The Phase 1 concluded that NeuronSW solution for industrial assets will be a SaaS provided via an IoT cloud platform rather than sold as standalone solution. This strategy has been decided on base of values that IoT platforms provide in the technical feasibility, but also from the commercialization perspective. NeuronSW was proven to be superior to the current state of art and competing solutions solution does not exist today, thus NSW would be the first one to commercialize it.
During Phase 1, the Minimum Viable Product (MVP) and product development plan was defined. The MVP has been narrowed down for the first key applications. Project resource and project risks were evaluated and a budget of €1.41 M was estimated.
Contacts were made and negations took place between NSW and key partners in regards to the product development phase, but also for the commercialization phase. During the product development, the focus area will also be IP Management, to secure the future commercial benefits. Pilot users for the validation during product development were secured by own means.
During Phase 1, the target market segment of large companies and more than 5.3 million companies, active in Manufacturing, Construction and Transportation was assessed. In our initial assessment, this target market will give substantial market opportunity for the commercialization steps after Phase 2, thus generating significant profit (€507 M) and providing an attractive ROI of 307 over 5 years. Market barriers were evaluated and a commercialization as well as a communication plan prepared.
During Phase 1, the impact of the new product development and commercialization on the company was better understood and aligned with the overall business and financial strategy. The NSW team is fully committed to develop final solution and the company is financially solid to cover the co-financing part of the Phase 2 project.
Overall, Phase 1 provided time and resources to research the market, and better understand the use cases. Also, dozens of discussions took place with potential stakeholders, based on which NSW was able to better define the objectives and the next steps. In summary, Phase 1 convinced the management of NSW to further pursue the idea and to prepare next steps towards the product development, to be conducted also with the help of Phase 2 of the Horizon 2020 grant scheme.
