Periodic Reporting for period 1 - TechNovatorXE (TechNovator XE remote wireless charging)
Reporting period: 2017-12-01 to 2018-04-30
The number of gadgets is continuously growing, and with the emergence of new devices, it becomes increasingly stressful for people to monitor and timely recharge all the batteries. TechNovator team managed to create the solution that leading companies have been trying to develop over the past two decades, the solution that allows staying in touch anywhere and at any time, unlimitedly use devices at any time, charge gadgets without human interference being entirely safe for humans, animals, and children.
TechNovator brings the world a unique long-distance wireless charging solution that enables individuals to create their personal comfort zone without any concern about the necessity to continuously monitor and charge devices, and help B2B customers to provide high-quality service to satisfy refined customers’ tastes and to differentiate from competitors.
TechNovator wants to give people an affordable, reliable, autonomous, remote wireless charging solution, which addresses two crucial issues: eliminates stress by allowing to use all the charging devices unlimitedly, and makes an enormous positive contribution to the environment by prolonging battery life and decreasing electronic waste.
The mission of the company is to make a long-distance wireless charging accessible to masses. TechNovator has the ambition to make its XE remote wireless charging solution an industry standard for wireless power transition using radio frequency electromagnetic waves.
The objective of the Phase 1 project was to develop a market entry feasibility study for TechNovator XE technology commercialization that would include thorough market research, partnerships development, patent landscape analysis, and a business model and business plan.
The SME instrument Phase 1 project allowed TechNovator to conduct a feasibility study, continue work on the final design of TechNovator XE wireless charging, and prepare for commercialization of the innovative solution.
TechNovator brings the world a unique long-distance wireless charging solution that enables individuals to create their personal comfort zone without any concern about the necessity to continuously monitor and charge devices, and help B2B customers to provide high-quality service to satisfy refined customers’ tastes and to differentiate from competitors.
TechNovator wants to give people an affordable, reliable, autonomous, remote wireless charging solution, which addresses two crucial issues: eliminates stress by allowing to use all the charging devices unlimitedly, and makes an enormous positive contribution to the environment by prolonging battery life and decreasing electronic waste.
The mission of the company is to make a long-distance wireless charging accessible to masses. TechNovator has the ambition to make its XE remote wireless charging solution an industry standard for wireless power transition using radio frequency electromagnetic waves.
The objective of the Phase 1 project was to develop a market entry feasibility study for TechNovator XE technology commercialization that would include thorough market research, partnerships development, patent landscape analysis, and a business model and business plan.
The SME instrument Phase 1 project allowed TechNovator to conduct a feasibility study, continue work on the final design of TechNovator XE wireless charging, and prepare for commercialization of the innovative solution.
During the SME instrument Phase 1 project an elaborate feasibility study was conducted to implement the following tasks: market research, partnership development, patent landscape analysis, and business model and elaborated business plan development.
1. Market research revealed that TechNovator XE is the only solution that provides long distance wireless charging (10 meters radius) and is entirely safe for humans and animals. Since the wireless charging market is rapidly growing at a CAGR ('17-'22) of 38%, and TechNovator XE solution addresses refined customers’ needs, there will be a substantial demand for XE wireless charging. During the market study TechNovator team identified potential market demand, elicited the absence of direct competitors, outlined competitive advantages of XE solution, and defined the initial market entry strategy.
2. Partnership development allowed to create a broad network of stakeholders to ensure the smooth process of TechNovator XE remote wireless charging commercialization and fast scale-up. During the Phase 1 project TechNovator attended three conferences and exhibitions and acquired 65 new potential partners’ contacts. Participation in exhibitions and conferences enabled to obtain feedback from potential licensees, suppliers, R&D and manufacturing partners and identified most common users’ needs for further technology improvement. By acquiring new contacts of investors, dealers, R&D institutions, marketing advisors, etc. TechNovator strengthened its market position.
3. During the patent landscape analysis TechNovator team along with attorneys thoroughly studied related patents, developed a plan for acquiring trademarks and patents, and decided on the further steps for the reliable IPRs establishment.
4. Finally, TechNovator developed a business model and elaborated business plan, which would be used as a roadmap for commercialization of TechNovator XE wireless charging as well as for further development of TechNovator business. TechNovator team has decided that licensing is more promising than retail sales business model since it requires less human resources, allows to quickly scale-up globally, reaches and attracts more customers and generates more revenues. However, to start selling licenses TechNovator has to show the evidence of users’ demand and track record of sales. So, the company will start project commercialisation with short-term retail sales, further proceeding with licensing. This will ensure successful rapid commercialization of TechNovator XE wireless charging.
1. Market research revealed that TechNovator XE is the only solution that provides long distance wireless charging (10 meters radius) and is entirely safe for humans and animals. Since the wireless charging market is rapidly growing at a CAGR ('17-'22) of 38%, and TechNovator XE solution addresses refined customers’ needs, there will be a substantial demand for XE wireless charging. During the market study TechNovator team identified potential market demand, elicited the absence of direct competitors, outlined competitive advantages of XE solution, and defined the initial market entry strategy.
2. Partnership development allowed to create a broad network of stakeholders to ensure the smooth process of TechNovator XE remote wireless charging commercialization and fast scale-up. During the Phase 1 project TechNovator attended three conferences and exhibitions and acquired 65 new potential partners’ contacts. Participation in exhibitions and conferences enabled to obtain feedback from potential licensees, suppliers, R&D and manufacturing partners and identified most common users’ needs for further technology improvement. By acquiring new contacts of investors, dealers, R&D institutions, marketing advisors, etc. TechNovator strengthened its market position.
3. During the patent landscape analysis TechNovator team along with attorneys thoroughly studied related patents, developed a plan for acquiring trademarks and patents, and decided on the further steps for the reliable IPRs establishment.
4. Finally, TechNovator developed a business model and elaborated business plan, which would be used as a roadmap for commercialization of TechNovator XE wireless charging as well as for further development of TechNovator business. TechNovator team has decided that licensing is more promising than retail sales business model since it requires less human resources, allows to quickly scale-up globally, reaches and attracts more customers and generates more revenues. However, to start selling licenses TechNovator has to show the evidence of users’ demand and track record of sales. So, the company will start project commercialisation with short-term retail sales, further proceeding with licensing. This will ensure successful rapid commercialization of TechNovator XE wireless charging.
From the business perspective, the team is working on the implementation of XE wireless charging commercialization. TechNovator ambition is to become a standard for wireless charging and boost adoption of the XE solution in other market segments, TechNovator will attract additional private investments and continue R&D to create solutions that could be integrated into other devices. TechNovator is willing to make a long-distance wireless charging accessible to the masses.