A new app helps older adults and their family members with everyday tasks. The first version of the app is already being tested, and the company's goal is to launch the product to the Finnish market in the near future. The University of Helsinki Funds recently invested €30,000 into the startup.
Every third Finn over the age of 65 experiences memory problems (link in Finnish only), while an estimated 55 million people globally have dementia. This poses a major challenge to both healthcare and the caregivers of older adults - how can the older adults' independence be supported in their everyday lives?
Minnet Company , a startup launched from the HELSEED programme, is currently working to solve this problem. The business is developing an app that helps people with memory disorders with everyday tasks while providing peace of mind to their family members.
"We want to support people in taking care of their loved ones," says Iris Tiensuu, a student who is one of the founders of the company.
The idea behind the digital app, designed to be used on a tablet, is that it brings together important daily tasks and calendar entries. Family members can set reminders, send voice messages and initiate video calls, helping persons with memory disorders to take care of, among other things, eating, going to bed and taking their medication.
"The idea is to alleviate the crisis in elderly care," sums up Ella Tiusanen, who is in charge of business development at the company.
More entrepreneurial skills and self-confidence
With Bachelor of Medicine degrees from the University of Helsinki, the duo intends to specialise in medical care for older adults. The promising business idea popped into Tiusanen's mind on a visit to her grandparents. Soon, the idea began to evolve further, and the team was bolstered by Elena Pennanen, who works in the health tech sector.
"We've all been interested in entrepreneurship from a fairly young age," Tiusanen says.
While their lack of actual entrepreneurial skills was an obstacle, Tiensuu came up with the idea that they could participate in the University's HELSEED programme, which is intended for students interested in entrepreneurship.
The programme turned out to be a great help, familiarising the team with commercial terminology and increasing their understanding of, for example, business taxation, even making it seem possible to cut through the associated red tape. In addition, the team had access to specialist support from the University of Helsinki and Think Company - even silly questions were not out of bounds. Along the way, their self-confidence gradually increased.
"We wouldn't necessarily be at this point if we hadn't joined in," Tiensuu muses.
A big boost from University seed funding
As the programme drew to a close, the trio were still hesitant to submit their business plan for assessment. However, the desire to get feedback inspired them to do so.
The decision was worth it: they were given the opportunity to present their idea among the cream of the crop to the HELSEED jury. With the team further strengthened by IT specialist Jami Äijänen, who started to develop the app itself, all of the pieces needed to establish a startup began to fall into place. In May 2024, the University of Helsinki Funds invested €30,000 into the new business.
"Initial capital expenditure by the University can have a very broad impact on society. It helps Finnish growth companies find their feet, while demonstrating to students that entrepreneurship is a potential career option now and in the future," says Marko Berg, Deputy Chief Investment Officer at the University of Helsinki.
Minnet Company has benefited greatly from seed funding. It has enabled the business to acquire, among other things, tablets to test its app and to start networking at startup events. All this would have been much more difficult on their own.
"Not all students have those kind of resources," Tiensuu says.
First Finland, then Europe
With the alpha version currently in testing, the app will be further developed on the basis of feedback. If successful, the finished product could be launched in Finland to consumers in the near future and, perhaps later on, for professional use in wellbeing services counties.
"We believe that this could be very useful, for example, in nursing homes," Tiensuu notes.
The goal is to attract 20,000 subscribers to the product in three years. With a monthly subscription of €40 for the app and a tablet for using it, this would amount to a turnover of almost €10 million per year. The company also has potential for upscaling, making the Scandinavian and Baltic markets attractive.
"The goal is to expand fairly quickly outside Finland," Tiusanen says.
The team also encourages other students to participate in the HELSEED programme, even with just a kernel of an idea. Along the way, you learn useful skills, and at its best, it can result in a startup of your own.
"We've been wondering why we didn't do this earlier," Tiusanen sums up.
The HELSEED
