AARP Innovation Labs - Innovation to make aging easier

Andy Miller
Andy Miller 
SVP, AARP Innovation Labs
 
 
 
 
 
Andy, please tell us, what are AARP Innovation Labs?

AARP was built on innovation and has a long history of developing solutions that create opportunity and solve problems for people 50-plus.
It’s part of our DNA. AARP Innovation Labs was born out of the realization that deliver on AARP’s mission of empowering people to choose how they live as they age, we needed to continually innovate. Working with startups to discover big ideas was key. We created the AgeTech Collaborative™ from AARP®, an unparalleled innovation ecosystem bringing together an exclusive ecosystem of startups, enterprises, investors, and testbeds dedicated to making aging easier for everyone. AARP’s decades of exclusive longevity insights, the breakthrough collaborative ecosystem and community of innovators positions the AgeTech Collaborative to lead the future of AgeTech.

It seems a bit strange to me that in the US a "senior interest group" is running such a program and not companies or VCs

AARP is a social mission organization that advocates for older adults.
One of the many ways we deliver on the mission is to bring innovation to a space that business have traditionally overlooked or undervalued

Is the economic power of an ageing society still underestimated?

Aging is transforming economies around the world.From 2020 to 2050, annual global consumer spending by people 50 and over is expected to nearly triple, from $35 trillion to $96 trillion. It has never been a better time to be involved or invest in AgeTech, the dynamic category of technology products, services and experiences designed to make aging easier.

In the U.S., individuals aged 50 and older contribute a staggering $8.3 trillion annually to the economy. With the global population of those 65 and older expected to reach record levels by 2050, the need for innovative, sustainable, and compassionate care solutions is rapidly growing. Furthermore, the 50-plus demographic now rivals the 18–49 age group in ownership of key tech devices, marking a pivotal shift in digital inclusion and shattering the stereotype that older adults are slow to adopt technology. This evolving landscape is where AgeTech comes into play, revolutionizing traditional care by empowering independence, enabling aging in place, and strengthening caregiving networks. AgeTech encompasses a wide range of solutions, including:

  • Caregiving: Streamlining the responsibilities of caring for loved ones
  • Digital Health: Tech to track, monitor and ultimately improve health and healthcare
  • FinTech: Supporting financial management as people age
  • Smart Home: Empowering older adults to age in place
  • Artificial Intelligence: Tailoring tech to meet changing needs
  • Inclusive Design: Developing products with older adults at the forefront

So, the short answer to your question is YES.

What are the biggest successes of the AARP Innovation Labs?

We’re excited about the growth of the AgeTech Collaborative. We’re now at 549+ participating companies who are keenly interest in the AgeTech opportunity. As a mission-driven organization, an important metric of success for us is the number of lives we impact. We have worked with more than 170 startups whose solutions have impacted millions of lives and helped make aging easier.

What do you see as the next big thing in age tech?

Research shows that 77% of older adults want to age in their home. We also know that most of their homes were not designed for aging populations. Stitching technology into fabric of homes, whether a new build or retro fitted, is the next big thing. To be able to deliver on this desire of older adults is a game changer.

There are myriad point solutions in the AgeTech space, specifically in the health and wellness categories aimed at monitoring and managing health and wellness outcomes. The next big thing will be delivering contextual, actionable insights from these point solutions through data aggregation and AI. Solutions that can sanitize, normalize and analyze data empower older adults and their care teams to make well informed decisions that can ultimately improve health outcomes.

Andy, please give our age-tech startups some tips on how to succeed.

Design solutions for your audience to solve real problems associated with aging. We see a lot of cool tech solutions, but to succeed in this increasingly competitive market, startups need to be solving real problems for the 50+ consumer and the network that surrounds them.

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