Over the last 6 months in the course of this Phase 1 project, we visited multiple industry events, conducted customer and stakeholder interviews, and background research.
As a result, we picked three market segments to investigate further. For each of them, we describe the main problem of our customers that fits our technology, propose a solution and carry out a cost and benefit analysis. After an initial exploration phase, we focused mainly on a single industry, as they spend a substantial amount of their revenue on environmental monitoring.
In one sector, we identified multiple opportunities. However, one industry is very difficult to penetrate, and we are still actively pursuing leads. We did identify another application that we can address with our technology, with a shorter route to market based on our analysis.
• We have strengthened our belief that we have a unique, strong market position. Our product is highly competitive in terms of novelty and cost compared with the current state of the art.
• We identified 3 market sectors where we have a strong solution with our technology:
• We have identified industrial partners in sveral industries to carry out trials next year.
• Through attendance of events, we gained a new advisor and new opportunities for our technology in a new sector.