When Colin Pudsey founded virtual reality (VR) start up SilVR Adventures in 2019, he set out to solve one of the most intractable problems of our time: the growing number of older people who experience social isolation and loneliness.
Colin also recognised the demographic shift: for the first time in history, there were more people aged over 65 than under five – and the number of older people was only set to grow.
SilVR Adventures is a virtual reality tool that helps older people who might otherwise be experiencing isolation and loneliness by "bringing the world" to them, Colin told The Weekly SOURCE. The VR headsets can be used individually or as part of a group, creating a shared experience.
"The magic really happens when the headsets come off," Colin said.
"People share stories and memories because a lot of the time it's taking people back to places that are very personal and all of these memories and stories come to the surface.
"Or it could be that it's a brand new experience, something that they always wanted to do and perhaps they thought they wouldn't have that opportunity.
"The secret sauce is to make the experience as meaningful as possible."
The start up took 18 months to break even, but since being founded five years ago, sales have doubled every year.
The product is now in 300 sites across five countries – Australia, New Zealand, China, Singapore, and the UK – with further international expansion planned. The products are available in 30 different languages.
SilVR Adventure's three main customers are aged care, retirement living, and hospital operators, but they also have products used in palliative care, disability services, and in prisons.
The group also sees opportunities in home care. In the last six months, Colin and his team have trialed a mental health product with a public health network that can be used in people's homes.
SilVR Adventures is already using AI, both in their products and in the business, which has been "hugely beneficial", Colin said. Data can be gathered from the headsets, too.
Colin said, "There's lots of exciting things on the roadmap, who knows if they're going to come to fruition in three months, 12 months or 24 months?"
