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 50 family members willing to buy our product. We also have multiple LOI's - from nursery homes, red cross and emergency call center in Croatia.
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 197776. 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.
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
Our main differentiation is that our smartwatch does not require a mobile phone in order to collect and transfer the data. It uses GSM network and sends data directly to our server. Therefore it's simpler for use, especially for seniors. It has more features (blood pressure, heart rate, activity, SOS, location) than our competitors. We plan to add more features soon. For instance fall detection and arrhythmia detection, two-way communication.
Our software platform is easy to use, accessible from anywhere with predictive diagnostics and with built-in prioritization mechanism which displays a quick overview of who needs medical attention and intervention.
We're also more affordable than our competitors.
Advantages or differentiators
Our product, Silver monitor is a combination of wrist-worn, precise sensors and software platform with advanced AI upgrades. All these combined makes it very hard to be replicated. It is very comfortable to wear and collects real-time data. Enables continuous, non-obtrusive, blood pressure and heart-rate monitoring . Fall detection and a panic button providing emergency notification for pre-selected family members, caregivers and medical personnel. Activity and sleep monitoring and correlation with blood pressure and heart-rate.
Medical-grade approved quality (in future), security, and privacy allowing connection to national health records. Over the next decade, we expect the Silver Economy’s population to rise to 222 million. Silver Economy is a major consumer of health services accounting for over 53% of all health expenditure across the EU. There is pressure to maintain healthcare financially sustainable.
IP rights will be obtained upon completion of product.
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 60, 70 and 100 EUR and monthly software subscription for 22 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, C - level 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