At this year’s Boomer Venture Summit there was an event called the Business Plan Competition where several companies presented their products and services in compact 5 minute presentations for a $10,000 grand prize. There was another event that New Avenue’s own Kevin Casey took a part in called Distribution Pitches where company representatives were given 5 minutes to pitch their product or service for the opportunity to meet with members of a panel of distribution partners to aid in scaling their company.
The 5 companies competing in this year’s Business Plan Competition were Pristine Solutions, QMedic, Theratech with their product called the ChemoPatch, Resido Medical, and Open Placement. The catch is that each of the products or services provided from these companies must be directed toward the senior or “boomer” market.
Pristine Solutions is a company that creates tags that are used to detect if a bottle of wine has been exposed to extreme temperatures and the contents may be damaged. Their markets are retailers, wine drinkers, and for home storage of wine. This product connects with seniors and boomers because the average age of wine drinkers is around 50 years old, and the age group that spends the most on quality wine are seniors and boomers.
QMedic sells a product that is meant to be worn by seniors, or other people, that may need in-home care. The device passively collects data from the individual’s behavior and attempts to predict any medical issues the individual may have. Their main market are panic button companies similar to the one seen in this famous video:
The way that chemotherapy is currently delivered is very complex and requires a hospital visit for each treatment. TheraTech has created a product called the ChemoPatch that allows for specific types of cancers to be treated with chemotherapy in the patient’s home. This is appealing to the senior market because a large portion of those who go through chemotherapy are senior and because studies have proven that the reduced stress from in-home chemotherapy have given patients better results.
Resido medical tackles the issues associated with a medical condition called Essential Tremor that affects 11 million people in the United States. Essential Tremor causes the patient to experience uncontrollable shaking similar to Parkinson’s disease. Over 70% of the people in the market for an effective treatment for Essential Tremor are in their senior years. The current issues with essential tremor are that many patients (63%) go off of their medication for Essential Tremor because it is not very affective, and the other option is highly invasive brain surgery. The product made by Resido Medical is a device worn on the wrist called Serenity that helps to control the shaking without surgery or drugs.
Open placement is like the Hotels.com of long-term care facilities. There is a major difficulty when it comes to finding a long-term care facility for seniors leaving the hospital, from finding the correct price to giving facilities without much advertisement a shot; Open Placement hopes to help seniors and their families find the best facility to meet their needs. The market for a service of this type is huge, with 6 million senior leaving hospitals for long-term care facilities every year.
And the winner was…
Resido Medical! The potential market for Serenity, and the clear competitive advantage over competition, led the board to select Resido Medical as the winner of the 2013 Boomer Venture Summit Business Plan Competition.