MIL-OSI Banking: IDB Lab and the IDB announce the results of the Silver Economy Challenge

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Source: Inter-American Development Bank

Nine proposals are selected to design their projects to help improve the inclusion of older persons

The Inter-American Development Bank (IDB) with its innovation laboratory, IDB Lab, have announced the results of the Silver Economy Innovation for Inclusion Challenge.  The challenge aims to aging into an engine for social inclusion and economic recovery. Nine proposals from Argentina, Brazil, Chile, Jamaica, Mexico, Paraguay, Peru, the Dominican Republic, and Uruguay were selected within Category A to design projects with financial support from IDB Lab.

The challenge, which was launched in June and ended on July 31st, sought to identify innovative solutions ready to be implemented in the areas of health services and long-term care, financial services and products, employment and training, and housing and transportation (mobility), as well as those that support the promotion and development of technology-based ventures that generate solutions for any sector related to the Silver Economy. 

181 proposals from 27 countries, 21 of which come from Latin America and 6 from non-IDB borrowing countries, applied to this challenge, with participation from emerging companies, small and medium-sized enterprises (SMEs), foundations, non-profit organizations, corporations, universities, think-tanks, public innovation agencies, accelerators, and other actors of the entrepreneurial ecosystem that come from any of the 48 member countries of the IDB Group.

A panel of specialists from the IDB Group evaluated the capacity of the applicants during the evaluation process. The evaluation criteria included the degree of innovation, the level of social impact, its scalability potential, financial sustainability, the technical capacity of the organization, and the feasibility of execution.

The selected applicants will initiate the designs of the projects to be considered to receive financing from IDB Lab and develop their innovative models in the nine countries mentioned. They will also be part of the IDB Group’s global network of innovators to meet the needs of the silver economy in the region.

The selected applicants for Category A (financial support) are:

  • Associação Médicos da Floresta –AMDAF– (Brazil), which introduces a technology to diagnose cataracts that, today, continues to be the main reason for the loss of sight in the world.
  • Center for Environmental and Social Studies –CEAMSO– (Paraguay), which proposes to establish a comprehensive financial model for the elderly including pension, insurance and reverse mortgage, among others, focused on the vulnerable elderly who have not contributed to retirement system.
  • HBR Group SRL (Dominican Republic), which proposes to establish an online platform for financial services exclusively designed for the elderly and people with disabilities.
  • Hospital Italiano de Buenos Aires (Argentina), which proposes to establish a comprehensive platform of care services where knowledge, training and services can both be available for the elderly and for their caregivers and health professionals.
  • Mona Aging and Wellness Center (Jamaica), which seeks to establish a care model that takes advantage of the capacity of local communities with a clear focus on the demand of the most vulnerable, both in urban and rural.
  • Nudaprop SRL (Uruguay), which seeks to establish the reverse mortgage model with focus on the vulnerable elderly population with financial problems.
  • Paz Mental SAPI de CV (Mexico), which attempts to establish an automated care assistance model where caregivers of older adults can benefit.
  • Universidad de Chile (Chile), which proposes to establish an acceleration model for entrepreneurships based on technological solutions to meet the demand of the elderly.
  • Universidad del Pacífico, Center for Entrepreneurship and Innovation –Emprende UP– (Peru), which seeks to promote entrepreneurship of the elderly or take advantage of their knowledge for entrepreneurship of any generation.

The results of Category B (honorable mention) will be announced shortly on the challenge homepage.

About the IDB

The Inter-American Development Bank’s mission is to improve lives. Founded in 1959, the IDB is one of the main sources of long-term financing for the economic, social, and institutional development of Latin America and the Caribbean. The IDB also conducts cutting-edge research projects and offers policy advice, technical assistance, and training to public and private clients throughout the region. www.iadb.org
 

About IDB Lab

IDB Lab is the innovation laboratory of the IDB Group, the leading source of development finance and know-how for improving lives in Latin America and the Caribbean (LAC). The purpose of IDB Lab is to drive innovation for inclusion in the region, by mobilizing financing, knowledge, and connections to co-create solutions capable of transforming the lives of vulnerable populations affected by economic, social or environmental factors. Since 1993, IDB Lab has approved over US$2 billion in projects across 26 countries in LAC. www.bidlab.org 

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