Phase 1 was focused on the validation of our business plan through the implementation of a Feasibility Study. Its principal aims were:
(i) verifying the core technology,
(ii) assessing practical and economic viability of our laser system - including refining treatment protocols,
(iii) exploring a road to commercialisation, and
(iv) confirming our go-to-market strategy.
The Feasibility Study was divided into six core tasks:
- Section A: Market analysis (M1–M6).
o In-depth analysis of target markets: size, growth potential, competitive landscape & customers. Establishing strategic alliances to increase our competitive advantage. Analysing market risks and building mitigation plans to ensure a successful and sustainable commercial launch of our technology.
o Result: through our proprietary market research, we identified the main tensions that exist for laser technology consumers. Each suggested a possible role that our brand might play when entering the market.
- Section B: Stakeholder engagement and customer experience (M3-M6).
o Sharing product development plans and initial pre-commercial tests with potential stakeholders to ensure successful commercialisation of our technology. Carrying out key interviews with each stakeholder group with a view to long-term partnership.
o Result: We validated our product development plans and initial pre-commercial tests from key stakeholders. We engaged relevant stakeholders, including 500+ potential end-customers, with a view to long-term partnership.
- Section C: Technological feasibility, risk analysis and innovation strategy (M3-M6).
o Improve product development through ongoing R&D efforts on the existing laser, in addition to refining optimal treatment protocol through preclinical studies. R&D outcomes to be used to enhance commercial prototypes, and ensure compliance with regulatory standards in preparation for commercial use.
o Result: the animal study showed positive results for the performance of LightSense’s laser technology.
- Section D: Intellectual property and freedom to operate (M1-M6).
o Preparing a knowledge-protection strategy at a global level for current and future developments. Analysing resources required to protect our innovations, and classifying intangible assets that come from technology development and business planning activities.
o Results confirm we are leaders in this intellectual property domain and have freedom to operate. Additional information gleaned from the IP audit confirm that we are in the process of filing additional novel claims.
- Section E: Economic feasibility (M4-M5).
o Assessing internal resources and capacity to develop a commercial network in view of market launch. Prepare cost-benefit scenarios, evaluating hiring requirements and outsourcing options, and revalidating funding needs.
o Result: we have initiated search for key additional hires, and are in the process of completing vendor selection for key subcontractors. We further identified a number of commercial project risks.
- Section F: Business model validation: (M1-M6).
o Refining operational cost estimations, revenue projections, and profitability roadmap. Confirming final business model and pricing strategy.
o Result: we validated our business model through revenue projections driven by volume of demand, number of devices required, treatment capacity per day, and space utilisation ramp-up post launch.
