Periodic Reporting for period 1 - Aerobits (Aerobits - world smallest ADS-B receivers to safely integrate drones into European airspace)
Reporting period: 2017-12-01 to 2018-05-31
Task 1: Performed a technical feasibility study
We have assessed requirements of target market segments according to final user needs and adapted technology accordingly. We have compared current state of technology to user requirements and to our competitors to identify the key features that need enhancing in order to meet market demand. We have found business partners and signed letters of intent as well as started the process of setting up worldwide distribution network.
Task 2: Market feasibility study
We have performed detailed market research by visiting trade shows, end-users as well as desktop reports. We have expanded initial assumptions by performing market assessment, checking the competition level and market forces analysis. We have identified our key strengths and weak points. Evaluated the state of our customers, their willingness to pay and acceptance of the product. We have estimated current and future market penetration based on the knowledge gained. We have obtained patents, required norms and worked on our development strategy.
Task 3: Create an updated business plan
As an outcome of tasks 1 and 2, we have updated the initial business plan to include future development, detailed market dissemination and commercialization phases with a financial plan to represent it.