Loading...
September 30, 2024 • 1hr 2min
Steph Smith: “This opportunity is totally overlooked”
My First Million
In this episode of My First Million, Sam Parr interviews Steph Smith about the "silver tsunami" - the trend of people living much longer than expected and its wide-ranging implications. They discuss the statistics behind increasing longevity, business opportunities in health/aging, and various health and fitness topics.
Steph Smith: “This opportunity is totally overlooked”
0:00
-0:00
Key Takeaways
- The "silver tsunami" refers to the trend of people living much longer than expected, with major implications for healthcare, retirement, and business opportunities
- In the UK in 1965, the most common age of death was the first year of life. Today, the most common age to die is 87.
- A newborn girl in Japan today has a 96% chance of living to age 60
- There are major business opportunities in areas like menopause products/services, nursing homes, assisted living facilities, and health tracking/optimization
- Continuous glucose monitors (CGMs) are becoming more accessible and could lead to new social/competitive health tracking apps
- Niche sports like pickleball and padel are growing as people seek more accessible or more challenging athletic pursuits
- Posture is an overlooked health issue for many who spend long hours at computers
- Living to 100+ may become much more common for younger generations as longevity science advances
Introduction
In this episode of My First Million, Sam Parr interviews Steph Smith about the "silver tsunami" - the trend of people living much longer than expected and its wide-ranging implications. They discuss the statistics behind increasing longevity, business opportunities in health/aging, and various health and fitness topics.
Topics Discussed
The Silver Tsunami and Longevity Statistics (0:00)
Steph explains the concept of the "silver tsunami" - that people are expected to live much longer than in previous generations. Some key statistics:
- For every decade in recent history, 2-3 years have been added to the average lifespan
- In the UK in 1965, the most common age of death was the first year of life. Today, it's age 87.
- A newborn girl in Japan today has a:
- 99.6% chance of living to age 20
- 99% chance of living to age 40
- 96% chance of living to age 60
This trend has major implications for pensions, healthcare, nursing homes, and supporting an aging population.
Business Opportunities in Menopause (7:10)
Steph highlights menopause as a major business opportunity:
- 6,000 women in the US hit menopause every single day
- Menopause causes significant hormonal changes and up to 34 different symptoms
- There's a lack of products/services catering to menopausal women compared to pregnancy
- Companies like Bonafide and Gennev are emerging in this space
"There are all these companies that are oriented around people getting pregnant and having that done successfully. There's apps like Flow." - Steph Smith
Nursing and Assisted Living Opportunities (10:57)
The aging population is driving massive growth in nursing and assisted living:
- The US Bureau of Labor Statistics predicts nursing will be the fastest growing occupation between 2020-2030, adding 275,000 jobs
- In Japan, the number of nursing homes has risen nearly 50% over the last decade
- The median annual price of assisted living in the US increased 31% faster than inflation from 2004-2021, reaching $54,000/year
- 4 out of 5 assisted living facilities in the US are run as for-profits, with half clearing 20%+ annual returns
Why Entrepreneurs Are Overlooking Aging/Health Opportunities (18:28)
Steph argues that many entrepreneurs are overlooking opportunities in aging and health because:
- Most entrepreneurs are young and haven't experienced these health issues personally
- The problems of aging aren't seen as "sexy" compared to tech
- There's a lack of understanding of the massive market size and growth potential
Health Tracking and Optimization Opportunities (20:11)
Continuous glucose monitors (CGMs) are becoming more accessible and could drive new business opportunities:
- Dexcom's new Stello product is the first over-the-counter FDA approved CGM
- CGMs provide detailed data on how different foods impact blood glucose levels
- There's potential for social/competitive apps built on CGM data, similar to fitness apps like Strava
- The "Glucose Goddess" has built a large following (5M+ on Instagram) educating about glucose
"I think there's going to be some sort of socialization of this [CGM data]. I don't know exactly what it looks like." - Steph Smith
Strava for CGMs Idea (27:36)
Steph proposes the idea of a "Strava for CGMs":
- A social/competitive app built on CGM data
- Users could compare metrics like time in optimal glucose range, size of glucose spikes, etc.
- Could gamify glucose management and healthy eating
- Potential to use CGMs as a loss leader to sell other health products/services
Posture and "Nerd Neck" (39:41)
They discuss the issue of poor posture from excessive computer use:
- "Nerd neck" or forward head posture is common among knowledge workers
- Products like Better Back and Form sports bras claim to improve posture
- Proper posture involves engaging core and glute muscles when standing
- Brian Johnson (from Blueprint) has a video on daily exercises to improve posture
Niche Sports Opportunities (44:19)
Steph highlights the growth of niche sports as a business opportunity:
- Pickleball - Made tennis more accessible by modifying rules/equipment
- Teqball - A challenging soccer/ping pong hybrid attracting competitive athletes
- Padel - A tennis-like sport growing rapidly, especially in Europe
- Everesting - Extreme hill climbing to simulate climbing Mount Everest
She frames these as either making existing sports more accessible (like pickleball) or creating more extreme versions for highly competitive people (like teqball).
The "Smile Curve" of Happiness (56:18)
Steph mentions the "smile curve" of happiness over a lifetime:
- People tend to be happiest early in life and late in life
- There's often a dip in happiness during middle age
- Older people generally become happier again as they age
Sam speculates this could be due to caring less about others' opinions and status as you age.
Conclusion
The episode highlights the massive demographic shift occurring as people live longer, with major implications for healthcare, retirement, and business opportunities. Key areas of opportunity include products/services for menopausal women, assisted living facilities, health tracking/optimization tools, and niche sports/fitness pursuits. The hosts emphasize that many entrepreneurs are overlooking these opportunities due to a lack of personal experience with aging issues.
They conclude by reflecting on the nature of time and aging, with Sam noting how having a child has made him more aware of how quickly time passes. The "smile curve" of happiness suggests people may become happier in old age as they let go of status concerns and focus on what truly matters.