Noted startup accelerator Techstars has teamed with Pivotal Ventures, an investment and incubator company founded by Melinda Gates, on a new program to support innovation in senior care.
The Techstars Future of Longevity Accelerator will accept 10 startups annually for a 13-week program, Techstars and Pivotal Ventures announced on Jan. 6. The program will give participants access to a global network of investors, mentors, founders, government entities, subject matter experts and other resources.
“With generations living longer than ever before, there is an incredible opportunity for innovation within the caregiving space. This market is experiencing unprecedented economic growth as the American 50+ population is already responsible for trillions of dollars of spending and economic activity,” Keith Camhi, Techstars senior vice president of accelerators, said in a press release. “There could not be a better time to bring an accelerator focused on innovation in this sector to market.”
Applications for the program are being accepted through April 5, and the program itself will take place in Washington, D.C. between July and August. It will conclude with a “Demo Day” in which participating startups will pitch their business models to investors and members of the senior care industry.
Techstars’ accelerator portfolio includes more than 1,900 companies with a market cap of nearly $25 billion, according to the organization. Among the notable startups to come out of Techstars, one is PillPack, which went on to be acquired by Amazon for about $750 million, fueling speculation about Amazon’s larger ambitions in health care and senior care.
Pivotal Ventures is focused on investing in and advocating for “progress for women and families in the United States.”
The Future of Longevity Accelerator is part of a growing movement to support new technologies for the surging population of older adults and their caregivers. Another example is the Direct Supply Innovation and Technology Center in downtown Milwaukee, which held its grand opening in Oct. 2019. Initialized Capital, a venture capital firm started by Reddit Co-Founder Alexis Ohanian, is also strategically targeting elder tech startups.