Project Brief:
Increasingly, patients with cognitive dysfunction are being abandoned by family members due to overwhelming caring needs and financial burden. Some are being abandoned on streets in overseas while some are being abandoned in the nursing homes.
Sadly, abandonment usually involves the elderly person’s child getting their parent to sell the house, after which they would take away all assets and check him or her into a nursing home before disappearing. The patient’s quality of life remains miserable.
As the number of patients strikes with sickness resulting loss of cognitive capacity increases, the pressure of social care services and the funding needs increases tremendously. Whether the patient’s well-being is well taken care of are subjected to funding/donations that can be secured.
An unprecedented situation such as pandemic COVID-19 has resulted in the shrink of donations, resulting in the survival of charity and social care services in question.
SmartPOA is designed to influence prosocial behaviours by eliminating hurdles for anyone, to access legal framework to secure the desired quality of life within their own financing capability. This assures their own quality of life in the event diagnosed with cognitive dysfunction while minimizing the burden on social safety net. Essentially, social efficiency is enhanced and achieving a more inclusive society.
Market:
Total Market Availability (TAM) is targeted at the global working population ages 15 – 64, approx. 5 billion people.
Considering SmartPOA will be launched in Singapore, the Serviceable Available Market (SAM) would be computed based on Singapore market at this point in time.
As the statistics show an increasing trend in diagnosing stroke and dementia are aged above 50 and 60 respectively. SAM is targeting residents between age bands of 40 – 59, which is closer to the age where people tend to start thinking about risk mitigation and life planning. That translates to a population of approx. 1.2 million.
Assuming Serviceable Obtainable Market (SOM) is 30% of SAM before gaining traction, there would be approx. 366,000 potential users of SmartPOA during the initial phase.
Sustainable Development
Promoting Well-being for Cognitive Dysfunction Community
SmartPOA instil prosocial behaviours by securing their own quality of life during their final years through their own financial capability instead of living by faith, relying on donations and social safety nets.
SmartPOA Foundation, a social enterprise can be the pillar to support those who have financial constraints by those who have excess asset after they passed on.
Team:
Ken Yau
Possess a Bachelor’s Degree in Electrical and Electronic Engineering from the University of Liverpool, UK and recently completed a Master of Management from SUSS. A seasoned project management professional with numerous years of system engineering experience in the deployment of large-scale infrastructure projects. With the exposure of Fintech at SUSS, developed interest in social entrepreneurship that leverage on the evolving blockchain technologies to solve social issues, and enhancing the social efficiency of achieving an inclusive society.
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