The rapid digitalisation in the past few years has brought about a drastic change in the way we undertake our rudimentary tasks, be it about making a bank deposit or booking a taxi. But while that has been a boon for millennials and the tech-savvy youngsters, the same can’t be said of the older folks, many of whom might have had their first brush with this new technology well in their retirement years.
It is here that agetech assumes significance as it aims to bridge the technological gap and attempts to make life simpler for the seniors.
At a panel discussion on how agetech is simplifying lives at the Outlook Money 40After40 Retirement Expo, experts deliberated on the huge wide space in businesses catering to senior citizens, where not enough of businesses are being built for senior citizens and how some entrepreneurs have tapped into the space and creating businesses for the aged.
Pragya Vats, head of campaigns and communication, Outlook, asked the panelists on the idea or incident that triggered the idea behind their ventures
Ashwini Kapila, managing director, business development and partnerships, GetSetUp said the idea was both to address a purpose as well as a business proposition. He mentioned how he saw his parents maintaining an active lifestyle after their retirement, even taking to learning musical instrument. This made him realise that the elderly needed something to keep themselves busy, aware, abreast, and gainfully employed (not monetarily, per se), but in some manner or the other. It was then that the three founders of Get Set Up decided to come together and fill this gap with three aspects in mind – financial well-being, health and wellness and social connection.
Raghunandan KS, founder and CEO, Elders India said it was during his stint with the IT industry, when he was posted abroad, he realised how difficult he found to take care of his ageing parents, and so, decided to come back as he was the only son. It was then that the idea of starting something that could take holistic care of the elderly that would allow other sons and daughters like him (regardless of where they are) to take care of their aged parents, took genesis. He also decided to make corporate a stakeholder in this venture of his, he added.
Salil Datar, founder, Simpli5, said that during his career with the banking industry he realised that the elderly also needed mental and emotional support and not just financial well-being.
“Banks were using digital means to cater to the millennials, which was the other end of the spectrum. I realised why can’t digital be used to cater to the specific needs of seniors? During Covid, I saw my parents struggle. I decided let’s take baby steps to keep digital simple for the elderly. My focus will remain on making digital simple and a gateway for seniors to digital independence,” he said.
Connection Matters-Learning From Peers
Ashwini said that seniors need connection to stay active, healthy and also learn from peers. It is important to age healthily and active ageing is important.
Raghunandan said the needs of seniors is very complex and cannot be generalised. Understanding the problem is half the solution, he said.
“There is an awareness issue. Unlike in the past, today, if the child moves to another city for a job, the aged parents might either have to come and stay with the children. The problem is that the parents will find it difficult to explain what exactly they need, and neither will the children be able to understand the concerns and needs of their parents,” he added.
