During the development of Phase 1 of the SME Instrument we have evolved our business model, comparing the different players in different markets and the potential clients, as well as our full business plan, carrying out an extensive market analysis at international level, which has resulted into really relevant information detecting wider opportunities for business. We have fully processed these results, outlining a product evolution plan and a business diversification strategy. We have also reached key partnerships for implementing this plan. With all this, we have finally projected longer term financials, which demonstrate high potential in terms of company competitiveness and growth, underpinned by a strategic business plan.
Concrete objectives that have been achieved during this phase, the related results and how are we going to use them are summarised in:
• We have been continuously gathering and analysing feedback from hospitals already using our product, in order to detect opportunities for product fine-tuning. Six of the main hospitals in Spain are included amongst them, some of which are also references at European level. Results allow us delivering a world class product.
• As already explained, we contracted an extensive market study that identified key opportunities for market diversification and increasing growth potential. We also reached key alliances for developing this new business area.
• We worked with our EEN coach in revisiting our business model and in a gap analysis focused into identifying barriers for growth. Ideas, plans and alliances on how to develop in phase 2 the new business opportunity detected were shared with the coach, who became very positively impressed.
• We also contracted a specialist firm to carry out a deep analysis of patents and intellectual assets, to assess our freedom to operate at international level and define our IP strategy. Results were quite relevant, and they showed us the convenience of implementing strict secret knowhow procedures and means. A PCT filling is also foreseen for the end of Phase 2.
• With all this information, we revised certain aspects in our business model, especially in terms of internationalization, and evolved our business plan, including long-term financials.
• We also reinforced our financial capability by signing a loan agreement with an international bank, for which the Instrument for SMEs backup was influencing. We are now fully ready for high growth at global level.
Because of this promising results, we will enter international markets with two different versions of our product, one focused into radiology information and another one devoted to cardiology information. Accelerating this strategy and related plans will be the purpose of Phase 2.
