Start-ups for elderly care set to get big push
NEW YORK: A new push into alternative seniors care models is being attempted via a series of start-ups.
The government is all set to roll out a “Seniorcare Ageing Growth Engine” project which would select, support and create a “one stop access” to elderly care products and services by credible startups. The proposals of these ‘startups’ will be selected based on innovations they can provide catering to a wide range of needs of seniors ranging from health, housing, care centres, technology access to finances, wealth management and legal guidance.
The social justice ministry is planning to call for startups to apply to be a part of SAGE from June 5 through a dedicated portal. All proposals will be uploaded and selection will be based on blind review by an independent screening committee of experts. The first set of selected startups will be hosted on the portal in about two months’ time. The MoSJE will be providing a fund of Rs 1 crore as one-time equity to each selected start-up.
According to the plan, the SAGE project aims to identify, evaluate, verify, aggregate, and deliver products, solutions, services directly to the stakeholders, giving them wide choice to select the products, solutions and services that would suit their requirements and help in improving their quality of life.
Speaking to TOI, social justice secretary R Subrahmanyam said, “this project aims to give a boost to private participation in the elderly care sector by selecting and particularly promoting new startups with innovative ideas.” He added that with the rising elderly population and their daily care needs, it is evident that the government alone cannot respond to all the concerns and private players will need to be brought on board.