Background
In May 2022, the AARP Bulletin released an insightful report highlighting the challenges faced by family caregivers and identifying key areas for improvement to ease the burden on those caring for older adults.1 The study projected that by 2030, 20 percent of the U.S. population will be 65 or older, leading to an increased demand for daily support.1 Currently, many caregivers feel overwhelmed and burdened by the diverse and complex responsibilities of caregiving, while also striving to maintain their own self-care and manage personal obligations.
Caregivers often take on multiple roles, serving not only as medical coordinators, guardians and personal assistants but also as support systems and family members.2 In states like Colorado, there is now a mandate for medical personnel to equip caregivers with detailed instructions on how to tend to their care recipient’s medical needs following hospital discharge.3 In New York, approximately 4.1 million caregivers dedicate 2.68 billion hours to unpaid care.4 According to a 2021 AARP study, 600,000 family caregivers in Colorado contribute 560 million hours of unpaid care annually, with an estimated value of $11.2 billion.3
In addition to their numerous responsibilities, caregivers must prioritize their own health to continue providing the best support for their care recipients. Although many caregivers (51 percent) report that their role gives them a sense of purpose or meaning, these positive feelings often coexist with physical, emotional and financial stress.2 The current lack of systemic support for caregivers presents a prime opportunity for innovative solutions that offer intervention and assistance at various touchpoints.
With over one in five adults in the U.S. serving as unpaid family caregivers, it’s likely that most of us will become caregivers at some point in our lives.2 Increasing support for innovation in the caregiving space will enhance the potential for better caregiving experiences for everyone.
MATTER, with support from RRF Foundation for Aging, Next50 and The Fan Fox and Leslie R. Samuels Foundation (The Samuels Foundation), has opened applications for the 2024 Accelerating Innovation in Aging program and invites innovators with technology-enabled solutions that improve navigating caregiving or improve caregiver well-being.
Focus areas include but are not limited to:
- Platforms or solutions that connect caregivers to professionals to communicate; potential addition for solutions that also connect in the patient
- Information tracking and sharing
- Caregiver support and training resources
- Assistive devices
- Remote patient monitoring
- Natural language processing and machine learning
- Mental, emotional and holistic health
Learn more about common experiences of caregivers in the U.S. from our caregiver profiles.
Benefits of participation
This four-week, cohort-based innovation sprint will provide participants with access to exclusive resources and interactive curriculum from subject matter experts to build their solutions and refine their value propositions. One winning solution will receive a $10,000 cash award.
Accelerator participants should expect to:
- Engage with other cutting-edge startups
- Network with peers and leading influencers
- Gain exposure to the RRF Foundation for Aging, Next50, Samuels Foundation and MATTER communities
- Pitch to potential investors, partners and clients at a private Demo Day and a public Demo Day
- Receive a free, six-month MATTER membership
Timeline
August 12: Applications open
September 27: Applications close
October 10–October 18: Meetings with top candidates
October 23: Cohort announced
October 28–November 22: Innovation Sprint
December 2: Private Demo Day
December 5: Public Demo Day
Who should apply?
We’re seeking entrepreneurs who are developing innovations to navigate caregiving or improve caregiver well-being. This global call for solutions is open to individuals and teams from across the innovation ecosystem—university researchers, students, entrepreneurs and existing startups of all stages. Solutions can range from early-stage concepts to marketed solutions, and preference will be given to solutions that are culturally inclusive. Entrepreneurs based in New York and Colorado are especially encouraged to apply.
See the Accelerating Innovation in Aging FAQs for more information.
Selection criteria
Submissions will be evaluated with the following criteria in mind:
- Ability to clearly articulate the challenge statement addressed in the challenge description
- Quality, feasibility and scale of proposed solution or technology
- Differentiation of solution within the competitive landscape
- Capability of participant/team to develop and execute solution
- Ability of the solution to help navigate caregiving or improve family caregiver well-being
Submission process
Applications open on August 12, 2024, and close at 11:59 pm CT on September 27, 2024. MATTER will select up to 10 applicants to determine their fit for participation in the program. MATTER will select 6-8 teams to move on to the innovation sprint which begins October 28, 2024.
The Accelerating Innovation in Aging program will run from October 28–November 22, 2024. Participants will give presentations at a private Demo Day on December 2, and a public Demo Day on December 5.
See the full Terms & Conditions.
Discover more about MATTER:
MATTER, the premier healthcare incubator and innovation hub, includes more than 1,000 current and alumni startups from around the world, working together with dozens of hospitals and health systems, universities and industry-leading companies to build the future of healthcare. Together, the MATTER community is accelerating innovation, advancing care and improving lives. For more information, visit matter.health and follow @MATTERhealth.
