Our detailed feasibility study covered a number of tasks.
Task 1: In-depth Assessment of Market. Throughout this task we evaluated macro environment conducting PESTL analysis, analysed microenvironment identifying internal and external stakeholders and assessed their impact, we evaluated our competition and estimated potential market investigating into end users as well potential resellers fitting into our B2B2C business model. We also defined purchase scenarios and formulated our key value proposition. This task also included in depth analysis of competitive solutions and companies along with their pricing strategies.
Task 2: Technical Feasibility Study. In this part of the project we used beta testers to validate current beta version of our application testing various features including proximity detection based on Bluetooth, virtual browser, and behaviometrics bases on key stroke analysis. We identified existing technology gaps and proposed relevant routes and technological solutions which can bridge them within the timeframes of a Phase 2 project.
Task 3: Business Model Simulations. In this task we critically evaluated our initial business model which resulted in modification to our pricing tactics and identification of a new sales channel /a new group of resellers acting in the B2B22C model.
Task 4: Intellectual Property (IP) Protection. This task was assisted by the subcontracted attorney office who helped us to assess the regulatory framework at different target markets, conducted audit of our IP assets, understand relevant IPR protection mechanisms at our target markers, and prepared drafts of EULA documents addressing challenges and specifics of enterprise market.
Task 5: Key Market Application Identification Including Customer Validation. Within this we managed to precisely identify key applications for our authentication platform and commenced business talks with four small IT system integrators who can become our business partners in the sales channel. We also continued our dialogue with the large service provider from Germany.
Task 6: Assessment of Risk Factors. We have evaluated both technological and business related (commercial) risks identifying and quantifying their impact and probability. Each identified risk was subject to risk management analysis which resulted in relevant contingency plans.
Task 7: Detailed Work plan for Phase 2. Having proven technological feasibility of the concept and based on feedback from beta testers we prepared a detailed work plan for Phase 2 characterizing work packages, tasks and their relations, timelines, deliverables and milestones.
