We have started the project with a series of assumptions regarding customer needs that could be met with the adoption of VR technology and Imerso’s VR system. This feasibility study enabled the demonstration of our prototypes to several prospective customers and stakeholders in diverse industry segments, involving them in the development process, and evaluating our initial assumptions regarding their needs, our product’s value-proposition, and product roadmap.
The study was carried out through four main activities: Customer study, Product study, Partner study, and Economic study. The objectives of the study were met positively. During its course, our team has achieved:
1) a user-driven development process, involving customers via prototype demonstrations;
2) customer feedback to transform application requirements into key system requirements; and
3) an optimised business model from evaluating alternative value-chains and cost-structures.
Throughout the Phase-1 study, the team has engaged in several prototype demonstration meetings with the objective of clarifying customers’ current challenges and technical requirements for our product. We have also engaged with electronics development firms and B2B 3D Content vendors, exploring the further development work required to bring our demo units into a small-volume production of pilot-testing units. Finally, the team involved international investors and seasoned entrepreneurs in refining Imerso’s business model and value-proposition, by comparing alternative product concepts and respective commercialisation models.
The biggest outcome from this Phase-1 has been the decision to narrow Imerso’s scope into a standalone product based on the software components of our VR system, rather than pursuing the commercialisation of the VR system as a whole. During the study, our team took notice that our initial product concept could more effectively be re-designed upside-down: instead of a VR system with an integrated 3D scanning feature, a more promising product concept seemed to be that of a 3D scanning software product with integrated VR features. This resulted in a more scalable product concept with lower investment needs, lower development risks and market barriers, and a customer-driven value proposition (namely, to address the high costs of surveying the conditions of properties and project-sites within the Construction segment). This refined product concept was quickly prototyped based on the work already in place from Imerso’s VR system, and used for further customer demonstrations and on-site tests. As a result, the team acquired several sign-ups from architecture, engineering, and construction firms willing to participate in our Early-Access programme to test our current beta-version, prior to the market launch of our product. The team will conduct these pilot-projects throughout the year, with aim to release a commercial version of Imerso in Q4 2016.
