The objective of this feasibility study for LiveCities holds four main components: Technological feasibility, market assessment, Business Model assessment, and Risk and IP management.
The technological constraints of the project have come into question with the feedback from our initial implementations. The issues around scalability have been properly addressed and identified, while the use of data as a resource for open innovation has become a longer term goal, given the changes the project is facing. The customization potential of the platform has been identified as an important competitive element and will be critical in further development. Validating the project with customers has been the focus of these Phase 1 efforts and the success of such activity has lead to a significant pivoting exercise for Livecities into a corporate/institutional open innovation platform for project/partner identification with smart filtering, evaluation and selection processes and tools and a specific angle for Innovative Public Procurement.
Market assessment has been an important part of the this phase, we have quantified the participating startup/SME market, open innovation friendly corporate market and the potential institutional and government programs for public procurement. The focus has been on Europe, but the opportunities clearly exist elsewhere, as well. We have also made an important effort in exploring and validating the commercialization channels with specific focus on business networks and associations.
As far as the Business Model Assessment, the freemium model is confirmed as a sound choice to combine low barriers to adoption and a clear conversion path. The users/customers are both sides of the transaction: challenging government/corporations on one side and innovative SMEs/startups on the other. We offer powerful free value to try the service and additional value to those who seek to use these methodologies and opportunities in a more determined and strategic way.
As far as risk assessment, the technological risks have been properly sized, while market (commercial/social) risks will likely persist - despite the additional research and knowledge we have accumulated – until we are able to see the take up in sales.