Our detailed feasibility study covered a number of tasks.
Task 1: Performed a technical feasibility Study
T1.1 User requirements: We performed deep analysis of user requirements and identified process constraints, assessed requirements of target market segments according to final user needs.
T1.2 Technical gap analysis: we have compared the current state of technology in relation to user requirements and identified the key features that need enhancing in order to meet market demand.
T1.3 Find partners: We found business partners in fields of distribution channels for different market segments, mass production (plastic housings, electronics, packaging) and educational market training. Agreements and letters of intent signed.
Task 2: Market feasibility study
T2.1 Market survey and analysis: We performed via desktop research and found market research reports, as well as information obtained from end-users. We expanded our initial market research and included additional items such as market forces analysis, competition analysis, specifically looking at strengths and weaknesses, current offers and pricing strategies of our competitors.
T2.2 End-user studies: We made surveys, interviews and defined focus groups to estimate market penetration. We interacted with our target clients to get their feedback regarding preferences, willingness to pay and product acceptance.
T2.3 Certification study, IPR observatory, and protection strategy: We assess certification and legal aspects by following the development of international guidelines. Our IPR strategy was updated.
Task 3: Create an updated business plan
Based on the results of tasks 1 and 2, the initial business plan was updated to include a detailed marketing/dissemination and commercialization plan, a market research, and a financial plan. We found this deep evaluation highly valuable.
