Santa Clara, CA (PRWEB) May 15, 2006
America’s 78 million baby boomers -- a generation with more than $2.5 trillion in spending power -- are fast approaching their golden years. The first wave of boomers began turning 60 in January, and the number of Americans age 65 and older is set to double by the year 2030.
Recognizing the tremendous opportunities for growth, service and profit this demographic shift will bring, entrepreneurs around the world are developing products and services aimed at consumers age 45 and up.
This year’s $10,000 Boomer Business Plan Competition, co-produced by Santa Clara University’s Leavey School of Business and Mary Furlong & Associates, has attracted contestants from around the United States and as far away as New Zealand and the Philippines. In all, more than 70 business plans were submitted by entrepreneurs, early-stage companies and college students from five countries.
Plans targeted ventures in a range of industries poised for significant growth as the population ages, including medicine, technology, fashion and financial services. The competition’s 20 semifinalists are developing everything from treatments for glaucoma and sleep apnea to brain stimulation games, sexy sleepwear for mature women and services that help retirees buy property in Latin America.
“The leading and trailing edge boomers need innovation,” says Mary Furlong, consultant and expert in the boomer and senior markets. “The Boomer Business Plan Competition seeks to foster innovation and help entrepreneurs of all ages and stages take their ideas and build businesses out of them.”
All 20 semifinalists will have their plans reviewed by top Silicon Valley venture capitalists and boomer market experts. Five finalists will be selected to present their plans to a panel of judges at the 2006 Silicon Valley Boomer Venture Summit on June 20, 2006 at Santa Clara University, where a $10,000 grand prize winner will be chosen. For more information, visit http://www.boomerventuresummit.com.
The Silicon Valley Boomer Venture Summit’s sponsors include North Castle Partners, AARP Services, Inc., Intel, MetLife Mature Market Institute, Silicon Valley Bank, Wells Fargo, Facebook and NBC.
For more information about the third annual Boomer Business Plan Competition, and about previous winners and contestants, please visit http://www.boomerventuresummit.com/competition.
About the co-producers:
Founded in 1926, the Leavey School of Business at Santa Clara University was one of the first business schools in the country to receive national accreditation. Its undergraduate business program is recognized as one of the best in California, and its MBA program is ranked 10th in the nation among part-time graduate programs for working professionals.
Mary Furlong & Associates provides business development, financing strategy and integrated marketing solutions to entrepreneurs, corporations and nonprofit organizations serving the 45+ market. Mary Furlong, Ed.D also serves as an executive professor on entrepreneurship at Santa Clara University. See http://www.MaryFurlong.com for more information.
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