Navigating the Longevity Economy: An AgeTech Masterclass with Mary Furlong
“The biggest challenges that seniors face are there's no holistic solution, and there's a lot of health inequity.”
The heart of AgeTech, according to Mary Furlong: “Baby Boomers want a vision of the future, not a memory of the past.”
Join us as we dive into the booming longevity market with Mary Furlong, a legendary figure in AgeTech (senior innovation). In this excerpt from a Masterclass held for members of the StartUp Health community, Furlong shares her practical wisdom gained from more than 30 years in the industry, raising over $300 million for senior-focused businesses.
In this action-packed Masterclass, you’ll learn:
Creative, holistic, and practical go-to-market strategies for the longevity market.
How to identify real senior needs – sometimes it starts with a simple happy hour!
Proven tips for building socially conscious businesses that serve this rapidly growing population.
Mary Furlong is a leading authority on the longevity market. As the President and CEO of Mary Furlong & Associates (MFA), she’s a champion for companies creating products and services that empower older adults. She was named one of the top 100 women in Silicon Valley and received the first-ever lifetime achievement award from Aging 2.0.
Don’t miss this opportunity to learn from the best. This is an actionable and inspiring masterclass excerpt – take notes and get ready to take your longevity business to the next level.
Highlights Include
What are the biggest challenges seniors face today?
The biggest challenges seniors face today include the lack of a holistic solution for their health and wellbeing and significant health inequities. Seniors often realize later in life that it's time to focus on maintaining their health after years of being occupied with other priorities like raising children, traveling, and adapting to new technologies. Staying healthy as they age is a key challenge, compounded by issues in healthcare systems and reimbursement difficulties.
What are some market opportunities for startups in the longevity economy?
Mary Furlong emphasizes that the longevity market, especially when the Boomers reach their 80s, is filled with opportunities. Key areas include health tech, caregiving, fintech, travel, housing, and even romance. For instance, caregiving today is comparable to where AI was five years ago—an area brimming with potential. Other areas like travel, passion, and dating for seniors are also emerging markets, along with sectors like senior housing and fintech catering to older adults.
What are the strategies startups should adopt to penetrate the senior market?
Furlong outlines a seven-part strategy for startups to reach the senior market:
Home Care Strategy: Work with home care agencies.
Nonprofit Strategy: Leverage networks of nonprofits such as Volunteers of America.
Senior Housing Strategy: Explore senior housing despite its challenges.
Group Purchasing Strategy: Target group purchasing organizations.
Retail Strategy: Develop retail partnerships.
Digital Strategy: Utilize digital channels to reach seniors online.
Global Strategy: Think globally as the longevity market is an international opportunity.
What role do pilots play for startups in scaling products?
While pilots can provide valuable insights, Furlong advises startups not to rely solely on them. Instead, she encourages diversification. For example, one entrepreneur with a product to improve television sound for seniors managed to make $60k in direct-to-consumer sales, bypassing traditional pilot routes. Furlong recommends balancing pilot projects with a focus on getting the product directly to the customer and expanding through various channels.
How can startups align with the VA and similar organizations?
Startups looking to break into the VA (Veterans Affairs) system should consider strategies that involve advisers with military experience and an understanding of the VA ecosystem. Working closely with local VA chapters can be part of this strategy. Furlong mentions successful examples where startups managed to navigate the VA market and highlights the importance of creative approaches to these large, complex organizations.