During the SME instrument Phase 1 project SolarGaps team conducted an elaborate feasibility study implementing following four tasks: market research, dealership and partnership development, IPR strategy development, business model and elaborated business plan development.
Market research revealed that SolarGaps smart solar blinds is a unique solution disrupting existing market structure. It combines functions and features of smart shading and smart energy management devices with solar photovoltaic (PV) technologies and can serve as a modern substitute to different types of usual blinds and shades. Global Smart Shading market, which exists on the intersection of Smart Home and Blinds and Shades market, was considered the best proxy for the SolarGaps niche market being created on the intersection of Smart Home, Blinds and Shades and Solar PV Energy market. Global smart shading market is forecasted to grow significantly at 90% CAGR (2016-2021) providing market opportunity for SolarGaps rapid scale-up. Competitors analysis has proven that currently SolarGaps smart solar blinds have no direct competitors, while potential substitutes and alternatives do not fully satisfy customer needs. Market research enabled to outline SolarGaps priority markets.
Dealership and partnership development during the project allowed to create a broad network of stakeholders to ensure the smooth process of SolarGaps smart solar blinds commercialization and scale-up. Participation in exhibitions and conferences enabled to promote solution in the priority markets and receive valuable feedback about the product and its pricing from potential dealers and early-adopters. Within last 4 months company doubled its dealers network, adding 18 new distributors in 17 new countries, and strengthen its position by expanding its dealers network in the US and Spain.
In the process of IPR strategy development SolarGaps team identified and classified IPR strategy, performed the audit of the product and the technologies, conducted IRP clearance in EU and submitted applications for trademark in the target markets. The company along with attorneys performed a thorough patent landscape analysis, specified the intellectual property objects, and proceeded further in creating the IPR portfolio. SolarGaps received utility model patent in Ukraine as a System for Converting Solar Energy into Electrical Energy, applied for the trademark in the country of origin (Ukraine) and in the US and is now in the process of obtaining the trademark in the EU. Further steps for the development of reliable IPRs have been identified.
Finally, SolarGaps developed an elaborate business plan that will be used as a roadmap for commercialization of SolarGaps smart solar blinds as well as for further development of SolarGaps business. SolarGaps revenue streams come from the sales of smart solar blinds to B2B and for B2C customers. Company focuses on R&D and marketing activities, outsources the assembly of the product and delegates distribution to the local dealers, which makes SolarGaps business model easily scalable. Three other tasks completed during the feasibility study allowed to develop pricing strategy, which will be based on global pricing approach, and commercialization plan as a comprehensive roadmap consisting of interrelated plans for final serial product development, market expansion and related with them certification and dealership and partnership development in each market.
