In our project proposal, we drafted several potential scenarios in terms of commercialization, certification, operations and technology. It was required to deepen into the technical and business details of those options to be able to select the target business model to implement. A main objective and concern was to ensure that the final scenario selected and developed in this feasibility study was holistic, supported by subject matter expert insights, and that the strategies and tactics for each of those aspects were coherent, feasible and aligned between them, allowing us to maximise the probability of success of this project and its financial and social impact.
Specifically, the work performed during the project has been focused to improve and further develop:
1. Supply chain and operations development.
2. Certification strategy.
3. IPR & Legal development.
4. Commercialization strategy.
5. Risk assessment.
6. Financial analysis.
Main results achieved:
1. Supply chain and operations development.
- We preselected and engaged with potential partners that cover the complete operations value chain. This includes short term externalised testing and operations, long term suppliers, and also partners to support the in-sourcing of several capabilities.
- We developed our value chain and progression to long term strategy, understanding requirements, risks, pros, cons and financial impact.
2. Certification strategy.
- We selected a feasible strategy for certification, as well as we developed the associated roadmap, budget, resource plan, challenges, risks and opportunities.
- We strengthened our proposition to customers, demonstrating our adequacy to the regulations of the industry. This increased our brand reputation.
3. IPR & Legal development.
- We performed an exhaustive analysis of the aspects and characteristics of the project to be protected and we drafted a plan to implement those during phase 2. This analysis and their conclusions were validated by experts in this area.
- Conclusions of the state of the art, patentability analysis and freedom to operate made by experts pointed out that up to now no relevant patent has been found that interferes with our design and that our design could probably be patented.
4. Commercialization strategy.
- We have selected a commercialization strategy.
- We have confirmed target users. Market value and sales projections have been updated accordingly.
- We have improved brand reputation and awareness.
- We have attracted potential customers, obtaining a letter of intent from our targeted potential customer.
- We have refined our scale up strategy, including further product developments into our roadmap.
5. Risk assessment.
- We have improved our risks assessment and developed a plan to reduce both the impact and probability of occurrence.
- We have integrated the defined mitigation actions into the Phase 2 implementation plan to increase the probability of success of the project.
6. Financial analysis.
- We have updated our financial plan and cost structure.
- We have updated customer side benefits.
In addition, a project plan, budget and resource plan have been developed for phases 2 (product readiness) and 3 (commercialization and recurring manufacturing) of this project.
