i3 - January/February 2017 - 34

AARP Fostering
Tech Innovation
for Seniors
A

ARP's Executive Vice President and Chief Enterprise Strategy & Innovation
Officer Hollis "Terry" Bradwell III is a big fan of smart homes and dreams
of the industry getting to the point where technology becomes 'as
frictionless as possible' in our lives. He says, "This is where the magic
is - especially for an older adult being able to have more of a personal relationship
with technology. As we get older and are living independently, we may find
ourselves more isolated because our friends are going in different directions."
Bradwell helps shape AARP's future through the development of a clear enterprise
strategy and a strong innovation pipeline. He heads up strategic planning, corporate
relations and an innovation lab that examines how the organization can develop new
solutions to help people 50-plus live their best lives.
He believes the smart home adds the promise of independence for older adults.
Even the ability to turn lights off and on so you don't trip in the dark can be very
valuable. He says, "Breaking a bone can change the entire trajectory of your life."
He adds, "When you talk about ageless design; the implications are huge because
convenience, at some point in our lives, can turn into a necessity."
He spoke with i3 about the importance of cultivating high-quality, innovative
products and services for older adults and educating the tech industry about the
enormous market opportunity that exists.

What is the market size
for older adults?
One of the things we would love the
technology community to understand is
that the aging and caregiving population
represents a huge market opportunity - not
just today but also into the foreseeable
future. The size and buying power of the
boomer market in the senior demographic
is staggering. Our Longevity Economy
Report underscores the sum of all economic
activity that is generated by people 50
and older was $7.6 trillion in 2015, with
consumer spending from this demographic
totaling $5.6 trillion. This suggests there
could be a lot more innovation and
investment in the older population.
There are about 111 million people who
are age 50-plus. That number will grow over
the next 10 years by about 19 million versus
only six million for the 18-39 population. By
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JANUARY/FEBRUARY 2017

2050, there will be an estimated 161 million
50-plus consumers. Unfortunately the
market is still underappreciated. But
we see a growing trend with many
startups as well as established brands
looking toward the boomer marketplace
in terms of opportunity and producing
products and services.

Can you talk about the Hatchery?
(AARP's Innovation Lab)
The Hatchery is AARP's own lab and strong
symbol of our commitment to innovation.
It is also a shared desire to bring new DNA
within our organization in all of its forms
- whether it is new products, services or
programs, we are co-creating with our
established vendor partners as well as with
our new vendor partners. They range in
industry focus and are all major companies
that are established in private and public

AARP Executive Vice
President and Chief
Enterprise Strategy
& Innovation Officer,
Terry Bradwell.

sectors. They are producing products that
cater toward solving some of the societal
issues and concerns that our populations
encounter as they age.

What do you show in the lab?
It is a showcase of ideas. The Hatchery, our
Innovation Lab, offers a means to incubate
new ventures, develop new solutions,
support our teams' efforts, conduct
workshops and host events. Recent panel
discussions have focused on things like
smart design and autonomous vehicles.
The Hatchery represents a space to
care, and a place to create. We are focused
on several distinct issue areas for those
50-plus. One area that we have a huge
focus on is caregiving. There are about 40
million caregivers today. By 2020, there
will be an estimated 112 million people that
will need care, but the overall number of
caregivers is only expected to reach 45
million. And of course, with caregiving,
there are a litany of products and services
that could be made available, and more
importantly, information.
Another place where we are innovating
is the work environment for people 50plus. The way we look at vocation and
occupation is very different than how our
parents did. Today, individuals can have
three or four different careers. We are
looking at innovations around helping them
I T I S I N N O VAT I O N
http://www.aarp.org/
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