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The innovators that start great companies often have a personal backstory that explains, or at least contributes to, their commitment and eventual success. Henry Ford, a bicycle builder in his youth, imagined the potential for the Model T to provide practical, affordable transportation for the common person. Jonas Salk was so determined to cure polio that he administered the experimental vaccine to himself, his wife and sons. Steve Jobs and Steve Wozniak created the Apple because, as Jobs once explained, “Basically Steve Wozniak and I invented the Apple because we wanted a personal computer. Not only couldn't we afford the computers that were on the market, those computers were impractical for us to use. We needed a Volkswagen.”
Add Amanda Rees to the list of entrepreneurs for whom the business and focus of innovation is decidedly personal. After graduating as a chemical engineer at Princeton University, she moved to the Bay Area to live with her grandmother Flora, and took a job with Eric Schmidt’s foundation. Over the five years she worked with Schmidt and the team, the entrepreneurial bug bit. But her decision about life and business was more sharply focused by the experience of living with her Grandmother (now 95), with whom she still lives, together with her life and business partner, Hari Arul, who had been Chief of Staff for Khosla Ventures, a leading VC.
Rees and Arul are in the midst of creating Age Bold, an exciting new age tech startup that is freelance resourced, and focused on eliminating a problem that costs global consumers dearly: individuals, and especially seniors, losing balance, falling down, and as a result losing their mobility and very often leading to a deteriorating life and too often death. According to Center for Disease Control (CDC), almost 30% of older adults experience dangerous non-fatal falls. And, the research shows that physical activity—even dancing!—can regress the negative impact of aging.
Each year about $50 billion USD is spent on non-fatal fall injuries and $754 million is spent on fatal falls. The impact on government and eventually taxes? For non-fatal falls alone, $29 billion was paid out by Medicare in 2018 for treatment and care.
Rees explains her focus this way: “I have been my grandmother’s caregiver for several years, and went through the grinder as so many caregivers do. I saw that there was so much you could do to help seniors age differently, and wanted to build tools that would make it easier to age independently. Fitness is an important part of my life, so it was natural that Age Bold would focus on fitness based intervention through education and community support.”
That’s what Age Bold is about: “Digital fitness for strong, happy, healthy aging.”
Let’s translate that in practical terms: helping seniors build flexibility, balance and strength, in order to avoid the danger of losing balance and falling, and its impact on the health and lifestyle of seniors and the emerging elderly. The problem is an old one, but bringing Silicon Valley tech and expertise offers a new and more robust and scalable solution.
Age Bold is first and foremost a community. Like other community architects, Rees and Arul decided on a subscription model of revenue in order to support active and consistent participation by AgeBold members. As Arul mentioned, “We want the whole experience of Age Bold—the programs, classes and other activities—to feel awesome. And, we support members through personalized feedback, support for personal accountability, and motivational messaging (author’s note: As a member of Age Bold, I received a message this morning about a new class in Tai Chi). If we can get members to spend just an hour a week, we can change their life.”
Second, Age Bold is an educator using technology in interesting ways. And, Rees and Arul are accomplishing this by creating an algorithmic protocol for Age Bold’s members to create a well-defined plan for improved flexibility, balance and strength, and a library of specially designed, well-produced, brief, online classes in a variety of areas. As importantly, they’ve designed the instruction to operate at three levels so that as members improve, they continue to find value in the educational offering. Balance, stability, and strength are basics, but the plan is to expand into areas like Tai Chi and Yoga.
Third, Age Bold is a strong example of a important trend I’ve written about previously: the growth of interest in age tech (or, as age tech thought-leader Keren Etkin calls it, “gerontechnology”), and the development of a significant ecosystem in support including innovators, educators, investors, community builders and even the active participation of insurance companies investing in healthier aging. Age Bold is important in its own right, and emblematic of the importance of innovation supporting the silver generation in a healthy and active life. I’m 68, still active as a teacher, consultant, and writer, so it’s an area of deep personal meaning for me.
Fourth and finally, and why I’m writing about Age Bold in #freelancerevolution terms, is that it provides an excellent case of early resourcing through the deep involvement of freelancers. Age Bold has a small full-time staff, but has basically bootstrapped its initial growth through a freelance hack.
In creating a vibrant and robust community, sponsorship is an important factor in gaining members. Direct to consumer approaches are challenging. Rees and Arul are working closely with Medicare Advantage and corporate health plans to provide Age Bold membership as a benefit. HR departments are interested: so many employees are dealing with elderly and unwell family members. And, they recognize that the cost of absenteeism (assisting elderly parents, accompanying them to doctors, responding to health crises, providing), together with the challenge of retaining talented employees, makes a wellness service for the elderly something of interest. $50 billion U.S. dollars for non-fatal falls doesn’t include the significant ancillary costs to affected families and organizations. And, as more 65+ employees remain in the workforce on a part- or full-time basis, HR wants to support the wellness of these employees.
Age Bold is part of an important wave ... let’s call it a Tsunami of interest in supporting a better and longer life for seniors. Keren Etkin estimates that The global spending power of people 60+ years old will reach $20 Trillion this year. And, she notes that Americans over 50 are expected to spend $84B annually on tech products by 2030. As the elderly become more tech informed and confident, startups like Bold become both more possible and more necessary.
Etkin also reminds us that 10,000 Baby Boomers retire each day in the U.S. alone. They have free time and disposable income. They embrace technology into their lives. It’s time for more tech companies like Age Bold to target both the elderly and Boomers who are the emergent elderly? Helping our silver generation to enjoy a healthier life—improving flexibility, balance and strength—is not just better for all of us; it’s essential.
Viva la revolution!
