AARP Hearing Center
AARP’s AgeTech Collaborative Links Start-Ups, Financing, Industry
Initiative boosts companies targeting the 50-plus market, helps test concepts
Johnny Greig/Getty Images
Many people age 50 and older are savvier about technology than they're often given credit for.
They use technology daily in the workplace and at home. Social media has exposed them to marketing for new devices and apps. Plus the coronavirus pandemic forced them to adapt quickly to ideas they might have been hesitant to try even a couple of years ago.
“And they’re expecting products and services that meet that level of sophistication,” says Rick Robinson, vice president and general manager at AARP’s AgeTech Collaborative.
Older adults spend trillions on what they want, need
To be sure, the companies lending their time, money and expertise also see dollar signs. Recent research from AARP shows that the 50-plus market — what it calls the longevity economy — contributed $45 trillion to the global economy in 2020, and that’s expected to reach $118 trillion by 2050.
Many of the more than 90 start-ups involved in the collaborative are seeking access to financing that for some may have been out of reach. AgeTech start-ups run the gamut. Participants include:
- Braze Mobility, which makes blind spot sensors for wheelchairs.
- Camino, which has come up with what it refers to as the world’s first “smart” walker.
- Gameboard, maker of a social tabletop gaming console.
- Mighty Health, a company that says it has developed joint-friendly, low-impact fitness workouts.
- MindMics, whose wireless earbuds double as a heart monitor.
- Rendever, a virtual reality firm that aims to tackle social isolation.
- Trust & Will, an estate planning service.
- Voiceitt, which developed an app to help people with nonstandard speech be heard.
CVS Health Ventures, QED Investors and Revolution Ventures are among the lenders on AgeTech’s venture capital and investing side. Global law firm Cooley; MassChallenge, a global network for innovators who are working to solve massive challenges; the National Association of Realtors; investment management firm T. Rowe Price; and pharmacy chain Walgreens also have joined the collaborative.
“There is a pressing need for products and services that help people make informed choices about how they live as they get older,” says Nigel Morris, cofounder of Capital One Financial Services. He’s now managing partner of QED Investors, which focuses investments on financial technology companies. “We want people to make better financial decisions, save for retirement and feel empowered to have financial resiliency. That is why we’re so excited by the efforts of AARP’s AgeTech Collaborative.”
Adds Kevin Collins, head of retirement plan services at T. Rowe Price: “One of our priorities … is to provide accelerated digital solutions that are personalized, easy and integrated to help retirement savers achieve the outcomes they desire. The AgeTech Collaborative will give us the opportunity to increase our exposure to innovative solutions in this emerging space.”
AARP is also receiving applications from organizations such as health care systems, long-term care facilities and universities that can provide settings where start-ups can test and validate their products and ideas.
Businesses invited to apply
Working with start-ups is nothing new for AARP, but the collaborative isn’t open to just anyone. Start-ups that want to join must apply to compete in one of the 15 or so Shark Tank-like pitch challenges that AARP now hosts annually around such themes as financial wellness, transportation and women’s health. Companies that win these competitions or otherwise make a positive impression can be invited into an eight-week accelerator program where they can connect with other start-ups, dive into research, discover insights about the older demographic and gain access to the collaborative’s community platform.
The collaborative publishes blog posts and news updates related to its companies and on technology related to aging and 50-plus consumers generally. And it hosts virtual and in-person events for participants at which founders may talk about weathering the early stages of being a start-up. Information about the participants is available in a searchable directory.
AARP is also taking a stake in some of the start-ups, ranging from $50,000 to $100,000.
“We only invest in things that tie to our social missions,” which include caregiving, health care, housing, savings and planning, and work and jobs, says Andy Miller, AARP’s senior vice president of innovation and product development. Any money earned from AARP’s investments ultimately will flow back into the organization to serve the nonprofit’s goals.
“This is us punching out into the world and saying, ‘This is age tech, this is a really important space, and we’re going to lead it and bring people along,’ ” Robinson says. “The AgeTech Collaborative is part of AARP’s endeavor to command the space we occupy.”
This story, originally published on Nov. 15, 2021, has been updated to reflect more recent information on start-ups, pitch competitions and financing.
AARP Membership — $15 for your first year when you sign up for Automatic Renewal
Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP the Magazine.
More From AARP
Onward: Beyond Ride-Sharing for People 50-Plus
‘Door-through-door’ service firm wins AARP pitch event
Seth and Lauren Rogen Use Humor to Fight Dementia
But for the family, Alzheimer’s disease is serious subject