The Market for Assistive Technologies and Commercial Development: The attached article on the market for assistive technologies has some bold predictions about commercial opportunities. Given your interest in business (i.e. finance, accounting, marketing, global management, etc.), what commercial opportunity in assistive technologies stands out for you?
The market for assistive technologies is growing immensely, and this technology is no longer just targeted at those who need it. The Amazon Alexa is a prime example of assistive technology that was targeted at the mass consumer but also has a tremendous impact on individuals in need of assistance. However, much of this assistive technology is expensive and still in the early stages of development. This type of technology has the potential to be integrated into government and non-profit programs that help individuals in need of assisted living. I am interested in studying political science and finance because I believe programs like the Wounded Warrior Project and more recently the 9/11 funding bill are very beneficial for individuals who qualify for this support. However, these programs do not come without a cost, which is why I also desire to study finance. The “commercial” opportunity that is presented is a business model that can offer this technology at a low cost to established nonprofits and government programs, who provide this technology to the people who need it the most.
The Market for Assistive Technologies and Social Impact: The article also offers us a glimpse of some of the social impacts that are possible through attention to the development of this market. What specific positive social impact is likely/possible if the market continues to develop?
As I mentioned in response to the previous question, this technology can have a significant impact on improving the lives of individuals in need of assisted living. As technology improves, it will become more widely available and affordable for these individuals. In addition, a government program or nonprofit that specializes in providing this assistive technology would usher the assistive living community into a new technological age. As evidenced by the article, this technology can give individuals in assisted living more independence, and it takes the pressure, and sometimes worry, off of the caregiver.
Other Examples Like This?: Based on our review of the market for assistive technologies as an area of opportunities for commercial development and opportunities for social impact, what other types of markets (likely in areas related to people, planet and profit) offer opportunities for commercial development and social impact?
Thread, the clothing company we visited earlier in the week is a prime example of this triple bottom line initiative. Other market segments for this triple bottom line approach in an urban setting include supplemental education in low-income communities and rehabilitation activities for individuals to avoid recidivism. For my community specifically, I developed a model that utilizes a digital platform to combat youth gang recruitment. It links youth in the community to volunteer and intern opportunities. This web traffic opens up a revenue stream through advertisements aimed at this specific market segment.