Our detailed feasibility study covered following Tasks:
Task 1: Assessment of technical viability and refinements required to achieve industrialization;
Detailed assessment of the technical viability, applications and refinements required to achieve industrialization and final commercialization of DeviceHub was performed. Results of the analysis were reported and used to generate a comprehensive Work Plan for Phase 2 of the project.
Task 2: Market assessment and segmentation - perform a more detailed market research how to reach global markets;
A comprehensive market assessment was carried out internally. Worldwide IoT spending to reach €4.59 trillion by 2018. B2B spending on IoT technologies, apps and solutions will reach €250B by 2020. Between 2015 and 2020, BCG predicts revenue from all layers of the IoT technology stack will attain a least a 20% Compound Annual Growth Rate (CAGR). DeviceHub anticipates market share, to a varying degrees, across all layers of the IoT technology stack and applications, specifically in discrete manufacturing, transportation and logistics, as well as utilities, in which we have already gained traction and tested our technology.
Task 3: Business Model Assessment;
During Phase 1 Feasibility Study, we devised a business model and pricing strategy that is a hybrid of Freemium and Platform as a Service (PaaS) models. The Freemium business model enables DeviceHub to be uniquely positioned in the market, providing feature-rich technology at the lowest entry cost possible.
Task 4: Risk Analysis;
DeviceHub has studied the market, competition and user needs. Based on our findings, a detailed risk assessment has been devised, including technological, commercial and market risks. We have also performed a SWOT analysis to identify the main risks and threats pertaining to the implementation of our project.
Task 5: Patent and IP protection study - “Freedom to Operate”, patent strategy and its implementation;
We have performed extended analysis of the Intellectual Property, supported by external patent office, and prepared a strategy to be implemented in the next phase of the project.
Task 6: Phase 2 Definition: Activities to be carried out in Phase 2, including complete Work Plan development;
A comprehensive Work Plan was generated for the execution during Phase 2, specifically technological and commercial Work Packages.
Task 7: Elaborated Business Plan;
Detailed market study was performed. We have identified market trends and the ecosystem in the IoT industry. Development, distribution and commercialization were planned. Financial projections were simulated. The most suitable market opportunities for DeviceHub were identified.
