Everyone knows the demograpic facts: the human population is not only growing, but in the developed part of the world (and increasingly so in other major regions, e.g. China), the proportion of elderly people is growing even faster. And the old are also getting older! That poses a big challenge, since it is a core responsibility of any society to take care of the elderly, those that worked hard so those following would inherit a better world (preferably!), and with a bigger and bigger portion of the population being older it gets costly for the working population to sustain a good level of elderly care.
As in so many other situations, part of the answer to that challenge lies in technology. Biotechnology and innovation in health care in general is of course part of this. An important part of the many elements that needs to get in place, is how to make existing assisted living/elderly care more effective. In Scandinavia there are thousands of homes for elderly people, that no longer can live by them selves, and need daily support – and you can add tens of thousands more in countries like Germany, UK, Japan, USA, etc. If you visit these homes, you will see how the nurses and assistants are running very fast to cope with all their daily routines and the constantly appearing emergency situations. They are also acutely aware, that they will not get a lot of extra resources to cope, maybe on the contrary – so how can the work be organised more effectively so they can maintain a good service level with sufficient “warm hands” to take care of the elderly?
Half a year ago, I was contacted by some of the founders of Sekoia (not the VC of more-or-less the same name) who had worked on a solution for exactly that: work-flow management for the elderly care homes. At first, it might sound like a simple issue, but I am working/has worked with several teams doing work-flow management for specific industries, and the devil is always in the detail. You can use some generic solution, but the big productivity gains always come from customizing to the specifics of the industry. And the Sekoia guys had spend nearly three years fine tuning the concept before they recently went into sales mode, i.e. they knew very well what the needs are of this sector. And with their open platform concept, I believe this is a winner.
The team ticked the boxes for me (chemistry, potential, progress, I can help, etc.), so we quickly decided to team up, and I became investor and active chairman some months ago. I have spend some time working with parts of the team, and last week we had a couple of days off-site (in a cabin used by kindergartens that needs a bit of nature – proper!) where I got to know the whole team. That only gave me more confidence in that we have something really good brewing. Lately, the team has turned up the volume and sharpened the philosophy behind the solution and seen even better customer feedback. The team has also started to get more into sales mode, and talked to the relevant institutions (p.t. only Denmark, but we have big plans …) about the philosophy behind the solution, and there is great reception, it really is a way for the sector to both drive effectiveness as well as quality. Even without significant sales activities, Sekoia now has dozens of solutions sold. That might not sound like a lot, but in Scandinavia, where we have a relatively sophisticated set-up for assisted living, no other player has more than one pilot in action. And in the rest of Europe, we haven’t seen anything like our approach – this might end up as a good example of Scandinavian welfare technology being exported for the greater good.
The number of 85+ year olds will grow by more than 150% between 2005 and 2030, and the population which is 100+ years old will quadruple, so wish Sekoia good luck in succeeding with the mission of making assisted living better and more cost efficient. As a minimum, the solution needs to everywhere when I need a warm, helping hand some time around 2070!