Australia’s population is getting older, a reality often cited as the reason the country’s health and superannuation sectors need to evolve.
It is not often the business angle is discussed; the ways in which entrepreneurs can hitch their fortunes to Australia’s changing demographics.
At least one Australian start-up, which is trying to attract venture capital dollars, has developed a product which can save lives as well as become increasingly profitable as the aging trend continues.
Edisse has developed a watch, which detects when someone has suffered a fall. It is designed for the elderly, and sends an alert to a nominated carer’s phone if it picks up that a person has taken a tumble.
“There is always going to be an elderly market,” Edisse vice president of software development Jack Shi told Business Insider.
“One day someone in our team’s grandmother fell over, and she lost consciousness. That’s where the idea came from.
“Our pitch is that a watch is 24-7,” which means peace of mind for those with elderly loved ones, Shi explained.
If plans to launch towards the end of this year go ahead, a one-off fee will be charged for the watch. There are also oppurtunities to expand the service, so that it could also be used for the detection of diseases like Parkinson’s, Shi said.
“To go to market we still need to get distributors and manufacturers,” he said, speaking at the CeBIT conference in Sydney, Australia.
“We have had feedback from a number of investors. They are interested to see the fall detection [feature].”
Medicare, as well as a number of Australian universities have also expressed interested, Shi said.
“We are doing something they [the universities] are still researching,”.