Thanks to the approval of the Ethical Committee, we are able now to start the study. Meanwhile, we are proceeding with the necessary procedures to obtain certification for iReach as a medical device from the Italian Ministry of Health, even though it is not specifically the main goal of the POC. The clinical validation of the technology will be carried out in the last year of the ERC Starting Grant "MySpace" from which the POC originates.
To bring the results of the POC to market, we have laid the groundwork for the establishment of a social impact startup: SoBu (Sound and Buzz). SoBu is an app compatible with smartphones and smartwatches that offers a range of interactive games. By combining sounds and vibrations with body movements, these games promote motor skills and social interaction, helping visually impaired children engage with their environment and others. SoBu includes group games like "Red Light Green Light" and “Hide and Seek,” making them accessible to the visually impaired kid for the first time. Additionally, it features daily life activities presented as games, such as reaching a person or grasping an object. Some of these games originate from the iReach functionalities.
In terms of competition, current market offerings are primarily DIY tactile games that users build themselves or tactile games used in clinical settings. Additionally, there are apps and video games that do not promote physical movement. Our goal is to encourage social interaction through movement, aiding the development of visually impaired children and addressing a significant gap in existing market solutions.
The business model for SoBu is freemium. Users can try the app for free for 30 days and then choose between a monthly or annual subscription. Alternatively, they can continue using the app for free with a limited set of features. Our initial target market will be families and legal guardians of visually impaired children. In the future, we aim to enter the clinical sector so that SoBu can also be used in rehabilitation and serve as a tool for doctors and therapists to monitor the child's progress over time. The estimated market size includes a Total Addressable Market (TAM) of approximately 1 billion euros, representing families worldwide; a Serviceable Obtainable Market (SOM) of about 61 million euros, representing families from high-income countries; and a Serviceable Available Market (SAM) of around 4 million euros, representing Italian families. Regarding IP protection, as SoBu is an app, the software is protected by trade secret/copyright, and the know-how is owned by the Italian Institute of Technology.
The startup team will include members from the iReach project: Walter Setti as CEO (Biomedical Engineer, PhD), Davide Esposito as COO (Biomedical Engineer, PhD), and Nicolò Balzarotti as CTO (Psychologist, PhD). The team also includes Emanuele Musini as Growth Advisor and Monica Gori as Scientific Advisor.
