The Aging Innovation Matters Blog is published by the Maplewood Senior Living (MSL) Center for Aging Innovation & Technology.
What Aging Innovation Is, And Why It Matters
Innovation can take many forms. Doing essentially the same thing, but doing it better is a form of incremental innovation. Doing something totally different and getting even better results is a form of radical innovation. Creating something completely new, unexpected, revolutionary or transformative, is disruptive innovation. When it comes to human aging, all forms of innovation are necessary. Why? Because the global demographic shift toward an increasingly older population is accelerating. In 1900, 13% of the population was age 50 or over. In 2002, it was over 27%. By 2020, it will be over 35%, and in the next 35 years, the size of the 50-plus population will be more than double what it is today.
If that wasn’t enough, there is what Joseph F. Coughlin, Founder and Director of MIT’s Age Lab, calls the “Longevity Economy”. This vast market of older consumers is worth approximately $8 trillion in the U.S. and growing by the day. These older adults are sophisticated, vocal, and deserving of all that innovation has to offer. This blog, and this inaugural post, is inspired by these older adults.