Mary Furlong's Vision for AgeTech: Insights, Innovation, and Investment Opportunities

Mary Furlong, a trailblazer with over 35 years of experience in the AgeTech industry, recently shared her valuable insights on the AgeTech Podcast. From founding SeniorNet in 1986 to hosting influential events like the Longevity Venture Summit, Mary has been instrumental in shaping the AgeTech ecosystem. Here are the key takeaways from her conversation:

The Evolution of AgeTech

Mary's journey in AgeTech includes:

• Running SeniorNet for 10 years
• Starting Third Age Media (later sold to Ancestry)
• Launching a newsletter to share industry news
• Organizing influential events like the Longevity Venture Summit and Washington Innovation Summit

The Changing Venture Landscape

The AgeTech ecosystem has undergone significant changes over the past 20 years:

• Ecosystem Recognition: The industry has shifted from viewing aging solutions primarily through a health tech lens to recognizing AgeTech as a distinct market with its own ecosystem.
• Diverse Funding Sources: There's now a wider range of investors, including seed investors, angel investors, corporate investors, family offices, and foundations.
• Increased Interest: More people are discovering the AgeTech industry and choosing to stay involved, even after leaving specific companies or roles.

Current Market Needs and Opportunities

Mary highlighted several areas where entrepreneurs and investors are focusing:

• Workforce and Staffing Solutions: Technologies addressing the critical shortage of healthcare and caregiving workers.
• Home Care and Technology Integration: Combining home care services with innovative technologies for mobility, safety, engagement, and companionship.
• Disease-Specific Solutions: Focusing on common age-related conditions like osteoarthritis, with an emphasis on muscle strength building and rehabilitation.
• Caregiver Support: Developing solutions for caregiver respite and support.

Financing Challenges and Opportunities

While the AgeTech sector is growing, there are still funding gaps:

The Growth Stage Funding Gap

• Many startups struggle to scale after initial success, indicating a need for more growth-stage funding.
• Reasons include:
  • Lack of understanding of the AgeTech market among generalist investors
  • Longer time horizons for returns compared to other tech sectors
  • Complexity of the healthcare and aging services ecosystems

Alternative Funding Sources

1. Non-Dilutive Funding: Grants from organizations like the National Institute on Aging (NIA) have become crucial.
2. Regional Initiatives: Some states and countries are investing in AgeTech solutions (e.g., New York State's initiative led by Greg Olson).
3. Corporate Investors: Companies like Panasonic, Samsung, UNUM, and Best Buy are entering the space.
4. Specialized Funds: The emergence of funds like H-Tech Capital and collaborations with groups like the AgeTech Collaborative.

Strategies for Success

1. Focus on chronic conditions affecting older adults
2. Leverage incubators and accelerators like Matter
3. Explore regional clusters with local investor ecosystems
4. Seek corporate partnerships for validation and potential investment

Future Vision for AgeTech

Mary envisions a future where AgeTech plays a crucial role in enhancing the lives of older adults:

• Extending healthy lifespans and keeping people active and engaged
• Providing diverse housing options and transportation solutions
• Facilitating intergenerational connections and continued learning
• Empowering older adults to remain relevant and excited about life
• Using technology to combat loneliness and promote vital aging

As the AgeTech sector matures, we can expect more specialized venture funds, increased interest from generalist VCs, greater involvement from corporate venture arms, and continued growth in government and foundation funding for AgeTech initiatives. Mary Furlong's insights reveal an AgeTech industry that is maturing and full of potential. As the population ages, the opportunities for innovative solutions and investments in this space are likely to grow exponentially. Entrepreneurs and investors who recognize these trends and focus on solving real problems for older adults and their caregivers are well-positioned to make a significant impact in the coming years.

Original Source: https://youtu.be/2CvbZIgVjm4?si=Gce4h5uJiKj4QhJw