Periodic Reporting for period 1 - ISSO (Innovative Swept Source for next generation OCT devices)
Periodo di rendicontazione: 2019-08-01 al 2019-12-31
Eye conditions are prevalent, and ~30% of the world population has a vision impairment or blindness – 50% of this vision impairment/blindness could have been prevented if diagnosed in an early stage. These problems lead to an enormous personal and societal burden. Strategies to address the needs associated with eye conditions and vision impairment include the development of appropriate technology that enables faster and reliable detection of vision problems in a very early stage.
The overall aim of the phase 1 project was to position OCTLIGHT for high growth by overcoming barriers and challenges associated with the introduction of a swept source to be incorporated within OCT systems that will address the current market needs.
The specific objectives included: (1) Market study focusing on a detailed characterization of the potential of the envisioned solution, including comprehensive market analysis of the primary segment; (2) Development of a viable business plan based on a verified business model; (3) Update IPR strategy around Ozzy core technology and ensure Freedom-to-Operate (FtO); (4) Plan the EIC Accelerator project.
The overall aim of the phase 1 project was to position OCTLIGHT for high growth by overcoming barriers and challenges associated with the introduction of a swept source to be incorporated within OCT systems that will address the current market needs.
The specific objectives included: (1) Market study focusing on a detailed characterization of the potential of the envisioned solution, including comprehensive market analysis of the primary segment; (2) Development of a viable business plan based on a verified business model; (3) Update IPR strategy around Ozzy core technology and ensure Freedom-to-Operate (FtO); (4) Plan the EIC Accelerator project.
An analysis of the relevant markets for Ozzy was conducted, with a detailed characterization of the primary segment for commercial exploitation. An evaluation of potential competitors, partnerships, customers and end-users was performed, and contacts have been carried with stakeholders to establish an understanding of market sensitivities pertaining to price point. The overview on the existing IP landscape was updated in collaboration with an IPR attorney and a solid backup on OCTLIGHT’s claims on our FtO was secured. We have also concluded that the overall vision of positioning OCTLIGHT as an innovation leading company in the OCT sector is soundly supported by the competitive edge that Ozzy entails over the existing solutions. In sum, the technological concepts, approach and expected impact was validated favourably through the feasibility study and remains unchanged for the innovation project to be carried out.
Ozzy, when integrated in an OCT system, will promote the increase patients care by being able to diagnose eye disease in an early stage, avoiding in some cases permanent eye impairments and blindness, which will significantly impact the lives of thousands of people.
The successful implementation of the present project will represent a significant business opportunity for OCTLIGHT, ultimately leading to a >100% growth from our company current size.
The successful implementation of the present project will represent a significant business opportunity for OCTLIGHT, ultimately leading to a >100% growth from our company current size.