Leveraging collaboration to tackle the challenge of ageing populations
Ageing populations are far from a niche demographic, and nations around the globe are facing the same challenging opportunity; how to create better societies and markets to foster healthier, longer lives for all.
By 2050 it is estimated that there will be a staggering 9.7 billion people worldwide, and of these 16% will be over the age of 65. This group of individuals, who are fast becoming the largest segment of our societies are also the most underserved across a multitude of markets, including housing, mobility and transport, beauty and fashion and financial services, to name a few.
Governments in both the UK and China have identified a need for rapid innovation and strategic partnerships to serve this changing demographic. Unlocking the wealth of knowledge held by older adults is key to addressing age-related challenges and maximising this enormous market opportunity.
Collaboration. We believe that collaboration is fundamental in approaching the opportunities of an ageing population and creating a society where healthy longevity is available to all. That is why we have partnered with the Beijing Hospital led consortium to develop products and services in an ecosystem-to-ecosystem approach, supporting citizens in both countries to age better and live more independently. This collaboration is central to the UK-China Healthy Ageing Flagship Challenge, announced on the 13th of September 2021. These activities will be funded through the UK Research and Innovation (UKRI) Fund for International Collaboration (FIC), delivered by Innovate UK, part of UKRI.
Over the next two years, NICA will deliver a range of activities in the programme. These will include citizen engagement, bilateral business innovation missions, as well as co-location and accelerator programmes for participating companies.
Citizen engagement is a core component of our Ageing Intelligence® approach, and a fundamental one of our collaborative work in China. Working with local partners and organisations, we will establish a citizen community from which we can harness human experience to glean valuable people-driven insights. This will be achieved through the development of an engagement platform by which the community will be able to partake in opportunities, contributing their ideas, feedback and lived experience to a wide range of topics. As a result, these participants will be helping to shape a new generation of products and service offerings, aimed at improving longevity.
Engaging with this citizen community will help companies selected to be part of NICA’s UK-China accelerator programme, which we will develop to support UK companies interested in entering the Chinese market. This accelerator will give businesses access to expert mentoring, the resources and research capabilities of NICA and our partners, and so help de-risk their entry to the Chinese market.
In the same vein, we will also be supporting bilateral business innovation missions, which will facilitate collaboration between the UK and China. Organised by Innovate UK and delivered by Innovate UK EDGE the programme will consist of a preparation phase, a five-day innovation visit to Beijing, China, a post-visit exploitation workshop, and support of approximately 12 months from an Innovate UK EDGE Innovation and Growth Specialist, helping participating companies maximise the opportunities identified with partners in the territory. NICA will support this by contributing our expert knowledge as well as facilitating events at The Catalyst, our state-of-the-art Innovation Centre to foster dialogue, collaboration, and improved commercialisation.
So, what are the long-term goals and outcomes we expect to see come from this project?
Well, the simple, over-arching objective is to bring to market innovative products and services that help people live happier, longer lives.
However, to achieve this objective, we aim to accomplish the following outcomes:
- Demonstrate the benefits of a collaborative approach
- Demonstrate added economic value through job creation etc
- Reduced entry to the market
- Prove the long-term sustainability of a citizen engagement model within China
- See the successful launch and development of new innovative products and services
- Create long-term market value
- Establish a long-term sustainable relationship between the UK & China’s recognised centres of excellence in the commercialisation of products and services which support healthy ageing and longevity