Continuing the NFO series on innovation centers for Fintechs...

we sat down with Aurelie Cornett, Startup Collaboration Director for the AgeTech Collaborative ? from AARP?.??

Established in January of 2022, the ecosystem created by the AgeTech Collaborative from AARP is designed to help companies collaborate and bring out modern AgeTech products to the marketplace to empower people over 50 years old to live healthier, happier and wealthier lifestyles.?

This significant initiative from AARP features an accelerator program to identify great startups and accelerate technology, as well as the AgeTech Collaborative B2B platform which provides networking opportunities and other programming that have the potential to help fintech (and other industries) evolve and succeed among the 50+ demographic.?

NFO:?For people who are new to AgeTech, tell us what that means and how the AgeTech Collaborate helps deliver on the organization’s mission.?

Aurelie Cornett:?We define AgeTech as any product or service that’s sitting at the nexus of longevity and technology that addresses the needs of an aging population, such as helping them to live longer, happier, wealthier, and healthier lives.?

We created the AgeTech Collaborative?for a few reasons; one being that we believe AgeTech needs to be appropriately recognized as a market mover in the economy.?Globally, there is $45 trillion in activity generated by this demographic. Within the U.S., the economic impact is approximately $8.3?trillion. By 2050, we expect this segment to triple, which is a huge opportunity for a lot of the businesses. Secondly, the AgeTech Collaborative is focused on?supporting businesses to bring?more modern solutions to the marketplace.

Our mission is making aging easier for everyone, which feeds into AARP’s overarching mission to empower people to choose how they live as they age.??

The way we go about this is by discovering innovations and startups that are solving problems for the 50+ demographic. We then invite vetted startups to join us for eight weeks for our intensive accelerator program where we help them refine their solutions and accelerate their technology.?

Finally, we are fostering collaboration for the entire AgeTech ecosystem through our B2B platform, the AgeTech Collaborative from AARP. This collaborative space brings together our cohorts, investors, testbeds, and other enterprises through networking events and top-notch industry programming.

NFO:?What do you look for in fintechs (within AgeTech)?

Aurelie Cornett:?There are?many different sub-segments within the fintech industry that are going to be of interest to us, for instance, anything that has to do with financial planning, retirement planning, financial resiliency, and protection against fraud.?

As an example, Trust & Will, an online estate company and one of our startups that completed?the?AgeTech accelerator program, developed a tool to help people create an estate plan for either themselves or their loved ones. It’s inclusive, it’s affordable, and it’s really helping families build and protect multi-generational wealth.

NFO:?What are some of the requirements to go through the accelerator program??

Aurelie Cornett:?We are looking for early-stage startups that, in most cases, already have products available to market and have proven some sort of traction. There are various verticals within AgeTech, including healthcare, accessibility, caregiving and other areas in the longevity space. Within fintech, financial resiliency and wellness solutions are definitely the type of products and services that we are looking to bring into the Collaborative.?

By the numbers, we generally look for companies that have less than $5 million in annual revenue and who have raised less than $10 million. We use those criteria more as a reference or a guideline when we're looking at selecting companies.

We have a stringent and vetted process to identify those companies to be invited to our accelerator program. We conduct our own AgeTech-themed pitch events and challenges and work with other groups, such as Empire Fintech, to discover the best and brightest startups.?

NFO:?What are some of the resources that you have that’s helpful for companies coming through this program, ones they wouldn’t find elsewhere?

Aurelie Cornett:?What’s unique about our accelerator program is we make?it a tailored?experience for each startup, which includes a dedicated portfolio advisor to manage?the?whole relationship from start to finish within the accelerator program. We run four cohorts per year, each has between 10 and 15 startups. Our cohort companies get access to benefits like data, market research, and focus groups (that help with the business plan development), all the way to UX design recommendations.

Once startups in the cohort graduate and finish the accelerator program, that’s when the AgeTech Collaborative platform comes into play, where they can continue to grow and scale by being part of a community of AgeTech investors, testbeds and industry leaders, and taking us along for the ride with them and their growth. So, they’re continuing to engage with us in some fashion through the Collaborative.?

NFO:?I gather that the platform is both online and a series of events, would you describe that platform for me a little more?

Aurelie Cornett:?Yes, the AgeTech Collaborative is a B2B online platform.?It?includes a directory of vetted startups and other AgeTech participants, curated AARP resources such as research and papers on the 50+ demographic, and a calendar of events. An example of an event is our “Meet the Startups” virtual events held quarterly where all the new startups joining the AgeTech Collaborative can introduce their solution to the rest of the community. We also host “Ask Me Anything” sessions with investors,?as well as?other educational workshops to foster collaboration and networking opportunities among our participants. Further, we have active community forums and an always-updated AgeTech news feed.

NFO:?Does AARP invest in the cohort companies?

Aurelie Cornett:?We do invest in some of the startups, but it’s not automatic. And our method it by using the SAFE model from Y Combinator.

The investment in the startups that work with us goes beyond just the financial investment that we make. At the end of the day,?they’re joining the Collaborative where they can continue to seek further financial investment with other investors,?VCs; and, additional types of “investment” from the AgeTech Collaborative community allowing them to?access networking, partnerships,?or co-creation opportunities with larger?enterprises?or testbeds. All of this helps the startups further their growth and mission and, as mentioned earlier, it also helps further AARP’s social mission of impacting people and helping them choose how they live as they age.

Because we are a non-profit, we are in this because of the mission and are selective with the startups because this is not just about making money, it’s about impacting lives. While most of our startups are for-profit entities, a lot of the founders?we work with were inspired by a personal encounter and are passionate about making a positive impact on society.???

Some fintechs that have benefited from?AgeTech Collaborative by AARP include:

myFloc is a fintech solution purpose-built to empower older adults and the tapestry of support for easy, secure management of expenses. A debit card-based solution, myFloc empowers older adults to get support on their own terms; it connects the family, friends and caregivers on a common platform to reduce the stress of financial caregiving; and it protects against elder financial exploitation.

Paperwork?is a financial wellness platform that automatically organizes, analyzes and monitors your financial accounts, insurance policies and important documents, providing guidance and actionable insights that lead to improved financial outcomes at every stage of life. Led by a team of experienced fintech and financial literacy experts, our mission is to democratize access to financial health for millions of American families.

Addition Wealth?is a holistic financial wellness platform that empowers individuals to make smart, informed financial decisions. By taking a tech-forward approach that combines digital tools, community events, expert content, and access to financial professionals, Addition is making personalized financial expertise inclusive and accessible.

Trust & Will?is the leading online estate planning company in the U.S. They are on a mission to ensure that every American leaves a lasting legacy. T&W eliminates the painful process of going through probate court by focusing on digital estate planning that is comprehensive yet does not require an attorney. They’ve modernized estate planning with a design-first approach, layered on top of incredible customer support to help people throughout the process. All of their documents have been designed and approved by estate planning attorneys to meet the highest legal standards. The process is simple, secure, and customized for your specific needs and state requirements. The company also uses bank-level security to protect and encrypt your personal information. With more than 200,000 members, they are changing the way America plans for the future.

Click here for the AgeTech Collaborative Infographic.