I confess to having serious soft spot for senior housing entrepreneurs. In particular my biggest soft spot is for those entrepreneurs who have created the next great product, service, gadget or program for seniors.
I confess to having serious soft spot for senior housing entrepreneurs. While this soft spot includes early stage developers, I do know that, in the current market,, if you have enough capital it is relatively easy to be successful because you can hire all the expertise you need to make a go of it. My bigger soft spot is for those entrepreneurs who have created the next great product, service, gadget or program for seniors. You will see them at any industry trade show and they are easy to spot.. They all look like little puppy dogs, wagging their tails hoping someone… anyone… will come pet them/talk to them. I hope you don’t see this as a demeaning description because, in truth, that describes me when it comes to Senior Housing Forum. They/we/I will talk to anyone and everyone. . .talk your ear off if given the opportunity There is a dark side of course, which is that if you look around at trade shows, every year you will find some of these ventures missing, on one hand sad for them, their dreams and their investors, but also it is also fantastic that opportunities to try exist. A few days ago I spent some time talking to John Reinhart, the CEO of InnovateLTC about innovation for seniors. Our discussion included the senior innovation ecosystem and InnovateLTC’s role in that innovation. Part two of this article will talk more specifically about how InnovateLTC is moving our industry forward including their premier LTCLINKTank competition
Laying the Foundation
These senior living entrepreneurial ideas tend to fall into 4 categories:
- Terrible Ideas – At any given trade show, if you take the time to check out all the new ventures, you will find a small number with terrible ideas. These are ideas that are just stupid. These ideas usually come from people who are not in the industry or who have a poor understanding of seniors and senior operators.
- Cool but Terrible – These are almost always technology ventures. Often they are sophisticated, fun software, or hardware somethings. The problem with them is that the developer has not really thought through the process of what execution might look like in real life. They have not asked questions like: What would it be like to actually use this in a senior community? How will it communicate with other systems in the community? So many of these ideas increase work levels, or increase liability and do nothing to benefit seniors.
- Me, Too – To often I see ideas that are just “Me, too’s”. Sometimes they provide enough additional benefit; they will replace the old thing to become the standard. Other times, they may have some incremental improvements, but are not really good enough to do an adequate job of differentiation in the market place.
- Great Potential – In some cases those with great potential are great at execution and turn into thriving businesses. Others have great potential but struggle to execute in one or more of the following areas:
- They don’t have a good enough understanding of how buyers and/or users approach the problem being solved.
- The pricing strategy is wrong.
- They don’t have an effective vehicle for getting in front of potential buyers.
- They are un-teachable (read arrogant), meaning they are unwilling to listen to experts and to make the changes necessary to be successful.
Those with great potential are exciting and I am not the only one that thinks so. InnovateLTC also loves these ventures and has created an amazing platform to overcome the fragmentation and changing tides in the industry for all but those who are too arrogant to be helped. The second part of this article will talk about how InnovateLTC helps young companies with great potential ideas and turn them into real viable companies. What is the best idea you have seen promoted? What is the worst idea you have seen promoted? Steve Moran
I saw a company present a bathtub for seniors. Imagine a hot tub with the floor of the tub at chair height and a watertight sliding door that closes once you are inside in the dry tub. Below the floor of the tub is a holding tank that allows the water from the tub to be drained incredibly quickly so you don’t get cold waiting for the water to empty and the sliding door to open. Sounds like a good idea and the company obviously spent a TON of money to create it! The problem was that they seemed to have never actually talked to person who had trouble getting into/out of a standard bathtub or the associated caregivers. The sides of the tub were slick and vertical, there were no hand grips, it was big enough for 4 people to bathe in and they didn’t have a way to clean the holding tank…yuck! I felt sad for them because they put so much work into what was almost a great idea!
Tamara: That is a great example of the kind of thing that would turn into a super company, but was not well enough thought out.
Steve
From LinkedIn Groups
Steve, I would rate your forum and blogs as one of the best ideas for the senior living industry. Over time I’ve gained valuable insight into many important issues through your postings. Many thanks for all you do.
Jeff Lefkovich
President/CEO
Lifestyles Unlimited, Inc.
From LinkedIn Groups
OK- I will sucker for this. Based on disabilities of my relatives I invented Friendly Beds as a bed mobility product unlike everything else on the market (see http://www.FriendlyBeds.com). Incredible benefits because multiple assistive components are heavy duty and made to work together. Allows frail elderly, stroke, MS, MD, CP, Parkinsons, arthritis, SCI, etc. to be safe, independent, and stay at home (or IL/AL) longer. It is the only reason some of my customers remain home at all.
By Joe Vosters
How about the big mistake targeting to the Greatest Generation (only) – is anyone paying attention to the boomer market? How many of us don’t want to live like the ones who came before us (my dad didn’t want to live like that either)?
I’m blown away – rarely do I see senior housing and other products/services marketing only to this generation! If you are targeting boomers too, then kudos. If not, read Turning Silver into Gold (Mary Furlong) and Housing in America – The Baby Boomers Turn 65 (John McILWAIN). These are game changers!
From LinkedIn Groups
Too many Me,Toos!
By Carol Marak
From LinkedIn Groups
Actually, I believe one of the biggest flaws: targeting only to the Greatest Generation – is anyone paying attention to the boomer market? How many of us don’t want to live like the ones who came before us (my dad didn’t want to live like that either)? It blows me away – rarely do I see senior housing marketing to this generation! If you are, kudos to you. If not, then read Turning Silver into Gold (Mary Furlong) and Housing in America – The Baby Boomers Turn 65 (John McILWAIN). These books change everything!
By Carol Marak
From LinkedIn Groups
Actually the best idea I’ve seen is mine. I’ve designed a wheelchair accessible 1Br, 1BA energy efficient, storm resilient, sustainable cottage for one person or a couple. It has a 24’X24′ footprint; vaulted ceilings; and lots of natural light. The plans are available at no charge. Contact [email protected]
By Van Deist
From LinkedIn Groups
Thanks- would be glad to- http://www.FriendlyBeds.com. Totally opposite of the flimsy stuff currently on the market. Safety and staying at home longer are the main benefits but for many people being able to stay sleeping in their existing bed with their spouse is their #1 goal. This allows them that choice despite the mobility problems of age/disability. Equally important to reduce risk of injury to the caregiver.
By Joe Vosters
From LinkedIn Groups
No one has a crystal ball but we will age and one day be Seniors. All the companies and services growing to support the needs of this population are hoping to develop and proposer. The bathtubs,the chairs, alert systems are helpful aids during a transition period when a person can and cannot live alone. It will never be just one thing but a collection of support for Seniors most importantly the people who are aware, notice, and care how safely a Senior is living at home.
By Joanne Devereaux
From LinkedIn Groups
I like the Greenhouse project assisted living concept. (www.thegreenhouseproject.org) 10 – 12 residents, homelike atmosphere. I wish we had a few of them in Connecticut. I know it’s not new, but most folks here have never heard of it.
By Wendy Seiler
Dear Sir,
I am an entrepreneur from India, working on an unique resort concept exclusively for the elderly. Your article made me ponder on certain areas that I had not thought on maybe out of arrogance or ignorance.
Thanks for the article – educative and an eye opener.
From LinkedIn Groups
The inclusion of smart technology such as passive monitoring, home health monitoring and social communications systems should be on the radar of developers to meet demographic requirements. It is important that we focus on the physical design of homes and living environments that enable individuals. At the moment our environments are not designed to enable but to disable individuals. For example, most falls happen in a bathroom getting in and out of the tub/shower. An enabling bathroom design feature would be to have a zero threshold shower or a sliding door front tub.
The majority of Americans have a Peter Pan mentality that they are never going to get old. Therefore, they fail to plan for the idea that change is inevitable and you do not have to be old to experience it. Many enabling design ideas are wonderful for people of all ages.
By Karla Gustafson