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There are 35 million people in the United States over the age of 65. By 2050 that number is predicted to be 100 million. Of today’s seniors, about 7 million need some sort of assistance, but are capable of living independently. That number is expected to rise to 25 million by 2050. That, explained Tiffany Espinosa, adds up to a lot of seniors with a lot of time on their hands.
Espinosa, winner of the fourth annual Bard Center for Entrepreneurship Business Plan Competition, plans to build a country club-style facility for seniors. Many elderly folks, she explained, don’t need any kind of indigent care, but are hindered in their ability to get out and about by poor eyesight, arthritis – any myriad of minor difficulties – and become shut-ins.
Her plan, the Journey of Life Meetinghouse, will bus seniors to the site for safe, supportive, social, educational and volunteer opportunities for only $50 a day. When compared to $20 an hour for visiting nursing care, the savings to seniors, the system and their families is considerable. In addition, the added social and activity aspects are invaluable. Espinosa noted that $400 billion is spent in elder care. Adult children shoulder 60 percent of home care packages. Sending Mom and Dad to the JLM is a far better alternative for many people than having them move in with the kids, she said.
In addition to taking home the $10,000 grand prize, Espinosa also received $1,000 in the inaugural Ward Family Non-profit Award. The non-profit award is a gift from Bard board member Judy Ward and her family.
Second place winnings of $5,000 went to Catherine Kunst and Millard Cull of BP Proteomics Inc. for their cutting-edge biotechnology that will enable protein microarrays to place hundreds of diagnostic tests into a single test that can be carried out on a 1x3-inch slide. The duo also won the second annual $5,000 biotechnology award.
Third place, winning $2,500, went to Stanley Sanchez and Ventless Combustion & Energy Corp. for their zero-emissions combustion system that eliminates waste products without air emissions or creating more waste products.
Three other finalists, including AirTravelerBagXpress Corp., Voicestra and Resume Rooster, each received $1,000. In addition to the more than $25,000 in cash prizes awarded, each finalist will get a share of $25,000 in in-kind awards.
The six finalists presented their business plans to judges in the morning at the Denver Marriott. Awards were announced at the luncheon. Keynote speaker at the luncheon was Mayor John Hickenlooper. “Our best entrepreneurs are here in Denver,” said the mayor, himself an entrepreneur. “We truly are a small business community. Eighty percent of our businesses here have 20 employees or less.”
He lauded the passion and commitment the six finalists showed. “You have to be willing to work as many hours as it takes.” The mayor spoke of long hours doing construction, refinishing floors, seeking less expensive means to get the work done and enlisting the people connected with his ideas as investors.
Sandy Bracken, executive director of the Bard Center, said all the business plans were impressive. “You come out of the presentations pumped up and inspired by these business ideas,” he said. “What is key for us at the Bard Center is creating new ventures, helping early seed companies get a good start.”
The Bard Center was established in 1996 to educate, incubate and provide resources to innovative business ventures. Past winners include a wedding planning business (2002), a motor that enables bicycles to reach speeds of up to 20 miles per hour (2003) and “Metroboom,” a full-service styling salon for men who take extra pride in their appearance that is opening in July (2004).