How Entrepreneurs Can Take on the Future of Aging Using Artificial Intelligence
Here are some of the biggest business opportunities associated with the future of aging.
4 min read
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Thanks to daily advances in healthcare technology, people are living longer and longer. As a nation, we’re nearing a historic first: It is predicted by the year 2034 that there will be more people over the age of 65 than people under the age of 18. A larger senior population also means an associated rise in cost of care needed to sustain quality of life for more and more citizens as they continue towards their golden years. It’s a wonderful development, but it necessitates change, and entrepreneurs are the perfect people to lead the charge.
The strain of cost will be felt not only on a global level, but most directly on a family level. The average cost of simply maintaining a worthwhile existence for the aging population is staggering. Just consider these averages:
$225 a day or $6,844 per month for a semi-private room in a nursing home
$253 a day or $7,698 per month for a private room in a nursing home
$119 a day or $3,628 per month for care in an assisted living facility
The solutions to these costs and challenges can most effectively be provided by people who aren’t tied to traditional thinking on healthcare, aging or problem solving. They’ll need to come from the complex, agile and innovative mind of the modern entrepreneur, who is wired to look at an age-old problem and think of multi-dimensional solutions that no one has considered before. And let’s not forget that the life you may save and enhance will end up being your own.
Here are some entrepreneurial opportunities associated with the future of aging.
Develop age-appropriate wearables.
he number of connected wearable devices worldwide is estimated to rise to over 1.1 billion by 2022. Focus your efforts on making wearables more passive, unobtrusive and age-appropriate. Conduct research and surveys of aging populations. What are their fears, and what makes them uncomfortable when it comes