David: We originally started as the Canadian Centre for Aging and Brain Health Innovation. We soon realized that the opportunity for us was global, and that Aging 2.0 could give us very quick access to new markets and a network of innovators around the world. We’re now a Leader’s Circle Partner for Aging 2.0 , which is the highest level of involvement. We've connected with the Denver chapter, and have been very active with them in accelerating Denver innovators into our portfolio. We've also made connections with chapters in London, Tokyo, Hong Kong and Australia.

Karen: Venture capitalists in general are not flocking to the aging space, so the immediate draw for our collaboration with CABHI was our common goal to connect innovators and potential funders with pilot programs to validate new ideas (see graphic). We’re now working together to build awareness for these amazing startups that are focusing on caregiving, brain health, care coordination and socialization. We’re working with impact funds financed by socially conscious high-net-worth individuals, and local groups like Denver’s Rockies Venture Club that are starting to launch investment funds focused on longevity opportunities.

David: We realize more and more that the brokering of relationships makes a huge difference in this sector. There are thousands of great ideas, but so many of them don’t have access to what we call “the living lab of older adults.” With partnerships like we have with Aging 2.0 Denver, we can actually test and engage these solutions, and verify value propositions for new businesses or technologies. This has become so valuable that we’ve actually started a seniors’ advisory panel at CABHI, where every two weeks we update a group of 15 to 20 adults on the work we’re doing, and they give us feedback. They're very candid and outspoken, which helps us make sure we're innovating with older adults, and for older adults. This real-time feedback is critical.

Karen: The Denver Aging 2.0 chapter is a mini version of Aging 2.0 global where the base is about 40 percent senior care providers, and 40 percent entrepreneurs. Our platform bridges them on a global scale, so it’s great for them at the local level to get into a community like CABHI. For example, Eaton Senior Living is an independent assisted living facility in Lakewood. They don’t have technical staff that is able to help analyze and validate the testing according to real science, which is what the FDA will need to justify a new product or service. Having access to that kind of resource from us is very important.

David: That’s why the world-renowned neurological Rotman Research Institute is critical. Both CABHI and the Rotman Research Institute are located at Baycrest Health Sciences in Toronto, so we're able to leverage the scientists’ expertise to drive the validation tests so that innovators make sure they're asking the right questions and that the tests generate scientifically valid results. This means that at the conclusion of the projects, the entrepreneurs have a scientific report they can provide when they're seeking funding and say, "Look, we've engaged in validation studies and have scientific research that demonstrates how valuable our product is and how well it works."

David: We're funded through the Canadian federal government, the Ontario provincial government, the Baycrest Foundation, as well as a number of private corporate supporters, all to the tune of Can$124 million, (approx. US$94 million), from cash and in-kind contributions. We worked really hard and made a very good case to pursue this mandate, which is a priority for our government and its work toward a national dementia strategy. The CEO of Baycrest is a special advisor to the health minister. We have support from all levels of government in this two-way relationship, where they provide us with the opportunity to pursue solutions to these problems, and our leadership helps guide the development of a dementia strategy that benefits all Canadians.

Karen:From the Aging 2.0 chapter perspective, and with the Strategic Action Planning Group on Aging across Colorado, I see CABHI as the model and ask, “How can we replicate what they have?” We have four universities here with aging centers, but they only recently started to collaborate. They hosted one forum together, but they have different sectors and a variety of approaches. We can look at the CABHI structure (link to Pipeline graphic), and by taking baby steps of raising $5 to $25 million, we could model Colorado and then scale within the U.S. to create something similar to CABHI.

David:When the private, innovation and academic research sectors start working together, you start to see better results. One of the big value propositions we can deliver to long-term care providers is that they can tell their potential clients: “We are engaged with the university. The university brings us their best innovations, and our clients have the opportunity to benefit from those technologies.” I think that’s pretty compelling.

David: I think one of the challenges is the need to focus on solving very specific problems. Often, we see solutions like a great monitoring app, or a great sector navigation app, but sometimes innovators lose sight of how does that innovation actually solve a real-world problem?

Another major challenge is the adoption rate of the technology. We work in a sector that isn’t prone to reward change and innovation, and instead moves slowly and cautiously because the risks are so high. We’re dealing with life and death in many cases. If you make a mistake with an innovative technology, one that’s supposed to detect a fall with an older adult, for example, and if the fall isn’t detected as it was intended to, the consequences are great. So the question becomes: how can the government help inspire and reward innovation while protecting the innovators from some of those risks at the same time?

Also, a lot of innovators in the aging sector are working within silos such as academics, research and long-term care. They may say, “I’m going to work as hard as I can and get this product out the door,” or, “I’m going to market this,” or, “I’m going to write a business plan.” When innovation is happening in silos, people aren't getting feedback from the stakeholders. They can go in the wrong direction and lose time. But if everyone is sitting around the table together, you can start to generate ideas and save time.

Karen: It’s a lot different in Canada with its rules and regulations. Here in the U.S., especially on the Medicaid side, the margins are so thin that risk becomes a moot point. Some of these startups think they’re going to charge $30 or $50 per month per resident or client. However, a recent Colorado Health Care Association report showed less than 1 percent as the average profit margin for a Medicaid or long-term skilled assisted living provider. If there are surplus dollars, they will be directed toward higher caregiver wages to ensure that staff stays on board at senior care communities.

David: Another challenge is often the technology itself, things like a great out-of-the-box experience, for example. If a technology product comes to an older adult, and they take it out of the box and it doesn’t work immediately, it’s going right back in the box. The example I use is when you get a new iPhone or iPad. Apple did something really smart by selling them with a full battery. You take it out of the box, and that experience is fantastic because it works right away.

Another critical issue when developing technology products for aging adults is to start small and build on the technology. A lot of robots and automation solutions are being developed to address social isolation challenges. If we deliver a robot with 100 different features and say, “Here’s your manual,” we’re lucky if the user gets past, “What’s the weather?” Even I'm guilty of this. I have Google Home, and to me it’s a glorified alarm clock that tells me what the weather is. So starting small with a great out-of-the-box experience, and then building on top of the tech with a gradual learning curve, is the best way to start adopting new technologies.

You also need a superb customer service group that recognizes they are not dealing with millennials but with people who may never have worked with this type of technology before, and who perhaps do not know basic terminology. The customer service approach must be sensitive to end users who may be 65-plus and older.

David: Compared to traditional venture capital, we believe that government-sponsored funding and private impact investing have lower expectations for fast returns on investment, so we’re very proud of the support we’ve received from Canada and Ontario. Government sees the social need, and is taking up the challenge by providing our organization the funding to validate innovations for for-profit and non-profit enterprises. We also work at the grassroots level, where we provide funding for point-of-care practitioners with excellent ideas, but who may not know how to activate them. A new practice may not cost as much to develop as an expensive new device, but we can help with the validation, testing and caregiver training costs.

Karen: With my geology background, I like to use the analogy that longevity tech is in the dawn-of-life Cambrian Era, when thousands of species flourished, but they aren’t all going to make it. We’re moving toward the Paleozoic Era, with fewer but stronger species. Products and practices are slowly adopted by growing user groups, and the survivors become the new standards. As we look to see how Medicare and Medicaid can cover some of these things, we’re realistically going to have to see some significant winnowing over a few years to rightfully ask for and achieve reimbursement.

David: We can also reduce barriers to entry and make innovation more accessible by looking outside North America. There are countries that are well ahead of where we are, and Japan is a great example with the oldest average age on Earth. So let’s look at what they are doing right and apply those ideas here. For instance, there are supermarkets, convenience stores and drug stores that create social environments for older adults to socialize, with nurses and social workers that walk around and interact with them.

Karen: Since the Japanese are living longer, they are also choosing to work longer. They have integrated innovations in the workplace such as lower body braces that maintain strength to allow people to continue working in some capacity. They're doing amazing things with robotics and voice control technologies. This expands older adults’ ability to remain engaged, generate income, and help drive the Japanese economy without relying completely on a relatively small younger population.

David: From an opportunity perspective, the amount of energy behind Denver Startup Week is something I’ve never seen before. One of the big opportunities is that you clearly have a city and state that are really supportive of entrepreneurial economic development and that’s very positive.

David: One of the takeaways is going to be how many people can we connect with on opportunities up in Canada, and what global partners can we find. The fact is, what we read about today becomes outdated tomorrow, so we’re looking to gain more insight into what direction the innovators are going. Denver Startup Week helps us stay ahead of the curve to deliver on our mandate, which is to give older adults the opportunity to age with greater levels of independence and higher quality of life.