Envelope, Please: Startup to Liftoff; Accelerator to Unicorn Hopeful
Innovation to Aid Older Adults Prime Focus of Techstars/Pivotal Ventures Longevity Program
It’s no exaggeration to say that I felt a wave of enthusiasm as I heard a voice announcing the names.
Emmys? Oscars? Tonys? Not exactly — at least not in the entertainment sense. But in startup country, one might be tempted to make the comparison.
The 10 companies “announced” on November 8, 2021, have been selected to be part of a startup accelerator focused on addressing the stark, unmet needs of older adults and their caregivers.
Aging with Higher Costs, Less Help and Fewer Options
From the prohibitive cost of healthcare to the shortage of caregivers and the dearth of qualified, affordable home help, the challenge is grave. There is also a striking lack of innovation directed at this enormous aging population.
According to the Population Reference Bureau, the number of Americans ages 65 and older is projected to nearly double, from 52 million in 2018 to 95 million by 2060. At that point, those 65 and older will account for nearly one-quarter of the U.S. population. Research from AARP notes that 90 percent of older adults want to stay in their homes as they age. What resources will they have?
Enter Rocket Fuel for Startups
The Future of Longevity Accelerator is sponsored by the Denver, CO–based Techstars — one of the largest accelerators in the world — in partnership with Pivotal Ventures, an investment and incubation company created by Melinda French Gates to advance social progress in the U.S.
For the uninitiated: Accelerators provide early-stage startups with funding (in exchange for a percentage of a company’s future equity), as well as unparalleled expertise, global connections, introductions to later-stage funders and access to global mentors from diverse fields. Techstars has more than 40 accelerators around the world.
The 13-week longevity program — now in its second year — puts selected startups through their paces. Hundreds of companies apply; only 10 are chosen. In three demanding months, founders and their teams sharpen their business strategies, iterate their products and services, better communicate their value and identify potential sources of future funding (usually at the seed stage of $1M or more).
This is the fourth Techstars program that I’ve had the privilege to be part of. The collective knowledge, perspective and “give-first” attitude of my esteemed mentor colleagues is astounding.
Yet again, it’s time to roll up our proverbial sleeves and dive in with these 10 new startups — carefully selected on the strength of their teams, the potential market opportunity, their traction to date and their business ideas, which sometimes are adjusted based on across-the-board feedback.
The chosen companies this year coalesce around six themes: aging in place, care coordination, caregiver support, preventive health, social engagement and financial wellness. You can read about their impressive missions below. Also notable is that 60 percent of the founders in this year’s cohort are from underrepresented groups, and half are women.
The Ties That Frustrate — and Inspire
What binds together the members of the accelerator, mentors and potential funders is the pressing need for better solutions for healthy and more-independent aging.
Most everyone involved has had at least one defining experience as a caregiver, patient or provider that has informed the decision to start a new company, consider making an investment in the space or devote time and experience as a mentor to remedy what is truly a broken system for many older Americans.
Advocates for older adults, and older adults themselves, are sounding the alarm. But there’s more at play here than soothing debilitating pain points. From a business perspective, there’s a huge opportunity. The Harvard Business Review notes that those 50 and older in the U.S. contributed $7.6 trillion to the country’s economic activity — almost half the gross domestic product. And that was in 2015. Global estimates for 2020 were projected at $15 trillion. While clearly not all that spending is aging related, economists note that Americans over 50 control 80 percent of the country’s wealth. It’s hardly an understatement to call this a ginormous market.
Founders say they’ve searched within, changed jobs and taken huge financial and career risks to identify and offer better solutions to older adults and be part of positive change.
A Sobering Reality
My own personal experience with aging family members and friends has deepened my commitment to this pressing cause. Like so many of you, I have older adults whom I care deeply about, and I’ve watched them struggle with a disjointed healthcare system that makes their care more complicated, expensive and inefficient, leading to financial, physical and social burdens.
Have you ever watched someone with declining strength, loss of hand dexterity and mobility challenges struggle to carry a liter of bottled water? Open a jar? Put on socks? It’s heartbreaking. But sometimes there’s no caregiver or aide available to help. The inability to carry out basic daily activities can strip an older adult of confidence and dignity. And the isolation caused by illness or dwindling capacity cannot be overstated. Since COVID-19 began, it’s fair to say that most everyone’s world has become smaller. But for the aging, isolation can contribute to a loss of independence and crushing loneliness.
Embracing Aging with Innovation and Options
But there IS a brighter side to this dynamic. And that is why I feel inspired. The companies selected by Techstars and Pivotal Ventures (highlighted below) are trying to change the face of aging: to empower older adults to assert more control and to give their caregivers more tools and resources.
Just look at the value already being added by the 2020 class of startups — demonstrated clearly during their “graduation” in a high-stakes event called Demo Day.
I consider myself a pragmatist. But I am moved to optimistic cheering when considering the game-changing potential of startups like these.
Below are short profiles of the 10 companies in this year’s cohort. Profiles are from an announcement by Techstars and Pivotal Ventures naming the selected 2021 startups.
What product or service do you want to see created for older adults?
Disclaimer: Content and opinions are those of the author. He does not represent Techstars or Pivotal Ventures.
The author notes no conflicts of interest with any startups named in this article.
2021 Cohort: Techstars/Pivotal Ventures Future of Longevity Accelerator
ABBY by GOGOTECH
ABBY is an all-new lightweight, portable, personal electric vehicle for people with reduced mobility. Designed for daily life and loaded with groundbreaking advanced features, including power-assist, machine vision and IoT, ABBY makes powered mobility affordable for all those who need it, regardless of their insurance coverage or income.
Better Coliving
Better Coliving is the first platform for single-family-home coliving for the 55+ demographic in the U.S. Better Coliving enables homeowners to earn income by sharing their homes and provides guests with naturally affordable housing in neighborhoods they love, all while building community and addressing the challenges of loneliness that many face.
https://www.bettercoliving.com/
BRIGHT
BRIGHT is a health and technology company that designs products and develops habits for brain health. BRIGHT fast-tracks cutting-edge scientific research for families battling Alzheimer’s disease and those who want to prevent it. With BRIGHT BEACON40, users can tap into the benefits of 40Hz light therapy to improve sleep, mental acuity, memory and attention.
HealthHive
HealthHive is a digital platform that creates a “community of caring” around older adults. By integrating into existing clinical systems and workflows and involving a broad care team, HealthHive allows both caregivers and care recipients to feel empowered throughout the care-coordination journey, resulting in both improved outcomes and cost savings.
MyFitPod
MyFitPod has built a “business in the box” solution which includes a platform and SaaS marketplace for independent fitness and wellness professionals to serve and connect with the aging population and their caregivers.
OndeCare
OndeCare reinvents in-home dependent care, providing families a flexible solution to their caregiving needs, professional caregivers worthwhile jobs and businesses a timely employee benefit.
Saeidan
Saeidan’s Ask Claire and Claire’s List are digital platforms that transform the Medicare plan-selection process. Saeidan uses data and technology to tailor guidance to beneficiaries’ needs and values, enable more-confident decisions and drive change for older adults and those caring for them.
The Ilera Companies, Inc.
Ilera’s LIV™ (Life in View) platform brings the joy back into family caregiving by supporting active, independent older adults in maintaining and improving their health, happiness and social engagement. LIV™ is a people-plus-technology solution that combines the personal touch of a CareConcierge™ with the convenience and scalability of a digital platform that allows older adults and their caregivers to more seamlessly request services, manage appointments and track health goals all in one place.
Vivo
Vivo is an online, live and interactive fitness program for adults 55 and older with a focus on increasing strength and function. Vivo uses assessments to measure progress, includes cognitive training and creates community and social engagement that drive participation and retention.
Wave Therapeutics
Wave Therapeutics has developed disruptive, affordable, smart cushioning technology to prevent bedsores, save lives and significantly reduce a major healthcare expense for patients and facilities alike.
#aginginplace #longevity #caregiving #startups #givefirst #techstars #mentoring
