13 April, 2022

The Hincks Centre is grateful to Cork Chamber for publishing the news item below in their April newsletter with a reach of almost 4,500 companies in the South-West region. A key priority of the SilverSMEs Action Plan, is to raise awareness of the Silver Economy and its potential opportunities for enterprises.

Silver Economy, Potential Business Opportunities for Enterprises

There is an emerging market, which is growing rapidly known as the Silver Economy. The Silver Economy is the economic opportunities arising from expenditure related to population ageing and the specific needs of those aged over 50. An ageing population is a challenge faced by many global economies but can also create opportunities for enterprises.

A European Commission study (2018) estimated the European Silver Economy is worth €3.7 trillion and contributes 32% of Gross Domestic Product and supports 38% employment. The Hincks Centre for Entrepreneurship Excellence at the Munster Technological University (MTU) is researching the Silver Economy and is one of nine EU partners on the SilverSMEs project funded by Interreg Europe.

The aim of the SilverSMEs project is to improve the implementation and delivery of regional policies for SMEs competitiveness by building on significant opportunities arising from the Silver Economy.

According to the Central Statistics Office and European Commission respectively, the number of those who are 65 and over is set to almost treble to 1.6 million people in the next 35 years in Ireland, and by 2060, one in three Europeans will be over 65. The SilverSMEs project has shone a light on 72 Good Practices across nine EU regions operating in the Silver Economy in the areas of health/wellbeing, housing and Information and Communications Technology. There are seven Irish Good Practices featured and you can read more on all Good Practices here.

The needs of an ageing population differs and can be categorised into three groupings; Active (Healthy), Vulnerable and Dependent. Enterprises have the potential opportunity to tailor goods and services to meet the needs of these three groups. Dr Aisling ConwayLenihan and Dr Helen McGuirk from the Hincks Centre are leading out this project on behalf of MTU. If you would like more information on their research, you can contact them through the Hincks website.

The article can be viewed on the Cork Chamber website here: https://www.corkchamber.ie/news-release/silver-economy-potential-business-opportunities-for-enterprises/. It can also be viewed / downloaded in pdf format by clicking here.

More information on this fantastic project is available on in the European Projects section of our website by clicking here or visit the SilverSMEs website at http://www.interregeurope.eu/silversmes/.