Periodic Reporting for period 1 - UDO (The ultimate commuting solution for a car-free city)
Reporting period: 2017-08-01 to 2017-11-30
Currently, e-bikes are however regarded as expensive, heavy and unsafe, with some cities effecting bans on them as they pose a threat to pedestrians due to their speed and unexpected acceleration. This results in the growing need for a lighter, safer and more economical alternative e-bike that will offer greater autonomy for the user, while maintaining safety.
With UDO, we intend to deliver a lighter, safer, sustainable and more affordable e-bike that will offer the benefits of an electric bike, while retaining most features of the traditional bicycle. With UDO, the user will achieve greater autonomy with 50% less effort, while retaining full control of the bicycle.
From the market analysis, we identified the market and user needs, together with the most promising markets that we could target for the initial market introduction of our novel UDO powered e-bikes. 3 year financial projections of the UDO project were formulated, considering the best, conservative and worst-case scenarios. We also explored the intellectual property landscape and established that we have freedom to operate. From these results, we concluded that UDO is technically and commercially viable and we combined them to draft a comprehensive business plan for commercialisation.
Successful commercialisation of UDO is anticipated to bring about additional revenue of over €2.9 million by 2022, with a creation of employment opportunities for at least 7 people