Overall, Phase 1 provided time and resources to understand the technical and business viability of STORM. In particular, following aspects were assessed and provided valuable insights:
• The Value Proposition of STORM and its benefit levels were analyzed and comprehended;
• The product development plan to develop STORM and DREG solutions from current stage to the final version was prepared;
• The Risk Assessment and Contingency plan was prepared for the innovation project;
• Cost of the product development over 2 years is estimated around €1.325 M, consisting of €1.07 M direct costs and €255 k indirect costs;
• Key emerging regulations, such as the GDPR were researched and elaborated;
• The overall European market and the target markets of UK, Germany, Benelux were assessed in terms of market trends, drivers, key players and potential first users;
• Based on this, the ambition of InnoSec is to commercialize STORM to the following user segments:
- financial institutions, such as banks, who process critical data (including privacy data) and transactions, of which loss or corruption will directly result into financial losses and loss of reputation
- data processors, such as First data, who process critical data (including privacy data) and transactions, of which loss or corruption will directly result into financial losses and loss of reputation
- insurance companies, who collect, process sensitive customer (including privacy data) and transactional data, but also manage savings
• Based on the commercialization plan, depth financial projections for the next 5 years were prepared that confirmed the highly attractive economics of the innovation project.
During Phase 1, dozens of discussions took place with potential users and re-sellers based on which InnoSec was able to better define the objectives and the next steps. In summary, Phase 1 convinced the management of InnoSec to further pursue the idea and to prepare next steps towards the product development, to be conducted with the help of Phase 2 of the Horizon 2020 grant scheme.
