Monday 18 August 2008

Case Study: An entrepreneurial approach to stockings!

The Company

StockEZEon Pty Ltd, a Brisbane-based company, was established in 2007 by management consultant Rob Skerman to commercialisethe StockEZEon product. StockEZEon is an innovative device designed to apply and remove all types of compression hosiery and circular bandages. This device can be used independently at home, in nursing or community health settings and in acute care environments. The application and removal of compression hosiery can cause major discomfort and distress to users, particularly for patients with delicate skin tissue or existing leg wounds. Current methods available fall short of a comprehensive solution for the easy use of compression hosiery and significant nurse or carer time is usually still required to assist patients. The invention of StockEZEon was driven by the need for a more effective method of applying and removing compression hosiery. This device enables easy loading, application and removal of compression hosiery without causing any pain or further skin damage.  

The Opportunity

StockEZEon inventor, Rob Skerman, recognised the StockEZEon device would benefit the wider community, in particular the mature-aged population, by making it simpler for users to follow the prescribed use of compression hosiery as well as improving quality of life for the patient.  The device provides independence for many users through enabling pain-free self administration of compression hosiery and saves significant costs in community nursing. A recent survey with practising clinicians indicated more than 45 per cent of the patients seen by those surveyed required compression hosiery, and approximately 70 per cent of these patients required assistance in applying and removing the hosiery on a daily basis.  

More than 90 per cent of clinicians surveyed indicated they would use the device and estimated that around 70 per cent of those currently requiring assistance would achieve independence in applying stockings with StockEZEon.  The nurse clinicians also estimated that a conservative average of 2.7 nurse or carer hours per patient per week would be saved using the device. This would mean a saving of one full-time nurse or carer for every 15 patients requiring compression hosiery.  

Rob Skerman engaged the AIC to help devise a commercialisationplan to introduce the device to the global market. The AIC first undertook a comprehensive market research study to identify key opportunities and players in the global compression hosiery industry.  Based on this market research, the AIC then developed a commercialisationstrategy that involved more securely protecting the device IP and then licensing the device to major global players.   

The Outcomes

The direct value provided to StockEZEon as a result of this project included:  

• increased revenue opportunities through access to new markets

   

• a unique market positioning through the protection of IP

   

• increased revenue through improved negotiation capability with partners. 

Several major companies in the industry have expressed interest in the StockEZEon device and it is now being reviewed by a major global compression therapy organisation in Europe .  The AIC also invited Rob Skerman to showcase this device at an annual nursing conference in Brisbane and through this exposure, a group practice of vascular surgeons, two wound management clinics and a deep vein thrombosis (DVT) clinic have all expressed interest in the product. Rob Skerman has also been invited to present at the Queensland Wound Management Conference scheduled for October this year.  

The AIC is currently assisting with preliminary negotiations between the European organisation and StockEZEon Pty Ltd to distribute the StockEZEon device globally.  

For more information please contact Rob Skerman on rob@stockezeon.com or +61 7 3201 0800

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