The aim of the innovation project PREVENT is to provide an effective solution to one of the greatest societal problems currently faced in the EU, as well as worldwide - drink-driving. Thus, the goal is development and commercialization of an accurate, reliable and effective product that finds a suitable solution.
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.
