About a year ago, Panasonic officially announced the launch of Panasonic Well, a new global innovation organization aimed at enhancing health, wellness, and well-being for families worldwide. This initiative, which includes the Family Wellness Innovation Challenge offering over $1 million in prizes, marks not just a new chapter for the company, but a return to its roots in a mission that has spanned over a century.
A Legacy of Wellness
The story of Panasonic’s commitment to wellness actually began with its founding in 1918 by Konosuke Matsushita. From the outset, Matsushita’s vision extended far beyond mere product manufacturing. His goal was to contribute to the development of society and the well-being of people around the world. This focus on societal well-being has been a constant thread throughout Panasonic’s 105-year history, with the company consistently aiming to transform everyday tasks and touch the lives of over a billion people every day.
Now, with the launch of Panasonic Well, the company is bringing this mission into the 21st century, leveraging advanced technology to address the complex wellness needs of modern families.
The Birth of Panasonic Well
Panasonic Well was born out of a recognition of the challenges faced by modern families. The COVID-19 pandemic brought these issues into sharp focus, as millions of families worldwide struggled with the blending of work and family life in unprecedented ways.
“During the pandemic, I realized that work and family were blending in a way that became completely unhealthy,” recalls Yoky Matsuoka, CEO of Panasonic Well, in a Medium post. “When I was with my family, work was there even more than usual. Sometimes, when I was in a Zoom meeting and my kids came in excitedly to show me something, I’d have to mute myself and tell them to go away — which made all of us feel sad.”
This experience of constantly feeling stretched thin and struggling to balance various needs and responsibilities resonates with many families.
In acknowledgment of these challenges, Panasonic Well has set out to create a new ecosystem of solutions to enable modern families to achieve universal goals, and is adopting a comprehensive, approach to family wellness, focusing on several key verticals:
FamTech
The FamTech (Family Tech) category focuses on the care economy, developing solutions to ease the mental load of caregiving and provide easier access to care services.
Age Tech
With the growing “sandwich generation” caring for both children and aging parents, age tech solutions are crucial. Panasonic Well’s partnership with AARP’s Age Tech Collaborative underscores the importance of this vertical.
General Health and Wellness
This broad category includes biometric tracking, health coaching, and other solutions that promote overall family health.
The Family Wellness Innovation Challenge
Building on a year of growth and development, Panasonic Well has now launched its next major initiative: the Family Wellness Innovation Challenge. This competition offers a grand prize of $500,000, with four additional finalist prizes of $125,000 each. Importantly, these prizes are equity-free, allowing companies to benefit from the funding without giving up ownership in their companies. Winners will also receive sponsored trips to CES and exhibition space alongside Panasonic.
“We’re taking an open approach to innovation,” Christie Pitts, Panasonic Well’s Head of Business and Corporate Development, says of the challenge’s scope. “We’re considering solutions that already serve consumers in the U.S. market and have potential for API integrations.”
A Full-Circle Moment for Panasonic
As Panasonic Well moves forward, it’s positioning itself at the forefront of a new paradigm in family health and wellness. Panasonic Group CEO Yuki Kusumi stated, “Panasonic Well will help define the future of Panasonic. Informed by a deep understanding of our customers’ needs, we’ll utilize both the existing product lines and innovative new technology and services to create solutions people need to live healthier lives every day.”
In many ways, this represents a full-circle moment for Panasonic, bringing the company back to its founding principles of contributing to societal well-being, but with the added power of modern technology and a deep understanding of contemporary family challenges.
“We may never be able to completely fix the problem of women and families being stretched too thin,” Matsuoka reflects, “but we can start with a few simple things at home.”
The Family Wellness Innovation Challenge, accepting applications until October 25, 2024, represents an opportunity for startups and innovators to contribute to this vision of family health technology. By focusing on these diverse yet interconnected verticals, Panasonic Well aims to create a comprehensive ecosystem of solutions that can adapt to the unique needs of each family at every stage of life.
Startups interested in applying for the Family Wellness Innovation Challenge can find more information and submit their applications at well.panasonic.com/challenge.
