The 6-months period covered by the Feasibility Study went from March 1st to August 31st 2019. The key tasks BitMetrics committed to execute included:
- a complete market study to examine in further depth competition and to estimate/validate the potential market size in Spain, Germany and Italy. This analysis let us recognize and assess competition, their strategies and business models. It also helped us to identify named potential business partners in the three countries.
- a regulatory study. We understood the need to considered not only data privacy regulation but also Regulation (EU) 2019/881 that consists of “a framework for the establishment of European cybersecurity certification schemes for the purpose of ensuring an adequate level of cybersecurity for ICT products, ICT services and ICT processes in the Union that is also an opportunity for BitMetrics to outstand from competitors by acquiring the necessary certificates to become a trusted company.
- an IPR protection plan, that resulted in an external assessment made by a Spanish intellectual property firm that recommended us to apply for an invention patent
- Our Neural Network model evaluation after which we consider BitMetrics is in a position to use our current proprietary Deep Learning models and methodology more reliably and competitively in a production setting.
- a 5-year business plan, with a detailed
- We also had the chance to receive business coaching from a seasoned business executive that challenged our hypothesis by asking the right questions in order to accelerate our start-up’s development.
In terms of dissemination, we spread the word about the project and its outcomes in any presentation made by BitMetrics (from recruiting pitches to commercial meetings, as well as through our webpage
http://bitmetrics.es/unimind(se abrirá en una nueva ventana)). We also took control of our profile at Crunchbase and added additional information (
https://www.crunchbase.com/organization/bitmetrics(se abrirá en una nueva ventana))
We noticed the positive effect that communicating that our project has been funded by the European Commission has on any potential partnerships: immediately we gain respect and potential in front of our counterparts.
