Tom Murphy
RedwoodAge.com
As you’ve probably guessed from TV commercials aimed at baby boomers, lots of companies are trying to cash in on the $2 trillion that people 43-61 reportedly spend each year.
Retirement planning, healthcare and boomer-focused products lead a parade of goods and services aimed at the largest single demographic group. And there are many more companies on the way.
To help speed those along, entrepreneurs and venture capitalists are meeting Tuesday at the third annual Silicon Valley Boomer Venture Summit, a virtual love fest of panel discussions and competitions focused on bringing must-have products to the most-unique generation.
“This event is like the connective tissue that allows entrepreneurs to meet the leaders in private venture capital and the nonprofit world, and to really accelerate their innovations,” says Mary Furlong, a Santa Clara University business professor who has literally written the book on “Turning Silver Into Gold.” Furlong, who produces the conference, is also CEO of Mary Furlong & Associates, a marketing consulting company.
The strong interest stems from strong numbers: 78 million baby boomers are heading into retirement, making a life transition that will involve their housing, health, fashion, travel, finance and family (generally, the subjects we cover heavily here at RedwoodAge.com.)
The Finalists
Just what kind of companies are likely to succeed with boomers? The conference
offers some clues through a contest for the best business ideas. The judges are some of Silicon Valley’s best-known venture investors.
About 80 companies entered the content. Ten have been named as semifinalists and will be competing at the conference – five in health and five in other fields. One from each category will receive a grand prize of $10,000.
The health finalists, all affiliated with major universities, include:
· CellThera, which is developing cell-based transplants for severely disabled stroke patients;
· Curant, which is developing device-based therapies for people with urinary incontinence;
· cVision Medical Solutions, which developing a non-invasive ultrasound procedure that measures central venous pressure;
· Optimal Vision, a company developing a non-invasive laser procedure that reshapes the cornea and corrects near-vision loss; and
· SeroNostics, which is developing a hand-held diagnostic device that allows physicians to diagnose diseases such as influenza.
Among the other finalists:
· eLegacy is designing software to help settle estates;
· Celery helps people send and receive handwritten letters photos without a computer;
· AmeliaPlex makes software that sends medication reminders to wireless devices;
· Prime Footwear makes therapeutic footwear for folks with joint problems;
· World Hearing Organization is developing mobile centers to test patients’ hearing and sell discounted hearing aids.
