Impact of aging on the society Aging is a structural shift in demographics that is characteristic both for the West and for other developed countries. By 2050, the global population of older persons is expected to more than double its size in 2015, reaching nearly 2.1 billion (United Nations, 2015). Countries with a prevailing number of older people may come to a slowdown in aggregate growth GDP or even stagnation. Economists are expressing primary concern on this rapid demographic change. According to Bloom (2019), these worries relate to the prospect of workforce shortages as retirees come to outnumber new entrants to the workforce. Bloom (2019) predicts asset market meltdowns and a drop in the savings rate as older people liquidate their assets and spend the money to support themselves in old age. Similarly, the governments will be forced to implement costly pension and retirement schemes, and provide excellent health care to support the older generation. Refusal from the taxpayers to pay for the seniors in favor of more reliable funded programs can lead to political instability. Governments may experience pressure from the societies to limit state freedom in costs and tax burden. Different forms of innovation The term “innovation” was first used in the nineteenth century. “Innovation” can refer to something new or to a change made to an existing product, idea, or field (Webster, 1963). Mainly there are three forms of innovation that companies use in their business. The first form is the product innovation, which requires the entire development of certain goods, needs an improvement of how the product performs, and recommends the addition of a new feature to an already existing item. (Feldman & Florida, 1994) Another form is the process innovation, which includes the improvement of the technology or resources used in the manufacture. It combines several categories, such as tools, equipment, and delivery system. Finally, the last form is business model innovation, which requires risky and challenging measures. The business constantly has to adapt to the needs of its customers, ensure that their services are the best on the market, and adjust to the latest technological advancements. U.S universities’ engagement in research Universities’ engagement in a considerable share of research is associated with the commercialization of its developments. The US occupies one of the leading positions among the nations of the world in the field of transfer of knowledge and technologies from scientific and educational institutions to society and business (Weerts, 2020). A rough estimate of university income from all types of commercialization accumulates grants and custom research and development under contracts with federal agencies and private companies. At the most successful US universities, for instance, Stanford University in California, the research budget could be close to $ 1 billion a year (Research at Stanford, 2019). Surprisingly, in this case, the US government does not prioritize profitability but values a policy of social benefit. The US helps as many new types of research and technologies as possible to break through the conditions of fierce marke