In the framework of insofeet SME Phase 1, initially a thorough market study was employed. The study includes data with regards to the existing global wearable market, identification of potential target market sub-segments, as well as, market research on smart footwear and Safety Smart Footwear. This was achieved through extensive study of market research reports and official statistics on global sales market around wearables, as well as, global statistics related to occupational injuries at workplace. Competition analysis and evaluations were conducted during the market research as well. Following the competitive analysis and existing market products, we detect a degree of saturation in the sports market and a high degree of difficulty along with extended timelines to enter the medical sector and acquire medical certifications. On the other hand, surveys and discussions with industrial companies (in Cyprus, Spain, Greece, Italy), sport teams, athletic organisations and governmental bodies, show a high interest for an injury prevention device for use by workers and revealed an increased market potential.
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.
