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.
