Chief Change Officer Podcast Episode #334: Dominic Carter on Future-Proofing Life After 50
Host: Vince Chen
Guest: Dominic Carter, CEO of the Carter Group
Release Date: May 1, 2025
Podcast Description: Chief Change Officer is a top-ranked podcast focusing on transformation and growth, featuring deep conversations with extraordinary thinkers and doers. Episode #334 delves into the challenges and opportunities of aging, particularly in Japan's rapidly aging society, with Dominic Carter sharing his insights and initiatives in the age tech space.
1. Introduction to Dominic Carter’s Journey
In this episode, Vince Chen introduces Dominic Carter, the CEO of the Carter Group, highlighting his unconventional career path from Australia to Japan. Dominic’s journey is marked by cultural immersion, entrepreneurial ventures, burnout, and reinvention. Now in his 50s, Dominic focuses on addressing the challenges of aging both personally and professionally.
Notable Quote:
Dominic Carter [01:29]: "There's a huge opportunity in a market like Japan. Japan's not the only aging market, but it is the oldest market."
2. Personal Motivation: Navigating Aging Parents
Dominic opens up about his personal frustrations with helping his aging parents. Witnessing their declining independence fueled his drive to create better solutions for aging populations.
Key Points:
- Frustration with Parental Support: Dominic felt his parents were in denial about their diminishing independence and struggled to get them to adopt supportive technologies.
- Family Dynamics: As the only child in Japan with siblings back in Australia, he took on the responsibility to seek better solutions.
- Market Insight: With Japan's median age at 50 and 30% of the population over 65, the market for aging solutions is immense and financially viable.
Notable Quote:
Dominic Carter [03:54]: "When we think about aging, yes, we want to help out, we want to help our parents, but we're also thinking of ourselves as well."
3. Challenges in Technology Adoption Among the Elderly
The conversation shifts to the significant barriers beyond mere access to technology, focusing on the mindset and habits of the older generation.
Key Points:
- Mindset Over Technology: The main challenge isn't just having the right tools but the willingness to adopt them.
- Cultural Acceptance: In Japan, aging is seen as a natural process, making aggressive technological interventions less acceptable.
- User-Centric Design: Successful aging tech must be unobtrusive and easy to use, respecting the elderly's desire for independence without overwhelming them with new technology.
Notable Quote:
Dominic Carter [07:59]: "The technology has to be very unobtrusive. You really can't be asking aging adults past a certain point to be really learning new technology."
4. Dominic’s Role in Age Tech: Research to Distribution
Dominic explains his multifaceted role in the age tech industry, emphasizing research, user experience, and facilitating market entry for innovative solutions.
Key Points:
- Research-Driven Approach: Conducting in-home studies to understand daily challenges faced by the elderly.
- Product Fit: Ensuring that technological solutions align with user needs before advancing to market.
- Distribution and Adaptation: Connecting promising technologies with appropriate distribution channels and adapting them culturally for the Japanese market.
- Future Ventures: Plans to develop proprietary solutions and invest in age tech startups through ventures like Aventure Studio.
Notable Quote:
Dominic Carter [12:31]: "We see a lot of stuff that doesn't work. We see the issues in people that make tech, they can see problems in aging."
5. Current Projects: Comfort Linen and Steadywear
Dominic details two primary projects his company is working on, both of which address specific needs within the aging population.
Project 1: Comfort Linen
- Company: Comfort Linen (Canadian)
- Product: Pajamas and sheet sets designed with fabric that aids mobility in bed.
- Impact: Improves sleep quality for individuals with conditions like Parkinson's disease by making it easier to move in bed.
- User Feedback: Positive reception with users reporting significantly better sleep.
Project 2: Steadywear
- Company: Steadywear (Canadian)
- Product: Mechanical device worn on the hand to counteract essential tremors.
- Impact: Enables individuals with shaky hands to perform daily tasks like writing or drinking tea without difficulty.
- User Feedback: Enhanced ability to perform routine activities, leading to substantial quality of life improvements.
Notable Quote:
Dominic Carter [20:05]: "These are two examples where they're accessible. They make a very, almost immediate difference to people's lives."
6. Strategic Insights: Partnering with Users and Adapting Solutions
Dominic emphasizes the importance of active listening and user partnership in developing effective age tech solutions.
Key Points:
- User-Centric Development: Engaging with users early and iteratively to refine products.
- Cultural Sensitivity: Adapting technologies to fit the cultural context of the target market, particularly in Japan.
- Broad Scope of Age Tech: Recognizing that age tech spans beyond healthcare, including fitness, nutrition, cognitive training, and fintech solutions to prevent fraud.
- Investment Considerations: Advising investors to conduct thorough due diligence on user alignment and product-market fit to enhance success rates.
Notable Quote:
Dominic Carter [24:57]: "The opportunities are huge. There's a lot of goodwill around anything to do with ageing related innovation."
7. Advice for Entrepreneurs and Investors in Age Tech
As the conversation wraps up, Dominic shares valuable advice for those looking to enter the age tech space.
Advice for Entrepreneurs:
- Engage with Users: Continuously seek and incorporate feedback from the target demographic.
- Be Adaptable: Be prepared to pivot based on user insights and market demands.
- Holistic Approach: Address a wide range of needs beyond traditional care settings to capitalize on the diverse opportunities within age tech.
Advice for Investors:
- Due Diligence: Focus on the user-centric approach of startups to ensure their solutions genuinely meet the needs of the elderly.
- Support Viable Solutions: Invest in technologies that have demonstrated practical impact and user acceptance.
Notable Quote:
Dominic Carter [29:32]: "The idea that it's a niche is actually crazy because, you know, half the population is over 50."
8. Conclusion: Embracing Change for a Better Future
Vince Chen concludes the episode by summarizing Dominic's insights on preparing for the inevitable process of aging. The discussion underscores the importance of proactive engagement with technology and thoughtful design to enhance the quality of life for the aging population.
Notable Quote:
Vince Chen [33:29]: "Change is happening whether we like it or not. We age every second. It's not about every change but about how we change."
Final Thoughts: Dominic Carter's experience and leadership in the age tech sector provide a roadmap for addressing the complex challenges of an aging society. By prioritizing user-centric design, cultural adaptation, and strategic investment, his work exemplifies how technology can meaningfully improve the lives of the elderly while presenting substantial business opportunities.
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This summary captures the essence of Episode #334, detailing Dominic Carter’s approach to future-proofing life after 50, the strategic initiatives his company is undertaking, and the broader implications for society and the age tech industry.