“There is a significant opportunity for entrepreneurs thinking creatively on how to make their technologies applicable to the 50+ community,” said Unity Stoakes, co-founder and president of StartUp Health.
National Harbor, M.D. (PRWEB) December 10, 2013
AARP in collaboration with StartUp Health, a global startup platform to accelerate health and wellness innovation, today announced the first ever digital health funding insights report evaluating the 50+ market. The new insights report confirms that total annual funding of companies across all stages of growth in the 50+ market more than doubled from $413 Million in 2010 to $928 Million in 2013. These results highlight the encouraging rise in health innovation among a growing population with increased medical needs.
AARP supported the development of the first ever StartUp Health Digital Health Insights Report for the 50+ Market which examined early stage investment on digital health solutions for the 50+ market. The effort is part of the AARP Innovation@50+™ initiative, which aims to spark innovation and entrepreneurial activity and increase awareness across public and private sectors that addresses the needs and wants of people 50 and over.
“There is a significant opportunity for entrepreneurs thinking creatively on how to make their technologies applicable to the 50+ community,” said Unity Stoakes, co-founder and president of StartUp Health. “Our ongoing collaboration with AARP enables us to identify key trends for entrepreneurs and also develop the educational programing and research insights needed to inspire more innovators to focus on re-imagining solutions for our aging population.”
In addition to finding that investment in early-stage companies targeting the 50+ category grew from $72 Million in 2010 to $335 Million by the end of September 2013, the report also found promising opportunities for new or greater investment among three categories, including Aging with Vitality, Medication Management and Vital Sign Monitoring.
“We are thrilled to see early-stage investment growth in this sector. There remains a robust opportunity for digital health entrepreneurs to create solutions to transform healthcare for the aging population, from medication management to care navigation,” said Jody Holtzman, senior vice president of Thought Leadership for AARP. “We are working with StartUp Health to develop the tools and resources that will close the innovation gap making sure the needs of our aging population are successfully met.”
· The total Digital Health and Wellness industry has rapidly expanded from $958 Million in 2010 to $2.3 Billion end-Q3 2013, with a 3X increase in deal count
· Annual total funding in the 50+ digital health and wellness space has kept pace with growth in the overall market, accounting for a consistent 40 percent-plus of funding and deals between 2010 and 2013
· Funding in the 50+ digital Health and Wellness rose from $413 Million in 2010 to $928 Million in 2013
· Early-stage opportunities have driven the investment growth trends in the 50+ segment with 6X growth in the last three years
· The category experiencing the greatest number of opportunities and investment is Navigating the Healthcare System, with 78 investments and $384 Million in funding between 2010 and 2013.
About AARP Innovation@50+™
The AARP Innovation@50+™ initiative aims to spark innovation and entrepreneurial activity, and provide awareness, education and information about our aging population across public and private sectors. Anchored by the AARP social mission – to enhance the quality of life for all as we age – the initiative enlists the expertise of visionary thinkers, entrepreneurs, the investment community, industry and not-for-profits to spur innovation to meet the needs and wants of people 50 and over. Visit the AARP Innovation@50+™ initiative web site for additional details http://www.aarp.org/innovation50plus.
About StartUp Health
Startup Health, a global startup platform to accelerate health and wellness innovation, represents a new model for helping entrepreneurs succeed in the health sector. StartUp Health is on a mission to inspire, educate, and provide access for 1,000 digital health startups to reimagine and transform healthcare by 2020. The StartUp Health platform includes the StartUp Health Academy, the StartUp Health Network and the StartUp Health Innovation Fund. StartUp Health was founded by health tech entrepreneurs Steven Krein and Unity Stoakes and is chaired by former Time Warner CEO, Jerry Levin. The organization’s investors include leading health, technology, and business minds: Mark Cuban, Esther Dyson, Roger Ehrenberg, Brad Feld, Richard Forman, Jason Finger, Linda Holliday, Jon Kaplan, Howard Krein, MD, PhD, Jon Miller, Jeff Stewart and Wayne Kimmel. Learn more and apply at startuphealth.com and follow @startuphealth.