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Golden Opportunities with the Silver Economy

Golden Opportunities with the Silver Economy

March 8, 2019

As lead partner in an ERASMUS+ Funded Age Friendly Communities Project, Lisburn & Castlereagh City Council, is hosting a two-day Innovation Bootcamp at Lisburn Enterprise Organisation during April.

The Bootcamps, taking place on the 5th and 12th April, are aimed at local Entrepreneurs, Managers and Designers who are keen to tailor their products/services for the over-50s and avail of the vast opportunities this demographic presents.

Speaking about the Bootcamps Chairman of the Council’s Development Committee, Alderman William Leathem said: “This Erasmus + Age Friendly Project represents a new and exciting opportunity for the local economy giving businesses the resources to focus on the over 50s or the ‘Silver Economy’ as it is known as.  Over the last decade consumer spending among this sector grew on average 4.4% a year, which is faster than any other demographic.  It is also widely recognised that this age group is the fastest growing and highest earning segment of the population.

“We want companies to really think about how they can best serve the over 50s and the Bootcamps will help businesses focus on this.  Overall the Age Friendly Communities Project seeks to develop entrepreneurial, innovation and digital skills that will enable businesses to innovate new responsive products and services required by our ageing population.  This opportunity is open to all sectors so I would encourage you to think about what attending the Bootcamps could mean for your business”.   

Age-Friendly Champion for the council, Cllr Amanda Grehan, said: “Collaborating with our European Partners we are keen to develop a more age-friendly local economy.  Ensuring the right infrastructure is in place to support our ageing population is key so that our residents and visitors can continue to enjoy older life.  This latest initiative will certainly contribute to our overall vision and I look forward to hearing about the great results it will bring.”

Local company Ignite IT has already signed up to the Bootcamps.  Managing Director, Ken Callaghan, wants to explore new opportunities for further adapting their services: “Ignite IT already provide age-friendly training offering a number of courses to the over 50s.  This can sometimes be a sector that can be overlooked but we have found tailoring our work to this age group has led to significant growth in the business.  I am looking forward to the Bootcamps to see how we can build on the success we are already experiencing.”

Participating in the Bootcamps businesses will gain an increased understanding of the needs, opportunities and trends represented by the older consumer; gain insights from guest speakers successfully operating in this market and take away a bespoke commercialisation plan for their product/service.

The Bootcamps will take place in Lisburn Enterprise Organisation as follows:-

Friday 5th April 2019            9:30am - 4:30pm
Friday 12th April 2019          9:30am - 4:30pm

For more information or to register to attend the event email sarah.johnston@lisburncastlereagh.gov.uk or phone: 028 9244 7447