Within the SME Instrument Phase 1 BioMicroGel project led by BMG Intepco Limited, we have identified significant commercialisation potential of the developed organic chemical in the fields of industrial waste water treatment, oil spill clean up and above all, enhancement of cleaning products.
As the result of the action, BMG Intepco has produced relevant deliverables, including market research, a business plan and a financial model.
The work performed within the Phase 1 included:-
1. we have completed research of the three relevant markets (industrial waste water treatment, oil spill response and cleaning products) in Europe;
2. we have developed commercialisation strategy rooted in the market research findings and based on mentorship consolations with experienced market professionals;
3. we have developed a budget and a financial model, including pro-forma financial statements, business evaluation, break even analysis and sensitivity analysis;
4. identified and analysed project and business risks and developed risk mitigation strategy;
5. we have initiated an industrial waste water treatment solution trials with a large oil producer, conducted lab trials, developed equipment principle scheme and are now carrying out equipment assembly works;
6. we have developed trial procedures and completed tests of toxicity of biomicrogel oil spill encapsulator in respect of fish, fish eggs, algae; and have obtained low hazard class certification;
7. we have designed, installed and commissioned experimental biomicrogel-based cleaning products production line and launched market-test sales of the products;
8. identified industrialisation partners in Europe (certifications, testing and trials, commercialisation opportunities, IP attorneys);
9. we have further enhanced exiting IP portfolio; and developed an IP protection strategy;
10. participation in relevant accelerators and competitions (MassChallenge Accelerator in London, South Summit in Madrid, SME Instrument Innovators’ Summit in Brussels and Slush in Helsinki;
The results achieved within the Phase 1 includes the following:-
• Decision to focus on cleaning products market to ensure faster time-to-market while performing necessary commercialisation activities in the industrial waste water treatment and oil spill response markets;
• Decision to set up pilot production of biomicrogels and cleaning products;
• The company will initially be funded by own and private investor’s funds with the help of Phase 2 grant funding.
