New Innovation Exchange launches to help UK companies interested in entering China's longevity-focused mobility and gait market
Innovators with new product or service ideas that can support people to stay active, mobile and connected as they age can now apply for the Healthy Ageing Innovation Accelerator Competition.
Increasing numbers of people are living longer. However, often this results in more years of life experiencing the negative aspects of ageing, meaning we often need more support to maintain quality of life.
Maintaining good health at an older age is therefore fundamental to quality of life allowing us to remain independent, to work or remain active in our local community. It also allows us to maintain and build our social connections and family life and to do the other things that give us all meaning and purpose.
To address this challenge, a new Healthy Ageing Innovation Accelerator Competition is being launched, on behalf of the UK’s National Innovation Centre for Ageing (NICA), to find innovative companies with new product or service ideas that can support us to stay healthy and active to help us to remain mobile and connected as we age.
The programme will explore many aspects of business growth, including raising investment, and will also examine healthy ageing in the round, with a specific focus on China and the potential commercial opportunities for British products and services, in a market that has the potential to reach £1.88 trillion by 2025
For a further more detailed assessment, please read the recent NICA HorizoningTM Report into Functional Mobility and Gait in China.
With China’s market being the largest geographically-defined opportunity, the Accelerator Programme includes a de-risking pathway to enter this market and make UK businesses competitive as well as growth- and export-ready.
Speaking on the launch of this exciting new initiative, Patrick Bonnett, Chief Development Officer at the UK’s National Innovation Centre for Ageing said:
“Meeting the needs of an ageing society offers enormous global market opportunities for UK businesses. That’s why I’m delighted to see the launch of our Healthy Ageing Accelerator programme, it will provide innovative and entrepreneurial companies with tailored support and guidance to help them de-risk the innovation to export pathway and make the most of these commercial opportunities.”
The challenge is aimed at high-growth potential companies of any size and from any part of the UK, and will provide expert support to help companies to maximise their business growth, including assisting participants to explore the fast-growing China market. These activities are funded through the UK Research and Innovation (UKRI) Fund for International Collaboration (FIC), delivered by Innovate UK, part of UKRI.
To find out more, including more details and how to apply, go to our Innovation Exchange website.
Innovate UK KTN’s Innovation Exchange is a cross-sector programme supporting innovation transfer by matching industry challenges to innovative companies from other sectors. It does this by putting large businesses with technical needs in contact with companies who have the right innovative solutions, for faster development of novel solutions.