Is that spare room the solution to isolation and loneliness in the over 50s? Suzanne Noble believes so

Q: Would you please tell us about Nestful (formerly known as ‘Silver Sharers’)??

SN: Nestful is a platform that helps homeowners aged fifty-plus to find compatible lodgers at any age.?

My co-founder and I were on an accelerator program hosted by an organisation called Y Combinator, who are based in San Francisco. Venture funding from the organisation helped kickstart brands like Airbnb and Reddit. Anyway, they have a free school for people that want to start tech businesses. We were interested and joined. It got us thinking.?

Putting a name to a brand is always challenging. Initially, we wanted people to understand our offering. When researching age-related names, ‘silver’ as a term was an obvious one. ‘Gold’ was a close second. I polled a big Facebook group that I created and belong to, and ‘silver’ was received positively.? We decided on the name Silver Sharers.?

A year or two down the line, however, we had some teething issues with the brand name. The issue was not that people did not think of themselves as ‘silver’, but that it led people to think our customers were much older than fifty-plus. In response, we rebranded and rebuilt the platform. We re-launched under the new name: Nestful.?

Q: It is important to point out that fifty is not old??

SN: Society often defines what counts as ‘old’ and what counts as ‘young’. I have an issue with such divisive thinking. I am sixty, and although technically an ‘old person’ to society, I am not old. I am content that I am not exactly young either; however, when I reflect on my earlier years, I am much happier and comfortable as a person now.?

I prefer to use the term ‘olders’. It’s a nice word, rather than just being ‘old’. It acknowledges we have been around for a bit longer, and I like to think it overcomes the constant challenge where being older is seen as a negative. There is nothing wrong with being an ‘older’.?

Q: What was the inspiration behind Nestful??

SN: My inspiration was based very much on my own lived experience. I was an Airbnb host, with a couple of rooms spare after the kids left home. It was good for a while, but I also felt like a housekeeper. At a friend’s birthday party, I met a guy around my age. He was looking for a place to live. I then had a lightbulb moment of swapping one of the spare rooms for a long-term person. I said, “I might have a room. I’m not completely sure I can do this, but let’s see what happens.” One day, he visited and had a look around. We made a deal and he moved in about one month later. Although I did not know much about him, it was a lot of fun. He was fifty-three years old and ran a tech startup. He lived with me for two and a half years. I then had a younger student move in for another couple of years.?

My partner at the time was in his early sixties and wanted to move from London. His business had folded, and I suggested to him that he looks for accommodation like what I offered near me. We started looking on different platforms – what a depressing experience that was! The more we looked, the more our hearts sank. The majority was like student housing and not suitable for someone in their early sixties who had a once successful career.?

I recognised there was a problem that needed to be solved. I turned to my Facebook group. This was where I uncovered the extent of the problem. I realised there were many people in a similar situation to my partner’s. There were also lots of people like me with spare rooms, who could perhaps do with the extra income, or were lonely. Silver Sharers was a potential solution.?

Up north, I met my business partner. He was working in property, on a student sharing platform, and got very interested in the concept of Silver Sharers. We have been working together ever since. We have received funding and keep an eye out for further investments. Overall, it’s been quite a challenging, but interesting journey.?

Q: Is there anyone in the UK that also offers this service for this demographic of fifty-plus??

SN: Yes, we have one other competitor. They cater for all ages, and we find many of our users are on both platforms. I think this is important (especially at the moment), because with the lasting impacts of COVID on the economy, times are pretty tough. Everyone has to do what they can. If a room is listed with us, but also listed elsewhere, we completely understand that. Part of this is also understanding what platform is best for you.?

Q: Is fifty-plus a strict rule, or can lodgers be of any age??

SN: We find the average age of our renters is about forty-five, but they can be almost any age.?

We found from our research that people can be pretty agnostic when it comes to the kind of people they want to live with. Compatibility is essential. And finding out what makes people compatible excites us. Ask anyone in a relationship, and they will tell you compatibility is very nuanced. You could say that you’re never going out with a smoker, and then marry a smoker – just as long as they smoke outside and brush their teeth before kissing. Compatibility is truly fascinating.?

Q: The first lockdown saw people completely separated from their friends and families. Did you experience an increase in people wanting to find lodgers??

SN: The first lockdown was a shock to all our systems. Some people who were quite happy living alone came to realise that living with someone might be the solution to the COVID-inflicted loneliness, particularly when you could not get out to socialise. We have seen many people come onto the platform for this reason.?

Q: Would you say your platform is about having someone rent a spare room in a commercial arrangement, or having tenants that are supportive??

SN: The service is pretty flexible, and people can use it how they wish. We don’t dictate rules on how to use the platform.?

We had someone in their late fifties recently move in with a ninety-year-old woman. The property owner was able to offer reduced rent in exchange for assistance in tasks like shopping and tidying the house. She also wanted some companionship. For the most part, people are generally looking for a place that is affordable. Finding such accommodation, particularly in London, can be a tall ask – Nestful solves this.?

Q: Given the demographic, does it mean that they are willing to pay higher than other usual room searching platforms? Do users pay extra for the bespoke matching service??

SN: We are at the beginning of the business, and it is very much about getting customers and users. Currently, we charge a very small listing fee of ￡14.99. In the future, we will be charging our unit economics and so it will become slightly more expensive as we upgrade the service to make it even more user-friendly.?

I think of the platform as a marketplace – you have supply and demand, and your challenge is to match those up. At present, we have about five times the demand to supply. It is clear further work is required to meet this demand. We also have many more people looking to rent their homes and getting these homes on the platform is our primary objective.?

Your question about the demographic is an interesting one, because the bespoke and personal service is definitely a top priority for them. We have done this inadvertently, but it is not terribly scalable. The solution ultimately lies in a customer journey where they can feel confident and supported by the platform, but without the requirement to necessarily hold their hand.

Q: Do you think your target demographic requires a customer service function, rather than an automated service??

SN: Customer service is huge for this demographic. Collectively, ‘olders’ are not as tech-illiterate as some people think! Tech and digital literacy varies enormously. Some say they can’t log in, or they cannot do this or that. Others can navigate tech just as well as a digital native. I believe this sort of personal business requires the personal touch, and so there will always be a degree of a ‘hand-holding’ service available.?

Q: Yes, there are so many that are tech-savvy. You have mentioned Facebook a lot, which I guess is your main marketing tool right now.?

SN: A good example of tech-savviness is my father. He is eighty-four years old. He creates Mailchimp newsletters, posts on Instagram, and uploads content to WordPress. Yes, he has a background in engineering, but he won’t be defeated. If there’s a gap in his knowledge, he goes on YouTube to learn. My mother manages an Instagram shop.?

What these examples show is that it is a complete fallacy that older people are tech illiterate. I know of some younger people where tech is not a huge part of their job (i.e., a hairdresser or builder), and so their tech ability is on par with the perceived ability of older generations.??

Q: Is there an intake or data gathering tool that is employed to help match lodgers up with lodging? Is there a system in place, or will this be a future update??

SN: Currently, it is completely hands on. In the future, there will be an algorithm. People can over-engineer such solutions - especially to the point where no one will find a match. Online dating sites are a prime example. If you can narrow down to minute specifics, then it is highly likely you will not find a match. Conversely, if you leave your profile reasonably wide in terms of requirements, then your chances of matching increase. From there, it is down to chemistry. So much of it is people meeting each other face-to-face and seeing if they click. What people show on paper is not always how they reflect themselves in real life.?

We are going to do some fun stuff in the future, which I am really excited about. I cannot reveal too much and so you will have to wait and see!?

Q: What is ‘Advantages of Age’ and why is it so important, especially now with people out of work?

SN: Advantages of Age originally started as a fun side-project with a group of girlfriends, mainly women in their mid-forties to sixties. I have a hot tub in my garden and monthly we meet up to have a chat. One of the things that often comes up is the negative representation of older women in the media, particularly in one newspaper. We don’t feel unsexy and washed up with no energy. Why is it that older women cannot be as vibrant, exciting, and creative as our younger counterparts? Why is it that this representation is persistent and therefore sticks? Maybe it’s to make us feel bad.?

One of the women in the hot tub said, “We should start something called the Advantages of Age.” Following this, I went away in my usual entrepreneurial fashion and built a website. It was Christmas at the time. During the next hot tub meeting I was able to say, “Well, I have done that. I have a website and we need to get some content on it now. Would any of you like to write some articles?”. One of the women, a journalist and PR whizz named Rose Rouse, agreed to help.?

We went into this project together and, a year later, was awarded Arts Council funding. At this point it was not incorporated. Literally just a fun side-project. Then, another woman (who had invested in a tech startup called Frugal) said, “I wonder if that business academy you are running could be used for older people?”. Now there’s an idea. “Let’s give a go,” was my reply. I then worked to acquire some grant funding.?

I started working with older people, focussing on self-employment. In creating the program, I really started digging into what makes a good program great. Thanks to COVID we had to diversify the delivery method and an e-learning platform was created called ‘Startup School for Seniors’. We went live recently, and in this program I have included all my learnings over the past few years as a startup person. I have taken all my experiences to create something that now supports the one hundred people signed up to start their own business.?

Q: What learnings were they, and what are some of the topics you cover in the Startup School for Seniors??

SN: We recognised that for many people of my demographic, the reasons behind starting the business are not always the same. For some, it may be about putting food on the table. For others, perhaps in their retirement, it is something to fill their time. We have someone who makes gorgeous vintage-inspired hats as a hobby and wishes to turn that into a business. Another is a vegan who wants to start a food collective. There’s an ex-pro boxer who wants to start a wellness centre and an IT guy who wants to create a social media channel for men. It is very varied.?

The first module explores their rationale for starting a business, in addition to requirements. Then, the following modules cover topics you will find in startup programs – branding, marketing, funding, legal, and the fundamentals of running a business. Also covered is identifying your target market via research and how to talk with customers. So, that’s the program, but with an older person’s spin in mind.?

Every week, we speak with people who have just started their business and are over fifty, to find out what their experience has been like. All the school’s participants catch up on a weekly basis over Zoom. We get them into breakout rooms and it’s very exciting. Some of them have expertise in areas like branding, and so have created physical products.?

Self-direction is very much key in this learning program. We deliver several videos a week, in addition to homework. There are also reports to complete to evaluate how you have done and what your goals will be the following week.?

Q: Can you tell us about the type of ways to raise funding that is available for social enterprises??

SN: There are multiple ways to raise money. Unless you’re a charity (which is different from a social enterprise), you must trade but with a social purpose. You need to identify how you are going to make money, since you cannot rely on grants forever. We acquired funding through a COVID response fund directly aimed at businesses like ours that were suddenly unable to deliver in a physical environment and had to transition to a digital delivery.

A big lottery is an excellent funder for early-stage startups. There’s an ‘Awards for All’ program, which provides ￡10,000 to test your startup idea. I received initial funding from an organisation called the Paul Hamlyn Foundation, who had a similar program (which I think is on pause now). The Foundation was piloting a scheme called ‘Ideas and Pioneers’, which provided just under ￡15,000. There are other businesses like Unlimited, who provide grant funding. The smallest grant available is ￡500, which is called a Triad Grant.?

I also recommend exploring funding databases, as they provide more localised opportunities. If you are doing something specific to your local community, you may find money there. An example of this would be your local community centre needs some new equipment, or an outcome that cannot be provided (and that you could provide). Finally, there are crowdfunding platforms for social enterprises. I tend to steer clear of these because they can be quite challenging.?

Q: Putting together the applications must be quite challenging. What are your tips and tricks for building a successful grant application??

SN: Know your numbers. Like every other business, know the scale of the problem you aim to solve. If it is mats for your local community, then is it that a hundred people are going to turn up for an exercise class each week? In the case of a startup school, there is clear evidence that the pandemic has had a huge impact on the employability of people aged fifty plus. This demographic is statistically likely to struggle to secure employment when this is all over.?

You need to demonstrate the scale of the issue. There are some huge numbers I can think of. After you know the scale, why are you the best one to solve it? Such are typical business questions that are asked in equity and grant funding, regardless of budget. What qualifies you for solving the problem? What makes you special? What are the benefits for the people you are solving the problem for? How many people are you going to get into jobs? You can then show potential savings an organisation can make by giving you this money, instead of going to the job centre. On average, it costs ￡10,000 to get a person back into a job through benefits paid out for training, upskilling, etc. How do your figures relate to this??

Over the past three years of writing funding applications, I have learned there is a language specific to grant funding. You also start getting into stuff around lived experiences, social impacts, and social outcomes. Becoming familiar with this language ticks boxes for people.?

Q: Does it pay to hire a consultant to help you with this??

SN: At the beginning, I was fortunate enough to know a few people with experience. The first grant I received, I completed the application myself though. Thankfully some of the applications, since the arrival of COVID, have become a lot simpler. There are exciting grants out there like the Innovate Grant, which is more specific to tech innovation. In the social enterprise world, I think if grant funders really want to help communities, then the first step is making the process of writing grant applications simple. Some are already doing this. I have seen over the years applications become less onerous for people like myself, who have not got as much experience as someone who has worked for a charity for ten years and knows the language and ecosystem.?

I don’t think you need a grant consultant. It can be helpful to have someone look over your application, but I generally do everything myself. I do not find them as hard. Maybe it’s because I have been doing them for a while? My advice here would be to avoid spending money, because you won’t get it back. You can’t put this in the grant application.?

Q: Do you think your age has ever impacted the funding you receive or the interest you get from a more Proptech-type perspective, rather than grant funding??

SN: Some find it surprising when coming across the fact that people aged forty-five plus are more likely to be successful in starting up a new business. It is crazy that this is not widely acknowledged in the equity funding world.? This is not surprising when you consider that most of them are white men who come from a certain background and prefer to invest in people that remind them of themselves. I get that, but consequently it is difficult to navigate the landscape as an older woman.?

In my last startup, which was an app for Londoners living on a budget called Frugal, I received a lot of pushbacks from investors and others in the startup field. They said, “You know, we don’t usually invest in people that look like you.” It was quite shocking. Now, I think investors want to talk to me because Nestful is a much better idea with a lot more potential. I am happy with the concept, but I suspect that my age and the fact that I am doing work for my age group does play in my favour. It seems I’m the right person for the job. I have the experience, the background, and the wounds from being at the start of the system six years ago. I have also helped out an enormous amount of people with getting their ideas off the ground.?

Q: You have spoken at length about being a serial entrepreneur, with Frugal and some other apps. What else have you been involved in??

SN: I have been employed since my late twenties and my first business was a TV production company. I produced a series on astrology for Channel 4. Then, I ran a PR agency with my ex-husband and worked with brands like Warner Brothers, Sony, and BMG. I had a baby sling business that I created when I had my second son (who’s now twenty-six). I sold that to one of my customers. A failed business venture was sex education videos for adults. I learned a lot but lost a lot of money.?

To downsize, I sold my house, and I created the app ‘Frugal’ for Londoners on a budget. This later morphed into a website that’s still alive and kicking. The website now aggregates content from deal sites like Groupon and Wowcher. It makes a bit of money.?

Finally, I started the Startup School for Seniors and Nestful, which is my main business.??

Q: I think you are certainly not lacking in energy. One thing you have not mentioned is that you are a jazz singer.?

SN: Yes, I love jazz. Before lockdown, a lovely young pianist and myself had a lot of gigs lined up. We perform in a very old and filthy blues style, called dirty blues. Dirty blues features songs about sex (and is very innuendo based). Recently, thanks to various lockdowns, I have found some jazz players very local to me too. There’s a fantastic guy up the road in Hampstead who usually plays at the Dorchester in the Savoy. We have been rehearsing every couple of weeks on Facebook, just doing some standards and getting to know each other. It has been really fun.?

Q: That’s fantastic. Is an album in the works??

SN: We are talking about putting together a little set, but it may be a case of watch this space. I have enjoyed my jazz and it is nice to perform with someone else too.?

Q: Suzanne, thank you so much for joining me today. I am glad we connected to do this. So, where can people find you??

SN: Thanks, Nicole. They can find me at [email protected] .?

https://startupschoolforseniors.com

https://www.nestful.io