It's a little bluetooth puck that sticks somewhere to your bike to detect if you're in a crash. If you are, then it will send an alert to first responders and emergency contacts with a custom message and date/time/location information. It is just a kid in his parents garage, but that's not a reason to dismiss the idea; some amazing ideas have come from the sub-20 crowd.
Probably risky to back though since I highly doubt he has any real idea of how to get them manufactured.
There's already an android app called CRADAR that does something similar if you crash.
Hmm, I guess it does make more sense to just use the phone; it already has all the needed functionality. I'd be worried about it just going off in my pocket while riding, but I guess if it's in a tank bag or mount it'd be just fine.