Periodic Reporting for period 1 - InsoFeet (Cutting-edge insoles with advanced characteristics for medical and sports applications)
Reporting period: 2019-06-01 to 2019-11-30
The overall purpose of this project was to identify existing competition and update our business and marketing models, as well as to study and evaluate the financial viability and potential commercial success in large markets, with a feasibility report as the end deliverable.
Gait dynamics’ and biomechanics monitoring is of high importance for several sectors including medical and rehabilitation centers, sports teams as well as industrial companies that are required to comply with Occupational Health and Safety regulations for workers. Insofeet is a completely non-intrusive insole for measuring accurately key gait dynamics’ parameters. Insofeet technology delivers a novel, accurate and relatively low-cost insole that aims to prevent musculoskeletal disorders and injuries, propose load management for safety optimization, as well as increase movement efficiency and precise body control. The insofeet insoles are capable of fitting in different shoe types. The insofeet insole integrates miniature force sensors of high accuracy in a customisable flexible design, adaptable for specific applications. Sensor measurements are collected in real-time, processed through validated algorithms and presented through a friendly interface.
The first main objective was to perform a market feasibility study through market survey, and analysis via desktop research and access to market research reports. In addition, during the market feasibility the objective was to conduct end user studies through surveys, interviews and communication with focus groups and key stakeholders, as well as employ a preliminary review of directives and regulatory requirements, directly relevant to our end-users.
The second main objective was to carry out a technical feasibility study in order identify optimum types of force sensors and study materials requirements and properties. In addition, within the scope of the technical feasibility was to compile a bill of materials and estimate the production costs of insofeet.
The third main objective was to update the initial business plan and to prepare a detailed dissemination and commercialization plan.
In addition, a technical study was carried out in order to a) to investigate the optimum type of force sensors for the targeted end-user, considering accuracy, sensor size, price and sensitivity, b) to study material requirements based on layers, as well as to identify all electronic components to be used, considering mass-production. Moreover, material/component identification was conducted, and the bill of materials was compiled. This was carried out through direct contact with international manufacturing companies and wholesale material suppliers. The findings were used as input to further optimize our estimations for the production costs of insofeet insole and complete assembly and manufacturing.
Lastly, a detailed and specifically structured business plan was created, including a detailed communication, dissemination and commercialization plan. The business plan was created based on: a) the market study results and the market segmentation, b) the detailed and specifically structured model business canvas, c) the technical report and the production costs, d) sales targets, and e) required investments.
The completed work helped us to further improve substantial aspects related to the project impact and particularly the market study, technical details and business approach.
The findings of the feasibility report also revealed that insofeet can become a leading solution. We are looking ahead on employing our conclusive strategies for achieving highly efficient acceptance rates of insofeet within the targeted markets.
Our upcoming and foremost target is to achieve further support through the EIC funding in order to complete the objectives and goals related to the optimization of the final technical aspects of insofeet, the industrialisation of the product and its certification, the large-scale demonstration and the implementation of all essential communication, dissemination and pre-commercial activities.
What has been identified through the SME Phase 1 Feasibility Study is that there is an identifiable gap that can be filled by the offering and the benefits of insofeet both in terms of its socio-economic as well as its health & safety impact. After better understanding the market opportunities and user requirements, we expect to deliver a product to the market that will provide gait dynamics’ analysis in a real environment, therefore reducing the occupational injury incidents, improving health & safety in the workplace, enhancing productivity, optimising performance, and quick rehabilitation. Indirectly, there are also potential socioeconomic benefits relating to lower insurance claims, lower insurance costs, lower health claims.