By 2030, one out of every six people worldwide will be 60 or older, marking an unprecedented demographic shift reshaping economies and societies. This transition offers challenges and significant growth opportunities, particularly in the rapidly expanding longevity economy.
Countries across the globe are feeling the impact of aging populations. South Korea, one of the fastest-aging nations, will see 20% of its population aged 65 or older by 2025, officially entering a "super-aged society." In 2030, 1 in 5 individuals will be over 65 in the United States, signalling profound shifts in workforce dynamics and healthcare demand. Meanwhile, sub-Saharan Africa, currently dominated by younger demographics, is expected to experience a dramatic surge in its elderly population, growing from 50 million in 2020 to 600 million by 2100.
Turning Challenges into Growth Opportunities: Lessons from South Korea
Demographic trends like aging are often viewed as hurdles, but with strategic innovation, they can fuel economic growth and social transformation. For example, South Korea's Good Job 5060 Program successfully reskilled 1,000 middle-aged workers, generating $4 million in economic and social value with a social return on investment (SROI) of 4.7. With a 65% success rate in workforce reintegration, this program highlights how proactive strategies can transform aging challenges into catalysts for sustainable development.
Startups Driving Innovation in the Longevity Economy
As the longevity economy gains momentum, startups are crucial in creating innovative solutions for healthier, financially resilient, and longer lives. Recognising this trend, the World Economic Forum's UpLink platform, in collaboration with Manulife and the Centre for Financial and Monetary Systems, launched a three-year initiative to foster innovation in the longevity economy. This partnership emphasises holistic approaches to longevity, focusing on increasing years of good health and financial preparedness rather than merely extending lifespans.
UpLink’s "Prospering in Longevity Challenge" identified 10 promising startups offering groundbreaking solutions to enhance financial resilience and promote preventative healthcare across longer lifespans. These startups were selected from over 130 global submissions, each receiving CAD 50,000 in funding and the support of key partners such as APG Asset Management, Mercer, and Stanford Center on Longevity.
Spotlight on the Top 10 Longevity Innovators
Addition Wealth: Empowers individuals to make informed financial decisions through personalised advice and education, driving financial security in an aging world.
Boldin: Redefines retirement planning with advanced technology and tailored advice, ensuring financial stability for retirees.
Conquest: Democratizes financial planning with user-friendly tools, providing personalised strategies for older adults at every life stage.
GetSetUp: Offers interactive learning for seniors in technology, wellness, and financial skills, fostering lifelong growth and social connection.
Givers: Supports family caregivers with financial aid and resources, easing caregiving burdens and enhancing healthcare system resilience.
Juli: Delivers AI-powered solutions for managing chronic conditions, and improving long-term health outcomes for aging populations.
Smplicare: Uses AI and predictive analytics to promote healthy aging with personalised care plans based on its AgeWell Index.
TELL: Enhances neurodegeneration testing with AI-powered voice biomarkers, supporting early diagnosis and intervention.
Waterlily: Simplifies long-term care planning with AI-driven comparisons, ensuring families are better prepared for future needs.
Zencey: Offers affordable healthcare via AI and telemedicine, expanding global access to quality medical care, especially in underserved regions.
Connecting Businesses Globally Through Longevity Innovation
The rapid growth of the longevity economy presents an unparalleled opportunity for B2B collaborations across industries such as healthcare, financial services, and education. By investing in innovative solutions and fostering cross-border partnerships, businesses can lead the way in addressing the challenges of global aging while unlocking new revenue streams.
Source: World Economic Forum
Comments