Periodic Reporting for period 1 - Pinova WTS Startup (Commercialization Pinova, a welfare technology start-up)
Okres sprawozdawczy: 2023-06-01 do 2024-02-29
The aging of the European population, decline in the working-force because of the changing of demographics and a surge in health care costs constitute a societal challenge. Many senior citizens want to stay in their own homes, to maintain independence for as long as possible, and prefer to turn to family and friends for help when needed.
Pinova overall objective is to let senior citizens be safe living at home as long as possible. The freedom to manage one's life contributes significantly to emotional well-being, empowering seniors to live life on their own terms (UN Sustainable Development Goal 3, Ensure healthy lives and promote well-being for all at all ages).
Our deep tech innovation, Pinova Safe at Home, is to perceive, recognize and analyze activity data and compare it to expected patterns. With sensor technology, artificial intelligence (AI), and machine learning, the technology is not intrusive. When non-scheduled incidents or activity out-of-the-ordinary occur in everyday life at seniors’ home, the family, friends, neighbors’ and/or caregivers automatically get alert. No alarm button, application, or video surveillance is necessary, and no training needed.
Pinova Safe at Home makes it possible for family and friends to support their loved ones at the same time respecting their privacy and autonomy. The project, Pinova Welfare Technology System (WTS) was initiated to prepare the startup for commercialization. With the significant support from EU the expected contribution to the project was a validated, documented and well-prepared launch of Pinova WTS.
Pinova overall objective is to let senior citizens be safe living at home as long as possible. The freedom to manage one's life contributes significantly to emotional well-being, empowering seniors to live life on their own terms (UN Sustainable Development Goal 3, Ensure healthy lives and promote well-being for all at all ages).
Our deep tech innovation, Pinova Safe at Home, is to perceive, recognize and analyze activity data and compare it to expected patterns. With sensor technology, artificial intelligence (AI), and machine learning, the technology is not intrusive. When non-scheduled incidents or activity out-of-the-ordinary occur in everyday life at seniors’ home, the family, friends, neighbors’ and/or caregivers automatically get alert. No alarm button, application, or video surveillance is necessary, and no training needed.
Pinova Safe at Home makes it possible for family and friends to support their loved ones at the same time respecting their privacy and autonomy. The project, Pinova Welfare Technology System (WTS) was initiated to prepare the startup for commercialization. With the significant support from EU the expected contribution to the project was a validated, documented and well-prepared launch of Pinova WTS.
The activities in the project were organized in a work package divided into three major tasks. The first activity was making a Proof of Concept. We wanted to obtain evidence to demonstrate that the technology is feasible. We completed the beta-testing, did observations and adjusted the technology. Our research partner made in-depth interviews with beta-users, their family and care providers to get feed-back of satisfaction using the Pinova Safe at Home. Based on observation, adjustments made during the beta-test-period and report form in-depth interviews, we got a technical confirmation report and a feasibility report. The feedback was satisfying, and we started with the next activity.
The second task was a Go-To-Market Strategy. We started with a survey of market potential and questionnaire to potential target users. We did competitor analysis, explored pricing trends, and customer expectations. Together with our holistic picture of the target group, supported by our mentors, we made segmentation by demographic, psychographic, behavioral, geographic factors. Then we were able to describe our ideal customer segments. We got valuable input in deciding how to distinguish our brand from competitors and defining our value proposition. Based on this knowledge we made our choice of channels and got a realistic Go-To-Market plan.
The third task was to achieve a Product market fit. Our research partner got feedback from our customers about their satisfying on our product and service. We also collected success stories and made video shots presented on website and societal media. The response from market enabled us to evaluate revenue model, subscription packages, price model, and distribution channels.
The insight and documentation from all activities in the project have made it possible to adjust and choose a sustainable business model and prepare for launching Pinova safe at Home at a bigger scale in the market.
The second task was a Go-To-Market Strategy. We started with a survey of market potential and questionnaire to potential target users. We did competitor analysis, explored pricing trends, and customer expectations. Together with our holistic picture of the target group, supported by our mentors, we made segmentation by demographic, psychographic, behavioral, geographic factors. Then we were able to describe our ideal customer segments. We got valuable input in deciding how to distinguish our brand from competitors and defining our value proposition. Based on this knowledge we made our choice of channels and got a realistic Go-To-Market plan.
The third task was to achieve a Product market fit. Our research partner got feedback from our customers about their satisfying on our product and service. We also collected success stories and made video shots presented on website and societal media. The response from market enabled us to evaluate revenue model, subscription packages, price model, and distribution channels.
The insight and documentation from all activities in the project have made it possible to adjust and choose a sustainable business model and prepare for launching Pinova safe at Home at a bigger scale in the market.
The significant support from EU Women Tech program has accelerated our start-up journey. We have established procedures during the project which make us well prepared to calibrate the product market fit and business model we believe the market requires in future. We have got investors believing in our innovation, customers willing to pay for our service, and we are prepared to take the first steps into a bigger market.
The problem we are solving address a huge market in EU and beyond. Further success depends on how fast we penetrate the market, and how able we are to fund marketing and growth.
The project has verified our technology. Using non-intrusive system of sensors, and artificial intelligence incidents will be identified in elderly’s homes. With activity out-of-the-ordinary their family, friends or caregivers automatically got alerted by a digital generated phone call, explaining the incident. We have documented that our users are very satisfied with the extremely user friendliness, and appreciate no training, no alarm button, application, or video surveillance is necessary.
Additionally, we have been forward-looking and made a major improvement in our business model, including UN Sustainable Development Goal 12 (Responsible consumption and production) . Our business model now favors customers returning sensors and IoT-hub used at home when subscription period ended. Our goal is to contribute to a circular economy by reuse components and reduce electronic waste.
The problem we are solving address a huge market in EU and beyond. Further success depends on how fast we penetrate the market, and how able we are to fund marketing and growth.
The project has verified our technology. Using non-intrusive system of sensors, and artificial intelligence incidents will be identified in elderly’s homes. With activity out-of-the-ordinary their family, friends or caregivers automatically got alerted by a digital generated phone call, explaining the incident. We have documented that our users are very satisfied with the extremely user friendliness, and appreciate no training, no alarm button, application, or video surveillance is necessary.
Additionally, we have been forward-looking and made a major improvement in our business model, including UN Sustainable Development Goal 12 (Responsible consumption and production) . Our business model now favors customers returning sensors and IoT-hub used at home when subscription period ended. Our goal is to contribute to a circular economy by reuse components and reduce electronic waste.