AAL has launched a competition to find the best innovation to improve the quality of life for older people using the Internet of Things, with a €50,000 cash prize for the winner. The winner will be announced from a shortlist of fifteen finalists at the AAL Forum in St Gallen, Switzerland in September 2016.
The AAL Smart Ageing Prize has been launched to encourage innovation with internet connected technology designed to empower older people to achieve the best possible quality of life, socially and independently.
Judges will be looking for solutions that improve connectivity between older people in any aspect of life – at home or at work, with transport and mobility or with any other service older people may want or need.
As well as meeting the need of older people with their Internet of Things (IoT) innovation, entrants must also have a solid business plan in place to take it to market and must also have involved older people in the development and testing of the product or service.
This exciting competition is being run by the AAL Programme, and is the first competition of this type to be run by the programme. Due to the potential size of the market and the fast pace of growth of the IoT, judges are expecting many entries.
“It is expected that by 2060, one in three Europeans will be over 65,” says Karina Marcus, Director of AAL’s Central Management Unit. “As well as a challenge for society, this enormous demographic shift is also a huge and exciting commercial opportunity.
“Not only will we need innovative technologies to cater for the needs and demands of the older person,” she continues, “but we will need products and services people will actually want to buy and use. Those who get it right will be part of a massive new market.
“People want to live more active, healthy and independent lives – and the internet of things can help with that,” she concludes. “That is why we have launched this rich prize as we want to attract the very best entrepreneurs and inventors to bring something amazing to market.”
The competition will also help these entrants to develop their prototypes and business plans. Fifteen of the most promising applications will be chosen as finalists and will be invited to a dedicated social innovation mentoring academy in Brussels in July, where they will receive expert coaching and support to develop their ideas.
Following the academy the finalists will be asked to submit a detailed plan of their idea. From these detailed plans, five applicants will be selected who will have the opportunity to attend the AAL Forum in St Gallen, Switzerland in September 2016. Of the fifteen finalists, one winner will be awarded grand prize of €50,000.
The deadline for the first submission is May 13th 12pm. Visit the website for details about how to enter.