I think you're doing things out of sequence.
A lot of novice developers see a gap in the market and design a product to fill it. Somewhere in between "taking orders at trade shows" and "shipping", they figure they'll tick the "safety certification" box.
And that goes terribly wrong.
You need to come at it from the opposite direction.
- FIRST examine the safety / certification process and book of rules, so compliance with the safety apparatus is built into the product from its first conception on the back of the bar napkin.
- SECOND look for a gap in the market that isn't explained by the safety regulations.
Of course people normally do the safety/compliance thing last, because it's harder. Do it first.
Yes, this will have the effect of killing a lot of stupid ideas.
A common, dime-a-dozen example is "home power monitors". If you look at products like Sense, Curb or Neurio, novices to the field think "why not mount the box outside the panel so it can be powered by a wall-wart, take an Ethernet connection and have an on-board display?" They mortgage their house and develop it, then show up at UL at the 11th hour and UL says "you can't do any of that!" So they sell it underground through shady dealers. There are a disturbing number of those.
Safety equipment needs to be safety rated.
The fatal flaw in your plan is using COTS (commercial, cheap, common off-the-shelf) consumer gear like smart phones and watches, as a substitute for specialized hardware. That seems clever enough to make money on. But it doesn't work, because safety equipment needs to comply with a fairly thick book of safety standards.
They don't use Windows XP for the flight controls on the Airbus 320 or for medical ventilators. And they don't use Android OS for fire alarms.
If the alarm is mandatory, a "watch OS" would not be suitable alone, and a hardwired, safety-rated alarm system would be required. Since it is required, the watch device would be redundant. It might be useful for administrative monitoring where the consequence for a mis-signal is nil... but not for safety-critical monitoring.