This Feasibility Study has enabled our company to perform key activities for validating the commercial and technical feasibility of our SmoothTool project. Firstly, we have held over 9 in-person meetings that allowed us to gather all necessary information to complete the project, resulting in successful negotiations to carry out pilot tests and close initial agreements for future product distribution. Prototype tests and demonstrations were also carried out with key prospects. The initial feedback of our product has been very positive. The request of adding specific features e.g. weaving to circles came after fruitful dialogue with potential distributor and end-users. Importantly, as a result of these activities, we have made some changes to our product, which will speed up the process to market. Previously, the main focus was on industrial robots but the complexity in this product became more evident throughout the process as well as the market feedback. Thus, we concluded that the best way to market was through a more convenient product that is based on collaborative robots and commercialized via a licensing business model. Additionally, we have improved the system design of the future Industrial SmoothTool solution and defined the technical specifications.
Secondly, we have strengthened our IP asset portfolio obtaining “Approved” status for our core patent, and guaranteed our freedom to operate in our primary target markets – Germany, UK and France. We have also developed a clear IPR management strategy together with our IP firm.
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 EIC Accelerator) for the completion of the final phase before market launch – validating the industrial SmoothTool with pilot customers.
