Periodic Reporting for period 1 - SmartX (SmartX is an innovative ICT platform for electricity demand-supply management)
Reporting period: 2015-05-01 to 2015-09-30
Their operating costs on one hand and reduce electricity bills for their customers. The main aspects to analyze were exact market positioning of the SmartX, benefits it may bring to both power suppliers and their customers and operational feasibility of ConnectPoint to deliver the product. The results of such verification lead to refinement of the initial idea and elaboration of a strategic business plan.
Milestone 1 - Market analysis and sales strategy
Primary and secondary market research was done and its results caused a fundamental change in SmartX business model. Target customer group pivoted from energy distributors to households.
The second major modification was added as a result of visits to potential customers, which highlighted that the technology behind SmartX can be a remedy to their problems, not related to DSM but to more general challenge of operational data integration.
As a result the final positioning of SmartX was created as two offerings - B2C for households and B2B for corporate customers.
Milestone 2 - Financial and operational plans
Technical feasibility assessment and partner search were added to the actions listed in grant agreement. New research and commercial partners have been found and core elements of the technology were verified.
Financial analysis and SWOT analysis were done and paved the way for the next steps and actions. Strategic business plan was prepared in accordance with the outcome of Milestone 1 and new positioning of SmartX
The target group of customers changed but socio-economic impact and societal implications are unchanged - SmartX, thanks to better information management, allows to optimize electricity consumption, by integration of disparate smart home solutions. In order to make the project economically viable, the primary customer group changed, but the long-term goal is still building ""Internet of electricity"", where information is the key factor. The new target groups of customers stem from adjustment initial idea to the market conditions identified in the Phase 1 and aim at maximization the probability of successful commercialization of SmartX. Additional B2B offering for power generation, will allow to optimize operational performance, what may help customers to reach the technological and environmental challenges ahead of them.
SmartX addresses the markets which are usually in early stage of development, with no clear leaders and lots of small players. The unique feature set and abilities to integrate with existing products will allow it to compete in the mainstream areas (power generation) and its flexibility will create an opportunity to address future, undiscovered opportunities in operational data integration (e.g. energy storages).