On the evening of February 15, Golden Financial Care was named the winner of the first Aging Startup Challenge in Minneapolis. The San Francisco-based startup, which provides a tool to help adult children improve their parents’ financial health, won $25,000.
The competition was co-hosted by Stella, the recently renamed parent company of Blue Cross Blue Shield of Minnesota, and Aging 2.0, a network focused on using innovation to improve older adults’ lives.
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It was the first public event for Stella.
In a recent phone interview, Tom Vanderheyden, BCBS of Minnesota’s president of diversified business, said the challenge was announced last fall. The team that ran the contest reports up through Vanderheyden, he noted.
Numerous startups inside and outside the United States applied. Only six finalists were chosen, including Golden Financial Care. Here are the other five competitors:
- Based in Minneapolis, Daily Dental Care creates prebiotic oral care lozenges, or “smart mints,” that supplement daily dental hygiene.
- Iris Plans in Austin, Texas utilizes technology to help patients and families prepare for future healthcare decisions. Via a video conference, individuals can talk to a facilitator and craft a goal-oriented healthcare plan.
- Also headquartered in Minneapolis, Reemo Health offers wearables and smart home technology to seniors. Caregivers are then able to access the patient’s health data and information.
- Tending, a California startup, has a care coordination platform for those caring for older adults. A patient’s medical information from their healthcare provider can be uploaded to the care portal.
- New York City-based Wellth leverages financial incentives to encourage patients with chronic conditions to stick to their care plans. The startup’s app lets them track their health-related activities and medication adherence.
During the competition, each startup had six minutes to pitch and four minutes to answer judges’ questions.
Judges included Barbara Barry, design strategist at Mayo Clinic Center for Innovation; John Blank, chairman at Treehouse Health; Stacia Cohen, vice president for the STARS Center of Excellence at BCBS of Minnesota; Troy Kopischke, cofounder and co-CEO of Ivenshure; and Mike Spadafore, managing director at Sandbox Industries.
The companies were evaluated on their fundability and the innovative level of their concepts, among other qualities, Vanderheyden said.
Ultimately, Golden Financial Care was crowned the champion. In addition to offering financial guidance and coaching, its tool can assist with healthcare issues, legal questions, government benefits and fraud protection.
“It was a very, very creative idea,” Vanderheyden said. “It was well executed.” He added that the company has a few thousand active participants on its platform.
Photo: AlisLuch, Getty Images
