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The Japanese senior citizens who founded Jeeba knew they were making history when they coined their company motto:”Of the elderly, by the elderly and for the elderly.”
By the time the 25 founders met one another in the mid-1990s, at a series of business-networking events hosted by the government of southern Saga prefecture, many companies were making products for the elderly, the elderly, the fastest-growing demographic market in Japan.
But these goods were not made by the elderly.
All the Jeeba founders were older than 60 and believed they had a special insight into the needs of older consumers.
In 1997, they launched Jeeba (the name means “ole man and old woman”) to build senior-friendly bathtubs, toilets and hammock lifts to help the infirm into wheelchairs.
They do not hire young people, and the oldest of their workers is 75, Annual sales are only $272,000, but senior director Kazuhiro Noda, 67, expects revenues to start growing soon, as the company is putting more money and resources into sales development.
He also believes copycats are sure to follow. Say Noda:”There will be a lot more companies like ours.”
He’s probably right. Firms run by senior citizens are still a rarity, in Japan and worldwide.
But the elderly have numbers on their side. Thanks to the post-World War II baby boom, healthier and longer-living seniors are reaching retirement age in unprecedented numbers all over the developed world.
Very low birthrates in those same countries mean there are far fewer young workers to take their place.
The potential consequences for industrialized countries are now clear: shrinking work forces, soaring health costs and collapsing pension systems.
Nihon University demographer Naohiro Ogawa is not exaggerating much when he says:”Old people are Japan’s only growing asset.”
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