Overall, Phase 1 provided time and resources to understand the technical and business viability of TFence. In particular, following aspects were assessed and provided valuable insights:
• TFence is the only one to addresses all 7 seven layers of security and will be the only feasible solution for medical and industrial applications;
• The Value Proposition and the use cases of TFence were refined – based on that, the industrial and the medical segments were again confirmed as most attractive business opportunities;
• Terafence is in discussion with many potential stakeholders to be involved in the product development plan. The Phase 2 technical objectives were defined to be validated again during further stages and a total budget of around €2M was quantified;
• The company prepared an industrialization and a business scale up plan, in which contract manufacturing is going to be crucial;
• A comprehensive user market research and a study on relevant regulations and standards, such as GDPR and ISO were performed;
• Terafence identified customers (i.e. resellers and OEMs), who are potential to reach the user market and commercialize TFence;
• The future business model was validated, as well as SWOT analysis and the analysis of market barriers was performed;
• Financial projections were prepared, based on the business upscale plan.
Overall, Phase 1 provided time and resources to research the market, and better understand the use cases of the TFence solution. Also, dozens of discussions took place with potential stakeholders, based on which Terafence was able to better define the objectives and the next steps. In summary, Phase 1 convinced the management of Terafence 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.
