A single tear ran slowly along her cheek towards the cold linoleum on which she lay. The pain in her right leg and hip was made agonisingly more acute with every miniscule effort to move. The ‘call for assistance’ button was well beyond reach. Her fear and angst were soon swallowed by the still silence and darkness of her room. She knew full well that at her age, even if she were to survive, she would never fully recover.
Tenera Care was inspired by a story not unlike the one above. The company’s impetus was both business and personal as the Tenera team set out to help families live “happier, healthier and safer lives”.
As the largest demographic in recorded history enters its twilight years, senior care centres are struggling to adequately support these baby boomers with ever diminishing resources. Labour shortages and government deficits have created insurmountable obstacles for long term care staff to provide the adequate care our seniors deserve.
And healthcare is a complicated business.
It is a perennial lightning rod of political contention, and it is only getting worse. But as ever, healthcare technology has a part to play.
After identifying the glaring need for real time monitoring of long-term care homes, the company enlisted a team of engineers from Silicon Valley North, otherwise known as Waterloo, Ontario. Many of whom, incidentally, are still with the company some years later.
@Photo Courtesy of Tenera
The mission was clear, create a platform that would allow real-time analysis of all activities taking place 24-7, in a Long-Term Care facility (LTC). The platform would monitor and analyse the activities and health patterns of the residents, as well as significantly increase the efficiencies of daily operations, thus creating a safer, healthier, environment for both client and staff.
But something this important, would never be easy.
Putting The Fund in Fundamentals
After a few false starts with teams in Europe and North America, the Tenera team recruited a small group of fresh Mechatronics grads (with a shared passion for audacious projects) from the University of Waterloo to carry out the initial R & D and MVP (minimum viable product) development.
As any founder will tell you, funding for an endeavor of this scale will come from multiple sources, each one bringing their own concerns and conditions. Depending on the funding body, the mandates can be extremely varied, from determining commercial viability, to understanding build costs and pricing, to satisfying technical requirements.
“While customers that believe in a product and are willing to pay are critical, investors also need to know that the technology works, which is difficult because they are investors, not engineers.” states Tenera CEO, Stephen Fitzgerald.
Closing the gap between the financial and technical components of product development takes multiple skill sets and cannot be skipped if a founder wants to ensure nothing falls through the cracks.
What are 5 things Venture Capitalist look for when investing in a Start Up?
- Strong Management Team – VCs prioritize talented, experienced, and adaptable leadership that is passionate about the business. They invest in people as much as ideas, with some estimating that 80% of the decision is based on the team.
- Innovative Product or Service – The offering should have strong differentiators. VC look for solutions to real, unmet needs or significant improvements over current options.
- Proof of Concept or Traction – Even for early-stage companies, VC want to see evidence that the business model is viable and there is market demand.
- Competitive Advantage – VCs are attracted to startups with unique offerings and competitive edges that allow sales and profits before competitors can get to market.
- Understanding of risks – VCs expect founders to have a clear grasp of potential challenges and how they plan to address them.
Technical Risk Assessment for Investors
To some founders, this institutional due diligence can feel much like a needless obstacle and rather redundant. Yet, a thorough examination of the project and its components will quite literally ensure that everyone does not lose their proverbial shirts.
Now that a sober-second thought was required, Stephen Fitzgerald engaged creative engineering firm Enginuity to evaluate the tech end of Tenera Care.
An ‘arm’s length group’ was needed to secure the next level of funding, so Enginuity quickly assembled a team to examine Tenera’s technical approach and produce a detailed due diligence report.
How does technical due diligence and independent engineering increase investor confidence?
Enginuity’s technical due diligence and independent engineering plays a crucial role in boosting investor confidence by providing unbiased, expert assessments of a project’s technical feasibility, risks, and potential. Our processes offer in-depth analyses of technology, infrastructure, and operational aspects, helping investors make informed decisions.
By identifying potential issues and validating claims, we mitigate risks and ensure transparency. This comprehensive evaluation gives investors a clearer picture of a project’s viability, ultimately increasing their confidence in the investment opportunity.
Validation Engineering-lite
An Independent Technology Review is unbiased by definition. The engineering team comprising both mechanical and electronics disciplines performed thorough analysis of Tenera Care’s localization technology. Inclusive of the wearable transponders and beacons, this localisation system communicates via (UWB) Ultra Wide Band radio.
The comprehensive technical review of the hardware, software and firmware, found that the technology exceeded the requirements and expectations for a product at that stage of development.
Although the report did not review the market drivers or commercial feasibly of the tracking system, piece of mind was established, giving great validation to the viability as interest in LTC was already quite considerable.
Quick and Holistic
It is understandable that founders may want to skip this important step. Anyone familiar with bureaucracy understands the glacially slow pace in which things sometimes happen, especially when you’re eager to get to market. However, the lean team at Enginuity turned the detailed report around in 5 days, including working over the weekend.
Commissioning an engineering team to closely examine your project requires being comfortable with a level of intimacy that can only be gleaned from a boutique firm like Enginuity. Larger firms are often far removed from startup culture, and unfortunately may have forgotten what it is like to respond to a need and a dream.
Public investors are now prioritising data over “gut-feelings” and assessing and securing financing will always involve thorough technical evaluations.
As the adage goes, it takes a village to raise a child, but likewise, the same village will care for society’s elderly. And ultimately, it will be due diligence that will keep our elders happy, healthy and safe.
Need an Independent Engineering Due Diligence Assessment?
Enginuity leverages the broad and varied skillsets of its technical staff to provide an independent perspective to our clients and related parties. Our team will help you simplify and satisfy the most complicated set of requirements, ensuring the success and longevity of your project.
