Senior Sensitive Marketplace: An Economic Development Framework Doug Luciani, President & CEO Traverse City Area Chamber of Commerce

“Who am I? Why am I here?” - Vice Admiral James Stockdale Vice Presidential Candidate, 1992

“Acres of Diamonds” 52% of seniors live in just 9 states, including Michigan; Michigan’s population is aging twice as fast as the rest of the nation; Traverse Bay region is aging three times as fast as the State of Michigan; Retirement produces 3.7 jobs per retiree; Michigan-friendly industry. Source: Aging Institute of Michigan; TC Chamber 2005 Economic Forecast

Hardly Just “A Health Care Burden” Men & Women 50+: Own more than 70% of financial assets; Represent 50% of discretionary spending; Represent 66% of all stockholders; Own 40% of all mutual funds ($1 Trillion); Hold 50% of all IRA & Keogh funds; Purchase 41% of all cars/48% of luxury cars; Earn almost $2 Trillion in annual income. Source:

These Seniors Will Be: Our workforce; Our entrepreneurs; Our mentors and counselors; Our leaders; Our angel funding networks; Our catalyst to move from economic malaise to prosperity.

Our Workforce… Partnering with Northwestern Michigan College on senior-specific programming; Regional Skills Alliance for Knowledge Economy; Web-based portals to link senior workers with available jobs; An important component of the Poverty Reduction Initiative.

Our Entrepreneurs… A large percentage of new business start- ups, sales of businesses, and franchisees comprise senior entrepreneurs; Senior CEO Roundtables; Accessible counseling and training; Access to capital – it doesn’t all have to be from your 401K.

Our Mentors & Counselors… SCORE, America’s Counselors to Small Business Mentorship/Protégé Relationships Advisory Boards Business Education Subject Matter Experts

Our Leaders… Senior Leadership Grand Traverse Integrating Seniors and Non-Seniors Engaged Participants in Processes

Our Angels… Remember who has all the money! Provide ready access to private equity deals that are vetted. Help prepare entrepreneurs to be “deal ready.” Get the money moving through the economy.

A Catalyst for Prosperity… Chance to move the needle; Create a market place that recognizes the potential of senior consumers and encourages their participation; Catch up with the “big box” stores and the scam artists – what do they know that we don’t? Capitalize on readily available and abundant state resource.