The Keeping Connected Business Challenge has been launched to all sectors of business, and will look to develop innovative services that keep older adults better connected.
The challenge offers a prize fund of £495,000.
The challenge is founded on the belief that a significant commercial opportunity exists in enabling older adults to be better connected.
The assessment panel will look for service ideas that are new and innovative with potential for commercial exploitation and scalability. The teams need to demonstrate a genuine understanding of the needs and wants of consumers and translate early stage ideas into viable business propositions.
If successful they will have five months to develop their idea and be provided with professional support.
The programme is being run through the Technology Strategy Board’s Assisted Living Innovation Platform, which is in essence promoting independent living and improved quality of life by making the technology better, cheaper, more desirable and more relevant.
Iain Gray, Chief Executive of the Technology Strategy Board, said: "One of the key elements of ageing is the need to continue to feel connected – to those we care about, to the places we live in and to the society of which we are a part."
"This competition provides businesses with a great opportunity to develop innovative services that meet a universal, and growing, future market."
Keeping Connected Business Challenge - Technology Strategy Board