Everyone hears about the huge baby boom generation—78 million of them in the United States with the oldest of the group now on Social Security. But much of the youth-oriented business world has ignored 50-plus demographic, commonly appealing them with items like “anti-aging” creams. But a recent conference hosted by Santa Clara University’s (SCU) Leavey School of Business was decidedly pro-aging.
The Ninth Annual Silicon Valley Boomer Venture Summit, held on the SCU campus in June, sent a strong message: Boomers spend money–$2.5 trillion per year–and there is not enough technology, products services, or employment opportunities to serve their needs and those of their elderly parents. Business innovations for this “silver market” will be especially important for the aging populations in Latino and other ethnic communities in the U.S.
“There’s a lot of momentum around the marketplace, the costumers and the venture community,” said Mary Furlong, EdD, founder and co-producer of the summit.
Furlong, Executive Professor of Entrepreneurship at the Leavey Business School, developed the conference to connect entrepreneurs from around the country interested in serving the boomer market with venture capitalists, corporations, nonprofits, business strategists and analysts of the boomer marketplace.