Periodic Reporting for period 1 - INVIS Care (Bringing connected to the active elderly)
Reporting period: 2018-06-01 to 2018-08-31
Over incoming years Europe will be witnessing a large change in the age pyramid due to growing number of the elderly. This will impact the rising costs of public healthcare – now the European population aged 65+ consumes 60% of healthcare resources. One of the ways to reduce the costs of care for the elderly relates to different means of activating and monitoring them. Although the scientific evidence indicates that the health and quality of life effects of a physically active lifestyle extend across the life course, midlife and older adults represent today the most inactive portion of the population despite availability of diverse assistive solutions such as wearables. At Invis, we have developed an advanced wearable technology that brings connectivity to the classic watch industry, while leaving traditional design without any changes. With our connected strap end users can still keep their watches and at the same time use new technologies. With the Invis Care project we aimed to verify technological and business feasibility of evolving our existing product into a device primarily addressing needs of the elderly.
Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far
Being assisted by our coach assigned by the EASME, we verified end user needs as well as we identified other, new to us, expectations which may be addressed with INVIS Care device. Within the technology related part of our work, we evaluated possibility for enhancing our product with sever vital features awaited by the elderly which resulted in planning of coherent hardware and software development. The conducted in-depth market analysis helped us better understand both global and regional market conditions which contributed to an update of our commercialization strategy and our business plan. As a part of market research, we also investigated into the competitive landscape updating and extending our knowledge of competitors and their offering. We also reviewed our IPR strategy, consolidating our knowledge of IPR assets in our position and drafted plan for future activities in the domain of IPR protection.
Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)
Finally, we updated and extended our business plan also including future revenues generated from collaboration a B2B client acquired during the project. Building on the conclusions we are convinced that Invis Care matches confirmed needs and expectations of the elderly in the technological, economic and practical aspects. We aim to prove it by successful entering to the market, possibly with the support from Phase 2 Instrument.