Startups could generate $30 billion in additional revenue and impact the lives of 106 million people 50 and over
Washington, D.C. – AARP and 1776, a global startup incubator and seed fund in downtown Washington, D.C., today announced a joint effort to stimulate innovation in the tech sector that will benefit people age 50 and over. AARP research recently found this is an opportunity that could, within five years, generate $30 billion in additional revenues for entrepreneurs and investors in consumer health and wellness, potentially impacting the lives of 106 million people.
AARP and 1776 will identify startups that serve people 50+, make introductions to key AARP affiliates, help companies scale to market, and fuel innovation explicitly designed for people over 50 in tech, financial tech, lifestyle, health, health security, financial resilience and personal fulfillment.
“AARP is one of our nation’s most important organizations, and we are truly thrilled to be joining forces with them to nurture startups all over the world who are working to create solutions that benefit those 50 and older,” said Donna Harris, co-founder of 1776. “While many might associate startups with youth culture, we believe that innovative ideas can solve problems affecting people of all walks of life—and we can’t wait to amplify the voice of the 50+ consumer to help bolster startups that are working to make tech more intuitive and beneficial to all Americans.”
As the data in AARP’s 2014 Health Innovation Frontiers Report shows, rarely has such an untapped opportunity existed to generate revenues for entrepreneurs, investors and others in the private sector while simultaneously meeting the greatest wants and needs of a substantial, influential and important population: people 50 and over.
“It is clear that the 50+ community has dollars to spend and needs that are unmet,” said Jody Holtzman, senior vice president of AARP Thought Leadership. “This effort with 1776 will highlight the tremendous financial opportunity the 50+ community has to offer inventors and investors and will help bring problem-solving ideas to market where people are waiting to embrace them.”
For the past three years, AARP has sponsored Health Innovation@50+ LivePitch, the premier showcase that features the most exciting start-up companies in the “50 and over” health technology and innovation sector. In addition to giving startups face-to-face access to venture capitalists and angel investors, the showcase connects thousands of AARP consumers with the startups working to serve them. Four hundred companies applied to the LivePitch in 2012, 2013 and 2014.
The new joint effort is anchored by AARP’s social mission—to enhance the quality of life for all as we age—and the Innovation@50+ initiative, which enlists the expertise of visionary thinkers, entrepreneurs, the investment community, industry, and not-for-profits to catalyze research and shape a marketplace ethos that meets the needs and wants of people over 50.
1776 is a global incubator and seed fund that finds promising startups focused on solving the world’s most fundamental challenges and helps engineer their success. 1776 focuses on startups in the most broken, entrenched industries and sectors that impact millions of lives every day – specifically education, energy, health and cities.
Because solving big challenges in entrenched industries requires a different approach, 1776 is revolutionizing the startup landscape. From its hub in Washington, D.C., it is sparking a global movement of “problem-solving’ startups through its Challenge Cup and Startup Federation, the premiere network of incubators throughout the world.
1776 was founded in February 2013 by Donna Harris, a serial entrepreneur and the former Managing Director of the Startup America Partnership, and Evan Burfield, founder of netDecide, a provider of enterprise wealth management solutions, and the consulting firm Synteractive.
AARP is a nonprofit, nonpartisan organization, with a membership of nearly 38 million, that helps people turn their goals and dreams into real possibilities, strengthens communities and fights for the issues that matter most to families such as healthcare, employment and income security, retirement planning, affordable utilities and protection from financial abuse. We advocate for individuals in the marketplace by selecting products and services of high quality and value to carry the AARP name as well as help our members obtain discounts on a wide range of products, travel, and services. A trusted source for lifestyle tips, news and educational information, AARP produces AARP The Magazine, the world’s largest circulation magazine; AARP Bulletin; www.aarp.org; AARP TV & Radio; AARP Books; and AARP en Español, a Spanish-language website addressing the interests and needs of Hispanics. AARP does not endorse candidates for public office or make contributions to political campaigns or candidates. The AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. AARP has staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Learn more at www.aarp.org.