According to the United States Census Bureau . . .
- Fact: In less than two decades, older adults are projected to outnumber kids for the first time in US history.
- Fact: By 2034, people aged 65 and over are expected to number 77.0 million.
- Fact: By 2060, nearly one in four Americans will be 65 years and older, the number of 85-plus will triple, and the country will add a half-million centenarians.
“Business currently has been designed for a population that doesn’t exist and companies are going to have to design, build, and manufacture for an older population,” said Paul Irving, chairman of the Milken Institute Center for the Future of Aging, in a recent article in Barron’s.
Established in 2013, the Stanford Center for Longevity Design Challenge was created specifically to address this very issue, with a focus on the over-50 demographic, which now accounts for one-third of the US population. As it turns out, that same subset represents an $8.3 trillion marketing opportunity.
Skild is thrilled to partner with the Longevity Design Challenge for the ninth straight year. This challenge offers cash prizes and free entrepreneur mentorship in a competition open to all university students around the world who want to design products and services that optimize long life for us all.
The focus for 2021-22 is on designing physical spaces that will better support century-long lives. $17,000 in cash prizes will be awarded, and finalists will receive paid travel to Stanford, where they will present their designs to renowned industry, academic, and government leaders.
Learn more about the challenge here.