Open Innovation

Topics: Population, Aging, Demography Pages: 2 (454 words) Published: July 30, 2013
As a start-up company we, “Closures-R-Us”, decide to apply market/demand pull which consult what consumers needs, rather than technology push where producing without measure consumer needs. We are producing our product (closure that can be easily open by old peoples) based on population facts of the world. We observed, researched and discovered that world population is shifting slightly towards old population from young generation as seen in the above figure.

There are obvious declining birth rates and aging population worldwide. As it can seen there are more old people (60+) in 2010 rather than 1950 and in 2050 rather than 2010. The first reason of our business is a good business proposition is this which is the fact that we will have sufficient consumer base. Another reason why we are establishing this business is directly related with the previous one. Mostly every elder is alone with his/her wealth. By that age, old people have already cut their financial bonds with their family. For example a 63 year old father is not giving any allowance to his children anymore because by that age his daughter education will be over (no more education expenses) and probably that daughter has already started to earn money. Therefore, there is a huge amount of money in old people’s accounts which should be targeting at. Another fact is, because the daughters are in work life they are mostly busy and have less time to take care their old mothers and fathers which lead the elders to be mostly alone and do stuffs themselves. Because of fragile and powerless body of old people, it will be much harder for them to accomplish daily things. One of them is opening bottles of waters, beverages and mostly medicines which is the significant item of old peoples that they may have to carry with them in every day.

These are the 2 main reasons and needs that why we are targeting old people and want to help them for their basic and daily needs. That is why we established our company...
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