The business of ageing

Commercial challanges and opportunities in ambient assisted living

A discussion paper produced by the Netcarity consortium - 2010/11

While research and development in AAL has been advancing well, to date however implementation has been poor. What is lacking is a clear evidence-based business strategy for implementing the proposed systems, a general understanding of how they will work in practice and an effective way of communicating benefits to potential customers. A white paper titled “The Business of Aging: Commercial Challenges and Opportunities in Ambient Assisted Living”, which is based on the 4^th training session on business strategies called “Taking Netcarity Research to Businesses and Consumers”, identifies opportunities, conclusions and offers key recommendations to be considered at the start of any AAL or other related project which were worked out at the business workshop.

Opportunities

• Understand the needs of elderly people, as well as their families, their institutions and their governments

• Governments – aware of rising costs – are enthusiastic about practical solutions

• Buyers need to see evidence of efficiency, sustainability and reduction of health care costs

• Governments, organisation and individuals are hungry for solutions and are willing to invest in right proposition

Conclusions

Priorities for the Netcarity project:

• Identify Netcarity technologies that can realistically be commercialised

• Decide who will develop them and assign responsibility

• Decide where the business will be launched

• Undertake market analysis of that area

• Draft a comprehensive business plan for each opportunity

• Abandon businesses that will not work and focus on those that have most potential

• Seek expert support to drive business forward

Recommendations

• A draft business plan early in the design process can guide research and ensure market needs are met

• Professional business training can supplement lacking commercial skills

• To ensure the viability of a product, specific needs users are willing to invest in should be assessed.

• The approach should be holistic, considering delivery, installation, maintenance, the social & economic impact as well as potential partners of a product.

• Enhance cooperation between constituent entities working in the field of AAL in one way or another, e.g., care home designers, in-home service delivery and technology developers.

• Develop partnerships with investors, care providers and local authorities.

• Build brand awareness while simultaneously developing sophisticated products/upgrades.