Judges including CEOs and Trustees from some of the UK’s largest pension funds have chosen the winner and two runners-up from a six-strong shortlist of Business Plans for the Silver Linings Competition for older age care solutions, supported by Responsible Investor.
The Silver Linings Competition was created to get entrepreneurial ideas for improved care solutions in front of institutional investors, which currently only invest relatively small amounts into the solutions for retirement despite investing trillions in assets for people to fund their pension pots.
At the Awards event on February 10, each of the short-listed Business Plan teams made a 3-minute ‘Dragon’s Den-style pitch to the competition Judges which also included professionals from across the health, ageing, design and living sectors. They then took questions from the Judges.
The on-line audience also voted for their favourite Business Plan via a live “people’s choice” vote.
The winner of the competition for the top prize of £10k was a team from Companiions TOGETHER,a mobile app marketplace which makes it easy to book help and companionship for oneself or loved ones. Users can get help with errands and chores or spend time in good company, reducing loneliness and improving mental health.
The two runner-up Business Plans won £5k each to support the development of their business ideas.
Ethel – The Elderly Care Platform, a digital health touchscreen device for the elderly, which acts as hospital-at-home, integrating family care with professional care via remote support and additional sensors that monitor mobility, hydration and nutrition in a person’s own home.
Smart Hydration: Wifi-enabled drinking devices that measure hydration, remind users to drink, alert carers when encouragement to drink is required, and learn the optimal hydration level for each individual user.
Smart Hydration was also the joint winner of the People’s Choice vote for an extra £1,250 prize, along with ‘An affordable and wearable knee device’, which supports and monitor the rehabilitation process for the ageing population with knee osteoarthritis via a knee support.
The event was hosted by Travers Smith, one of the sponsors of the Silver Linings Competition along with The Pension Insurance Corporation, Darwin Alternative Investment Management, Triple Point, Federated Hermes, Audley Group and Houston PR.
Responsible Investor co-created the Silver Linings older age care competition, organised by Hugh Wheelan, RI Co-founder and former Joint Managing Director, Sally Bridgeland, FIA, trustee, non-executive director and adviser, and Dr Rachel Melsom, MBBS, BSc., Director, Medical Matrix Consulting, and practising physician with a special interest in Older Persons Care.
The competition co-creators said: “Having spent our careers in the world of pensions, investment, sustainability and the medical and caring professions, we know that providing and financing good, long-term care is a problem that is not currently getting the required attention, especially in terms of sustainable investment into solutions. We hope the Silver Linings Competition can help bring about this sorely-needed financial attention to new, sustainable business opportunities.”