Periodic Reporting for period 1 - Novel Jack (Automatic Hydraulic Jack with improved capacity, safety and efficiency for agricultural implements)
Reporting period: 2017-12-01 to 2018-03-31
During the project, we validated the technical, commercial, financial and regulatory aspects related with the market introduction of Novel Jack product. The roadmap to advance the Technology Readiness Level of our system to TRL-9 was finalised and key partners were identified. A thorough patent analysis was performed validating our freedom to operate. The agricultural machinery market was analysed and market drivers that will fuel Novel Jack adoption were identified. Preliminary discussions with several customers interested in Novel Jack technology took place.
Our technical work focussed on re-visiting Novel Jack’s design to reduce its’ dimensions while considering production costs. We optimised the operation of the tilting system to reduce overall tilting time and evaluated its’ performance. In addition, we validated Novel Jack’s technical performance with the help of an independent group specialised in agricultural machinery testing.
Our market research analysed the needs of our customers and identified several geographical markets where Novel Jack offering would add significant value. For these markets, drivers that will drive Novel Jack adoption where analysed while barriers to entry were identified and mitigation actions were established. We benchmarked with competition showing that Novel Jack technology is 10x times better than its’ closest competitors. Our patent analysis evidenced that our technology does not infringe the intellectual property rights of others, confirming our freedom to operate. Additionally, we refined our sales strategy and carefully projected our Novel Jack revenues for the commercialisation period.
In addition, we participated at 3 major trade fairs in agricultural machinery and equipment, where we had preliminary discussions with customers that showed particular interest in Novel Jack technology.
Our market research analysed the needs of our customers and identified several geographical markets where Novel Jack offering would add significant value. For these markets, drivers that will drive Novel Jack adoption where analysed while barriers to entry were identified and mitigation actions were established. We benchmarked with competition showing that Novel Jack technology is 10x times better than its’ closest competitors. Our patent analysis evidenced that our technology does not infringe the intellectual property rights of others, confirming our freedom to operate. Additionally, we refined our sales strategy and carefully projected our Novel Jack revenues for the commercialisation period.
In addition, we participated at 3 major trade fairs in agricultural machinery and equipment, where we had preliminary discussions with customers that showed particular interest in Novel Jack technology.
Novel Jack’s advanced safety features will drastically reduce accidents related with agricultural machinery collapsing while supported by lifting equipment, accounting for 41% of fatal injuries. In addition, Novel Jack’s fully automated process translates into a 78% reduction in the time needed to extend and retract the jack; this equals to ca. 52 min saved per working shift. Hence, farmers will allocate the time gained to value-added activities, increasing their productivity. This results to annual wage savings of ca. €2 million for the European economy, while the leverage effect due to their productivity increase will be multiple.