During Phase 1, SignAll Zrt. performed a technical and business feasibility assessment on the SignAll platform. It compared the concept with known competing solutions, to able to distinguish it from current state of art.
During Phase 1, the Minimum Viable Product (MVP) for the next development cycle was defined and product development plan prepared. The direct cost of the pure product development over 2 years is estimated around €1.16m. An additional 25% of indirect cost will be needed. The total project cost would be then €1.45m.
Worldwide, there are 70 million Deaf whose primary language is a sign language and several million more people who become deaf due to hearing loss. There are more than 200 registered sign languages (and more than 6.000 spoken). In Europe people use 40 different sign languages. Some 65-78 people out of 100,000 are deaf.
During Phase 1, the impact of the new product development and commercialization on the company was better understood and aligned with the overall business and financial strategy. The financial potential was quantified, with a conclusion of the revenue that could reach a total of $74.8 million until the end of 2023. SignAll team is fully committed to develop final solution and the company is financially solid to cover the co-financing part of the Phase 2 project.
Overall, Phase 1 provided time and resources to research the market, and better understand the next steps. Also, dozens of discussions took place with potential stakeholders, based on which SignAll was able to better define the objectives on the roadmap. In summary, Phase 1 convinced the management of the company to further pursue the idea and to prepare next steps towards the product development, to be conducted maybe also with the help of Phase 2 of the Horizon 2020 grant scheme.
