Periodic Reporting for period 1 - PREVENT (“Alcohol-impaired driving PREVENTion and personal authentication by a vehicle ignition interlock system“)
Reporting period: 2017-05-01 to 2017-10-31
In this regard, one of the greatest challenges is the level of safety of different means of transport, especially road transport, being one of the most widely used one. Statistics is more than eloquent – in 2014, 25,700 people did not make it home and more than 200,000 people came home with life-changing, serious injuries. For the period 2003–2013, the total number of road casualties equaled 422,569 (the population of a mid-sized city). In addition to the fatalities, the number of people injured in this period was 18 million. Furthermore, the social cost of road accidents is officially estimated to have cost EUR 130 billion per year.
In this train of thought, one of the main problems associated with road safety is driving under influence. About 25% of all road fatalities in Europe are alcohol-related. As the Blood Alcohol Concentration (BAC) in a driver increases, the crash rate also rises. All these numbers indicate that road safety is a major societal issue.
In view of the above, Biodit Global Technology strives to provide an adequate solution of the problem through the development and commercialization of an innovative tool, PREVENT. This biometrical product offers extremely high level of security and prevention through the technologies incorporated in it. The cutting-edge technologies incorporated lead to two functionalities – non-invasive blood-alcohol concentration detection and personal identification. So far, no alternative technology on the market can deliver the same high quality of security and prevention.
Biodit is aiming to achieve two main goals with PREVENT:
(i) Social impact – life savings – undisputable and unmeasurable achievement
(ii) Financial savings/benefits for variety of businesses – Insurance, Transport, NGO
To accomplish these, the main objective of the Phase 1 project is to identify a very promising opportunity in the market of alcohol interlocks. Specifically, we examined the economic viability of the project and gained further detailed knowledge regarding the target market, including better understanding of the market segments, end-users needs and preferences as well as identified potential risks and bottlenecks for the further commercialization of the PREVENT device. The concluding activity is a development of an elaborated business plan designing the strategy for product development and commercialization. This task outlines how the business will operate within the established environment. The result is a strong, detailed plan that provides a clear road map for the future and gives much greater understanding of the market conditions and the competition.
With this in mind, the concluded feasibility study demonstrates the technical feasibility and commercial potential of PREVENT, the breakthrough innovation that Biodit wants to further exploit and commercialize. With the implementation of this study, the company achieved a clear economic viability of the product, including in-depth knowledge and understanding of the market and the competition.
In detail, the result achieved is an elaborated business plan within the Phase 2 approach. The content is based on:
1. Market study. The methods used for data collection were qualitative research and quantitative data. These are used to establish measurable data, to formulate facts, and to uncover patterns. The result is a detailed examination of the market size, political environment, as well as potential entry barriers. This activity concluded that the problem of drink-driving appears to be a concern widely recognized by society and public officials within the EU. However, the market of alcohol interlock devices is in development within non-homogeneous business and legal environment.
2. Customer pilots and survey. Comprehensive analysis of potential users’ needs and willingness was conducted with the purpose of better understanding of the target market for initial commercialization. In other words, this activity was a conduction of pilot studies within the target countries to assess the willingness of the target users to use the device. Plus, it collected feedback on the user experience and identified areas of improvement to be taken into consideration when further developing the product. In brief, this in-depth survey evaluates whether the product actually arouses the curiosity of the customer and has a place on the market by examining the experience of alcohol interlock programs. The conclusion is that the alcohol ignition interlock market in Europe is in its development stage. The end-users would need to be well educated and proclamation of the benefits of devices as PREVENT is widely necessary. Legislative power would hasten the market development the most.
3. Risk Assessment. Its aim is to weigh up whether the company has acquired enough details in the context of legal regimes and precautions in sense of administrative barriers to entry the market. Particularly, the risk assessment is of practical use for the purposes of the current feasibility study. It examines the formulation, functions, and performance of the administrative structure relating to alcohol interlocks within the EU. In line with the previous section, this section further ensures the variation among the national, international, and the EU’s concepts for development of these devices.
4. Initial Partner search. This part considers the economic climate of the target markets, Spain, Sweden, and UK in detail. Biodit identified various local companies for partnership purposes. They will assist in building a long-term, sustainable market share and profitability across the target countries. The information gathered about the potential partners, such as scope of work, location, and contacts, reflects on the adequate preparation of the market strategy.
Besides, we implemented proactive dissemination strategy that aimed at transforming the device prototype into business. Firstly, we acquired in-depth knowledge of the market and the target segments and updated the business strategy. Consequently, we undertook communication measures for the purpose of informing key stakeholders and potential clients on the initial target markets. In detail, we enhanced the distribution network and the existing distribution channels, and started forming strategic alliances with key stakeholders. Finally, we reach out to multiple audiences via interviews on Bulgarian television channels.
The company expects to further innovate and commercialize the device. Specifically, we are dedicating our time and effort to ensure that PREVENT device will be launched in a form which includes unique selling points.
In the same fashion, Biodit aims to achieve the goal to enter the EU market. After careful analysis implemented within the Phase 1, the company concluded that it is actually capable to become a unique entity in the EU’s industry of biometric security systems by offering PREVENT device.
The most important intention is BIODIT to achieve two main goals with PREVENT:
(i) Social impact – life savings – undisputable and unmeasurable achievement. Biodit Global Technology strives to provide an adequate solution of the problem related to drink-driving by diminishing the numbers of the road fatalities in Europe that are alcohol-related.
(ii) Financial savings/benefits for variety of businesses – Insurance, Transport, NGO. The creation of network of bodies for collaborative work will contribute to the provision of a comprehensive service that meets all customer’s needs. Besides, a potential business collaboration will offer a different perspective on already recognized problem; this will ultimately lead to more beneficial solutions for the companies.