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Sarasota Summit 2007-Mary Furlong

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Information about Sarasota Summit 2007-Mary Furlong

Published on August 19, 2008

Author: SDIS

Source: slideshare.net

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International design summit - Sarasota, Florida - USA
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presents Sarasota – Florida USA

Human Centered Design Service Innovation and Decision Design Generational Design Social Entrepreneurship and the New Philanthropy Technology, Entertainment and Health

It’s hard to create a space that will not attract people, what is remarkable, is how often this has been accomplished. ─ William H. Whyte

AN EVENT SPONSORED BY

 

Profiting in the New Boomer Marketplace Mary S. Furlong, Ed.D CEO, Mary Furlong & Associates November 2008

October and November, 2005 Magazine Covers Marketers are finally recognizing the value of the 40+ market Making Big US News ~ the Boomer Market

Every 7.5 seconds someone turning 50 The first boomer turned 60 on 1/1/06 1946-64 Baby Boom In July 2005, more over 50 than under 76 million strong and living longer Global market: Europe, China, Japan More transition points - trip brand choices More time, more education, more money Connecting with their families; Soul mates Craving passion, play adventure, meaning Making a difference The Silver Tsunami

Every 7.5 seconds someone turning 50

The first boomer turned 60 on 1/1/06

1946-64 Baby Boom

In July 2005, more over 50 than under

76 million strong and living longer

Global market: Europe, China, Japan

More transition points - trip brand choices

More time, more education, more money

Connecting with their families; Soul mates

Craving passion, play adventure, meaning

Making a difference

The “Age Wave” 1946 to 1964 U.S. birth rate booms ~ “Wave” of Boomers Source: US Census Bureau estimates for July 2002, latest estimates available.

1946 to 1964 U.S. birth rate booms ~ “Wave” of Boomers

Five Key Boomer Trends 5 4 3 2 1 Connection, meaningful pursuits, giving back Spirituality For every stage of aging, there is also a creative business opportunity. Examples: health, family, work, loss of parents, empty nest E-shocks transitions Old rules : Count on social security and lifelong company pensions New rules : Investing for your future, 401(k)s, Entrepreneurship, IRAs, taking control of your destiny (Motley Fool), Longevity ~ financing longer, healthier lives Tech companies like Intel are transforming into tech and healthcare companies. Assistive devices, smart connectivity, smart home - residential wireless sensors, smarter mobile devices Technology ~ enhancing the quality of life China will have about 630 million people age 50+ in 2050 (UN population projection) Aging, a global trend

The U.S. and beyond ~ a graying planet Global aging - the new demographic revolution - offers challenges, changes and opportunities to organizations poised to service it. BusinessWeek Online, 01/05

China's Population by Age Groups, 1950-2050* During the next 50 years China will experience a dramatic population aging. According to this most recent UN population projection (the 1998 Revision), China will have about 630 million people age 50 and above in 2050 - while there will be only some 78 million children below the age of 5 and just 324 million children and teenagers below the age of 20. In other words: by 2050 China will have almost twice as many people above age 50 than below age 20. * These estimates and projections include the population of Mainland China and Hong Kong. Source: United Nations Population Division: World Population Prospects. The 1998 Edition. New York There are an estimated 250 million disabled persons in China , most of whom reside in the provinces and are not productive members of the economy at present. United Nations Population Projection, 998 Revision, Medium Variant (million) 631 525.8 332.4 208.8 87.1 50+ 529.7 597.9 665 594.7 228.4 20-49 245.6 278.1 290.4 319.6 165 5-19 Age 0-4 Total 78.1 86.3 92.7 103.7 76.2 1484.4 1488.1 1380.5 1226.7 556.7 2050 2025 2010 1995 1950

A Sample ~ Investors in the Boomer Market David Yarnell, Brand Equity Ventures Chip Baird, North Castle Partners Steve Jurvetson Draper Fisher Jurvetson Jon Staenberg Rustic Canyon Partners Bijan Salehizadeh, MD Highland Capital Partners Brad Vale, Ph.D. J&J Dev.Corp

Healthy Living ~ Market Size by Category North Castle Partners LLC

The Dissonance of Aging Creates New Markets Prevalence of joint pain Prevalence of vision problems that cannot be corrected by glasses or contacts

Five Key Boomer Trends 5 4 3 2 1 Connection, meaningful pursuits, giving back Spirituality For every stage of aging, there is also a creative business opportunity. Examples: health, family, work, loss of parents, empty nest E-shocks transitions Old rules : Count on social security and lifelong company pensions New rules : Investing for your future, 401(k)s, 403(b)s, IRAs, taking control of your destiny (Motley Fool); Entrepreneurship Longevity ~ financing longer, healthier lives Tech companies like Intel are transforming into tech and healthcare companies. Assistive devices, smart connectivity, smart home - residential wireless sensors, smarter mobile devices; wired and wireless boomers Technology ~ enhancing the quality of life China will have about 630 million people age 50+ in 2050 (UN population projection) Aging, a global trend

Large Companies Across Many Industries Value this Market Philips Intuit Wells Fargo Wal-Mart Microsoft Verizon Health and wellness Technology and financial services Retail Technology Communications and leading-edge innovation

Internet usage among people 50-64 is more than 3X that of today’s seniors 2008: (50-64) – 40.7 million users - 73.7% penetration by ’08, up from 66% today 2008: (65+) 13.2 million users - 34.1% penetration by ‘08, up from 28% today 2005 - 43.4 million Internet users 50+

AOL MSN Yahoo! WebMD Motley Fool iVillage Consumer Reports My Family Inc. Ask Jeeves Bankrate BingoZone Portal Strategy Size the portal Match with the demographics Look for contextually integrated marketing solutions Drive traffic with compelling marketing offers and coupons Revenue share

AOL

MSN

Yahoo!

WebMD

Motley Fool

iVillage

Consumer Reports

My Family Inc.

Ask Jeeves

Bankrate

BingoZone

Size the portal

Match with the demographics

Look for contextually integrated marketing solutions

Drive traffic with compelling marketing offers and coupons

Revenue share

Five Key Boomer Trends 5 4 3 2 1 Connection, meaningful pursuits, giving back Spirituality For every stage of aging, there is also a creative business opportunity. Examples: health, family, work, loss of parents, empty nest E-shocks transitions Old rules : Count on social security and lifelong company pensions New rules : Investing for your future, 401(k)s, 403(b)s, IRAs, taking control of your destiny (Motley Fool) Longevity ~ financing longer, healthier lives Tech companies like Intel are transforming into tech and healthcare companies. Assistive devices, smart connectivity, smart home - residential wireless sensors, smarter mobile devices Technology ~ enhancing the quality of life China will have about 630 million people age 50+ in 2050 (UN population projection) Aging, a global trend

Entrepreneurship The boomer and older account for 54% of self-employed workers - Challenger, Gray & Christmas

The boomer and older account for 54% of self-employed workers - Challenger, Gray & Christmas

President George W. Bush turned 60, July, 2007 Bill Clinton turned 60 August, 2007 Katie Couric Anchor, CBS News Born January, 1957 Jane Pauley Born 1950 The Boomer Market Has Many Faces Dr. Jane Goodall Born 1937

Life Cycle Messiness (U.S. households by type aged 45 & older, in millions, 2002. Source: CPS)

The Business of Health Travel: An Adventure for the Heart, Mind and Soul It’s Your Passion: Make It Happen Sex and Romance: I'll Have What She's Having Fashion: Jeans, Jeans, You’re Young and Alive Housing: Gimme Shelter - and a whole lot more A Family of Our Own Choosing Eldercare: The New Midlife Crisis Financing Your Dream Biggest Market Opportunities

The Business of Health

Travel: An Adventure for the Heart, Mind and Soul

It’s Your Passion: Make It Happen

Sex and Romance: I'll Have What She's Having

Fashion: Jeans, Jeans, You’re Young and Alive

Housing: Gimme Shelter - and a whole lot more

A Family of Our Own Choosing

Eldercare: The New Midlife Crisis

Financing Your Dream

LOVELAND/FORT COLLINS, CO BELLINGHAM, WA RALEIGH/DURHAM/CHAPEL HILL, NC SARASOTA, FL FAYETTEVILLE, AR CHARLESTON, SC ASHEVILLE, NC* SAN DIEGO, CA SAN ANTONIO, TX SANTA FE, NM GAINESVILLE, FL IOWA CITY, IA PORTSMOUTH, NH SPOKANE, WA ASHLAND, OR SOURCE: http://www.aarpmagazine.org/travel/Articles/a2003-03-27-mag-bestplaces.html Where Do Boomers Move? AARP has identified the “15 Best Places to Reinvent Your Life”

LOVELAND/FORT COLLINS, CO

BELLINGHAM, WA

RALEIGH/DURHAM/CHAPEL HILL, NC

SARASOTA, FL

FAYETTEVILLE, AR

CHARLESTON, SC

ASHEVILLE, NC*

SAN DIEGO, CA

SAN ANTONIO, TX

SANTA FE, NM

GAINESVILLE, FL

IOWA CITY, IA

PORTSMOUTH, NH

SPOKANE, WA

ASHLAND, OR

SOURCE: http://www.aarpmagazine.org/travel/Articles/a2003-03-27-mag-bestplaces.html

US Boomer Population Shift ~ 2006 to 2016 Notes: Alaska is -16.8%, Hawaii is -0.5%, Washington DC is -29.8%. Source: U.S. Census Bureau, Population Division, Projections Branch, April 2005

US Boomer Population Shift ~ 2006 to 2016 Notes: Alaska is -16.8%, Hawaii is -0.5%, Washington DC is -29.8%. Source: U.S. Census Bureau, Population Division, Projections Branch, April 2005

Boomers and Home Ownership More than 25% of the 1.2 million new homes projected to be built in 2005 were bought by someone older than 50. - National Association of Home Builders Home ownership for Americans aged 55 and up is the highest ever , according to AARP, which first began studying the trend in 1986. Del Webb found that about 50% of boomers ages 50 to 59 plan to purchase new homes for their retirement in communities where they can remain physically fit and socially active. 2002 NAHB survey indicated that what 55-to 64-year-olds want in their retirement homes is a home office with Internet access. - National Association of Home Builders, 2002

More than 25% of the 1.2 million new homes projected to be built in 2005 were bought by someone older than 50. - National Association of Home Builders

Home ownership for Americans aged 55 and up is the highest ever , according to AARP, which first began studying the trend in 1986.

Del Webb found that about 50% of boomers ages 50 to 59 plan to purchase new homes for their retirement in communities where they can remain physically fit and socially active.

2002 NAHB survey indicated that what 55-to 64-year-olds want in their retirement homes is a home office with Internet access.

- National Association of Home Builders, 2002

Home is Where the Heart Is ~ When asked what they were most concerned about, boomers responded: finances, healthcare, and home . Not only are our homes a reflection of who we are and who we’re becoming. - The American Society of Interior Designers (ASID) 42% of boomers surveyed by Del Webb said it is extremely important to be close to family ; grandparents will move to be near their grandchildren, even if it takes them away from sunnier climes. Aging in Place ~ Given a choice, 83% of the boomer respondents said they’d strongly prefer to stay in their current homes for as long as possible. - AARP Survey, “Fixing to Stay: A National Survey of Housing and Home Modification Issues,” 2000

When asked what they were most concerned about, boomers responded: finances, healthcare, and home . Not only are our homes a reflection of who we are and who we’re becoming. - The American Society of Interior Designers (ASID)

42% of boomers surveyed by Del Webb said it is extremely important to be close to family ; grandparents will move to be near their grandchildren, even if it takes them away from sunnier climes.

Aging in Place ~ Given a choice, 83% of the boomer respondents said they’d strongly prefer to stay in their current homes for as long as possible.

- AARP Survey, “Fixing to Stay: A National Survey of Housing and Home Modification Issues,” 2000

Women ~ a Strong Market Women will make the time – to research and understand purchases Women make over 83% of the buying decisions for US households Women make 69% of all household health decisions Over 82% of women between 35-54 access the Internet at home In 2003, women accounted for 60% of the total online spending in the US Women are an attractive market for real estate and investments ~

Women will make the time – to research and understand purchases

Women make over 83% of the buying decisions for US households

Women make 69% of all household health decisions

Over 82% of women between 35-54 access the Internet at home

In 2003, women accounted for 60% of the total online spending in the US

Creativity, Passion, Play Learning Drivers: Escapism, Connection, Fulfillment 70+ million people play online casual games at least monthly All ages play online gamers - 40% are age 40 or older (Pogo.com) Gardening Music Digital photography Pets - 100 million Games SERVICES:

70+ million people play online casual games at least monthly

All ages play online gamers - 40% are age 40 or older (Pogo.com)

Gardening

Music

Digital photography

Pets - 100 million

Games

SERVICES:

The Studio Studios, Home Offices, Second Homes

 

Future Home ~ Smart Home, 2017 Slimline Personal Help Button and CarePartner Telephone with Reminders Assistive Technology Products: alternative keyboards, electronic pointing devices, wands and sticks, joysticks, trackballs, touch screens AARP survey: 74% of adults 50+ want to remain in their homes for the rest of their lives. Kohler Products: Purist® bathroom sink faucet – easy for older adults to maneuver – and they're beautiful--an essential requirement for aging baby boomers KOHLER Comfort Height™ toilets Resources to work through difficult family care decisions Clean, green home

AARP survey: 74% of adults 50+ want to remain in their homes for the rest of their lives. Kohler Products:

Purist® bathroom sink faucet – easy for older adults to maneuver – and they're beautiful--an essential requirement for aging baby boomers

KOHLER Comfort Height™ toilets

Assistive Technology Can Open Worlds Technology Examples: Text-To-Speech Products Voice Amplification Voice Recognition Braille Technology Audio/ Captioning Technologies Magnifiers Eyetracking Technology/Keyboards Hearing Products Relay Services Accessibility to the Internet Using an IBM text-to-speech synthesizer, Home Page Reader speaks Web-based information. BRAILLEX® EL Braille Assistant One of the biggest impetuses to developing assistive technology products so they can be used worldwide, regardless of the company’s size, has been the leadership of IBM, Hewlett Packard, Microsoft, MacroMedia, Sun Microsystems, Dell, Apple Computer, Xerox, Cannon, Panasonic, Deque, Corda, Adobe, Keybowl, AOL and multitudes of other corporations. A primary driving force behind this effort is Section 508 of the 1998 Rehabilitation Amendments. HumanWare PocketViewer

Technology Examples:

Text-To-Speech Products

Voice Amplification

Voice Recognition

Braille Technology

Audio/ Captioning Technologies

Magnifiers

Eyetracking Technology/Keyboards

Hearing Products

Relay Services

Accessibility to the Internet

Five Key Boomer Trends 5 4 3 2 1 Connection, meaningful pursuits, giving back Spirituality For every stage of aging, there is also a creative business opportunity. Examples: health, family, work, loss of parents, empty nest E-shocks transitions Old rules : Count on social security and lifelong company pensions New rules : Investing for your future, 401(k)s, 403(b)s, IRAs, taking control of your destiny (Motley Fool) Longevity ~ financing longer, healthier lives Tech companies like Intel are transforming into tech and healthcare companies. Assistive devices, smart connectivity, smart home - residential wireless sensors, smarter mobile devices Technology ~ enhancing the quality of life China will have about 630 million people age 50+ in 2050 (UN population projection) Aging, a global trend

Spirituality, Philanthropy, Legacy Growth of Yoga Journal Spiritual/service - related tourism BeliefNet - VC funded Half of people in their 50s and 60s want to do work that helps others - “New Face of Work” survey, MetLife Foundation and Civic Ventures Baby boomers say they planned to give 25% more to charity by the end of 2006 than they donated in 2005, with an average donation of $6,000 - higher than that of any other generation – Survey, Fidelity Charitable Gift Fund

Growth of Yoga Journal

Spiritual/service - related tourism

BeliefNet - VC funded

Half of people in their 50s and 60s want to do work that helps others - “New Face of Work” survey, MetLife Foundation and Civic Ventures

Baby boomers say they planned to give 25% more to charity by the end of 2006 than they donated in 2005, with an average donation of $6,000 - higher than that of any other generation – Survey, Fidelity Charitable Gift Fund

“ The Third Act for Boomers will be their defining one…with their time, experience, sense of adventure, and desire to leave the world a better place.” - Mary Furlong “It is not ok to wire our world, if we don’t connect the soul.” - Tom Brokow In Summary…

The Future Silver Enterprise Zones– AARP; NCOA; Silicon Valley Council on Aging, Women Sage. Expect more innovation from these groups in the future. Global initiatives – Global Network, AARP, EU Longevity Funds – with public and private sector New distribution models – mobile; QVC; portal placement; pharmacies; colleges A plethora of important new players during the marketplace and the innovation Boomers realizing the difference they wanted to make in the world

Silver Enterprise Zones– AARP; NCOA; Silicon Valley Council on Aging, Women Sage. Expect more innovation from these groups in the future.

Global initiatives – Global Network, AARP, EU

Longevity Funds – with public and private sector

New distribution models – mobile; QVC; portal placement; pharmacies; colleges

A plethora of important new players during the marketplace and the innovation

Boomers realizing the difference they wanted to make in the world

Tuesday, June 18, 2008 ~ 8:30 am – 6:30 pm Santa Clara University, 500 El Camino Real, Santa Clara, California www.BoomerVentureSummit.com THE EXECUTIVE DEVELOPMENT CENTER at SANTA CLARA UNIVERSITY’S LEAVEY SCHOOL OF BUSINESS and MARY FURLONG & ASSOCIATES presents Meet at the Crossroads of Market Opportunity, Entrepreneurial Talent and Leading Investors: the Power of the 40+ Market HIGHLIGHTS: The top VCs investing in the boomer marketplace Leaders from the largest non-profit organizations in aging – AARP, NCOA, ASA Finalists of the 2008 Silicon Valley Boomer Business Plan Competition Lunch with noted author, VC and “influential,” including Gail Sheehy, author, Passages. Menu designed by Mollie Katzen, chef and author, Moosewood Cookbook SPONSORS : AARP; North Castle Partners; Posit Science Corporation; Decision Street; The Entrust Group; Hewlett-Packard; MetLife Mature Market Institute; Morrison & Foerster; Silicon Valley Bank; Sun Microsystems; Petplan; LifeBio IN-KIND CONTRIBUTORS: BMW; Four Seasons Silicon Valley; Les Concierges; Southwest Airlines

HIGHLIGHTS:

The top VCs investing in the boomer marketplace

Leaders from the largest non-profit organizations in aging – AARP, NCOA, ASA

Finalists of the 2008 Silicon Valley Boomer Business Plan Competition

Lunch with noted author, VC and “influential,” including Gail Sheehy, author, Passages. Menu designed by Mollie Katzen, chef and author, Moosewood Cookbook

Silicon Valley Boomer Business Plan Competition – 2007 Finalists Curant Stanford University, Stanford, CA - Patient-centered, device-based therapies for urinary incontinence. Ross Venook CELLTHERA UCSF, San Francisco, CA - Biotech company developing cell-based transplants for severely disabled stroke patients Cory Nicholas cVision Medical Solutions, Inc. John Hopkins University, Baltimore, MD - A noninvasive way to measure central venous pressure using ultrasound Vikram Aggarwal, Co-founder Optimal Vision Corporation (OVC) University of Illinois at Chicago - A non-invasive procedures to correct presbyopia (loss of near vision). Kristin Ware SeroNostics UC Berkeley, Berkeley, CA - Point of care diagnostic device capable of diagnosing disease in minutes by injecting bodily fluid into disposable cartridges that are inserted into analyzer Poorya Sabounchi AmeliaPlex Orlando, FL - Medication reminder software SusanTorrico, President eLegacy Lewis Center, OH - A comprehensive suite of on-demand estate management and settlement products for estate holders and their executors. Ernest Lamberts, CEO My Celery Troy, NY - Email exchange system that lets you send handwritten letters as email and receive automatically-printed email and color photos without a computer . Andrew A. Gibson, CEO Prime Footwear Stanford University, Stanford, CA - Footwear created with therapeutic, clinically validated technology to serve consumers with joint problems. Eric Edelson World Hearing Organization Bring the most comprehensive affordable hearing health care services to the 25M U.S. hearing impaired population Sani Siamak, President/CEO Health, Wellness and Eldercare Category General Category

Contact Us 5th Annual What’s Next Boomer Business Summit March 26, 2008 Washington DC www.BoomerSummit.com A pre-conference to the 2008 Conference of the National Council on Aging (NCOA) and the American Society on Aging (ASA) www.AgingConference.org Mary S. Furlong, Ed.D CEO Mary Furlong & Associates 3527 Mt. Diablo Blvd. #128 Lafayette, CA 94549 [email_address] 415-902-8671 http://www.MaryFurlong.com

Resource for More Market Information Turning Silver into Gold How to Profit in the New Boomer Marketplace [email_address] ; MaryFurlong.com

BOOK NOW FOR THE 2008 SARASOTA SUMMIT DESIGN October 27-29 www.sarasotadesignsummit.com/2008/

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