Unicorns are rare, innovative companies that radically change the way business is done in their industries. Think of how Uber transformed personal transportation or how Airbnb revolutionized hospitality.
Can a breakthrough technology change the trajectory of senior care in the same way? In this article, we’ll get expert insights from venture capitalists, using them to evaluate potential unicorns in senior living technology.
When you’re looking to invest, remember that breakthrough innovation solves a specific problem in the beginning, then evolves and iterates, scaling to have a larger impact on overall challenges.
Venture capitalists advise seeking out solutions that are initially focused on a single solution—and have proven results to back up their performance. As time goes on, a tech partner that found success solving one pain point can collect data, apply learnings, and grow their expertise to begin targeting other pain points with the potential for the same success. They’ve already built a strong foundation with their initial offering, so they’re well-positioned to take on new challenges with equal or even greater impact.
Innovation is doing more with less
In some instances, communities have readily adopted a number of technologies—but it’s not yielded the results they’ve wanted. Though intended to improve quality of care, it can result in overwhelmed staff trying to learn and juggle multiple systems, eating up time rather than saving it—essentially a “more is more” philosophy.
If a technology doesn’t give you gains in both productivity and efficiency, it’s not innovative. It should address a critical problem your community faces without complicating operations. But it doesn’t always have to be breaking a new frontier. Sometimes innovating is leveraging tech that’s been proven in other industries.
Find your LeBron
VCs compare finding amazing tech and tech talent—the unicorns—to legendary athletes. Truly great talents, in any sector, play at a whole other level, and are always looking to be challenged and grow. LeBron James wouldn’t be forced to stretch his skills in a pickup game at a small-town YMCA—you’d find him rising to the occasion in the NBA. And you’ll find the best technology and tech partners tackling the toughest challenges in senior care—with the help of the best talent—in places known for amazing innovation.
Most senior care communities share the same major issues and are working towards the same major goals. The experience, data, and insights of the entire community of senior caregivers are powerful tools that innovative technology can leverage to deliver better resident outcomes. Look for breakthrough technologies that tap into this pool of shared experience and uncover the common threads and best practices we need to transform the industry. This will not only ensure you select successful tech, but also help you gain powerful insights to improve your community.
Continue exploring your options in senior living technologies
As you consider the next tech investment you make in your communities, remember the characteristics of unicorns. The most successful breakthroughs are driven by innovative technologies that maximize efficiency, offer deep insights, and have the potential to scale and solve an industry’s largest problems.
At SafelyYou, we believe innovation can drive both outcomes and income across senior care—and we’d love to show you how. Request a demo of our fall prevention technology to see for yourself how we can transform clinical care in your communities.
Want to learn more about investing in innovation and senior living? Get a lesson directly from venture capitalists: Watch our webinar on unicorn investments.