Germany's SENovation-Award Program

"Growing old isn't sexy, and neither is starting a business for older people."

In 2018, the first year of the SENovation Award, this opinion was still widespread. Our Founders' Award therefore seemed almost exotic. It was the first in Germany to recognize innovations that focus on senior customers.

There have certainly been some exciting startups in the care and healthcare sectors. But in other areas, such as entertainment, communication, or mobility, not much has been done for older people. This is now changing. The term AgeTech encompasses technological solutions for everything that makes life in old age – but certainly also in young years – more entertaining, mobile, communicative, varied, safer, and healthier. Naturally, assistive devices, health and care apps, and smart home solutions play a significant role. But startups are increasingly turning their attention to other sectors as well: with home interior ideas such as electrically height-adjustable furniture shoes, applications that improve website readability, or VR games that send elderly people on a virtual journey through time.

Germany is one of the world's oldest populations. The number of people over 67 is expected to rise by 22% from 16 to 20 million by 2035 1 . This means that around one in four people in Germany will be of retirement age by then. While this may sound worrying when considering the pension system or the nursing care shortage, it also presents opportunities: No other age group is experiencing such a rapid increase in purchasing power as older people. Already, people over 60 account for almost a third of private consumer spending 2 . Germany is virtually predestined to be the lead market for AgeTech.

An online panel of more than 1,000 senior citizens evaluates all suitable applications, which we provide in the form of a short summary. Evaluation criteria include novelty, relevance to the older target group, feasibility, and security and data protection. The most successful teams will have the opportunity to present their business idea in person in the digital semifinals. The jury will consist of senior citizens from the "Wege aus der Einsamkeit" (Ways Out Of Lonliness) Association of Germany.




The US is already further ahead in the AgeTech space: There are more investors, better networking, and thus more startups in this sector. But a shift in focus is also taking place here in Germany. Investors are increasingly looking for startups that address demographic change as one of the greatest social challenges of our future. We want to further advance this trend with our SENovation Award.