Modern Aging Singapore kicked off in the middle of August. So far, the program has seen active participation and support from aspiring entrepreneurs. About three hundred students, health practitioners, researchers, and members of the public attended the Kickoff Workshop held at the NUS I Cube Building Auditorium on the morning of August 15.
Attendees were treated to four presentations from experts in aging and business: Overview of Aging by Prof. Angelique Chan of Duke-NUS Graduate Medical School, Healthcare and Business by Dr. Jeremy Lim of Oliver Wyman, Home and Center Based Care by Dr. Ng Wai Chong of the Tsao Foundation, and Product Design for Seniors by Hunn Wai of design firm Lanzavecchia + Wai.
Prof. Chan highlighted some key trends and statistics on aging in Singapore. One surprising point was the high prevalence of social isolation among seniors here. This finding spurred aspiring entrepreneurs to think of novel solutions to address this trend.
Dr. Lim went on to outline the aging sector in terms of business potential. One suprising finding, according to theNational Center for Policy Analysis, is the average net worth in 2010 was 848,000 USD for sixty five to seventy four year olds and nearly seven hundred thousand dollars for those above seventy five. These figures encouraged aspiring entrepreneurs to enter the aging sector.
Dr. Ng discussed the current status of home and center based care in Singapore. He highlighted specific needs in these care settings frequently used by seniors. This discussion allowed aspiring entrepreneurs to hone in on key areas of need and address these pain points. For example, some challenges in these settings include the quick and painless transferring of patients from bed to chair and vice versa, and increasing the time health practitioners can spend with seniors.
Mr. Wai rounded off the presentations with insights from product and design perspectives. He introduced examples of good design for seniors, such as mixed use canes and walkers, or stylish back braces. This presentation especially inspired aspiring entrepreneurs to consider seniors’ lifestyles and tastes when introducing new product ideas.
In addition to expert presentations, attendees also heard two senior role models share their life experiences and lessons. Younger members of the audience seemed glad to hear the wise advice dispensed by the seniors. The kickoff event concluded with a networking lunch. Participants became so engrossed in conversations around aging that they lingered past the scheduled end time.
Currently, Modern Aging Singapore has progressed to the business curriculum and selection phase. The top twenty teams have been selected and paired with industry mentors to hone their business ideas. The twenty teams will soon be pitching at the semifinals judging event for the top six spots. Meanwhile, all participants of Modern Aging Singapore are able to access the same business and aging curriculum on the Modern Aging Online Learning Portal to continue learning and improving their business ideas. If you would like to access the Portal, please write an email request to firstname.lastname@example.org.
Find out more about Modern Aging, at www.modernaging.org.
One of the key challenges in current and future elderly care is how to engage the younger generation in this topic. We need to inspire young people to innovate for elderly and to become elderly care entrepreneurs.
At ACCESS Health International, we believe that it is time to give the elderly care industry an “injection” in the form of new ideas and knowledge that enables improvements in the lives of the elderly. In the light of this, we have launched the innovation program Modern Aging, which aims to support young entrepreneurs with ideas with the potential to improve quality of life for the elderly.
Modern Aging helps young entrepreneurs to take their ideas from vision to reality during a four-month innovation program and make the ideas as impactful as possible. The program is filled with seminars and workshops as well as coaching and mentoring for the entrepreneurs and their ideas. Through the program the entrepreneurs will build important networks of industry experts, mentors and peers. The entrepreneurs will develop leadership skills in order to take their idea concepts forward as well as gaining in-depth understanding of the conditions, attitudes and lifestyles of the new generation of the elderly and how ideas can be tailored to their needs.
The goals of the program is twofold; both to bring new innovation for elderly to the market as well as highlighting elderly care as an industry of the future.
The recruitment of entrepreneurs is currently taking place. Do you have an idea for elderly that you would like to realize – visit the Modern Aging website for your chance to participate in the program that runs August-November in Stockholm, Sweden. The application deadline is the 24th of May.
The program has been made possible by support from the Swedish Postcode Lottery.