Mom’s in the hospital. Would you know how to manage her household finances?March 5, 2018
Helping a loved one manage their finances is usually borne out of necessity. Oftentimes, these types of money issues create additional stress during an already trying time.
San Francisco-based entrepreneur Evin Ollinger knows this from personal experience. After a Christmas visit two years ago, Evin discovered that his father had forgotten to pay the mortgage for three months.
“Dad was afraid he could lose his home, I needed to step in,” says Ollinger. “The difficult part was having the conversation with Dad about money. And as our population ages, financial care, like healthcare, will be a generational challenge for every family.”
As a four-time start-up entrepreneur, Evin was driven to develop a solution. The result is Golden, a financial assistant app that helps families secure their parent’s financial health, with an average increase of 10 to 20 percent in household income.
Golden named Aging Start Up Challenge Winner
In February, Golden was named the $25,000 winner of the first-ever Aging Startup Challenge. Co-hosted by Stella and Aging 2.0, the challenge had six selected finalists presenting their case to a panel of industry experts and in front of a live audience in Minneapolis. Applications for the prize were sent from startups and entrepreneurs from across the county with innovative solutions, products or services that address needs within the senior care market.
During his pitch, Evin explained how Golden could help the average senior in the United States living on $22,877 annually. Golden’s online tool organizes finances in one place and automatically creates a fixed income budget and bill-pay calendar. Golden also applies a means test for government benefits, reduced drug pricing, and senior food, transportation, energy and tax assistance programs – potentially generating significant savings in monthly expenses.
Other finalists presenting at the challenge included:
- Daily Dental Care, creators of prebiotic oral care lozenges;
- Iris Plans, a tech-enabled advance care planning facilitation service company;
- Reemo Health, a maker of wearable and smart home technology that communicates health and wellness information to caregivers;
- Tending, a care coordination platform and concierge service for caregivers; and
- Wellth, a tech-enabled financial incentive program to drive key behaviors among people with chronic conditions.
The judging panel for the event included:
- Mike Spadafore, managing director at Sandbox Industries;
- Troy Kopischke, co- chief executive officer and co-founder of Ivenshure;
- Stacia Cohen, vice president for the Medicare STARS Center of Excellence at Blue Cross and Blue Shield of Minnesota;
- Barbara Barry, design strategist at Mayo Clinic Center for Innovation; and
- John Blank, chairman at Treehouse Health.
The Aging Start Up Challenge Hosts
Stella is a Minnesota-based company designed to nurture and scale differentiated businesses across the country to improve health in bold and innovative ways. Stella serves as the parent company for a number of entities that share a focus of making a healthy difference in people’s lives, including the non-profit health insurer Blue Cross and Blue Shield of Minnesota and its subsidiaries, and diversified affiliate companies including SelectAccount and ClearStone Solutions, Inc.
About Aging 2.0 Minneapolis
Aging 2.0 Minneapolis is a local chapter Aging 2.0, an international, interdisciplinary and intergenerational organization focused on changing the conversation from 1.0 (focused on local, clinical, siloed approaches) to 2.0 (collaborative, lifestyle oriented, opportunity driven). The organization supports innovators taking on the biggest challenges and opportunities in aging.