Proposal Presented for the Master Plan For Aging (#25)
Disclaimer
Throughout the MPA process, more than 100 proposals were developed thanks in particular to thousands of hours of work by external stakeholders and members of the public. These proposals and the MPA Council commentary are being submitted to the Governor and shared with policymakers and the public to inform policymaking. These proposals represent a starting point for discussion. Further discussion is necessary between relevant state agencies and stakeholders to both refine these proposals and assess which may be appropriate to adopt and implement.
Summary
Establish a State-sponsored technology incubator focused on, “AgeTech,” and assistive technology. The incubator would be a public-private partnership leveraging State opportunities to encourage development of needed technologies.
Justification
AgeTech enhances autonomy and empowers older individuals through assistive technology. This technology, such as voice-activated devices and automated systems, improves the nuances of daily life, including safety and culinary self-sufficiency. It improves quality of life by supporting health-promoting activities like walking and social interactions. Overall, independence and self-reliance via technology will help older adults and people with disabilities live in their own homes, where their sense of well-being is able to flourish.
Full Proposal
Establish a State-sponsored technology incubator focused on, “AgeTech,” and assistive technology.
- Engage private Venture Capital to match state funds to support the growth and development of AgeTech and assistive technology companies in New York State.
- Develop pipelines from universities across the State to facilitate the development of research into marketable technologies.
- Partner with DOH’s Office of Health Insurance Programs to provide feedback on the potential of new technologies and products to be reimbursable by Medicaid.
MPA Council Commentary
This proposal is categorized as near-term. Policymakers may reference this proposal during the annual budget process, as this proposal may require legislative action and would require new funding subject to the availability of resources. New York State already sponsors or supports a variety of business incubators and accelerators across the state that fund digital health related ventures. For example, ESD’s New York Ventures program is actively deploying over $300 million of capital, and has a large digital health portfolio that is open to new investments in AgeTech. Before establishing an additional incubator, the State would need to develop a clear business case and rationale for how such an incubator would build on and complement these existing efforts. If successful, the creation of an AgeTech Incubator could support the accelerated development of assistive technology to empower older adults, people with disabilities and their caregivers.