"We just want it to be really simple and easy to use.
"They [the car owner] plug it in and they can set restrictions of the times that the driver can drive for and the areas that they can drive in, and speed restrictions.
"If you say to your child 'you can't go out of town today or only go here', you can set the boundary and you'll be able to see where they are with the GPS so it can be like a black box as well. So it will show what the last movements was and what speed they were going."
The app will give reports of the number of kilometres driven and where, fuel efficiency and how long the car has been driven for. It will also make it easier to track if it is stolen.
As well as parents being able to view the data, the teenagers will also have access - but will not be able to change the settings.
Louis says while many of their Year 13 peers said the device would be "stitching them up" with their parents, they also grudgingly admitted it was a good idea because restricted licence conditions are widely flouted.
"They know it's going to reduce people driving dangerously. Restricted drivers have the biggest percentage of crashes and fatalities on the road and they know their age group quite often do stupid things on the road and they know it's going to reduce that. They said that their parents will know what they're doing so that's a bad thing, but they also think it's a good idea."
Louis and Ryan do not plan to charge an installation or hardware fee for the device, but users will pay a monthly subscription fee of around $20.
The pair have got as far as developing their own demonstration app to show developers what they want the real version to look like. They're now trying to raise the money they need to carry on bringing their vision to reality, about $20,000.
The entrepreneurs also want to team up with groups such as SADD (Students Against Dangerous Driving), insurance companies and the AA.