Ageing of humanity, an opportunity for Startups .. ..

All of us at one point of time have to get old. While the young believe they have many more years to get old, the old people are living through the experience. 

Ageing is the process during which structural and functional changes accumulate in an organism as a result of the passage of time. The changes manifest as a decline from the organism's peak fertility and physiological functions until death. - Nature, click here

It is said that the aged people of the world, aged 60+ hold a majority of all wealth worldwide and they have a spending potential of approximately $15 trillion. Refer HBR article When no one retires, Paul Irving, Nov, 18.  (click here). Given the developments in human life expectancy, it is not very far that people will live for 100-120 years.

"Count your age by friends, not years. Count your life by smiles, not tears." - John Lennon

As per the World Health Organisation (WHO) (click here), by 2050, about 2 billion of the 10 billion people on planet earth (20%) would be elderly people of the age 60 years and above. The interesting aspect is that 80% of the aged people will be in the developing and less developed countries. 

If the country looks at the elderly as a liability, it will be looking at solutions, instead the governments should look at elderly people as great resources that can be tapped or extract value for more years, which will warrant a decent treatment of the people than the one meted out now.

Are we neglecting the elderly people ? Are we looking at them as people who are in the last days of their career, ready to step into the coffins ?

It is too early to say those things, because the longevity of people is increasing these days. With reduced hunger and better availability of food and proteins, the average human body and brain is more active. Other than lifestyle diseases, the probability of people dying out of hunger or food deficiencies is very limited. This has been one of the greatest contributions of the modern day science and economic developments following it. 

The pictorial of the ageing population is courtesy United Nations. 

While going through an interesting article cited above in the November 2018 issue of Harvard Business Review titled, When no one retires, by Paul Irving, the following points came to my mind. All figures are for 2020.

Global GDP (PPP)
IMF $130 trillion
World Bank $135 trillion

Global GDP (nominal)
IMF $83 trillion
World Bank $87 trillion

Global spending potential of people aged 60+ will be $15 trillion (by 2020). ie. about 18% of global GDP will be from the 60+ age group of elderly people.

People aged 60+ hold majority of wealth worldwide.

Ref: Irving, Paul, When no one retires, HBR, Nov '18.

Another interesting point to note is the average age of Nobel Prize winners of the world is 62 years, ie. a person is at the peak of his intellectual career only after the age of 60. This is the time when world over, people are asked to retire. The 2017 Chemistry Nobel Prize winner Prof. John Goodenough from University of Texas, US for invention of the Lithium-ion battery received the prestigious recognition at the age of 97 years.

All the above illustrations tell us that old age is not for retirement, but one where one can be more intellectually active and contribute to society in many ways that can benefit society.

Startups need to re-look in this sector of serving elderly people by means of providing 

• better health care and solutions 

• better use of assistive technologies
  

• better transportation / mobility  solutions 

• safe management of personal funds 

• better exercising solutions 

• better tech awareness to use gadgets and services 

• better home management services 

• better old age home management 
  

• better eyesight management  

Let us not look down on the elderly, they point us  to great business opportunities in trying to serve them.

George.