AARP dangles $10Ok prize in entrance of startups to lend a hand growing old inhabitants
A workforce of impetuous 20-something-year-old startup founders would possibly not mechanically succeed in out to the AARP to deliver its merchandise to marketplace. Ignoring the growing old inhabitants isn’t the sharpest transfer, alternatively. With its Innovation Champion Award, AARP needs to spotlight that the ones over 50 have sacks of disposable money and aren’t afraid to spend it — so long as the price is there.
“Historically, people would retire at 65 and then have another 10 years to live or so,” says Anne Marie Kilgallon, vice chairman of Enterprise Strategy and Innovation for the AARP. “But things have changed a lot since then. These days, people live into their 90s, and these ‘bonus years’ are important.”
Ageism is an actual factor, and it swings each techniques. Remember, oh, about 100 phrases in the past, after I evenly referred to startup founders as 20-year-olds? You almost certainly didn’t even realize, as a result of that form of factor occurs always. “Young people are selfish and impulsive” and “old people hate technology” are truisms that cling true much less and not more ceaselessly. This is one battle AARP is selecting with its Disrupt Aging marketing campaign — and part of this is its new Innovation Champion Award.
“AARP is really committed to this caregiving space, and we want to be one of the voices that drives innovation to this space,” Kilgallon tells me. “That’s what we do as a social advocacy organization. But the realistic truth of the matter is that we can only relieve the burdens placed on caregivers by embracing technology.”
For maximum companies, $10,000 is a pleasant bite of alternate, however for essentially the most a hit of companies isn’t going to transport the needle. AARP is aware of that, however for them, it’s extra of a $10,000 highlight pointing at a huge alternative than the money incentive in and of itself.
“Research shows that 70 percent of U.S. disposable income is controlled by an aging population,” Kilgallon explains, “so there are tremendous business opportunities here. We just want to help companies find those opportunities and help solve some of our key challenges in the process.”
The key demanding situations are mirrored within the corporate’s awards classes, that are day by day crucial actions, caregiver high quality of existence, well being and protection consciousness, care coordination, social well-being and transition reinforce. The corporations up for awards will probably be judged on quite a lot of standards, now not least of which is whether or not the companies are viable.
“We love technology,” Kilgallon says, however stresses that her group isn’t pushing tech for tech’s sake. “Winning technology needs to be affordable. It needs to have a business model that makes it viable. And it needs to be extremely well-designed. Gone are the days where the older generation eschewed all technology, but that doesn’t mean the tools and services shouldn’t be well-designed and easy to use.”
If the $10,000 doesn’t get your online business senses a-tingling, the grand prize almost certainly will have to: It contains touring to Washington, DC to talk with best AARP executives about your online business. A golden alternative, in fact, for an organization that might get pleasure from AARP’s amplification.
“AARP is a social impact organization,” Kilgallon explains after I push her on what’s in it for them. “What’s in it for us is that we want to shine a light on the incredible innovation that is happening in products and services. We hope that the winners solve real, concrete problems experienced by people aged 50 and older.”
While there are fewer corporations actively advertising to the silver financial system, there are a couple of that do, and that do it nicely.
“I have been keeping an eye on Honor. The way the company has rolled out is really interesting, and it’s a great model for how to connect care-givers to individuals in need of care,” Kilgallon says. “Caring Village is another startup worth looking at. They are all about the connection between family, care givers and care recipients.”
Nominations for the innovation champion award open nowadays.