One of the hottest markets in technology right now may not be what you’d expect. It’s senior citizens — and tech firms are beginning to capitalize on this market.
That’s because as the population ages, there will be more senior-housing communities, as well as a bigger demand for care of these individuals. Senior communities seek technology like home security systems for resident safety and tracking systems for residents’ medical records, among others, said Kevin Maddron, chief operating officer and chief financial officer for CNL Healthcare Properties.
CNL, a real estate investment trust focused on senior housing and health care facilities, has increased its investments, an indicator that the market is strong. On Aug. 7 it was reported that CNL has invested about $540.7 million in 25 medical office buildings and senior housing so far in 2015. These investment properties are all over the U.S.
“This is the hottest market in technology right now,” said Darren Wendroff, founder of Orlando-based CareSpotter.
Wendroff started CareSpotter, a web-based service that connects seniors and their families with local caregivers, in February 2014. Similar to social media or a dating website, CareSpotter hosts hundreds of individual profiles of caregivers, which families can look through to find a good match for their loved one.
“It’s a quickly growing need and a critical need,” Wendroff said. “There’s tremendous opportunity in this right now. Three companies similar to what we do just had $50 million invested in them.”
Numerous senior communities are on the cusp of entering the Orlando market, such as Westminster Baldwin Park, opening early 2017, and Gentry Park Orlando, opening next month. More communities are on the way, creating potential business opportunities for local technology companies.
Date: August 14, 2015