Finding Product and Market Fit in the Longevity Economy
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The third annual What’s Next Longevity Business Academy kicked off this month, running from April 5th through May 10th. This event features discussions and presentations from experts offering valuable insights into the $9 trillion longevity economy. The academy provides six weeks of business classes focused on various critical areas, including:
- Building a Brand for Your Company and Telling Your Story
- The Longevity Marketplace: A 360-Degree View
- Finding Product/Market Fit With the Right Partner
- Best Practices in Working With Incubators and Accelerators
- Creating a Revenue Pipeline with Senior Housing Sales
- Accessing Government Programs and Support
The event culminates in the What’s Next Longevity Venture Summit from June 6th-8th.
Bridging the Digital Divide with GetSetUp
In a recent session hosted by Mary Furlong and Fred Fiskin, key players in the longevity economy shared their experiences and strategies for finding the right product/market fit. Among the speakers, Jeff Clark, the Community Living Section Manager from the Wyoming Department of Health, discussed his efforts to bridge the digital divide and reduce social isolation for older adults, particularly in rural areas. Partnering with Lawrence Kosick, Co-founder of GetSetUp, they introduced a virtual learning platform designed to empower Wyoming’s older adults to learn, share, and thrive.
"Do the research on your partner - understand the strategy and find a person to champion the partnership," emphasized Clark. This collaboration aimed to create more equity for older adults by offering customized, interactive learning experiences that are specific and unique to their needs. Kosick added, "Figure out how to be a must-have solution to a problem and not just a nice-to-have feature."
Solving Social Isolation with Innovative Solutions
Another standout partnership discussed was between Lisa Taylor, CEO of iN2L, and Courtney Baldridge, Corporate Strategist of USAging, which supports 620 area agencies on aging across the U.S. Together, they tackled the pressing issue of social isolation among older adults. Their approach focused on ensuring that their product and solution aligned with the needs of participating area agencies.
"Assure a shared vision, mission, and value set," advised Taylor. By defining clear objectives and solving problems collaboratively, they worked to create meaningful engagement for older adults, providing them with the tools they need to stay connected and active.
Key Takeaways for Successful Partnerships
These sessions underscored the importance of finding the right product and market fit to create successful partnerships. Some of the key takeaways included:
- Engaging with customers often and early to ensure that your product meets their needs.
- Building trust through open communication and shared goals.
- Customizing offerings to make them relevant and essential to your partner's needs.
These insights are crucial for anyone looking to make a meaningful impact in the longevity economy. By following these guidelines, organizations can develop successful partnerships that address the unique challenges faced by older adults.
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