Chief Change Officer Podcast Episode #240 Summary

Title: Cracking Japan’s Business Code – From Market Research to Aging Tech – Part Two
Host: Vince Chan
Guest: Dominic Carter, CEO of the Carter Group
Release Date: March 17, 2025

In episode #240 of the Chief Change Officer podcast, host Vince Chan engages in an insightful conversation with Dominic Carter, the CEO of the Carter Group. This episode delves into Dominic’s unconventional journey from Australia to Japan and his pioneering work in the aging technology sector. As the second part of their discussion, Dominic expands on the personal motivations behind his ventures, the challenges of introducing aging tech in Japan, and provides invaluable advice for entrepreneurs and investors navigating this space.

1. Personal Motivation and Market Opportunity

Dominic Carter opens up about the personal experiences that galvanized his focus on aging technology. At 50, witnessing his parents' declining independence due to aging, Dominic became frustrated with the existing solutions' ineffectiveness. This personal struggle highlighted a significant market opportunity in Japan, a country with one of the oldest populations globally. Dominic notes, “There’s a huge opportunity in a market like Japan. Japan's not the only aging market, but it is the oldest market.” [03:25]

The aging demographic in Japan presents a vast market, with 30% of the population over 65. Additionally, aging individuals in Japan often possess substantial financial resources, making them a lucrative target for age tech solutions. Dominic emphasizes the dual impact of his work: addressing his parents' needs while creating products that enhance the quality of life for others.

2. Challenges Beyond Technology: Mindset and Cultural Barriers

While technology is a critical component of aging solutions, Dominic argues that mindset and cultural barriers play an equally significant role in technology adoption among older adults. He shares, “Sometimes not the tech itself, but the willingness to accept and use it,” is a greater hurdle than the technological advancements themselves. [07:30]

In Japan, many aging individuals view aging as a natural process, often hesitating to adopt technologies that might feel intrusive or counter to their cultural values of self-reliance. Dominic observes, “People prefer other people to look after them. Aging people in Japan still have people to look after them because the baby boomers...had children who are enough to look after.” [07:50]

He further explains that successful age tech must be unobtrusive and seamlessly integrate into daily life without demanding significant behavioral changes from users. The adopter’s generation, in their 50s and beyond, needs to embrace technology early to facilitate smoother transitions as they age.

3. Dominic’s Role in Aging Tech: From Research to Market Facilitation

When asked about his specific role in the aging tech space, Dominic outlines a multifaceted approach encompassing research, product adaptation, and market facilitation. He states, “We started off as being researchers... looking at how do we prepare meals as they get older, how do they clean, how do people go shopping. All of these daily tasks where technology can play a role.” [11:50]

Dominic’s team undertakes extensive user research to identify genuine needs and ensures that technological solutions align perfectly with these requirements. They evaluate products for user experience and cultural adaptability before facilitating their distribution in the Japanese market. Currently, Dominic mentions two promising projects:

• Comfort Linen: A Canadian company offering pajamas and sheets designed with fabric that cracks to enhance mobility in bed, significantly improving sleep quality for individuals with conditions like Parkinson’s disease or general age-related discomfort. [18:30]

• Steadywear: Another Canadian firm developing a mechanical device for individuals with essential tremors. The device counteracts hand tremors, enabling users to perform daily tasks with greater ease and independence. [20:10]

Dominic underscores the importance of selecting products that provide immediate, visible benefits to users, thereby building momentum and credibility in the age tech sector.

4. Building Successful Use Cases and Partnerships

As the conversation progresses, Dominic emphasizes the necessity of creating successful use cases to attract resources and support for broader initiatives. He believes that early successes with user-centered projects can drive greater innovation and investment in the aging tech space. Dominic advises, “If we don't really have successful experiences with age tech, people will lose interest in the area...” [23:00]

He advocates for active listening and user partnership in product development, ensuring that solutions are not only technologically sound but also culturally and practically relevant. This approach mitigates skepticism and fosters greater acceptance among the aging population.

5. Advice for Entrepreneurs and Investors

In his concluding remarks, Dominic offers strategic advice for entrepreneurs and investors looking to make an impact in the aging tech market:

• Engage with Users Early and Often: “You have to listen very objectively to what users are telling you... sometimes you may need to change your idea or adjust your approach.” [23:45]

• Focus on User-Centric Solutions: Ensure that products genuinely address the needs and preferences of aging individuals rather than imposing solutions that may not resonate with them.

• Cultural Adaptation: Particularly in Japan, understanding and respecting cultural nuances is crucial. Dominic advises against applying generic approaches and stresses the importance of tailoring solutions to fit the local context.

• Comprehensive Due Diligence for Investors: Dominic urges investors to consider user perspectives when evaluating startups, enhancing the likelihood of successful investments by aligning with genuine user needs.

• Explore Diverse Opportunities: The scope of age tech extends beyond healthcare and nursing homes. Opportunities lie in areas like fitness, nutrition, cognitive training, fintech for fraud prevention, and more. Dominic highlights the broad potential: “The whole area of innovation and technology for over 50s is like a really wide area... half the population is over 50 in Japan.” [27:10]

6. The Intersection of Culture, Cost, and Capital

Echoing a previous discussion from another guest, Dominic agrees that culture, cost, and capital are pivotal factors in the success of aging tech in Japan. He elaborates on the importance of understanding and integrating cultural differences at various age levels within the same society. Dominic notes, “Don't just apply your playbook. Listen to what people are saying.” [29:50]

He also underscores that economic viability is essential—without meeting real needs and ensuring the economics are sound, even the most innovative products will fail to gain traction.

7. Conclusion: Shaping Human-Centric Change

As the episode wraps up, Dominic emphasizes the inevitability of change and the importance of shaping it in a human and meaningful way. He reflects on the broad implications of aging and the critical role that responsibly developed technology plays in enhancing lives. Dominic concludes, “Change is happening whether we like it or not. It's about how we change.” [32:20]

Vince Chan wraps up the episode by highlighting Dominic’s lessons in adaptation and the universal relevance of preparing for aging. He reinforces the podcast’s mission to empower listeners to outgrow themselves through wisdom and actionable insights.

Key Takeaways:

• User-Centric Development: Prioritizing user needs and actively involving aging individuals in the product development process is crucial for success.

• Cultural Sensitivity: Understanding and respecting cultural nuances within the aging population enhances technology adoption and effectiveness.

• Diverse Opportunities in Age Tech: There is a vast spectrum of opportunities beyond traditional healthcare, including fitness, fintech, and cognitive training.

• Strategic Partnerships: Building strong partnerships with users and other stakeholders fosters innovation and facilitates market entry.

• Continuous Adaptation: Entrepreneurs and investors must remain flexible, willing to pivot based on user feedback and evolving market dynamics.

Notable Quotes:

• Dominic Carter on Japan's aging market: "There’s a huge opportunity in a market like Japan. Japan's not the only aging market, but it is the oldest market." [03:25]

• On mindset barriers: "Sometimes not the tech itself, but the willingness to accept and use it." [07:30]

• Emphasizing user-centric solutions: "You have to listen very objectively to what users are telling you... sometimes you may need to change your idea or adjust your approach." [23:45]

• On cultural adaptation: "Don't just apply your playbook. Listen to what people are saying." [29:50]

• On the inevitability of change: "Change is happening whether we like it or not. It's about how we change." [32:20]

Conclusion

Episode #240 of the Chief Change Officer podcast offers a deep dive into the intricacies of developing and implementing aging technology in Japan. Dominic Carter’s experiences and insights provide a roadmap for effectively navigating cultural, technological, and market challenges. For entrepreneurs and investors aiming to make a meaningful impact in the age tech sector, Dominic’s advice underscores the importance of empathy, cultural understanding, and unwavering user focus.

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