Caregivers who take care of children, seniors or those disabled or sick are operating in an outdated system that’s ready for change Experts say and valued at $648 billion.
The new research published by Pivotal Ventures tries to better know the marketplace. A national study revealed that caregivers work approximately 45 hours a week on caregiving duties that are not paid nearly half have full-time jobs.
Pivotal Ventures, a company created by Melinda French Gates and based in Kirkland, Wash., on Tuesday , launched it’s “Move Care Forward” campaign to provide data about caregivers and encourage innovations and policies within the field.
“We are in the midst of a very outdated system of caregiving. It’s broken. The tools and tools for caregivers have been out of date for a long period of time,” said Dr. Renee Wittemyer, Pivotal’s director of investment and strategy for programs in an interview on Business Headers interview.
Pivotal collaborates with partners to help “care economies” entrepreneurs. It was instrumental in launching the venture capital firm Magnify Ventures the first $52 million investment announced in May. Magnify invests in technologies that aid families, household operations, and the technology of the future and aging. For 2020, Pivotal joined with Techstars to create each year the Future of Longevity accelerator that’s specifically focused on startups that are focused on older adults.
In the spring of this year, Pivotal commissioned a survey of 1500 Americans who offer caregiving without compensation. Nearly two-thirds of the respondents stated they sacrificed their goals in terms of education and career as well as their well-being in order to provide caregivers. There are approximately fifty millions U.S. caregivers.
Women in particular are disproportionately entrusted with unpaid caring responsibilities, which could affect their professional performance and limit their power in politics and the workplace according to advocates.
“Entrepreneurs as well as employers as well as governments all have a part to play in establishing the system that helps individuals to be able to take care of their families, while attending to their personal requirements,” said French Gates in a written statement.
French Gates, who is co-chair of the Bill & Melinda Gates Foundation In 2019, she made a commitment of $1 billion to advancing gender equality. The same year, she released her book “The moment of lift and the Impact of Empowering Women on The World.”
Pacific Northwest startups in the business includes LegUp that helps parents locate daycares and additional programs. Weekdays, platform for families looking for microschools as well as Nanny Parent Connect which is a group made up of parents, nannies, and babysitters. Some notable ventures outside of this region are Papa which provides older adults with “grandkids on demand” and Kinside which is a matching site for childcare. website for parents and children.
“We are seeing more and more innovation in this field,” said Wittemyer.