"What happened since we were approved the Horizon 2020 SMEI?
After we got approved for phase 1 we continued our communication with the market. We performed several surveys of different categories of respondents; Customers, Community members and panellists who are totally new to us, in order to learn more about the need and wishes and also examine the interest of the different segments. Through these surveys we have gained additional knowledge from the market that has enabled us to discover deeper customer needs and an acceptable pricing level.
1. We asked our built community to provide us with logotype proposals and received 30. We then deeply surveyed them on every aspect in the logotype like Font shape, color details etc. We were first concerned of the political aspect of it but the majority voted on:
2. Josef, The CEO, visited Hong Kong for a watch fair, one of the biggest in the world, in order to find a manufacturing partner for the watch housing and to scan the market for new smart watches/devices. He found more than 20 potential manufacturing partners and some potential design partners. During his visit he met with our Hong Kong distributor and discussed future potential with him.
3. CES is the biggest consumer electronic show in the world. This visit gave also a lot of new potential contacts in different areas; Global, European, US and China, online and high-street retail stores and distribution channels, Suppliers and some VC contacts. Competitors and market trends were checked: ReVault is still completely unique and the current trends are Health, fitness and the Smart home.
4. We have developed and verified the value proposition, traction and the business model among different segments based on continous communication with the market globaly but specifically in Europe and USA.
5. We have performed several surveys in order to understand the market and create solutions together with the customers. Here are the segments we have surveyed:
Doctors in USA
Backers i.e. those who have Pre-ordered Revault through our Indiegogo campaign (46 countries)
Own community Global
Runners in USA and UK
Own community Global
By performing these surveys, getting more data and knowledge about the market we have been able to determine the Go To Market segments and exclude a segment we had in mind for the moment because we need higher security in ReVault to satisfy it which we will be working on.
6. We have found a new highly potential new segment and started a very potential cooperation based on this segment. More details can be found in the report
7. We performed a study on Sports wearable tech online sales channels
8. We are trying to approach OEM customers like Swarovski in Switzerland whom I met at CES and with Doro (Electronics for elderly) in order to offer a smart watch specialized in elderly´s needs.
9. We have participated in different start-ups events:
Stockholm Tech-fest
Slush in Finland
Internet days in Stockholm
We met with several VCs and several ones finds the ReVault very interesting and investable, but we are in a too early stage for them. Some need a completely developed product and some need us to have launched ReVault and confirmed the delivered quality to the customers.
10. We have also been discussing funding with two Swedish Angel investor networks. They are both very interested, but at the same time scared of the aggressive plans we have as they cannot continue investing in the coming rounds and this prevents them from defending their positions, thus diluting their investment.
11. We have investigated the certification requirements for the battery and found out that the battery should be:
Manufactured under a quality management program which includes the required elements of DGR 3.9.2.6 (LBSG 3.3.2) allowing transport by air under rule ""UN 3481, Lithium ion batteries contained in equipment”
Tested to IEC62133. Copy of test certificate to be provided wi"
