SANTA MONICA, Calif. — The National Investment Center for Seniors Housing & Care (NIC) has awarded $3 million to the Santa Monica-based Milken Institute. The funds will be used to establish the Aging Innovation Collaborative (AIC) within the Institute’s Center for the Future of Aging, which advances healthy longevity and financial security through policy, research, convenings and multisector partnerships.
The AIC will engage experts to develop new models of housing, healthcare and community that meet the needs of a growing U.S. population of older adults. By removing silos between industries and incorporating innovations in housing, healthcare, technology, and more, the AIC aims to identify and scale comprehensive solutions that improve the lives of older adults.
“Housing and long-term care stand at a crossroads as millions of baby boomers think about how they want to live their best life after retirement,” says Raymond Braun, president and CEO of NIC. “This commitment to the Milken Institute brings talented individuals from diverse backgrounds together to transform how we think about aging in the United States. The Aging Innovation Collaborative will become a font of ideas for consumer advocates, real estate developers, seniors housing operators, healthcare providers and payers, policymakers and others.”
The AIC will initially focus on three core offerings:
- A landmark tracking study. This research study will track attitudes and preferences of older adults aged 50 to 80 over time. It will be conducted in collaboration with a nationally recognized research partner and leading experts in the field. Initial results are expected in 2024.
- Aging Innovation Council. This advisory council will include leaders from consumer goods and retailers, housing, government, healthcare providers and payers, technology, and capital markets. By removing silos across industries to share ideas and technologies, the council will seek to create new housing, healthcare and community solutions for the aging population.
- Advisory services. The AIC will provide advisory services to organizations wanting to enhance the health and housing of older adults but that lack the capacity or expertise for innovative solutions. Advisors will help companies navigate the complexities of the aging sector, identify opportunities for innovation and accelerate time to market.
Nexus Insights, a think tank devoted to rethinking aging, will share intellectual and human capital with AIC, and merge with the new collaborative. Its fellows, renowned experts representing every aspect of aging — including its founder, NIC strategic advisor Bob Kramer — will contribute to its day-to-day work, becoming AIC fellows.
“It’s an exciting time to join forces with the Milken Institute to help people meet their expectations for aging,” says Kramer. “Older adults have diverse backgrounds, interests, healthcare needs and social needs, and they want and expect housing and care that is as unique as they are. Aging is a good thing, and we need disruptive innovation to create housing and care that supports older adults’ ability to not just age but thrive.”