Silver business: Inspired by their loved ones, they started companies helping the elderly

SINGAPORE – Caring for elderly relatives who fall sick sometimes brings up questions about why things are the way they are. Is there a better way?

For Dr Shen Yiru, Mr Vincent Chua and Mr Isaiah Chng, such questions led to business innovations to plug gaps in the system.

These home-grown entrepreneurs are tapping the burgeoning silver economy driven by

fast-ageing countries like Singapore.

In 2010, about one in 10 Singaporeans was aged 65 or older. Today, the figure is about one in five. By 2030, almost one in four will be seniors.

It is a pressing issue that the Government is working on in terms of promoting active ageing and making homes and precincts more senior-friendly, said Prime Minister Lee Hsien Loong in his recent National Day Rally speech.

“Today, we are an aged society. Soon, we will be a ‘super-aged’ society. This has massive social and economic implications,” he said.

Citing a report by business consultancy Ageing Asia, Dr Kelvin Tan Cheng Kian, a gerontology expert from the Singapore University of Social Sciences (SUSS), says the silver sector is slated to be a US$72.4 billion (S$97.8 billion) market in Singapore by 2025.

In the Asia-Pacific, the ageing market is projected to be worth some US$4.56 trillion by 2025, adds Dr Tan, head of the minor in applied ageing studies programme and senior lecturer for the masters and PhD programmes in gerontology.

Enterprise Singapore (EnterpriseSG) assistant chief executive Soh Leng Wan says: “Health and well-being are becoming top of mind for the silver generation, as the elderly prioritise remaining active and independent.

“Therein lies opportunities for Singapore businesses to offer innovative solutions to meet such global needs, particularly in the areas of food and healthcare (including wellness and prevention).”

Dr Tan believes that there are also opportunities in the geriatric care and active ageing spaces, anti-ageing products and services, as well as personalised products for health monitoring, screening and diagnostics. And as people live longer, they will need to plan for longer-term insurance, financial planning and health screening services too.

EnterpriseSG has various schemes and programmes for budding silver economy entrepreneurs, including centres of innovation in institutes of higher learning. SUSS also has an impact start-up challenge in gerontology to encourage innovation in the sector.

But while the prospects are bright, local consumers may not always be receptive to innovations. “Seniors lived through difficult times and can be frugal about spending,” Dr Tan notes.

Home-grown businesses are hampered by the small market here as well, Mr Soh says. The Singapore brand name does confer an advantage of reliability and quality, but companies must also make sure their products and services provide a strong value proposition to succeed globally.

He cites Homage, a technology-driven personal care provider set up in 2016 that has grown into one of the most high-profile Singaporean silver economy start-ups in recent years. EnterpriseSG supported the brand’s expansion into the Australian market to address the country’s growing demand for home care services.

“Companies with unique and niche solutions not available in-market have a higher chance of entering these markets, especially if they have successfully test-bedded and commercialised such innovations in Singapore,” he says.

She makes pureed mooncakes, chicken rice soft meals for those who cannot swallow well 

Now, there is a pureed mooncake that Grandma can eat even if she has swallowing difficulties. And it comes in durian and yam flavours too.

Made with real yam and durian with a melt-in-the-mouth texture, so no chewing is required, the mooncakes cost $3.50 a piece. They are the creation of GentleFoods, a home-grown social enterprise reinventing meals for the aged and sick who find it hard to eat solid food.

Instead of purees that some seniors reject because they do not look like normal food, customers can choose from a variety of soft meals in local flavours that are halal as well as dietitian- and speech therapist-approved.

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Father’s diabetes spurred brothers to start health screening company 

When his father’s diabetic condition worsened in the 2010s, it pained Mr Vincent Chua to see him having to shuttle between his family doctor and polyclinic for his annual diabetic eye screenings.

The general practitioner (GP) clinic did not have the right equipment, but was just below his father’s Housing Board block in Bendemeer, while the polyclinic was many bus stops away in Toa Payoh.

The elder Mr Chua, a fishmonger who spent decades standing for long periods, was reduced to walking half-steps using an umbrella as an aid. His other son, Mr Paul Chua, a 51-year-old senior ophthalmic imaging specialist, had to accompany him.

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He made his late dad’s dream of helping seniors come true

Mr Isaiah Chng was 24 and still studying when he founded ProAge in 2008 and developed a framework for the Health Promotion Board’s (HPB) national brisk walking campaign to increase the level of physical activity nationwide.

The social enterprise and accredited consultancy, which provides health and wellness services for seniors and working adults, eventually trained 2,500 exercise leaders from 2008 to 2010. Today, there are about 100,000 people enrolled in about 700 brisk walking clubs here.

In 2012, ProAge redeveloped Step (Strength Training Exercise Programme) for the HPB, after doing consultations. The 12-week strength training programme complemented the cardio benefits of brisk walking.

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