Periodic Reporting for period 1 - KWIDO_TELECARE (Multidevice software platform for caring elderly patients at home)
Reporting period: 2017-03-01 to 2017-07-31
Remote care and prevention strategies are mandatory for all European countries but innovative and disruptive approaches are required to bring closer to the society the potential benefits of technology to the telecare services at home. Unfortunately, up to now, implementation of preventive eldercare services strategies have been hampered by the limited functionalities of the ICT solutions, the lack of accessibility for elderly users and the high price of advances ehealth devices used by the eldercare service providers.
IDEABLE, a European SME pioneer on the development of software based ICT solutions specifically focused on elderly care services at home has been working during the last 4 years in the development of Kwido www.kwido.com an accessible and user friendly platform for elderly users and utilities focused on their needs and their caregivers’ demands, being the most accessible and usable solution for the growing eldercare market.
IDEABLE proposes the present project in order to accelerate the market uptake of prevention and care at home for the elderly through the disruptive KWIDO@TELECARE platform the most complete, flexible and revolutionary platform for caring elderly patients at home, focused on the telecare service providers and their clients (public and private institutions) as customers.
By implementing KWIDO@TELECARE project IDEABLE aims to leverage Kwido potential from the introduction 7 new key innovative functionalities targeted for eldercare services at home. First versions of these new functionalities has been already tested in pilots with early adopters but additional effort is needed to fully develop them and to define the business model to successfully exploit it.
Task 1. Technical feasibility assessment.
Subtask 1.1 Complete the technical feasibility of all new functionalities optimization and integration in a standalone platform solution through development.
Subtask 1.2 Validation of technology accessibility and possible additional sector demands.
Task 2. Market study and commercialization plan.
Subtask 2.1 Identification and quantification KWIDO@TELECARE users and stakeholders in Europe.
Subtask 2.2 Validation of preliminary market analysis and commercialisation strategy with the new data gathered.
Subtask 2.3 Specific detailed market study for cognitive stimulation needs in Europe
Task 3. Regulatory study and IPR strategy.
Subtask 3.1 Study for specific health and privacy regulations on each country for EU, USA
Subtask 3.2 Definition of the specific IPR strategy to maximise KWIDO@TELECARE exploitation.
Task 4. Organisational plan assessment
Subtask 4.1 Identification of the specific operational and financial resources and/or strategic partners for KWIDO@TELECARE project
Subtask 4.2 Preliminary internationalization strategy validation.
Subtask 4.3 Definition of the technical support (first and second line) tools for partners and clients.
Task 5. Financial. Complete business plan (costs & pricing).
Task 6. Risk assessment and project management plan
The main outcomes from the executed task is summarised below:
The 7 new functionalities are fully developed, integrated in Kwido and validated through large scale pilots with customers and end users. France, Germany and UK have been selected as the main target countries in EU. The regulatory barriers in EU market have been identified, and a roadmap for ensuring compliance by end of 2017 have been defined. A commercialization partnership has been established with Arima Health, and IPMasD. IDEABLE has worked with Arima Health Services, its first client & early adopter in defining and testing KWIDO@TELECARE features in real market proof. According to sales forecast KWIDO@TELECARE will generate revenues above 10 m€ from over 250 customers and over 130.000 elder patients/users in Europe. Also 50 new full-time employees will be incorporated into IDEABLE staff by 2022. Based on such projections, the financial analysis showed that KWIDO@TELECARE business is profitable (28% EBITDA by 2022) and will generate net profits from Q12020. The total investment needed to ensure positive cash-flow over 2018-2020 period will be 567 K€.
Based on the outcome of the Feasibility Study the business model is fully defined and IDEABLE will continue with KWIDO@TELECARE project with the focus on commercialization in Spain and France in early 2018.
• Social media apps for providing telecare at home.
• Optimized Cognitive stimulation tool for cognitive impairment prevention and detection at home
• Face recognition of emotional status
• physical activity monitoring and fall detection
• Automatic phone calls from cloud APIs for voice call
• Big data analytics
KWIDO@TELECARE project could have a direct impact not only in the global economy, but also in the society, since the raising rates of care-dependent older people is becoming the most important challenge for the European social and health services, and for the European economy itself.
KWIDO@TELECARE will have also a great impact on IDEABLE, According to sales forecast KWIDO@TELECARE will generate revenues above 10 m€ from over 250 customers and over 130.000 elder patients/users in Europe. Also by 2022, 50 new full-time employees will be incorporated into IDEABLE staff, times 3 the current number. Moreover, IDEABLE will become a worldwide reference provider of software based telecare and prevention solutions for the elderly with the necessary operational resources to meet the demand and the requirements of the social and healthcare industry as well as of the users: elders and their caregivers.