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Unlocking the full potential of grarages and paving the way for 21st century garage

Periodic Reporting for period 1 - HomyHub (Unlocking the full potential of grarages and paving the way for 21st century garage)

Reporting period: 2017-10-01 to 2018-02-28

HOMYHUB is a Startup with the mission to unlock the full potential of garages, to make them a valuable space in people’s lives.To achieve our mission, as a first step, we developed an universal plug & play solution for garage openers that turns the smartphone into a Smart Garage Remote. This enables users to control, monitor and manage access to the garage, anywhere and at anytime.

Simultaneously, acts as an IoT platform where companies integrate to generate New Generation Services. Thus, the user can get the most out of the garage easily and immediately. At the same time helping these companies and the society to solve different kind of issues through these New Generation services. The result: Disruptive innovation related to Smart and Sustainable Mobility, Smart Cities and IoT. Giving a Better mobility, less congestion, more safety and security

With the Phase 1 we did, on the Market and business Feasibility: Research the global market and competitive landscape, stakeholders’ engagement and establishment of strategic opportunities, Establish a sound go-to-market strategy, Business Model validation. On the technical and practical feasibility we did: Technology analysis and innovation roadmap, risk assessment & contingency plan and establish next steps for effective IP management. And in the financial feasibility we did: Financial analysis, Define operational and marketing needs and formulate a financial model.

All them, giving positive results and pushing HOMYHUB to the next phase on the road to the market.
Based on the Specific objectives, we did:
- Research the global market and competitive landscape. Sized the reachable customers and a reliable market share. Identified priority target markets for initial commercialization considering market size, growth, competitors/substitutes, providers, clients, partners. Gave as a result the Spain Market (as a first market to target) where we have a big opportunity with more than 9 M automated residential garages, few competitors, and a strong USP with the service layer (Deliveries, Sharing Economy, and Connected Cars). Also matching these quantity of garages with the markets related to this service layer, which significantly increases our Serviceable Available Market in terms of revenues.

Fully reviewed existing assets, user need and demands and likely market segments; SWOT to position the
company in the market. Giving us a clear answer on how to proceed. Details of the SWOT in the coming sections.

- Stakeholders’ engagement and establishment of strategic opportunities. Identified and established potential alliances and partnerships in different countries.Identified and participated key networking events to gain visibility. Participating in many of them, to mention some: South Summit, PropTech Unconference, Neinor Next, Porsche Program, Smart Doors, 4YFN. And establishing relevant connections with corporates for pilots with Car Manufacturers, Couriers, Supermarkets and Sharing Economy Platforms.

Identified channel/distributors partners, potential alliances and suitable exploitation routes to each one for target countries. Already making some very relevant ones, as the one with the biggest Courier in Spain (Correos) and other corporates (Carrefour, Repsol, SEUR), one big property manager (Inmo), and garage door installers.

- Establish a sound go-to-market strategy. Most suitable business model identified; secure the interest of at least 100 potential clients B2C/B2BC in 3 EU countries (Spain, Germany and UK). Gaining registration for pre-order from 97 leads B2C, and 5 big companies (B2B2C)

- Business Model validation. Assessed current business and pricing model acceptance. Continued benchmarking our strategy against major players’ offerings and recruit feedback from potential users in the priority countries. Giving as a result a validated pricing for our HW and SW, and a extra new SW recurrent revenue through our API related to the service layer.

With all this, we finally did a definition of countries and potential organizations to be involved in SMEi-2 for the large validation pilots.

We also did:

- Technology analysis and innovation roadmap: Tested current functionalities & features internally, then with real clients and users and got their feedback. With this, we defined technologies, timeline & milestones to meet users/customers’ needs in the short & long term ensuring scalability and accurate performance.

- Risk assessment & Contingency Plan: Identified main risks and defined appropriate mitigations plans.

- Established next steps for effective IP management. Freedom to operate, regulation, standardization compliance. Defined a strategy for knowledge, IP protection, ethics and security affairs. All this through consultancy with experts. Giving as a result that we are free to operate, as we are not infringing any patent or law. And, in terms of knowledge and IP protection, going through Trademark registration and commercial protection strategy through exclusivity agreements.

- Financial analysis: Time and cost to market. Cost of acquisition of new customer. Investment needs and sources.

- Define operational and marketing needs and formulate a financial model allowing the business to grow from current situation to become a strong company with international presence.
With the analysis, even though HOMYHUB is not the cheapest solution, it’s the one that gives more value. Not only due to its balance of features, but it’s important to highlight that new generation services is something that brings more and more value. This because progressively more and more services will connect.

The Phase I helped us maturing our roadmap. In this we made a strong push on how we envisioned our Master Plan to achieve our mission. Not changing, but accelerating our 3 Steps Master Plan: Devices, integration, services.