Technology is Key to Helping Older Adults Age as They Choose, AARP’s New CEO Says

“What are they buying? Everything, especially technology, and not just gadgets and wearables,” she says. “They’re seeking tech that enhances their lives as they age from smart homes and appliances to innovative health and wellness solutions.”

AARP has called the 50-plus market the longevity economy.

AARP takes a financial stake in some of the start-ups, ranging from $50,000 to $100,000. Money earned from AARP’s investments ultimately flows back into the organization to serve the nonprofit’s goals.

“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.

Roger Kisby for AARP

Doors open for entrepreneurs in the collaborative

Many of the nearly 180 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: 

• CardioSignal, which says it can diagnose heart disease in one minute using a smartphone.
• Embr Labs, maker of a wrist-worn temperature device that sends a thermal stimulus to the brain to address issues around sleep, hot flashes, and stress.
• Kemtai, a computer-vision exercise and assessment platform that provides real-time feedback for physical therapy and musculoskeletal care.
• Kinsome, a digital platform that leverages artificial intelligence (AI) to foster intergenerational bonds between kids and grandparents.
• Osteoboost, which is readying an FDA-cleared drug-free prescription treatment for postmenopausal women with osteopenia. The condition results in decreased bone density, which can lead to osteoporosis if not treated.
• SupportPay, which provides resources to help families manage their finances.
• Virtuleap, which is promoting brain health and improving cognitive function through the use of AI and virtual reality.

AgeTech Capital, Citi Impact Fund, Comcast Ventures, CVS Health Ventures, Magnify Ventures, Pivotal Ventures, QED Investors, Revolution Ventures and Toyota Ventures are among the lenders on AgeTech’s venture capital and investing side. Global law firm Cooley, 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 also is receiving applications from organizations such as health care systems, long-term care centers and universities where start-ups can test their products and ideas.

Businesses are always invited to apply

Working with start-ups is nothing new for AARP, but the collaborative isn’t open to just anyone. Ventures that want to join must apply to compete in one of the 15 or so Shark Tank-like pitch challenges that AARP hosts annually around such themes as financial wellness, transportation and women’s health.

Young companies that win these competitions or otherwise make a positive impression can be invited into an eight-week accelerator program where they connect with other start-ups, dive into research, discover insights about the older demographic and gain access to the collaborative’s community platform.

“This is us punching out into the world and saying, ‘This is AgeTech, this is a really important space, and we’re going to lead it and bring people along,” says Rick Robinson, vice president and general manager at the AgeTech Collaborative. “[It] is part of AARP’s endeavor to command the space we occupy.”