Untapping the value in aging innovation

Aging innovation is critical in responding to the needs of senior citizens, and has been a largely untapped area for entrepreneurs.

Stephen Johnston, co-founder of Aging2.0 spoke at the Social Good Summit Australia about the opportunities for innovation in digitalising the lives of the aging community, and driving value creation.

According to Johnston, much has changed in the sector in the last ten years.

“We've seen companies now emerge in the last few years that we just hadn't seen before,” said Johnston.

“2000 or 3000 startups were attracted to doing interesting things around using aspects of aging, helping people live longer, helping improve care of caregiving, and helping people find purpose in their work and have contribution.”

Johnston believes that the value of older people in society is not fully being utilised.

“The opportunity is much bigger than a new age tech segment, is about reshaping society,” he said.

Referencing Sompo Japan Insurance CEO Kengo Sakurada’s vision proposed at the World Economic Forum meeting on healthy aging, Johnston highlights the value in creating a 'pin koro society', which he describes as a “long life and a short, quick death”.

“When we talk about systems change, paradigms and mindsets are so important. So that's why I like this idea of a pin koro society in which we all live to the very best of our abilities and to maximize our contributions, “ said Johnston.

In order to achieve this vision Johnston said that society needs to reimagine what it means to age and how older members of society can be empowered to contribute.

“There's no expiry date for contributing. But actually there’s unfortunately, so many people, especially in nursing homes, and senior housing that just seem to be disregarded and overlooked by society,” he said.

“Lets try and focus on health span, which is essentially to minimise the gap between health span and age span. So the amount of time that you've got on this planet spent in good health and minimising pushing to the end frailty and morbidity.”

Johnston also names datafication, recognising the care economy and rebuilding social infrastrucure as key elements to building a pin koro society, and driving value from innovations in aging.

Stephen Johnston, co-founder of Aging2.0, Social Good Summit