POM: Peace of Mind for everyone's invoice administration

Project Information

tap.pay.store

Grant agreement ID: 817268

DOI

10.3030/817268

Project closed

EC signature date 27 April 2018

Start date 1 May 2018

End date 30 November 2018

Funded under

• INDUSTRIAL LEADERSHIP - Innovation In SMEs

Total cost

€ 71 429,00

EU contribution

€ 50 000,00

Coordinated by

POM
Belgium

Periodic Reporting for period 1 - tap.pay.store (POM: Peace of Mind for everyone's invoice administration)

Reporting period: 2018-05-01 to 2018-11-30

Summary of the context and overall objectives of the project

Eurostat shows that 14% of the total employment force in EU-28 is self-employed. On average, they spend about 8h per month on administrative tasks. However, existing solutions on the market don’t offer an end-to-end solution - like POM - for receiving, scanning, paying, storing and sharing invoices.
POM has the ambition to commercialize on a European scale in the next 5 years and to achieve a market share of 15% - 20% per country within 3 years after entry. Because of its unique value proposition, the entry strategy is focused on positioning the POM app for end-users to the self-employed as target customers. Afterwards, we intend to offer our full portfolio of products for end-users and for billers.
The main objective of this project is to identify the best countries for POM to expand to first and which strategy to follow. We constructed an Accessibility Matrix to score 6 selected EU countries based on key drivers and performed a competitive analysis. We identified Spain and France to be the countries with the highest potential for expansion (using the POM app for self-employed as entry point).

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

Task 1: Detailed market study
Activities: framework and detailed market study for the identified countries. Use of key drivers to assess the market. Outcome: market analysis per country.

Task 2: Check and confirm
Activities: validation through customer surveys and contact with local stakeholders to identify new target audiences and check assumptions. Outcome: insights from of interviews & qualified leads.

Task 3: Go-to market plan
Activities: definition of a market approach and calculation of financial figures. IP management plan and strategy for innovation development. Freedom-to-operate analysis and study of SEPA regulatory aspects. Outcome: detailed and comprehensive business plan for market entry.

The Accessibility Matrix analysis points out Spain and France as the most appealing countries for expansion; with France as the starting point.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

A successful expansion into France and Spain (realizing the projected sales of the POM app) could have an impact of 93 € million on POM's turnover by the end of 2022. The POM app enables invoice administration “on the go” and saves up to 97% of the time normally needed to process an incoming invoice. It bridges the self-employed’s administration with external accounting. OCR technology combined with machine learning is a key value driver of it, allowing incoming invoices to be automatically read and transferred to the accounting.

POM: 1 omni-channel platform for all your invoices