A snapshot of the opportunities in the state's longevity economy
Colorado is fertile ground for innovation and investment in the longevity market, also known as the 50+ market. Its future will be a combination of private and public participation bringing in new competition, innovative ideas, and a whole slew of new products and services, to the benefit of not just those who are over 50, but all Coloradans.
The economic impacts of the 50+ cohort go well beyond state borders. In the US alone estimates are currently at $7.6 trillion in annual economic activity in what is being called the Longevity Economy. The number of 65+ Coloradans is projected to increase 68% by 2030 – the third fastest growth in the nation.
The state leads the nation in public and private sector efforts to embrace the opportunities this rapidly growing demographic presents. Government is also raising awareness of its endeavors with older adults and businesses.
Moreover, collaboration and communication among longstanding stakeholders has grown steadily throughout the past decade making for a more robust network of experts and institutions focused on addressing the needs of an older population.
With a wealth of established organizations in the aging sector (See Resource Map) to draw on along with an abundance of entrepreneurs, a burgeoning tech startup community and a long history of innovation, Colorado is without question the state to lead the way.
Colorado's Well Poised To Be Nation’s First Age-Tech Hub
Most risk-capital funds have yet to specifically target the Longevity space, nationwide startups aimed at the 65+ users only attract about 0.7 percent of venture capital, however key practice areas in the state such as digital health, telemedicine, healthcare, wellness, and life sciences are already trending toward markets serving older adults and caregivers.
“It’s a no brainer that more investment should be going into the longevity space,” said Dave Harris, Director of Operations for Rockies Venture Club and Managing Partner with Rockies Venture Fund and Rockies Impact Fund. “We can find the high growth businesses that can make money and do good at the same time, because those businesses can become more sophisticated faster thanks to strategic partnerships and the foundations and organizations that are already in Colorado’s aging sector.”
Indeed, Colorado VC, private equity and angel investors are starting to follow the lead of some of the largest consumer brands that are racing to capture the longevity market share, the fastest growing demographic on the planet
For instance, Gillette has historically focused on fathers teaching their sons to shave, but now turns the table by selling a newly designed razor to older sons who are now caring for, and shaving, their elderly fathers. Proctor & Gamble’s Venture Studio provides a glimpse of next-generation venture-class investment by targeting a number categories related to the needs of older adults including: managing pain without side effects, alleviating symptoms of menopause and treating chronic skin conditions.
Colorado’s venture capital firms, angels and incubators are collaborating with investors around the country, and starting to track these and other longevity-related categories. A few examples of homegrown, Age-Tech startups funded within Colorado’s sphere of entrepreneurial support include Routinify, Nymbl and Inhabitech.
A groundswell of early-stage support is flowing throughout academia, national labs, medical research communities and state government. The Colorado Venture Capital Authority, Blackstone Private Equity’s Entrepreneurial Network and others are waking up to the need for care solutions designed to improve health, longevity, and to allow seniors to age in place with the highest quality of life. Risk capital dedicated to funding the next generation of disruptive technologies is alive and well in Colorado.
Silicon Valley has yet to seize this space, and the opportunity is there for Colorado. But, to become the geography of choice for age-tech investments, Colorado needs to leverage its favorable position quickly. With continued focus, innovation and capital, the state can take advantage of the timing, gain category expertise, and successfully position itself as the longevity economy leader.
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