Dave should advise the Aussie company owners to buy this book called The Lean Startup
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They obviously haven't read this book, and haven't figured out what their target market is, and how they will differentiate among the competition, whether that is through the product, or through the services.
If they have backing by risk angels for this project, these investors are certainly not people from the test industry.
The first questions should always be easy to answer before you even consider further effort in exploring a product: "who is my target group?", "what problem are we trying to solve?", "how are we going to solve this problem", "how much easier/cheaper is our approach compared to the approach from our competitors?", "are we going to make money on the product or by selling services around?", "is our solution a one time shot, or can we use it as the foundation for an innovative platform with more products to come out of it later on?", "why haven't other companies thought about this?", "are the benefits that high, that consumers and companies will be that eager to update/replace their current products?", "is our scope really a new kid on the block, or is is it just another next-door scope in the row?
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".
If it takes too long time to answer these questions, or if the answers are very complex, conditional, and come with hazzle, go back to the drawing board
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