES To have a real impact on people’s lives, products must be made with the human user in mind. • Patricia Moore experience led her to redesign many everyday products such as potato peelers to be more inclusive. [1] https://www.cca.edu/news/2010/patricia-moore-universal- designer-undercover •Emily Duff is an Irish student entrepreneur who spent time volunteering with homeless people and designed a solution for those who choose to sleep rough rather than use a hostel. https://www.irishexaminer.com/ireland/ucc-students-plan-to-employ- homeless-to-make-sleeping-bag-invention-462473.html
  9. 9. THE SILVER ECONOMY OPPORTUNITY
  10. 10. Silver Economy Stereotypes • Older generation only seen as suffering from ill-health, inactivity and decline • Old people are weak and helpless • Old people are cantankerous • Old people are past being consulted about anything – even their own lives • The majority of old people are lonely and isolated from their families Cliffrun Media Ltd. 2017 https://the-senior-citizen-times.com/2011/11/23/top-20- stereotypes-of-older-people/
  11. 11. • Veterans (VW Generation) 89+ yrs Kirk Douglas/ Doris Day – Concerned about health, ageing, financial and personal security, and legacy. Need large type – but don’t want to be reminded of their age in a way that makes them feel ancient. Use internet to limited degree but often depend on someone else to make transactions for them. • Traditionalists (Silent or Swing Generation) 74-89 yrs Ian McKellen / Judi Dench – Value saving, morals, trustworthiness, social tranquility and togetherness. Scorn wastage. Have good health and are active, travelling and enjoying life. Have wealth in property or savings. Slow to embrace change. Comfortable with social media when useful but not integral. • Babyboomers (Woodstock Generation) 55-74 yrs Angela Merkel/Michelle Obama – Defined by their careers, plan active retirement, like the good things in life eg. Food and travel, Concerns over financial future, heavy users of online research, look for choice and value. Challenges – bank of mum and dad, caring for parents, inability to downsize yet. https://lawfirmambition.co.uk/blog/older-clients-how-market-your-firm-them WHO ARE THEY?
  12. 12. Copyright Cliffrun Media Ltd 2017 • Values – Independence, Safety, Health, Privacy, Relationships, Family, Dignity • Beliefs – Opinion not valued, No longer useful, Technology too something to add’, Will get lonelier, I am capable / not capable of taking care of myself • Attitudes – Age is just a number, Now it’s time for me, Need to Plan, Dependent, Adaptive to change, Each day as it comes, Struggling (Note: Attitudes change with Ill health, Bereavement, Financial Losses) • Fears - Finances, Independence, Loneliness, Health, Safety/Security AGE DOES NOT DEFINE THIS SECTOR
  13. 13. Ageing Babyboomers • Largest market segment for the next 25 years • One in every 4 in the UK will be over 65 by 2050 • One in every 6 worldwide will be over 65 by 2050 • Healthier, wealthier, better educated, more travelled than previous ageing segments • 70% of US disposable income comes from babyboomers – travel, health, wellness, pets How the baby boom generation and an ageing population will impact tourism in the next decade Nitb.com
  14. 14. • Demand for travel experiences – Rise in popularity of educational, cultural and ancestral tourism • Creature comforts – High quality accommodation • Accessible tourism – Accessible accommodation, travel and toilet will rise • Mobile revolutionaries – Boomers will continue to take advantage of technology developments • Visiting more friends and relatives – Not staying in traditional travel accommodation Boomer influenced tourism trends
  15. 15. This programme has been funded with support from the European Commission KAREN COAN NETWELL CASALA
  16. 16. The Silver Market The opportunity for your business & how to access it Karen Coan, NetwellCASALA
  17. 17. The size of the prize The opportunity for your business The key insights you need
  18. 18. Richest demographic, €10Bn pa, Growing by 5% per annum The Size of the Prize
  19. 19. The Opportunity Businesses don’t know how to talk to this segment VIDEO
  20. 20. When you think of Older people see the People first The Opportunity
  21. 21. OLDER PEOPLE The Key Insights You Need Reduced vision/hearing Stay connected Dexterity Be relevant Health issues Do more Mobility Participate Flexibility Be respected Reduced Confidence Look good
  22. 22. Key Insights in action Ready meals won’t cook not can’t cook Fitness trackers not safety trackers Smart home not assisted home ‘Starter’ meals on menus not senior citizen menus Walk in & with older people to test your services
  23. 23. Key Insights in action Getting it right: Daimler, L’Oreal, CVS & Stitch.net
  24. 24. Takeaway €10Bn+ Market Businesses have forgotten that Older people are first and foremost PEOPLE with the same behaviours and aspirations as they’ve always had Success = Meeting both sides of the coin Walk in their shoes, good for you & your business

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