In 2020, the United Nations (UN) has declared the years between 2021 and 2030 as the Decade of Healthy Aging, a clear sign that countries need to prepare for the challenges of longevity, such as maintaining the quality of life. The World Health Organization (WHO) predicts that by 2050 the world’s population over 60 will exceed two billion people and that in Europe more than a third of the estimated population before that date will be over 65. Portugal is one of the most aging countries in Europe, with currently around four million people aged 55 or over. So this is the age group being considered to evaluate the call”silver economy“, that is, the market for goods and services aimed at seniors.
According to a study conducted by the Technopolis Group and Oxford Economics for the European Commission – conducted in 2018, but still the most recent – estimates indicated that this sector would weigh on the economy by 2025, in Europe alone, something like 5, 7 billion euros. And great challenges offer good business opportunities: new services will emerge and with them new functions and professions. Active older people are consumers of, among other things, traditional products, different types of travel, technology products and services for geriatric care, new integrated therapeutic solutions, consultancy and skills retraining.
In addition to large companies, such as pharmaceutical companies, that have been looking for integrated solutions for the longevity market for years, numerous start-ups are now emerging that target this fringe of the population, with companies that go beyond just social solutions, namely in the digital transformation. There are already good examples of this in Portugal.
Ageless Portugal focused on people over 55
Mónica Póvoas, founder of Ageless Portugal, has deepened her awareness that the over-55s market is growing and needs targeted investments. He then decided to turn his knowledge into a real business and created the company that offers the market a series of specialized services and products for people in this age group, with the main goal of aging in a healthy, active and inclusive way.
“As a communications, marketing and events agency aimed at people aged 55 and over, Ageless Portugal has been working on projects that aim to better understand this market and thus help build a profile of consumer behavior” , says this responsible.
The company describes itself as a promoter of behavior and attitude change, tries to break age stereotypes (aging associated with negative ideas such as illness, exclusion, etc.) and is active in areas such as the acceleration of entrepreneurship projects, advice, investment support and personalized support.
“Portugal occupies the 8th position as a European country with the lowest quality of life for its elderly, a ranking led by Switzerland, Norway, Sweden and Germany. However, the country already has some initiatives that show concern for its needs,” it says. . Mónica Póvoas also claims that brands are more aware that this is a huge and lucrative audience, and that is why they are increasingly attracting their attention due to their ability to adapt to new technologies.
On the other hand, he mentions that the population approaching 50 is experiencing difficulties in professional growth or requalification. “In organizations, those who create opportunities to attract and retain as well as develop new strategies open up retraining and further training will continue to rely on a workforce that is productive, motivated and able to contribute to business innovation.”
It is precisely to operate in this particular market niche that in 2015 Jorge Fonseca, in collaboration with a training group, George – Executive Advisor, founded a consultancy specializing in career changes, especially for the public facing, almost 50 years old, with professional problems and plans to change his life
“If there are areas where gray hair is highly valued, it’s in consultancy, like the legal sector for example. In other areas, where age is valued less, you have to work well on the curriculum, focus on the person’s path to achieve « sales » the professional in the best way, or support in his requalification”.
This manager, after 20 years in the professional recruitment sector, has in-depth knowledge of the market and knows in which areas senior candidates can and cannot be used. About 90% of his clients are individuals looking for a professional redeployment, most of whom have a job but are dissatisfied. “I try to lead my clients to growing businesses,” he explains.
Jorge Fonseca is currently the sole shareholder of the company and believes this is an activity with a future as it is not easy to make a career switch without support in this more mature stage of life.
Human to support the human spirit
It was also thought about silver economy, although in a more social than purely economic aspect, that Patrícia Paquete moved forward ten years ago with the creation of the Humanamente company. Occupational therapist, certified in Alcoitão, and PhD from the Faculty of Medical Sciences in Lisbon, focused on the well-being of people with dementia, she realized that there are no solutions for this type of audience. This is how she created her own job together with two partners.
“Humanamente was created because it knew the market well and knew that there was a problem for which there was no social answer,” says the manager who received an entrepreneurial award in 2014. Founded with its own resources, it is established through a website where it is possible to purchase services and products that support the elderly, especially in a phase of dementia. In the virtual store, the customer, himself or the carer, can buy e-books with games and hobbies, puzzles and games for mental and sensory stimulation.
On the other hand, institutions, such as homes, residences and others, can also purchase related services, such as more specific training for this public.
“What sets us apart in the market is that we help fight ageism. My goal is to change mindsets, change the way care is provided to these people and promote well-being. Little by little, I am planting the seed of what are good practices,” says Patrícia Paquete.
On-the-job training, delivered in the institutions themselves, especially in the IPSS, is currently the largest share of this business, and curiously, it was in the middle of the pandemic that it recorded the highest turnover, proving that at this stage there was more attention for the elderly.
Both Sioslife and Actif are two companies that mainly focus on new technologies to support the elderly. Founded by Jorge Oliveira, CEO, and Fábio Macedo, both computer engineers, Sioslife entered the market about eight years ago and began as a university research project. It provides technological solutions for the elderly population and combats loneliness and lack of socialization.
“We started visiting institutions and noticed that there was a sense of social exclusion among the elderly, so we decided to develop interactive systems user-friendlymaterialized in computers for homes and day centers, with adapted hardware and software, focused on natural interfaces,” explains Jorge Oliveira.
Currently, in addition to facilitating communication and socialization, Sioslife also has a mental health aspect, with cognitive stimulation, music therapy, and a physical health aspect, with a motion sensor.
Sioslife offers two types of tablets, one more focused on guest institutions and another more focused on home, as well as support tools for back officeor via mobile applications, aimed at both formal and informal caregivers, to carry out all day-to-day management.
The business model includes partnerships with entities that provide support services, and is already present in approximately 500 institutions and reaches some 5,000 users. The next step for Sioslife, which is about to receive a new investment round, is to accelerate its internationalization, as it already has a presence in more than a dozen institutions in Spain.
Physical activity is necessary
“Actif was born out of the need to get older people to exercise more. We have identified numerous gaps in homes and day centers that do not have the capacity to provide adequate stimulation, as well as people who are at home,” explains Sara Gonçalves, CEO and co-founder. The idea for the startup was born in 2020, in the middle of a pandemic, and consists of a web platform with videos of physical and cognitive activities, which are divided into different areas, such as yoga, tai-chi, fitness, cognitive stimulation, among others. This platform is compatible with various devices, be it smartphones, tablets, smart TV, or any other with internet access.
“We collect clinical data from people and their interests so that we can propose a weekly plan that responds to what the user needs,” explains Sara Gonçalves.
The company, which already has a team of ten people, is breeding Casa do Impacto and will soon receive an investment round. Actif has the José de Mello and Misericórdia do Porto group among its clients and aims to reach 50 national institutions soon. In addition, it also establishes the first international contacts.
Although it has not yet been commercialized to the community at large, the platform is open to anyone who wants to try it out for free, who will then move to a subscription model, as it has already done for institutions. “We usually say we’re a healthy Netflix species,” jokes the person in charge.
Source: DN
