This Feasibility Study has enabled our company to perform key activities for validating the commercial and technical feasibility of our FAERSK project. Firstly, we have held over 20 in-person meetings and various telephone conferences that allowed us to gather all necessary information to complete the project, resulting in successful negotiations to find the best partners for raw material sourcing and processing, key technology components and product distribution. Taste tests were also carried out with key customer decision makers. Main results include: (1) signing preliminary contracts with 3 customers (1 supermarket chain, 1 food wholesaler and 1 airline company); (2) bringing on board two large salmon suppliers who are fully aligned with our product sustainability goals and keen to integrate FAERSK technologies into their processing facilities – fish production capacity is secured through the mid-term; (3) improved design iteration and definition of the technical specifications for our Pin Bone Releaser innovation and initiating development and testing activities with technology partners; (4) defining the technical specifications for our 2-in-1 fish package together with our packaging partner, including an important switch from plastic packaging to eco-friendly carton packaging, and; (5) developing and launching our new FAERSK corporate website (www.faersk.com).
Secondly, we have extended our IP asset portfolio and guaranteed our freedom to operate in our primary target markets – EU, USA, Canada and China. We have also secured patent protection for secondary target markets Chile, Australia, New Zealand, United Arab Emirates, Israel and Russia. During Phase 1, we have worked closely with our patent firm to develop and implement a robust IP protection strategy, performing various activities to ensure our successful market entry and later scale-up – monitor our patent applications, carry out an ongoing technology watch and file nearly 20 national patent applications protecting both the 2-in-1 Active package and Pin Bone Releaser. Moreover, one additional PCT patent has been approved which further protects our Pin Bone Releaser innovation internationally.
Finally, based on the information gathered, we performed a detailed bottom-up market analysis including a 5-year revenue and expense forecast, user needs analysis, competitor analysis, business model analysis, risk analysis, logistics plan and financial plan. Unique selling points were also refined and a step-by-step commercialization plan was developed. All of this information has been compiled into a detailed Business Plan covering 2019-2025. Fundamental for reaching our ambitions, this Feasibility Study and Business Plan will also generate confidence among our customers, partners and future investors. Specifically, we will use this Feasibility Study and Business Plan to attract external funding (including SME Phase 2) for the completion of the final phase before market launch – validating the FAERSK product in a large-scale pilot with real customers.
