The term “tech” crops up everywhere. From fintech to insurtech, defencetech, healthtech, femtech, and agetech. In the venture capital world, VCs enjoy dropping the word into practically everything.
However, and this is a challenge for agetech investors and entrepreneurs, the term is actually one of the hardest to define. Not only is this because it can easily be confused with “agtech” - agricultural technology - but because there are two very different ways to view agetech.
Let’s begin by breaking these down.
Many people working in agetech focus specifically on challenges faced by older people, mostly regarding issues in health and care. Alzheimer’s is a huge topic area, along with mental health and pastoral care. Many initiatives subscribe to this very specific definition of agetech, including the “UK-Canada AgeTech Innovation Exchange programme,” an initiative whereby the Canadian government has teamed up with several British organisations to support startups in the sector.
Viewed more broadly, however, agetech can cover all facets of elderly life, such as finance, dating, mobility, sport and lifestyle. All startups that fall under this definition of agetech develop products and services that not only address specific challenges faced by the elderly, but place the idea of longevity and a happy life at the centre.
Most influencers see agetech as a broad category. One of the most prominent voices in the sector is Keren Etkin, owner of the platform The Gerentechnologist. Her excellent “AgeTech Market Map” - updated annually (we are anticipating 2025’s release) - comprises categories that include housing, transportation, Insurtech, companionship and independence.
Indeed, the narrow interpretation of agetech is certainly clearer and fits better as a stand-alone vertical next to other tech categories on offer. Yet, the broad definition, which I adopt, is “horizontal” rather than “vertical,” and cuts across verticals such as finance, insurance, jobs, dating and much more.
The broad definition is purposefully a little more cloudy. Why is that? Because the areas are all intertwined. For example, if you take community and companionship, you can see how they feed into mental health. Financial security makes healthcare affordable. But combined, these aspects can help one live a good life. So let’s work towards realising the good life. Maybe then, some of the problems will fade and can be remedied for our elders in the day-to-day.
Just one more thing. Some people don’t like to use the term “agetech” at all, because it draws obvious attention to age. Agetech investors and entrepreneurs fight ageism inherently, their work centres on older adults’ needs and capabilities. From my perspective, however, “agetech” as a term is established in the venture community and serves its purpose. I will use it for lack of a better alternative. If anyone has a better idea, by all means let’s hear it.