One day back in the late 1990’s, Mary Furlong paid a visit to IBM to give us an update on what she was doing at SeniorNet, which she had founded in 1986. SeniorNet ‘s mission was to provide older adults with education about and access to computer technologies to enhance their lives and enable them to share their knowledge and wisdom. IBM was one of the corporate sponsors of the effort, and my interest was to offer ideas on how the Internet could take a larger role in the mission.
Mary had other ideas beyond SeniorNet.org — namely SeniorNet dot com, which would later become ThirdAge Media. Her idea was that in addition to the non-profit mission — which continues today — there was a for profit opportunity in serving the needs of midlife adults — generally those in their 40s, 50s and 60s — and those who want to build a genuine relationship with them. ThirdAge has a vision to rewrite the rules of getting older and "transform the voice of aging from one of limitation to one of possibility". ThirdAge refers to the concept of lifelong learning, self-development and fulfillment, and the period of life following young adulthood. Some would say ThirdAgers are those who have gone from being a child to having children to becoming a grandparent.
In 1999 I joined the advisory board and worked with Mary as ThirdAge went through tumultuous growth to later be followed by the gyrations of "the bubble". During this time Mary visited the White House and appeared on CBS, NBC’s Today Show, PBS, and NPR to discuss trends in aging and technology. ThirdAge Media was acquired in 2000 by MyFamily.com. In 2001, private investors purchased the company, which was then renamed ThirdAge Inc.
Mary moved on to bigger and better things, continuing to capitalize on the huge market opportunity presented by ThirdAgers. She formed yet another company, Mary Furlong & Associates, to help socially and consumer-conscious companies do a better job of reaching the ThirdAgers with their products and services. In her spare time she is Executive Professor of Entrepreneurship and Women in Leadership at Santa Clara University. Mary’s latest book is called Turning Silver into Gold — How to Profit in the new Boomer Marketplace and I highly recommend reading it. If you think you know what a "boomer" is you may be surprised.
America’s 78 million boomers earn more than $2 trillion and own more than 77% of the assets of the country. They spent $44 billion on clothing in 2004. Prescription drugs have grown from $40B in 1990 to $250B in 2005. Guess who buys the majority of them? The boomers represent the first generation to have more than 50% with some form of higher education. They spend more than $150 billion per year on travel. Mary’s book expands on the many new market opportunities that are emerging because of boomers. From clothing styles to exercise to food to financial planning, Mary details the key market factors and how to appeal to the boomer buyer. Mary operates on the principle that by focusing on the for profit business opportunity it can enable a financial return which can in part go back to the non-profit sector to meet the needs of those who are less fortunate.
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