During Phase 1 of this grant proposal, a detailed feasibility study has been worked out in order to specify the needed new modules/features to elevate the current technological readiness level (TRL 7) to industrial readiness and identified how to prepare for the first business period. In Phase 1, we have modelled the innovation of the project the Phase2 project as well as the first business period related to our developments, potential market channels, applied business models, pricing, utilizations and risks.
The main chapters describe our achievements:
• Technical viability: Possible development alternatives and technical solutions were investigated with respect to the aimed TRL level (TRL9). Further developments contain 5 main objectives to accomplish TRL9. We examined the main competitive advantages against of the competing technological solutions. Besides this we have analysed the risks concerning the R&D activities, technological barriers and quality assurance issues to be solved during the implementation period.
• IP evaluation: After having prepared a Freedom to Operate study, the analysis of patent documents led to the conclusion that there can be interference with some of the claims of the recognized patent, but our invention concept targets the still open possibilities, therefore we can prove the novelty and to claim its IP rights concerning key solutions. Furthermore we concluded an IPR strategy in order to enable us to protect our IPR rights in the most effective way.
• Phase2 project plan: Based on the feasibility and technical viability checks, a professional detailed project plan has been established utilizing international professional methods. We used agile project planning method. A 2.2 million EUR project was prepared with the aim of developing TRL9, market-ready industrial Multi-Dimensional position sensing technology, taking into account the necessary HR, financial and infrastructural resources.
• Market research and Business plan: Primary market research have been conducted by involving our potential customers and key experts as well, in order to find ou their needs and challenges. A secondary market research has been carried out with the aim to gain an exact view of the market trends, and to be able to define the market of the market potential for the first business period. Our elaborated business plan has been compiled in harmony with results of the primary market research and the freedom-to-operate analyses. The plan includes legal environment analysis, business KPI's, a detailed commercialization plan (incl. market entry & scaling-up), business model analysis, return on investment calculations, organizational/HR action plans and stakeholder strategy.
We communicated to the public the gained SME project by placing the news in our website (www.precilabs.com) also in the LinkedIn-, Facebook- and Twitter pages of our company.