AARP and J.P. Morgan Asset Management are making life a little easier for companies manufacturing products that aim to make senior lives easier. The two have created the AARP Innovation Fund, a first-of-its-kind investment fund with $40 million in assets that will provide capital to these companies. AARP will make direct investments in innovative companies that match its mission and strategic goals, according to a press release.
The Innovation Fund will make direct investments in early- to late-stage companies that are developing products in three healthcare-related areas: Aging at home, convenience and access to healthcare, and preventative health. Aging at home products use technology to help older adults live at home safely and affordably. Convenience and access to healthcare products, such as telemedicine, allow seniors to adopt positive health behaviors. Preventative health products, such as fitness apps and programs, prevent the onset of serious health conditions.
"AARP has a strong history of leading innovation by changing the marketplace," Jo Ann Jenkins, CEO of AARP, said in the press release. "Our members are disrupting aging in a variety of ways and so is AARP. The AARP Innovation Fund is the next evolution of our ability to fulfill our social mission by making sure that the needs and interests of those 50-plus are well represented by products and companies."