A newly launched program backed by an investment and incubation company created by Melinda Gates has been launched to help startup technology companies focused on caregiving solutions to address the unmet needs of those providing or receiving elder care.

Boulder, CO-based Techstars, a worldwide network working to help entrepreneurs succeed, has launched the Techstars Future of Longevity Accelerator in partnership with Pivotal Ventures, a company created by Gates.

“With generations living longer than ever before, there is an incredible opportunity for innovation within the caregiving space. This market is experiencing unprecedented economic growth as the American 50+ population is already responsible for trillions of dollars of spending and economic activity,” Keith Camhi, Techstars senior vice president of accelerators, said in a statement. “There could not be a better time to bring an accelerator focused on innovation in this sector to market. We are thrilled to be working with Pivotal Ventures to help startups achieve success in delivering new life-changing and impactful solutions to meet the needs of our aging population.”

Based in Washington, D.C., the 13-week program plans to accept 10 startups annually and help them establish their businesses quickly through investment, mentorship and programming. Startups will have access to Techstars’ worldwide network of mentors, investors, founders, corporate and government entities, as well as subject matter experts and thought leaders from Pivotal Ventures’ network.

Applications for the program began being accepted Monday and will be accepted through April 5. The accelerator will run July 13 through Oct. 8, culminating in a day during which all participating companies will pitch their business models to investors and industry leaders.