by John Valiton, CEO at Reemo Health
While leaps and bounds beyond what we saw even five years ago, the health tech industry has yet to be fully explored. There is such a huge opportunity for entrepreneurs to use their technical abilities to advance the way individuals deal with their health — especially in terms of aging care. To put the space’s potential into perspective: the senior care industry is projected to reach a worth of $400 billion by next year alone.
While we’ve seen numerous startups come into the scene that focus on easing the challenges adult children and family members face as their loved ones age, there is still a huge gap that needs filled with technology that specifically delivers everyday value to individual seniors. And this isn’t just a job for those entrepreneurs already immersed in the healthcare space. Entrepreneurs coming from outside of traditional healthcare should consider leveraging their knowledge and experience to achieve novel solutions that would not have been delivered from inside the traditional health ecosystem.
Why? First — their solutions can have meaningful improvements on seniors’ day-to-day lives and the quality of their care. Second — the 74.9 million Baby Boomers have more wealth than any other generation and are looking for ways to maintain their independence and quality of life. They may be slower to adopt technology than Millennials, but show plenty of appetite for tech that can support their health and wellness.
So, how can entrepreneurs muster what it takes to enter the senior care space? Like any successful business venture, there has to be a personal element to the venture. As I and the founders of my company quick found out, there’s a lot more motive to create a solution that vastly increases care when it’s directly impacting a loved one. Once you’ve identified that area of senior care that sparks your passion, it’s time to start doing your research.
Take time to identify if that need is something that others struggle with, then dive even deeper. Don’t be afraid to get your hands dirty, and take the time to sit down with individuals to gather personal anecdotes about their struggles or victories. Once you’ve learned all the ins and outs, specific challenges, and developed deep empathy for that specific need, you’ll be in a position to truly make a difference — and your chances of actually succeeding will be substantially better, because your solution will resonate with people. Stay open and listen to the voice of the users. Your product and your business will be better for it.
John Valiton is CEO of Reemo Health, a senior health technology solution designed to empower caregivers with actionable insights to improve the aging experience. He has been an avid technology enthusiast since an early age, and applied his interest in all things tech at the intersection of IoT, wearable technology, healthcare and data science through his position as a strategic advisor, Chief Revenue Officer, and now CEO for Reemo.