Feasibility of SELKO AI

Project Information

SELKOAI

Grant agreement ID: 877456

DOI

10.3030/877456

Project closed

EC signature date 5 July 2019

Start date 1 June 2019

End date 30 November 2019

Funded under

• INDUSTRIAL LEADERSHIP - Innovation In SMEs

Total cost

€ 71 429,00

EU contribution

€ 50 000,00

Coordinated by

SELKO TECHNOLOGIES OY
Finland

Periodic Reporting for period 1 - SELKOAI (Feasibility of SELKO AI)

Reporting period: 2019-06-01 to 2019-11-30

Summary of the context and overall objectives of the project

Every complex technical system - designed or purchased – is defined using natural language text; technical specifications, requirements and contracts. In particular, this applies to all project-based businesses. For instance infrastructure, utilities, aircrafts and other similar large and complex systems require compliance with tens of thousands of requirements derived from multiple sources.

The process of analysing the requirements and specifications is a time-consuming and manual task, where errors are frequent, and risks involved can be devastating. Mistakes in the requirements analysis are a common cause for delays and additional development and maintenance costs.
Sizable losses in large technology companies are recorded on an annual basis that directly or indirectly result inadequate risk management in the tendering and implementation phases of technology projects. In addition inefficiencies in the tendering processes result in significant productivity losses on a global level.

The overall objective of the feasibility study is to match the Selko offering with customer needs and create a successful business plan. The feasibility assessment will help us prepare us for the Phase 2 project and full-scale commercialization of Selko AI.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

The work performed during the project included in practice three elements - identification of the most interesting market segments for Selko market entry, business plan development, and IPR analysis.
The work during the project resulted in several strategic decisions - a clear strategic shift in terms of focus to a new target segment, as well as updates on different elements of the business model that lead to better scalability and more marketable offering.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

In terms of progress and results, the project resulted in Selko having more scalable and actionable strategy, and the company being more connected in both, the Finnish and the European technology and startup ecosystems, which will help in exploiting the results achieved in the project. Further, the updated business plan and focus will offer avenues for adding far greater value especially for the large technology companies operating in project industries, which in turn enables significantly larger impact in terms of economic value on the national and EU-levels, as well as in the wider societal framework.

Selko team