Periodic Reporting for period 1 - ELEVVO (ELEVVO: A Ground-breaking Wearable Brain-Computer Interface that Enables Self-management of Cognitive Welfare through Personalised Training Exercises)
Berichtszeitraum: 2017-05-01 bis 2017-08-31
We all experience certain decline in our cognitive capacity as we become older, especially after the age of 40. This is a process that can be accelerated by mental inactivity throughout our lives. There is evidence that early onset of targeted training is key to prevent and slow down the progression of cognitive damage. Several methods and global health policies are encouraging the adoption of healthier life styles that can lead to better ageing and economic gain. ELEVVO is a brain-computer interface materialised in the form of a wearable that connects to a smartphone or tablet. Based on a personalized neuro-feedback process, ELEVVO assesses the user’s level of brain activity and yields a suite of tailored mental exercises that induce measurable neuroplastic changes in the brain, reflected by improved cognitive functions. BitBrain Technologies aims to bring to market an innovative and reliable wearable system that offers real cognitive enhancement in a measurable and non-subjective manner without compromising simplicity or our individual needs. This will have a huge social and economic impact as the healthy population will actively improve their own welfare and productivity. ELEVVO is also uniquely positioned to ameliorate the symptoms in neurological patients (e.g. depression, anxiety). Altogether, ELEVVO will contribute to alleviate a major economic impact, with annual $2 trillion losses associated with cognitive deficits and decline
Currently, ELEVVO is a functional prototype demonstrated in relevant environment (TRL6) due to previous products with related technology developed by BitBrain Technologies. During the feasibility study, BitBrain Technologies has analysed the requirements for the full technological development of ELEVVO as well as for the most appropriate commercial and financial strategies for its introduction in the market. This analysis has led to the following key conclusions:
Finalized Technological improvement of ELEVVO
Qquantification of the potential market for ELEVVO with identified ELEVVO’s target end-users and stakeholders.
defined a sales strategy in the selected target European and American countries and has carried out a sales forecast for the first 5 years of ELEVVO’s commercialisation
Finalized Technological improvement of ELEVVO
Qquantification of the potential market for ELEVVO with identified ELEVVO’s target end-users and stakeholders.
defined a sales strategy in the selected target European and American countries and has carried out a sales forecast for the first 5 years of ELEVVO’s commercialisation
BitBrain’s main target users for the short-term commercialization of ELEVVO will be the adult population, from young adults to elderly people. These end-users will have clear benefits from the training with ELEVVO technology, which will establish their willingness to pay for our device:
Reliable and cost-efficient solution: real cognitive enhancement at a competitive price similar to the one of unreliable competitors.
Simple: easy to use intelligent and autonomous system.
Portable and ergonomic: it can be used anywhere and anytime, as it has an ergonomic and plug-and-play design.
Enjoyable gaming: enjoyable training and mental exercises that ensure adherence.
Customized: based on big data analytics, providing each user with training tailored to his/her own needs.
Modern trend: smart and wearable device in line with market drivers and trends.
Reliable and cost-efficient solution: real cognitive enhancement at a competitive price similar to the one of unreliable competitors.
Simple: easy to use intelligent and autonomous system.
Portable and ergonomic: it can be used anywhere and anytime, as it has an ergonomic and plug-and-play design.
Enjoyable gaming: enjoyable training and mental exercises that ensure adherence.
Customized: based on big data analytics, providing each user with training tailored to his/her own needs.
Modern trend: smart and wearable device in line with market drivers and trends.