With longer life expectancy and improved living conditions, Europe’s population pyramid is transforming. By 2050, it’s expected that the median age of EU citizens will increase by 4.5 years, and there will be almost half a million centenarians. This aging population is increasingly tech-savvy, and tech is continually developing in ways that can benefit more senior citizens.
The often neglected Silver Economy (products and services targeted at those over the age of 50) is estimated to reach €5.7 trillion value by 2025. To address this gap, Rome-based CDP Venture Capital, Ancona’s Fondazione Marche, and global early-stage VC firm SOSV have formed a joint accelerator to support startups with innovative solutions specifically targeting the booming Silver Economy.
Next Age is also supported by Intesa Sanpaolo, as well as the Istituto Nazionale Ricovero e Cura Anziani (I.N.R.C.A.), Università Politecnica delle Marche, and the UK National Innovation Center for Aging as scientific partners.
Next Age’s first cohort comprises nine startups, each receiving €100,000 in initial investment together with a structured 4-month acceleration period, supported by a number of high-profile Silver Economy sector corporate and scientific partners. Startups selected for the second phase will receive a minimum of €150,000 in investment and a spot in Orbit’s startup-development program, with the opportunity to get a slice of the €6 million pie in follow-on funding.
The Next Age accelerator is based in Ancona, Italy, at the headquarters of the AC75 Startup Accelerator.
“Aging well and in prosperity is our life-long pursuit, yet the over-50 population has been underserved by technology. While many startups have yet to recognize themselves as part of the multi-trillion Silver Economy, the majority of their current products and services could benefit people aged 50 and over—including fintech for savings and investment management, tourism, wearables, healthcare, mobility, and smart home, to name a few. We’re humbled to be a part of Next Age’s mission and are thrilled to welcome this inaugural batch into our global ecosystem,” said William Bao Bean, Managing Director of Orbit Startups, General Partner at SOSV.
“Start-ups can make a unique contribution to living longer and better by bringing to the market innovative solutions that were unthinkable just a few years ago. For the Marche Region, where life expectancy is particularly high, the project represents the opportunity to enhance at the national and international level, successful skills gained in the last 20 years, in science and investment in new entrepreneurial endeavors,” said AC75 Startup Accelerator founder and CEO Mario Pesaresi.
Out of 9 startups, DMV and Roble have been recognized for their exceptional progress and received follow-on investment from the Italian government after concluding the Next Age program.
Next Age’s second cohort begins in April, 2023.