Periodic Reporting for period 1 - NAVDEC (Navigational Decision Support System for Improved COLREGs Safety Management)
Reporting period: 2015-06-01 to 2015-08-31
The main objective of this project is to provide a Navigational Decision Support System to avoid collisions at sea and reduce fuel use by offering efficient course options to the navigator.
Our detailed feasibility study covered a number of task.
Task 1: Performed a technical Feasibility Study
T1.1 User requirements: We have Identified process constraints, assess requirements of target market segments according to final user needs. T1.2 Technical gap analysis: We have compared current state of technology to user requirements and identify the key features that need enhancing in order to meet market demand. T1.3 Find partners: We have found business partners (letter of intent signed).
Task 2: Market feasibility study
T2.1 Market survey and analysis: we did Via desktop research and access to market research reports, as well as information obtained from end-users, we expanded our initial market research and included additional items such as market forces analysis, competition analysis, defined strengths and weaknesses, current offers and pricing strategies of our competitors.
T2.2 End-user studies: We performed surveys, interviews and to estimate market penetration. We interacted with our target clients to get their feedback regarding preferences, willingness to pay and product acceptance.
T2.3 Certification study, IPR observatory and protection strategy: We assessed certification and legal aspects and updated our IPR strategy.
Task 3: Create an updated business plan
Based on the results of tasks 1 and 2, the initial business plan was updated to include a detailed marketing/dissemination and commercialization plan, a market research and a financial plan. We found this deep evaluation highly valuable.
Task 1: Performed a technical Feasibility Study
T1.1 User requirements: We have Identified process constraints, assess requirements of target market segments according to final user needs. T1.2 Technical gap analysis: We have compared current state of technology to user requirements and identify the key features that need enhancing in order to meet market demand. T1.3 Find partners: We have found business partners (letter of intent signed).
Task 2: Market feasibility study
T2.1 Market survey and analysis: we did Via desktop research and access to market research reports, as well as information obtained from end-users, we expanded our initial market research and included additional items such as market forces analysis, competition analysis, defined strengths and weaknesses, current offers and pricing strategies of our competitors.
T2.2 End-user studies: We performed surveys, interviews and to estimate market penetration. We interacted with our target clients to get their feedback regarding preferences, willingness to pay and product acceptance.
T2.3 Certification study, IPR observatory and protection strategy: We assessed certification and legal aspects and updated our IPR strategy.
Task 3: Create an updated business plan
Based on the results of tasks 1 and 2, the initial business plan was updated to include a detailed marketing/dissemination and commercialization plan, a market research and a financial plan. We found this deep evaluation highly valuable.
Phase 1 execution proved that our innovative project is feasible and has a great commercial value. Having determined the technological and commercial feasibility of the objectives studied in phase 1, we have prepared a detailed workplan to reach these objectives for phase 2 to mature the NAVDEC solution to TRL9 route to market. Our final product will mitigate the economic, environmental and social cost of collisions at sea. Still, in the shipping sector alone some two thousand merchant vessels come into collision every year (arround 2.5% of all registered ships) and statistics show human error as a major factor in over 60 percent of cases.