AARP’s AgeTech Investor Network is helping tech entrepreneurs target the aging population

AARP (formerly the American Association of Retired Persons) has started AgeTech Investor Networkit aims to help startups break out of the AgeTech market – which targets the aging population.

AARP’s AgeTech Investor Network is a partnership with AgeTech Capital, expanding AARP’s mission to support and advance AgeTech startups by expanding access to funding. Upcoming highlights The cost of CES 2025AgeTech was born because many modern products have been used for young people. But as boomers and others get older, the need to address technology issues across all demographics makes marketing more palatable and important.

“The goal is to help these successful startups expand their businesses and services, and this will help create a social environment to help the millions of people in this country who need to find these new jobs,” said Andy Miller, CEO. vice president of technology and product development at AARP Innovation Labs, in an interview with GamesBeat.said. “In this new partnership, we started targeting investors. So we have more than 95 capitalists who have joined the alliance. “

I saw the value of this technology firsthand when I was trying to find technology to help me care for my elderly mother. I was the sole breadwinner in that situation – as is the case with many families today – and still needed the presence of other families. But I found that my mother was not very tech savvy – she couldn’t figure out how to use an iPhone – and many things didn’t support her needs.

There are many things that technology cannot do. My mother died of dementia in 2024, but I still see the need to grow. Over the past decade, I’ve seen many startups take this approach and I’ve written about them along the way. But it still feels like an underserved market.

Many technologies for the elderly use a TV or mobile phone as a communication tool. Things like telehealth can work using those tools, but implementing care in a nursing home is often difficult. Some assisted living facilities work well with this, but this is not always the case. Some technologies are always aimed at caregivers, who are often the “go-to” between aging parents and their children when it comes to caregiving.

AgeTech Investor Network

AARP’s new network and its team of industry experts and startups are committed to driving change in the AgeTech sector by connecting startups with visionaries who want to support and transform the growing AgeTech space, Miller said.

For investors, members of the AgeTech Investor Network get access to a selection of high-quality AgeTech startups, fast support, a dedicated group of like-minded investors, and strategic leadership opportunities.

And for businesses, startups get access to great funding, training opportunities, and resources to grow their businesses through access to funding and support.

Andy Miller, senior vice president of innovation and product development, said in an interview that AARP began working with the founders seven years ago. About five years ago, it started monetizing these startups after going through its program, which is an accelerator. About three years ago, in 2021, it launched the AgeTech Collaborative.

Miller noted that Series A investors were writing big checks. Although most startups can raise $2 million or $3 million, they are often not ready for $10 million or $12 million and the financial conditions have not been favorable for raising such funds. But startups need some kind of seeding from small investments, Miller said.

“In the last few years, we have started to see this change. And we see that new funds are able to raise money now and we looked at how we can support the founders in the tweener sector, “he said. “And the concept of AgeTech has begun to work according to the financial impact. People in their 50s are spending money and using technology. It’s in plain sight.”

AARP’s AgeTech CollaborativeThe goal is to improve people’s lives as they age. The project brings together one of the world’s leading natural resources, forward-thinking investors, experienced entrepreneurs, and testing tools – all working to bring new AgeTech innovations to market.

“It’s now the largest country in the world for companies with AgeTech in nearly 600 companies,” Miller said. “It includes large corporations, like the Fortune 10, all the way up to private residences. And it has about 200 startups that have joined the partnership and gone through our program.”

AARP has invested about 57% in the last 3.5 years, or more than 100% now.

AARP Foundation

AARP is the largest non-profit, non-partisan organization in the US Advocating people over the age of 50 in the US, AARP has more than 38 million members in the US.

AARP sees AgeTech as anything that can help people age well, and the company recognizes the growing need for people to use technology in caregiving. Their mission is to empower people to choose how they live as they age by finding new ways, technologies, and products that help us all age according to our preferences.

AARP’s AgeTech Collaborative began in 2021 and is now the largest AgeTech ecosystem in the world, approaching 600 companies including the world’s largest companies and more than 90 venture capitalists. AARP has also had a large presence at CES each year for its AgeTech solutions and collaborations .

Some of AARP’s key requirements for AgeTech solutions include:

• Smart home tech (77% of people want to age in their own homes and don’t want assisted living, Miller said). These smart homes need a lot of sensors, such as knowing if someone has fallen from the building or is leaving the premises. This can also focus on smart living in assisted living facilities.
• Move + stay active. Providing exoskeletons to give people more power while walking has come a long way in recent years, but the technology is still common to see in use.
• A healthy brain. The biggest fear people have as they age is not losing their car keys and freedom. With the spread of dementia, the fear now is that they will lose their minds, Miller said.
• Group activities + entertainment. Isolation is a major cause of loneliness among seniors, and there are creative ways to combat this, such as using “music as medicine,” Miller said. Scenic tours and other programs hold promise in the area, he said.

Numbers around the elderly

Miller said 12,000 people turn 65 every day in the US And people aged 50+ contribute $8.3 trillion to the US economy.

“When you live in India, China, Japan, these numbers are very surprising. And then when you think about the care sector, there aren’t enough of us to take care of the elderly,” Miller said. “So technology is something we’re looking at to help fill that need. The AgeTech Investor Network will provide angel investors with access to a unique investment strategy. “

People 50 and older in the US spent $77 billion on technology in 2022 – a figure expected to grow to $120 billion in 2030, according to AARP photo.

By 2030, millennials will replace 50-year-olds, raising 50+ to $12 trillion in the US economy (this would be the 3rd largest GDP in the world) and $35 trillion globally. By 2050, contributions of 50+ years are expected to be about $100 trillion in the world economy.

“That’s why we’ve had so many organizations partnering with us,” Miller said. “If companies are not already selling more than 50 people, they should do so because that is where the money has gone.” The biggest myth is that older people don’t use technology. The single largest group of tech adopters are the 50 to 60 year olds, making them the largest group of first-time technology adopters.

How the program works

One of the most important aspects of this network will be the installation of interconnecting pipes.

“The interesting thing about the pipeline is that in order to work with AARP as a starting point, you have to go to one of our events and get on stage. You don’t have to win, but you have to get up there. Then we can pick and choose who we want to invite to our launch program,” said Miller.

The accelerated program lasts eight weeks and is when AARP makes a decision about whether or not to invest.

“We’re spending more time on startup than any lender would spend before making a decision,” Miller said. “When it’s time to start running, if you want, you can get to the point where we’re putting you in front of an angel. We can’t put any money at risk, but investors can get a good sense of how well these companies are stored when they see them.”

In some cases, startups will have pilot programs and business events that AARP supports.

“We’re building a two-sided market, and now we’re engaging with the angel community,” Miller said.

An example of a partnership

Trust & Will is the leading online estate planning company in the US It is dedicated to ensuring that every American leaves a lasting legacy. The company is eliminating the painful process of going through probate court by focusing on creating a digital estate that is comprehensive but does not require a lawyer.

Trust & Will has been involved with AARP through a partnership with the AgeTech Collaborative. In 2021, Trust & Will joined AARP’s AgeTech Collaborative network to help develop 50+ people, working closely with founders, investors, and industry leaders.

As an exclusive AARP partner, Trust & Will offers AARP members a 20% discount on estate planning services, making it easier for them to create assets and trusts. AARP also has an investment fund in Trust & Will.

The AgeTech startups sponsored by AARP includes VoiceIt, Lance, Kinoo, Joylux, Springrose, 1 True Health, 6Degrees, Dentity, DeepLook Medica, De Oro Devices, Abby and Gogotech, Addition, Advosense, Chas, Elektra Health, Ageless Innovation, Echas, Effectivte, Gameboard, Providers, GoodTrust, Grapefruit Health and SingFit.

At CES, AARP will have about 13,000 booths at the Venetian, covering digital health, smart homes and lifestyle technology. AARP has 30 companies in various categories. AARP is hosting an AgeTech Summit with CTA, with Maria Shriver as keynote speaker. And on January 10, AARP will host an event at the premiere, with a cash prize.