Abby Miller Levy of Primetime Partners
November 23, 2024•513 words
Summary of Abby Miller Levy's interview on the AgeTech Podcast
Keren Ektin (The Gerontechnologist) interviews Abby Miller Levy, founding partner of Primetime Partners, an early-stage venture capital fund, on the AgeTech Podcast. Abby Miller Levy discusses the implications of the aging population on various sectors of the economy and the opportunities it presents for entrepreneurs.
A summary of the key points discussed:
- The fund invests in companies focused on "redefining how we age" and improving the quality of life for older adults.
- One key challenge the fund addresses is the lack of preparation for the aging population, even though it was a predictable demographic shift.
- This shift has significant consequences for healthcare, financial services, housing, workforce, consumer media, retail, and most areas of the economy.
- Primetime Partners has a team of five full-time members based in New York City but collaborates with investors globally.
- They have co-invested with 80 other funds across their portfolio. [4] A common theme among these investors is a personal connection to the aging space, often driven by personal experiences as caregivers or having older family members.
- The fund primarily invests in companies with enterprise sales models that cater to customers such as health plans, long-term care insurance companies, and life insurance companies.
- They look for companies with strong teams, innovative products, and the ability to scale quickly.
- When evaluating startups, Primetime Partners considers factors like team, product, and commercial velocity.
- They prefer to see clusters of similar ideas, which allows them to differentiate between companies and identify those with the highest potential for success. [6, 8]
- Abby Miller Levy identifies several unmet needs in the market, including:
- A lack of HR (human resources) tech and employer-focused solutions to keep people in the workforce longer.
- A shortage of prop-tech (property technology) solutions to address the inadequate housing stock for older adults.
- Insufficient focus on preventative care and early diagnostics to increase health span.
- She also observes that while the industry primarily focuses on selling to senior living and home care through Medicare/Medicaid reimbursement, she believes that involving multiple stakeholders in payment models could be promising.
- This could include consumer payment, employer contributions, and health plan coverage.
- Abby envisions a future where society moves away from being youth-obsessed to becoming ageless.
- She hopes for a world where age is not a defining factor in how people are perceived or treated. [17] This would create a significant shift in the consumer landscape, opening up new opportunities for businesses to cater to the needs and preferences of older adults.
- She also emphasizes the importance of personalization and data in age tech.
- This would allow companies to better understand the diverse needs of older adults and develop tailored solutions.
- Overall, Abby Miller Levy expresses optimism about the future of age tech.
- She believes that the growing sense of urgency, expanding ecosystem, and increasing collaboration between different sectors will drive innovation and improve the lives of older adults.