During the Phase 1 project, we have spoken to and interviewed industry associations and potential customers to uncover their needs and gain a complete understanding of the solution’s technical acceptance across specific supply chains, including demand, willingness to pay, pricing validation, and expected conversion rates. The results provided a valuable source of information to enhance the solution over the course of various iterations.
Initially, testing our prototype ideas with potential customers has generated relevant technical feedback. The feasibility data and feedback related to the pilots provided us with sufficient data to reach TRL6, and develop a roadmap for the future developments needed to reach TRL8. This has also helped our technical and commercial team to identify and develop mitigation plans for the risks that can potentially arise.
Secondly, we have conducted in-depth analyses of the initial target markets to realistically evaluate market size, growth, competitors/substitutes, clients and partners. This helped us to determine the likelihood of market success, plan next steps, while simultaneously assessing acceptance of our technology among potential customers.
Additionally, during the Phase 1 project, our team realized the business model validation. Also, we have completed an analysis of our internal company resources to ensure our capacity to carry out the project. Furthermore, we have carried out a prior-art-analysis and an analysis of the current and expected IP of our service to understand how to protect our innovation and brand assets. During the EIC Phase 2 project, this analysis will be extended, and is intended to identify potential gaps in the IP landscape that are of strategic importance in our product development and should thus represent a major focus of our development work.
