Periodic Reporting for period 1 - SPRAYDECO (Developing Wireless Application-based Spray Printer Device for Wall Decoration)
Reporting period: 2016-06-01 to 2016-11-30
The overall objective of SprayPrinter’s innovation project is to improve and commercialize a new do-it-yourself wall art device, which enables to transfer pictures and designs directly from a computer or smartphone to wall surfaces without any artistic skills needed. The innovative wireless printer communicates with any smartphone camera through an app that controls the painting process. The device itself attaches to an aerosol spray can, allowing the design to be directly spray printed onto any wall surface. This spray printing technology is unrivalled on the marketplace today and serves the needs of numerous target groups and end-users, including artists, interior designers as well as home users.
Phase 1 activities were designed for verifying the market, technological and commercial feasibility of the innovative device, gathering input for specifying the business model and preparing for market launch. This translated into three main activity lines:
1. Market research – market, customer and competition analysis;
2. Technical planning – product development planning, preparing for advanced prototyp-ing and testing;
3. Business planning – product positioning, business model, unique selling points, commer-cialization planning.
Proceeding from the results of the feasibility study and the progress made, SprayPrinter has decided to continue with the innovation project by proposing a Phase 2 project plan in 2017. Based on the feasibility study findings and main needs SprayPrinter currently has in terms of developing its company, product and brand, the Phase 2 project will focus on advanced product and service development, prototyping, testing and scale-up.
Phase 1 activities were designed for verifying the market, technological and commercial feasibility of the innovative device, gathering input for specifying the business model and preparing for market launch. This translated into three main activity lines:
1. Market research – market, customer and competition analysis;
2. Technical planning – product development planning, preparing for advanced prototyp-ing and testing;
3. Business planning – product positioning, business model, unique selling points, commer-cialization planning.
Proceeding from the results of the feasibility study and the progress made, SprayPrinter has decided to continue with the innovation project by proposing a Phase 2 project plan in 2017. Based on the feasibility study findings and main needs SprayPrinter currently has in terms of developing its company, product and brand, the Phase 2 project will focus on advanced product and service development, prototyping, testing and scale-up.
As mentioned, work in Phase 1 was carried out in three activity lines, each with their distinct methodology and results. The specific objectives of the project and the respective findings can be broadly summarized as follows:
• Identify key market opportunities and threats for positioning the SP device - Desk research confirmed that SP has the most potential in the DIY art, power tool and consumer electronics segments.
• Analyze technology-based competitive solutions and overlap with SP - Desk research verified that SP has currently no credible alternatives and can thus enjoy technological leadership.
• Explore customer opinions and perceptions of the SP device - The average SP user is a 25-34 year old male interested in tech gadgets and would like to see the price of the device drop.
• Explore expert opinions and perceptions of the SP device - Many experts find it crucial to focus on gaining traction and then considering additional areas like spray printing as a service.
• Specify a technical product roadmap as a basis for Phase 2 development/testing activities - Further development efforts will go into completing the superior SP2 device and building up the digital marketplace.
• Fine-tune the business plan based on SME-1 results - The company decided to focus efforts on developing a new SP2 device and building up a digital marketplace for spray printing services.
• Update financial estimates based on the advanced business plan - Based on the improved strategy, new financial estimates were made and serve as important input to Phase 2 planning.
• Specify SME-2 activities based on the advanced business plan - Besides the technical activity lines, attention will to be paid to replication and scale-up.
According to the GA, “by the end of the sixth month of project implementation, the SprayPrinter team will have a clear understanding and overview of the relevant market opportunities, customer needs and competitive solutions and will be able to specify a plan for managing all the potential (technical and commercial) barriers and opportunities in taking the device to the commercialization phase”. Most importantly, the device has now been launched on the market thanks to successful Indiegogo and Kickstarter campaigns and further efforts will focus on scale-up and service development. As such, the company exceeded the initial expectations and proved the market, technical and commercial feasibility of the product by delivering the first devices to 42 countries all over the world. Now, the aim is to achieve stable revenue, secure additional investments and develop strategic partnerships in order to prepare for mass production.
• Identify key market opportunities and threats for positioning the SP device - Desk research confirmed that SP has the most potential in the DIY art, power tool and consumer electronics segments.
• Analyze technology-based competitive solutions and overlap with SP - Desk research verified that SP has currently no credible alternatives and can thus enjoy technological leadership.
• Explore customer opinions and perceptions of the SP device - The average SP user is a 25-34 year old male interested in tech gadgets and would like to see the price of the device drop.
• Explore expert opinions and perceptions of the SP device - Many experts find it crucial to focus on gaining traction and then considering additional areas like spray printing as a service.
• Specify a technical product roadmap as a basis for Phase 2 development/testing activities - Further development efforts will go into completing the superior SP2 device and building up the digital marketplace.
• Fine-tune the business plan based on SME-1 results - The company decided to focus efforts on developing a new SP2 device and building up a digital marketplace for spray printing services.
• Update financial estimates based on the advanced business plan - Based on the improved strategy, new financial estimates were made and serve as important input to Phase 2 planning.
• Specify SME-2 activities based on the advanced business plan - Besides the technical activity lines, attention will to be paid to replication and scale-up.
According to the GA, “by the end of the sixth month of project implementation, the SprayPrinter team will have a clear understanding and overview of the relevant market opportunities, customer needs and competitive solutions and will be able to specify a plan for managing all the potential (technical and commercial) barriers and opportunities in taking the device to the commercialization phase”. Most importantly, the device has now been launched on the market thanks to successful Indiegogo and Kickstarter campaigns and further efforts will focus on scale-up and service development. As such, the company exceeded the initial expectations and proved the market, technical and commercial feasibility of the product by delivering the first devices to 42 countries all over the world. Now, the aim is to achieve stable revenue, secure additional investments and develop strategic partnerships in order to prepare for mass production.
In a wider sense, completing the SME-1 project was part of an advisory plan that was prepared for SprayPrinter by an Enterprise Europe Network member, B.I.A. OU. The company assessment and needs analysis completed by B.I.A. confirmed that SprayPrinter’s main growth obstacle is related to insufficient resources that could be used to further develop and market the product. As such, the company’s main need is to secure additional funding for various aspects of business development that could help them in moving closer to commercialization. The advisory plan was fully implemented in 2016 and resulted in additional finances that were used for product and business development. The wider impacts included:
• Strengthening the market position (entering initial markets)
• Increase in turnover (product was launched in October 2016)
• Cost savings (product optimization)
• Job creation (new communication and IT staff)
• Profitability (new private investors attracted)
As the next step, SprayPrinter will prepare an SME Instrument Phase 2 proposal (due in January 2017) that focuses on scaling up the superior SP2 device, prototyping in other potential application areas and building up a digital marketplace for mediating spray printing services. The ultimate aim is to mass produce superior commercial prototypes and build up a digital marketplace that successfully brings together professional spray printers, clients interested in decorating their walls and a large number of images to choose from.
• Strengthening the market position (entering initial markets)
• Increase in turnover (product was launched in October 2016)
• Cost savings (product optimization)
• Job creation (new communication and IT staff)
• Profitability (new private investors attracted)
As the next step, SprayPrinter will prepare an SME Instrument Phase 2 proposal (due in January 2017) that focuses on scaling up the superior SP2 device, prototyping in other potential application areas and building up a digital marketplace for mediating spray printing services. The ultimate aim is to mass produce superior commercial prototypes and build up a digital marketplace that successfully brings together professional spray printers, clients interested in decorating their walls and a large number of images to choose from.