Silver monitor is a software platform and wearable device for senior healthcare and safety telemonitoring.
Our product Silver monitor is at MVP stage (TRL 6) and it's not yet ready to be sold. But we already have multiple inquiries and waiting lists. We are usually contacted through our official website and identified through organic online search. We didn't spend any money on marketing so far. Already we have very solid interest from both market segments, B2C and B2B. We have waiting lists of 100 family members willing to buy our product. We also have multiple LOI's - from nursery homes, red cross and emergency call center in Croatia. 1 paying B2B customer for 20 devices and subscriptions
B2B health insurance companies; healthcare providers (nursery homes, emergency call centers, senior home caretakers) B2C family memebers Our beachhead market is Croatia. This is where we plan to fully develop, test our product and achieve certain sales goals before we start expanding to international markets. Market size in Croatia is 197.776. We plan to achieve sale goals of 1000 units sold in 12 month period. We'll start with sales after the product is completed and ready for the market. Once we achieve that sales goal we plan to use these KPI's in order to seek more investments. We expect that with these results we will be able to raise significant amount of capital. These funds should enable us to expand to foreign markets. Primarily we're targeting western EU markets (Germany, Netherlands, Scandinavian countries), UK, USA. Afterwards we plan to expand more, globally.
Problem or Opportunity
Securing funds for startups in early stages of development is very difficult and challenging, especially in Croatia. Silver technologies will develop its core competence in the device platform and in creating an eco-system of mobile health and wellness related consumer applications. However, to maximize the positive user experience and value proposition through new products and services, we will have to partner with companies that have developed core competencies in specific health and wellness verticals such as diabetes, hypertension, senior home care, and many more. We will forge long-term development relationships with them that will allow us to take their relevant know-how and brand assets and integrate them into the superior and differentiated Silver technologies consumer offering.
Solution (product or service)
Our short term goal is to finish our product and achieve product market fit. We will do this R&D and business testing phase primarily in our local market, Croatia. We plan to achieve sales goals of 1000 units and subscriptions sold in 12 month period.
After this initial phase is successfully concluded, we will seek additional funds. These should enable us expansion on international markets. Through our preliminary market research, we've established that the best options for international expansion, considering the market size and readiness are western EU countries, UK and USA. After we position our selves in these markets then we plan to expand more globally.
So far we have identified 3 main competitors:
1)Onecare / smartwatch and mobile app for senior care
2)Biovotion / smart wristband and software platform
3)Bluelinea / geolocation and SOS wristbands and tele-assistance
Silver technologies could eventually face in-direct competition from national wireless carriers such as T-Mobile targeting the elderly population as well as potentially other consumer electronics brands like Apple. Silver technologies will be competing based on price, positioning, and value proposition delivered by the handset’s simplicity and ease-of-use, remote management tools for caregivers, well-being applications, and customer service.
All the companies in this space have a core competency that they focus on. Health management/telemedicine companies build their core competency around fixed in-home devices that usually have a medical device angle and are focused on the post-care market for people with very serious conditions. They are usually recommended to the user by a health care professional.
core competency in
communications, but more from the technical and infrastructure side, while their customer service and consumer marketing activities have traditionally been a weakness. The personal emergency response system companies have built their core competency in monitoring especially the very elderly with a strong emergency response/customer service angle. These are all great companies with strong competencies, but they need to focus on what they are good at, and Silver technologies will build its core competence in taking relevant pieces of these markets and putting them together in a seamless experience that addresses the caregiver – caregiver gap from a non-medical, consumer-friendly angle using the 4 pillars: easy to use a mobile smartwatch, meaningful applications, remote tools for caregivers and target specific customer service.
Advantages or differentiators
In its early stages, Silver technologies will be primarily competing against companies providing similar services. Our main point of difference will be in the positioning, targeting, and business model.
Silver technologies’ solution is more convenient and effective than the competitions due to: 1) A device that is designed with the users’ ease-of-use and affordability needs in mind (e.g. automatic transfer of information to the device, larger screen, with just one activation button, etc.) 2) Cellular network backbone allowing for real-time data and voice exchange (e.g. real-time health and safety checking, real-time notification of caregiver, etc.) 3) Platform technology approach allowing for: 4) Expansion into other health-related products and services (e.g. diabetes) 5) Potential to evolve into a long-term digital companion device maximizing the lifetime value of a customer, i.e. Silver technologies could become “the digital companion for people 65+”.
End payers for our solution are family members. They are the ones paying for device and monthly software subscription. We sell multiple devices for prices of 70 and 100 EUR and monthly software subscription for 23 EUR. Our subscription contracts go from minimum of 6 months and more, 1 year, 2 years, etc.
Our business model is B2B2C. Our customers are health insurance companies, healthcare providers (nursery homes, emergency call centers, senior home caretakers) and family members.
Money will be spent on
Money will be spent on product development, personnel, Marketing and sales, certification and legal documents, etc.
Main barriers: .Finances . Legal . Market . User acceptance Legal barriers will be override financially. Certain amount of that capital will be used to adapt our product to certain security and legal standards. We will secure our IP on local and other foreign markets as well as adapt our product to specific localization needs.
Market barriers we will override through partnerships with local marketing and PR agencies.
User acceptance should be solved with our business model, B2B2C. We target health-insurance companies, nursery homes, homecare services.
Incubation/Acceleration programs accomplishment
Startup Factory Zagreb Health Venture Lab by General Electrics Healthcare
Won the competition and other awards
Best pitch award - Zagreb Connect tech conference Best business project - Phillip Morris 3rd place in startup competition - German-Croatian Chamber of Industry and Commerce Best pitch - German-Croatian Chamber of Industry and Commerce Best tech idea - Croatian tech magazine VIDI