Periodic Reporting for period 1 - RUNSAFER (Market introduction of an innovative wearable device, consisting of a novel running shoe with embedded electronics providing real-time biomechanical feedback to reduce risk of injuries)
Periodo di rendicontazione: 2015-06-01 al 2015-10-31
The world of running is experiencing a boom. More and more runners are taking up the sport, with approximately 36% of 15 to 65 year-old Europeans (accounting for 80 Million people) taking the streets, parks, forests, and gyms. However, many people start practicing running and then stop: injuries are the main reason not to run for approximately 60% of European runners.
With the objective of developing an innovative and disruptive solution to prevent and reduce running injuries and to increase market competitiveness by exploiting afterwards the business opportunity, New Millennium Sports S.L. (commercially known as KELME) as the major Spanish manufacturer and distributor of sportswear, footwear and equipment for sports, participated in the FP7 Research for the Benefit of SMEs RUNSAFER project. Successfully finalised in October 2014, KELME and its supply chain count now with a functional prototype of RUNSAFER, consisting of a running shoe with embedded technology to measure biomechanical parameters of running while providing real-time feedback and training recommendations to the runner in order to prevent and reduce running injuries.
Our overall objective is to convert RUNSAFER prototype into a commercially-ready wearable device to increase competitiveness and market share and to strengthen our international expansion, becoming the first sport footwear manufacturing company to offer this added-value product.
Firstly, we conducted a feasibility study in Phase 1 in order to assess the technical and economic viability of optimising and industrialising the different hardware, the regulatory issues and the commercialisation strategy, ending with the elaboration of a comprehensive business plan. In Phase 2 we will perform a pilot study to demonstrate RUNSAFER in an operational environment. The new collection of smart running footwear will be ready for commercialization in Phase 3.
With the objective of developing an innovative and disruptive solution to prevent and reduce running injuries and to increase market competitiveness by exploiting afterwards the business opportunity, New Millennium Sports S.L. (commercially known as KELME) as the major Spanish manufacturer and distributor of sportswear, footwear and equipment for sports, participated in the FP7 Research for the Benefit of SMEs RUNSAFER project. Successfully finalised in October 2014, KELME and its supply chain count now with a functional prototype of RUNSAFER, consisting of a running shoe with embedded technology to measure biomechanical parameters of running while providing real-time feedback and training recommendations to the runner in order to prevent and reduce running injuries.
Our overall objective is to convert RUNSAFER prototype into a commercially-ready wearable device to increase competitiveness and market share and to strengthen our international expansion, becoming the first sport footwear manufacturing company to offer this added-value product.
Firstly, we conducted a feasibility study in Phase 1 in order to assess the technical and economic viability of optimising and industrialising the different hardware, the regulatory issues and the commercialisation strategy, ending with the elaboration of a comprehensive business plan. In Phase 2 we will perform a pilot study to demonstrate RUNSAFER in an operational environment. The new collection of smart running footwear will be ready for commercialization in Phase 3.
The work developed during Phase 1 is the following:
1. A Business Description. This analysis addressed the detailed description of our proposed business, defining and detailing the short- and long-term objectives and strategies (who, when and how is taking care of these) as well as unique characteristics of RUNSAFER system. In addition, we have updated KELME´s company description, including mission statement, vision and corporate identity.
2. A Product Feasibility Study. The hardware of the measuring device has carefully analysed to reach an optimal size and weight for running, removing redundant components such as the USB port used during prototype testing. In parallel, we have estimated the possible cost reduction compared with the initial prototype, making the commercial version of RUNSAFER competitive in the wearables market.
3. A market analysis to reinforce the knowledge about the new markets where the company envisages its introduction. To this purpose, surveys were conducted among our current distributor network and runners from different profiles, in order to present the new product and assess the level of acceptance, ensuring that the estimated impact for the company is aligned with reality. Moreover, we carried out an analysis of possible competitors in the market as well as the identification of the regulatory issues for the different countries of commercialisation.
4. From the information obtained during the previous activities, the marketing and commercialisation strategy was defined in order to reach those markets defined as targets with our new product over Worldwide.
5. A detailed operational plan was defined once the business objectives were set. In this stage we have analysed both the new resources of operational structure needed, and the investment requirements to suit the production capacity.
6. A financial plan was developed to analyse the financial feasibility of the present project. We have exhaustively calculated the required investment for both the initial development and the production capacity adaptation of the company and other partners to the commercial objectives of the new product throughout time.
1. A Business Description. This analysis addressed the detailed description of our proposed business, defining and detailing the short- and long-term objectives and strategies (who, when and how is taking care of these) as well as unique characteristics of RUNSAFER system. In addition, we have updated KELME´s company description, including mission statement, vision and corporate identity.
2. A Product Feasibility Study. The hardware of the measuring device has carefully analysed to reach an optimal size and weight for running, removing redundant components such as the USB port used during prototype testing. In parallel, we have estimated the possible cost reduction compared with the initial prototype, making the commercial version of RUNSAFER competitive in the wearables market.
3. A market analysis to reinforce the knowledge about the new markets where the company envisages its introduction. To this purpose, surveys were conducted among our current distributor network and runners from different profiles, in order to present the new product and assess the level of acceptance, ensuring that the estimated impact for the company is aligned with reality. Moreover, we carried out an analysis of possible competitors in the market as well as the identification of the regulatory issues for the different countries of commercialisation.
4. From the information obtained during the previous activities, the marketing and commercialisation strategy was defined in order to reach those markets defined as targets with our new product over Worldwide.
5. A detailed operational plan was defined once the business objectives were set. In this stage we have analysed both the new resources of operational structure needed, and the investment requirements to suit the production capacity.
6. A financial plan was developed to analyse the financial feasibility of the present project. We have exhaustively calculated the required investment for both the initial development and the production capacity adaptation of the company and other partners to the commercial objectives of the new product throughout time.
The results of the technical and economic feasibility study are highly satisfactory. For this reason, RUNSAFER will pursue the development and launch of a new collection of running footwear with embedded technology to measure biomechanical parameters while providing real-time feedback and training recommendations to the runner through a smartphone application, in order to prevent and reduce running injuries.