Techstars, a global startup accelerator network originating in Boulder, Co., announced Monday the launch of a D.C.-based program focused on care for the elderly.
The Techstars Future of Longevity Accelerator will be geared toward emerging companies looking for innovative ways to "address the unmet needs of individuals providing and receiving elder care," according to the announcement.
The new program is backed by Pivotal Ventures, an investment and incubation company founded by Melinda Gates. Pivotal Ventures describes itself as seeking to ignite progress for stagnating issues relating to women and families.
“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,” said Keith Camhi, Techstars' senior vice president of accelerators, in a statement. “There could not be a better time to bring an accelerator focused on innovation in this sector to market."
The Washington Business Journal reported on a job posting for the Future of Longevity Accelerator last month, but Techstars' official announcement sheds new light on what it will look like.
Techstars runs accelerator programs in cities around the world, often geared toward a specific topic. The company says it has invested in more than 1,900 companies with a total value of more than $24.7 billion. The incubator's past presence in D.C. includes "Startup Weekend" competitions geared around entrepreneurs with hearing impairments and Latinx entrepreneurs.
The Future of Longevity Program, on the other hand, will be an annual event and run for 13 weeks. It's open to 10 participating startups, which will have access to investment, mentorship and a network of professionals that can help nudge their ideas along. This year, the program is running from July 13 to Oct. 8. Applications are open until April 5. Techstars says the program will end with a demo day, giving the participants a shot to pitch their ideas to investors and industry leaders.
The topic of longevity is sometimes a source of intrigue in tech circles because of experimental Silicon Valley ventures that are rumored to be seeking the secret to living forever, like Alphabet's Calico.
But on a more grounded level, elder care is an issue dogged by a ballooning elder population, high costs and unreliable Medicare coverage. The new accelerator program in D.C. could spurn new solutions for the elderly and those who care for them.
