Useful ‘Ways of Thinking’ to create a 3k Business Plan for the Silver Linings Elderly Care Competition and win Â£ 10,000.
Prices of 2x Â£ 5,000 are also available for the best plans to invest
When I was invited to join the panel of judges for the Silver Linings competition, I walked in and looked at the concept in more depth.
Silver Linings is “A Brainwave Contest> Make Brainwaves and Business Plans to Make Care of Older Generations Sustainable.” During the first ‘brainwave’ part of the competition, we saw a wide range of short, punchy ideas that could address some of the many challenges in creating sustainable care solutions for older generations.
Thinking of those brain waves, I remembered Elizabeth White.
Ms. White’s resume reads like a dream: She holds an MBA from Harvard Business School and an MA in International Studies from Johns Hopkins University. She started her career at the World Bank. She grew up in the middle class and cosmopolitan.
Ms White first hit many people’s radar with her article “You Know Her” where she described how her middle-class lifestyle fell apart and how, now, as she approaches ” retirement age “, she finds herself underemployed and financially precarious. In other words: for many, there is no retirement, no pension.
Her TEDx conference becomes even more real as he describes his own experiences and those of his peer group, clearly highlighting the scope of this hidden financial crisis.
Then came his book â55, Underemployed, and Faking Normalâ which clearly shows the landscape many people in their fifties live in, while claiming to be creditworthy, wealthy, and living upscale lifestyles in nice neighborhoods; aka “pretend normal”.
It is not the experience of one person. Research by Teresa Ghilarducci from the New School of Social Research find that in the United States, from 45 to 55, wages fall by 9 per cent, from 55 to 65, another 9 per cent.
In the UK, Statista’s research find similarly in the year 2019/20, the highest average amount of disposable income for all age groups occurred in the 45-54 age group, at Â£ 42,852. The age group with the lowest average disposable income was 85 and over. The gradual declines in disposable income for each 10-year cohort are notable.
These are sobering figures. They should focus their minds on the siren call for a radical reexamination of the structures, society and theisms (especially ageism in both the old and the young) that we are experiencing today.
The worst part is that there is yet another generation right behind this with the same financial precariousness, low asset ownership and wallets, where they exist, perching on crypto, digital art and luxury âcollectiblesâ and other similar vapourware.
Now, as we invite strong, investable ideas to create sustainable care solutions, I would ask those who want to submit tech-literate heavy business plans, and transparent and affordable connectivity assumptions – and I dare add, accessible – smart devices, to think radically.
Use the inversion to refine your idea: When we think of innovation or creativity, we think of solving problems âaheadâ. With a bias of optimism and the peak of creative excitement, we can sometimes forget to take into account what needs to be avoided, what hidden beliefs about the problem lead to the solution we are about to offer. Reversal thinking – the idea that sometimes a solution to a problem can be found more easily by thinking about how not to solve the problem – can help with these challenges; especially since many of those presenting the ideas may be younger than the age of the people they consider to be users or consumers of these solutions.
Build the resilience and reliability of your idea: Does the implementation, operation, maintenance and replacement of the solution you offer require many collaborative partnerships or financial and expert resources and technological fixes, in particular of the type of connected technology? Basic engineering thinking tells us that the more moving parts there are in a system, the less reliable and resilient it is. Resilience can come from subtractive creativity: âsimplify, then add lightnessâ, to quote Colin Chapman who founded Lotus Cars.
Think about the 3 Cs: contribution, care, community: For many, our old age will unfortunately be marked by financial precariousness, not least because ageist models of thought in the workplace push older people out of the workforce when their expertise and knowledge is deemed less valuable due to wrinkles and lines. grey hair. Do you have any idea to focus on enabling, scaling and monetizing the contribution that older people can make, and that enables skilled older people to earn a fair income? Send it to us. Do you have a solution that allows care with the involvement of community resources rather than a large initial investment with a case based on a return on investment resolved upstream (see reversal above)? We’re excited to hear about it!
HL Mencken, the American journalist and writer, once said: âThere is always a well-known solution to every human problem: neat, plausible and false.
Enabling aging populations to contribute and deliver sustainable care to those who need it, when and where they need it are two complex challenges. Not all clear and plausible solutions have to be wrong. At Silver Linings, we aim to uncover solutions that are not so well known. We are looking forward to hearing from you.
Shefaly Yogendra, PhD is an NED Portfolio specializing in cutting edge technology, risk and decision making