Hackathon 2023
Developing platform business to facilitate independent living for older adults to age gracefully in place
Background
As the baby boomer generation approaches retirement age, the US and many other countries will see a dramatic growth in their elderly population. According to the US Census Bureau, “By 2034, there will be 77.0 million people 65 years and older compared to 76.5 million under the age of 18." As they age, individuals will require an increased number of health, wellness, and day-to-day living services, involving interactions with formal and informal healthcare and service providers.
This evolution is accompanied by two major shifts:
- With increasing numbers of elderly people using smartphones and the internet, opportunities open to reframe how care for the aging is coordinated. Aging in place becomes a viable option for more seniors as sensors in the home, remote consultations over video, and on-demand services create a network of first-line care and services centered in the home.
- At the same time, seniors are the wealthiest age cohort, with median net worth in US households with head of the family age 65–74 and 75+ at $266,400 and $254,800, and average net worth at $1,217,700 and $977,600, respectively (CNBC, Jan 26 2022). Therefore, corporates across industries—life sciences, healthcare, telco, insurance, and retail and consumer products—have identified the population of elderly people as a target segment with high purchasing power.
Hackathon 2023
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Hackathon 2023
Business challenge
The Hackathon 2023 student teams were asked to address the following challenge: How might you create, implement and run a business platform to facilitate better health outcomes and quality of life for seniors aging in place to extend independent living in their own homes?
The students' mission was to facilitate elders aging in place. The teams needed to develop a platform business model that facilitates elders’ aging gracefully in place by catering to their portfolio of needs. Such a platform would orchestrate interactions between service providers, support and community organizations, and friends and family on one hand, with older adults who want to age in place on the other.