Periodic Reporting for period 1 - MANTICA (Fully Scalable Platform for Neuroscience Consumer Research and Product Development, Based on User-Friendly EEG-Headset and Cloud-Based Data Storage/Analysis.)
Reporting period: 2019-08-01 to 2019-11-30
The challenge of a market research is understanding consumer’s purchasing behaviour to predict successful marketing of products and services to the consumer. In this context, neuroscience has emerged as a valuable tool to provide significant predictive information on human behaviour. In particular, applying neuroscience to consumer’s response to products and experiences stimuli represents a huge opportunity for brand companies to better understand decision making and related process. At Thimus, we have envisaged MANTICA (renamed as THE T-BOX) - the first tool that applies neuroscience to testing phase in product and service development in real life experience to gain insight into customers’ motivations, preferences, and decisions. THE T-BOX comprises 3 components: 1) Electroencephalograph (EEG) headset to measure the neurological activity; 2) Operating software to calibrate EEG, acquire signal, process and store signal locally and 3) Cloud platform for data storage, analysis and visualization. Our goal is the full development of THE T-BOX as a fully scalable, easy-to-operate platform, which can be deployed by single customers, becoming a tool of internal market research with highly predictive results.
The Feasibility Study performed has focused on 3 main areas. From a technical point of view, we have assessed the next steps required to finalize THE T-BOX system, defining the technical specifications and operational costs for the three components (EGG, Software, cloud platform). We have also elaborated a risk analysis with a mitigation and contingency plan for the development of the project. Commercially, we have performed an analysis of the global research industry and the neuromarketing solutions market, paying attention to market trends, competitors and barriers to overcome. Additionally, we have identified cloud storage providers and potential partnerships and we have reviewed our IP strategy and updated our current FTO analysis. Finally, on the economic side, we have built financial forecast for the next 5 years, based on the best business model and pricing strategies.
The wide implementation of THE T-BOX in marketing decisions will reduce 30% product development costs and 50% less time to market. In addition, the use of THE T-BOX will be able to avoid the huge economic loss associated to product failure, since it increases 25% the likelihood of success, providing to the companies potential savings of millions of euros.