The actions of this Horizons 2020 Phase 1 feasibility study give Luxbright AB confidence to further pursue development of our nanotech x-ray tube for commercialisation. Through this project, Luxbright has further developed the internal strategies and capacities to initiate commercialization from manufacturing through to sales and distribution and most importantly, identified the key potential partners for a phase 2 pilot system.
Most strategic actions have been achieved through internal efforts and projects, though we have also met with potential legal and regulatory advisors. Through strategic deliberations between the board of directors, management and business coaches, we have further developed our internal organization, performed an in depth market study, confirmed our innovation strategy, amended our IP strategy and advanced discussions with potential partners. We have reinforced preliminary strategies, constructed our business model, identified key risk points and mitigation strategies, and formulated a current business plan for the proposed product.
One of the most important results of the project has been successfully identifying potential partners for a phase 2 project. Additionally, and more generally, continued meetings with other potential partners and customers have further enforced the market's interest in the technical features that our product shall offer, including tangent opportunities for first sales.
Perhaps the greatest learning that has come from this phase I project is in terms of the initial target market. After considering the barriers to the health and security markets, it has been identified that the security market offers the faster route to market.
In summary, Luxbright has made a pivot in initial application of our technology from medical to security and determined that our product is both technologically and economically viable within security applications as well.
