At last month's Senior Living Innovation Forum (SLIF), 89-year-old Alan Patricof offered a unique perspective that only comes with a lifetime of experience. The venture capital pioneer, known for early investments in tech giants like Apple and AOL, turned his attention to what he calls the "Ageless Market." In a frank discussion with AgeTech expert Sarah Thomas, Patricof shared insights from his storied career, his personal journey with aging, and his vision for innovation in the longevity economy. His presence at SLIF underscored a growing recognition of the vast potential in developing solutions for older adults.
A Personal Journey into the Ageless Market
Patricof's journey into the "ageless market" began with a deeply personal experience. His late wife's 12-year battle with Alzheimer's exposed him to the challenges faced by older adults and their caregivers. This experience, coupled with his observation that the venture capital world was largely ignoring this demographic, led him to co-found Primetime Partners in 2020 at the age of 85.
"Everybody I knew in the venture business was just focused on deals addressing millennials," Patricof explained. "They also had no interest in investing in older entrepreneurs." Primetime Partners focuses on products, services, and technologies serving the aging population. Since its inception, the firm has invested in over 35 companies and is in the process of raising a $60 million fund.
The Role of AI in Senior Living
When discussing the future of senior living, Patricof highlighted the transformative power of artificial intelligence (AI). "AI is going to bring down costs and improve efficiency," he stated, citing an example of a portfolio company, CoreCare, which uses AI to reconcile Medicare codes, significantly impacting working capital.
Patricof also addressed the challenge of loneliness among older adults, especially those aging at home. He mentioned GetSetUp, a Primetime investment that has developed a Zoom-based network specifically designed for older people, offering education, entertainment, and social interaction.
The "No Red Lights" Philosophy
Patricof's approach to life and business is encapsulated in the title of his recent book, "No Red Lights." He embodies a relentless drive to stay active and engaged, both mentally and physically. "I weigh myself twice a day, exercise with a trainer at least once a week, and keep a very active life. I participate, I don't just observe," he shared. His goal? To live to 114.
For the senior living industry, Patricof's message was clear: innovation is key. "You can't be static as a company; you've got to keep on innovating," he urged. He encouraged the audience to be open to new technologies and approaches, even if they seem unconventional at first.
Patricof stressed the need for continuous innovation, particularly in a rapidly evolving market like senior living. He recounted his experience with Audible and the subsequent rise of podcasting as a vital medium, highlighting the importance of recognizing and capitalizing on emerging trends.
Patricof's vision extends beyond mere investment and innovation. He advocates for older adults to remain connected and active in their communities, highlighting the potential for volunteerism and engagement within and outside senior living facilities. "There's so much need for knowledge and experience and storytelling," he said, emphasizing the value older adults can bring to their communities.
A Blueprint for the Future
As the industry grapples with changing demographics, evolving expectations, and rapid technological advancements, leaders would do well to heed Patricof's advice: keep innovating, stay open to new ideas, and never stop participating in life. His insights offer a valuable perspective on the future of senior living, where technology and community converge to create vibrant, fulfilling environments for older adults.
Patricof's approach provides a valuable template — one that emphasizes not just business success, but also making a meaningful impact on the lives of older adults. His own life serves as a testament to this philosophy, as he continues to make significant contributions to the venture capital world and the aging space well into his ninth decade.
Posted by
SLIF heads to Miami Beach!
The One of a Kind Retreat for Senior Housing Leaders.
Nov 3-5, 2024 | Miami Beach, FL
Learn More
Comments