ISAX November Briefing note on the Ireland Smart Ageing Exchange IRELAND SMART AGEING EXCHANGE
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1 ISAX November 2015 Briefing note on the Ireland Smart Ageing Exchange IRELAND SMART AGEING EXCHANGE
2 Context The Ireland Smart Ageing Exchange (ISAX) is a newly established independent network of industry, research institutions and government aimed at accelerating and commercialising innovations for the global older consumer markets. Merrill Lynch has projected that by 2020 what they call the longevity economy will be worth $15tn. Dramatic rises in life expectancy and falling fertility levels are expected to double the global population of over 65 s to 1.3bn by 2040; while according to the United Nations the number of over-80 s is projected to treble. This represents a massive growth in economic importance of what is termed the silver or smart ageing economy. Demand from this affluent consumer cohert presents enormous commercial opportunity for companies. Other stakeholders (government, civil society and academia) have vested interests in understanding and planning for the associated socio-economic changes. Responding to this opportunity/need will require disruptive innovations and new market solutions beyond the reach of any one company or agency, and will require companies, investors, government and researchers to collaborate across sectors and disciplines informed by the veiws and expectations of older adults. The economic opportunities span a range of sectors including health, food, financial services, housing, employment, education and training, transport and leisure including tourism. There is a real opportunity for Ireland to become a leading global centre of excellence for companies and other interested stakeholders in smart ageing. A national and coordinated approach is required to take advantage of this ambitious opportunity. Whilst initiatives are emerging in other countries and within global organisations, these do not currently meet these two criteria. The challenge is to create an attractive, enabling environment for the innovation and commercialisation of products and services aimed at this high growth market. Ireland Smart Ageing Exchange/ Page 1
3 Who is ISAX? Our vision for Ireland is to be the preferred international destination for companies seeking to bring to market innovative and transformative solutions for older consumers, making their later years healthier, more secure and purposeful. ISAX s role and purpose emerged from the 2013 convening of the Global Irish Economic Forum, which strongly endorsed the proposition that Ireland become a world leader for smart ageing innovations. This commitment was subsequently reinforced in the Government s Action Plan for Jobs 2014 and More recently the new IDA strategy ( Winning: Foreign Direct Investment ) has identified the smart ageing economy as a convergence priority over the period Our organisational roots stem from the Ageing Well Network, a leadership think-tank comprising senior personnel from industry, government, academia and NGOs, which had extensively researched the economic opportunities for Ireland. ISAX was established in early 2015 as a membership organisation and incorporated as a company limited by guarantee. It is a public-private partnership, as evidenced by significant central and local government support at start-up, and early blue chip membership commitments. Ultimately, our goal is to be self financing through membership subscriptions and incremental revenue streams built around our business model. Ireland Smart Ageing Exchange/ Page 2
4 ISAX Board Board leadership comprises eight directors Prof Brian MacCraith Chair, President DCU Susan Davis Vice Chair, SDI, GIEF Conn Murray CEO Limerick Local Authority Brid Horan Former Deputy CEO ESB Eoin O Driscoll Chair of Tyndall National Institute, NED Barclays Ireland, former Chair Forfas Brian Patterson Chair Orecco and Scurri and Coach in Praesta Anne Connolly CEO and former Executive Director Ageing Well Network Ireland Smart Ageing Exchange/ Page 3
5 Opportunity Technopolis research commissioned by the inter-departmental Government Committee on Smart Ageing (established following the 2013 GIEF) identified the need for a smart ageing strategy, highlighting particular sectoral opportunities for silver economy innovation and commercialisation. This correlated closely the findings of ISAX s own Feasibility Study (2014) which showed that: A dedicated independent platform open to all is required, transcending competitive considerations with a Smart Ageing Centre as the hub, the broker and the catalyst. A significant new global silver economy is emerging. Access to policy makers to help inform regulation development is limited. Companies face a number of barriers in targeting this market. Companies need deep insights into the changing environments in which people lead their lives to understand the impact of their products and services. Companies need opportunities to test and trial early concepts and prototypes before investing in expensive new product development. Ireland is well placed and would have first mover advantage in targeting this new economy but it will require an innovative and agile partnership approach. Procurement criteria by large buyers, such as government, are often restrictive and exclude smaller companies, thus often depriving them of demonstrator sites for their innovations. The new economy comprises many sectors and the convergent spaces between them. Ireland Smart Ageing Exchange/ Page 4
6 ISAX Emergence of the global silver economy offers an exciting opportunity for Ireland. Sector Health Financial Services Food & Drinks Housing Tourism & Leisure Education & Training Age Friendly Cities & Communities Opportunities Connected health, Diagnostics, Prevention, Data Analytics, Medical devices, Improved disease management, Bio-pharmacy, Wellbeing products and services. Investment funds, Innovations in financial products, Protections againast fraud, Insurance against future care costs. Functional and nutrional foods, Preventing disease, Promoting specific health benefits and enhancing wellbeing. Ambeint assisted living products, Smart housing adaptations, furnishings and design, Supported housing. Bundled tourism products tailored to the older traveller segments, Gyms, Recreational activities. Tailored training for extending working life, Encore careers, HR professional services, Recruitment specialism. Adaptation of public buildings and space, Innovations to public and private transport, Public and pedestrian safety, Community and social activities. Ireland Smart Ageing Exchange/ Page 5
7 Mission To be a catalyst for accelerating and commercialising innovations for the global older consumer market. We create a collaborative and supportive operating environment for all stakeholders engaged in building and developing the smart ageing economy in Ireland. Values Our values underpin our relationships, guiding our behaviours and decisions. Impact Open Dynamic Pioneering/Collaborative Relevant/Trust Creative/Agile Ireland Smart Ageing Exchange/ Page 6
8 Ireland Smart Ageing Exchange Network DESIGN SHOP CREATIVE EXPERTISE DESIGN THINKING WORKSHOPS PROTOTYPING GOVERNMENT INDUSTRY POLICY LAB COMPENDIUM OF UNMET NEEDS DATA EXCHANGE TASK FORCES NATIONAL SMART AGEING CENTRE ALERTS/BRIEFING/ FORUMS ENTERPRISE PROGRAMMES INCUBATOR UNITS SME CLUSTERS START UP ACCELERATOR CIVIL SOCIETY ACADEMIA TEST BEDS CONSUMER PANELS CUSTOMER DISCOVERY PRODUCT VALIDATION IN A RANGE OF SETTINGS Ireland Smart Ageing Exchange/ Page 7
9 Strategy ISAX will deliver on its mission through the establishment of a range of enabling structures and activities designed to support new and existing companies target this market successfully. A National Smart Ageing Centre. A physical hub whose role is to accelerate the innovation process, reduce barriers and complexities and increase success rates for bringing new products to market. A twin city approach is proposed to provide regional coverage across Ireland, with the National Centre located in Limerick and operations in Dublin. A Collaborative Network of Stakeholders. Engaging industry, academia, civil society and government, placing the older consumer at the heart of the solutions. The network will provide members with valuable intelligence and insights into evolving customer needs, share the latest research findings, policy developments and broker access to others giving them competitive advantage by keeping them abreast of critical developments and innovations globally. Four Programmatic Innovation Nodes. - An Enterprise Programme to educate entrepreneurs and companies about global market opportunities. It will include incubator units, a dedicated accelerator programme and development of SME clusters. - A Design Shop to provide voice of the consumer access to customer panels and market and design expertise. - A Policy Lab to hot-house new solutions to big problems. - Test Beds to trial new products and services in a range of settings. Ireland Smart Ageing Exchange/ Page 8
10 Objectives Economic opportunity for Ireland lies at the heart of the vision. ISAX s has five core objectives, each with specific targets focused on generating jobs, new start-up companies, exports, increased Foreign Direct Investment, creation of IP and the establishment of dedicated investment funds. Objective 2020 Target 2025 Target Job Creation 650 new silver economy jobs 1,200 new silver economy jobs Start-up Companies 40 new silver economy start-ups 75 new silver economy start-ups SMEs 30 silver economy SMEs 100 silver economy SMEs Foreign Direct Investment 25 international companies in Irl 50 international companies in Irl Investment Finance 5M dedicated investment funds 15M pa dedicated investment funds Intellectual Property 100 registered trademarks/patents 300 registered trademarks/patents Ireland Smart Ageing Exchange/ Page 9
11 Progress In March 2015, ISAX began to build on the support secured during the Feasibility Stage. These early commitments provide strong evidence of ISAX s appeal and value. MAR Founder Members - IBM, Home Instead Senior Care, Dublin City University, Limerick Local Authority. - IBM plans to establish a dedicated Smart Ageing Incubator Unit in campus with tenant start-ups having access to their global resources, expertise and investors. - Limerick Local Authority commits to providing the space for the National Smart Ageing Centre, comprising dedicated incubator units, a Design Shop and Exhibition Centre. - Task Force on Independent Housing with Care is convened. APR MAY Founder Members - Glanbia, Tunstall Emergency Response, University of Limerick, Limerick Institute of Technology. - Glanbia contributes their expertise in design thinking, and to developing the insights needed into changing consumer lifestyles and needs. - Limerick Local Authority commits to 500k pa to the dedicated Smart Ageing Investment Fund Founder Members - Amarach Research, Fingal Local Authority. - ISAX Development Board Meeting. - High-level Government briefing on Smart Ageing. - Limerick Institute of Technology commits to locate up to 9 post-graduates to the ISAX National Centre to work across the seven sectoral areas and in design and consumer insight. Ireland Smart Ageing Exchange/ Page 10
12 Progress JUN JUL AUG SEP OCT NOV Founder Members - Kiltipper. - Tunstall and Home Instead Senior Care commit to provide access to the 40,000 homes they work in as part of building a national test-bed and will contribute client data (anonymised and suitably protected by protocols) to the National Smart Ageing Data Exchange. Founder Members - Dublin Local Authority. - Amarach Research commit to Annual Index of Wellbeing in Older Adults in Ireland. Founder Members - Nestle Skin Care. - SME Cluster established by Broadmeadow, Healthcomm, Assess Patients and igluko Founder Members - HSE. - ISAX Full Board Meeting. - Amarach Research offers to help develop a system that maps, alerts and updates on funding for R&D and business supports for companies in the smart ageing sector. - Taskforce on Independent Housing with Care formally established Investec, IBM, Home Instead Senior Care, Tunstall, AFI, four Local Authorities, HSE, 3 social housing organisations, and two government departments involved. Founder Members - AIB, Bank of Ireland and An Post - A Day in the Life of an Older Adult - Design Thinking Workshops (2) - ISAX Smart Ageing Roadshow (Limerick Local Authority) - Start Your Own Smart Ageing Business Programme in Limerick, Q IBM collaborates with ISAX to increase its R&D in Smart Ageing research projects - First 20 recruits to the National Smart Ageing Consumer Panel - Funding secured for Independent Living with Care for Older Adults research (DOE) - ISAX Inaugral Convening Ideation Workshop. Ireland Smart Ageing Exchange/ Page 11
13 Membership We are all strangers connected by what we reveal, what we share and what we takeaway Libby Bray Members lie at the heart of everything that ISAX does. Their active partcipation across each area of the business model is what will shape the future success of the organisation. Our commitment to each and every member is to treat every one the same, by treating each one differently ensuring real value through a personalised suite of membership benefits. Membership is open to a wide range of stakeholder groups with vested interests in the silver economy and a strategic interest in being at the cutting edge of innovation and commercialisation. Irish international and multinational companies. Irish SME s and start-up companies. Entrepreneurs, inventors, innovators, scientists and technical experts. Irish central and local government policy makers and service providers. Universities, Institutes of Technology and relevant research centres. The annual membership subscription is 15,000 per year. We operate a tiered membership fee structure that recognises that inventors, start-up s, SME s and smaller academic institutions, that are critical to ISAX success, may not be in a position to pay a full membership subscription. Key benefits of membership are: Access ISAX programmes incubator units, consumer panels, test-beds, innovation labs, Networking opportunities with ISAX members and partners Introductions and facilitated access to key influencers and decision makers Access to experts in smart ageing Connections to key global organisations Intelligence Annual National Survey Health, Wealth and Happiness Older Adults in Ireland Smart Ageing Data Exchange Participation in Think Tank Leader Forums Compendium of Unmet Needs informing new product/service development Regular alerts on innovations, research and policy developments in the Smart Ageing World Opportunities Develop own smart ageing; strategies - new products and service offerings Participation in ISAX Taskforces to solve big problems of interest Collaborations to pursue specific commercial and research ventures Networks for start-ups, SMEs, sectoral groups Strengthen wider smart ageing ecosystem Ireland Smart Ageing Exchange/ Page 12
14 Members & Partners IRELAND SMART AGEING EXCHANGE Ireland Smart Ageing Exchange/ Page 13
15 Contact We would love to tell you more about ISAX and the benefits of membership for you or your organisation. For more information or to arrange a meeting please get in touch: ISAX CEO: Anne Connolly Telephone: anne@isax.ie Ireland Smart Ageing Exchange/ Page 14
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