The reporting period was divided into four main activity lines corresponding to the four specific objectives:
•market information (incl. market analysis, customer analysis and competition analysis);
•updated product description (incl. technical, design and usability specifications);
•implementation plan (incl. prototyping, piloting, roadmap development, budget planning, risk assessment and IP management);
•partners and collaboration (incl. additional partner search and analyzing conditions for cooperation).
Interspectrum now has a clear understanding and overview of the market opportunities and trends, customer needs and competitive products as well as technical, design and usability improvements and is able to manage all the potential barriers and risks in taking the product to the commercialization phase. This in-depth information was obtained through desk research and a customer survey and enabled to provide valuable input into elaborating the implementation plan and fine-tuning the overall business plan. The six-month time range also included establishing and diversifying the customer and partner base, which will further improve the viability and dissemination of the product.
The feasibility study revealed that the new MVSM has high commercial potential. Firstly, the optical spectroscopy market has a strong growth trend, especially in light of increasing environmental concerns and demand for specialized applications. Secondly, spectral VSF is the last unknown IOP of seawater, thus indicating good traction for products that fill in this gap. Thirdly, despite some strong large manufacturers, no-one has succeeded in developing a commercially available product for measuring VSF in full hemispheric angles. Fourthly, the customer survey reveals considerable end-user interest with many new contacts established. All in all, it can be said that the new MVSM meets all the key technological (ability to be deployed in-situ, wide spectral range, full hemispheric angles etc.) and commercial preconditions (user needs and interest, market gaps, competitive advantages etc.), but more effort has to be put into advanced prototyping, testing/piloting and market replication/uptake activities that would result in successfully commercializing the product.