MOMENTUM - virtual, mobile CFO for small and medium enterprises

Project Information

MOMENTUM

Grant agreement ID: 698852

DOI

10.3030/698852

Project closed

EC signature date 25 August 2015

Start date 1 September 2015

End date 29 February 2016

Funded under

• INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies - Information and Communication Technologies (ICT)

Total cost

€ 71 429,00

EU contribution

€ 50 000,00

Coordinated by

ATSORA SP ZOO
Poland

Periodic Reporting for period 1 - MOMENTUM (MOMENTUM - virtual, mobile CFO for small and medium enterprises)

Reporting period: 2015-09-01 to 2016-02-29

Summary of the context and overall objectives of the project

The aim of the project was to validate the concept of MOMENTUM – innovative online and mobile digital ecosystem of services for SMEs based on the technology platform, that will help SMEs ensure financial liquidity and growth on EU market. The platform will base on open API and integrate wide spectrum of financial services (provided by FinTech, banks and non-financial partners).

Key project objectives were: build Minimum Viable Product (MVP) of MOMENTUM platform allowing to present and confirm value of the concept, for SMEs to efficiently manage their financials and business growth, and for enterprise EU partners in order to provide SMEs with tailor-made products and services through the platform.
The expected outcome of the project is a validated MOMENTUM concept, full business analysis covering business model, risk analysis, product development roadmap, as well as technical architecture ready for scaling-up.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

The SME Instrument Phase 1 MOMENTUM – virtual, mobile CFO for small and medium enterprises project led us to the identification of a very promising business opportunity - MOMENTUM has an ultimate mission to become a first open SME digital ecosystem and business finance management platform for EU companies.
As a result ATSORA generated a business plan within the Phase 2 approach, supported with detailed project plan for Phase 2.

The work performed during Phase 1 includes:
1. MVP of MOMENTUM Platform prepared to get clients’ feedback
2. Successful validation of the Platform with two EU banks including workshops with real bank clients and enterprise Proof of Concept phase
3. Development roadmap and integration roadmap for different EU markets created basing on clients’ feedback
4. Detailed project plan prepared to be implemented within SME Instrument Phase 2
5. Business model and a business plan for Phase 2 established, including risk assessment and sensitivity analysis
6. Market entry strategy for EU developed i.e. as a result of market research done containing a detailed competition analysis
The Phase 1 results reached the following conclusions to be implemented in Phase 2:

Feasibility study has confirmed high market demand for SME financial and business supporting tools. Our platform MVP allowed us to scope the target functional architecture as well as model of software distribution - directly, through partners and enterprise clients.

Based on the experience and results of the phase 1 we are ready to implement, deploy and enter to market with innovative SME Business.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

Completion of the project will allow ATSORA to enhance profitability and growth performance and fulfil the ambition of becoming a global market leader in financial analytics for SMEs.

The result of the implementation of MOMENTUM platform on the European market will be facilitated access to finance for SMEs. As SMEs will have capital to grow and invest, this can potentially drive national economies and in consequence EU economy forward and create growth and employment in the long run.

Logo of ATSORA company

Minimum Viable Product (MVP) of MOMENTUM Platform - visualization