Smart socks that warn wearers when they are at risk of falling will be among the bright business ideas presented to royalty at the Pitch@Palace Australia On Tour Perth event at Murdoch University on Friday 23 November.
Led by Murdoch University student Adam Kinnest, the SafetySocs innovation is one of 16 finalists in the competition, which provides a platform for entrepreneurs to amplify their ideas in front of business leaders, and HRH The Duke of York himself – Prince Andrew.
Adam and the other competitors will have just three minutes to showcase their businesses with eight winners selected by a judging panel to go through to the Australian final in Brisbane later this month.
Adam has established a start up business called Kiwa Techwear to develop the SafetySocs. He said the idea was born out of the desire to help people with low mobility be more independent and support their wellbeing.
“One of my friends was diagnosed with cancer and my grandmother had some serious falls, which really brought home the seriousness of this issue,” he said. “Our aim is for this device to reduce falls in those with low mobility.
“The sensor in the SafetySoc monitors the heart rate and oxygen levels in the blood of the wearer. If a change is detected, an alert is sent to their smart device so they can take appropriate action. Likewise, alerts can also be sent to a loved one or another nominated person like a GP.
“Our device also contains a pedometer and GPS, and is contained within a specially-designed compression sock. We also consulted with Murdoch nursing students in Mandurah during its development.”
Clinical trial
Adam, who converted from a nursing degree to enrolling for a Master of Business Administration at Murdoch, has already experienced success as an entrepreneur. With a former business partner he won the Gemstar Asia program, held in conjunction with Murdoch University’s Think Big Young Entrepreneurs competition in 2017.
He is hoping his Pitch@Palace experience will drive interest in the larger investment he needs to complete an international clinical trial and go to market with SafetySocs in 2020.
Other finalists include Arility, which has developed augmented reality software to assist with community safety education. Representatives from Chironix, which is developing technology to enable human robot collaboration, will also be pitching.
Many of the Pitch@Palace finalists gathered at Murdoch recently for a special workshop where they picked up tips on pitching and making the most of the networking opportunity provided by the event.
Former Pitch@Palace finalist Mahmood Hussein said the experience provided him with massive exposure for his drone training business, helping him to double the size of his business.
“It’s very important that the participants network, network and network,” he said. “You don’t get many opportunities like these to meet like-minded people and possible investors in your dream.”
Since Pitch@Palace was founded by HRH in 2014, the initiative has helped more than 600 businesses to create more than 2,000 jobs and generate over £600 million (A$1.06 billion) of new economic activity.