“People just keep having birthdays.”
That’s how Larry Snyder, a resident of Fossil, Oregon, explained it a reporter. Fossil is a small town set among the hills of rural Wheeler County, Oregon where the median age is 56 and rising. The town has been losing jobs and economic power, which has left the aging population particularly vulnerable.
The United States is getting older, and in general, we are not prepared. Over the next few decades, the number of Americans over 65 will double. Meanwhile, the costs of aging and retirement continue to rise, growing further and further out of reach for most people. Nearly half of working-age families have no retirement savings, and households closest to retirement age are woefully underprepared, with an average of only $17,000 saved.
Today, Village Capital, in collaboration with Kaiser Permanente, is excited to announce the startups participating in our Health: US 2018venture development and diligence program.
We reviewed hundreds of early-stage startups that are tackling aging-related challenges, and selected ten to participate in our three-month program, which will help them sharpen their business case for investment.
The needs of an aging society transcend just traditional medical care. Seniors need tools that allow them to age in place and thrive in their communities. Their caregivers, from formal nurses to friends and family members, need better support and tools.
And while health care is a small fraction of the challenge, there are still areas within the health care system that are in dire need of solutions that provide more efficiency or an alternative way to monitor and deliver care to seniors. The startups we selected for our program represent this spectrum of clinical and nonclinical innovations.
Aging is universal and our applicant pool reflected this diversity. The median age of an applicant for this program was 41 years old, and nine out of ten founders had direct experience with the problem they were trying to solve. Driven by the inefficiency and difficulty experienced firsthand through caring for a relative or friend, a more experienced group of entrepreneurs — 57% of applicants have previously started a company — is emerging to change what it means to “get old” or provide care for a senior.
Learn more here about the demographics of startups here, and reach out to mentor at one of our programs by emailing stephen.wemple@vilcap.com.
[vilcap_post_cta_links]
