The feasibility study was divided in 3 key areas:
1. MARKET FEASIBILITY STUDY. Identification of the trends that can promote ecoFLEXY implementation in the market. Deep understanding of the competitors, technologies, and Cellugy differentiation. Key market segments identified and unique value proposition created to fit these segments. Discussions with key market players enabled the discovery/confirmation of the needs, challenges, strategic CSR goals, performance, and volume requirements. Close relationships with key customers/partners were stablished and a strong market interest for ecoFLEXY was proven.
2. SCALE UP ANALYSIS. Improvement of the bioprocess economics, analysis on how to scale up to larger-scale pilot production, analysis of the risks linked to the use of waste materials, and drafts of preliminary productions flows. Overall, the feasibility to produce in a cost-effective way was confirmed. Food packaging regulations were reviewed and preliminary compliance reports were achieved with no special difficulties. Discussions with packaging providers pointed out additional regulatory requirements. To increase volumes of production and thus market penetration, licensing was incorporated to our business model. The income statement and balance sheet were adjusted according to the recent changes in the business model. The new financial plan was presented to several investors. Support from a key biotech investor was achieved. Key risks that might prevent our solution from entering the market were identified and mitigation strategies were put in place.
3. IPR strategy plan. The first patent application was filled in Denmark. Several key patents to protect Cellugy from its competitors have been identified and applications planed. Complete IP portfolio reviewed. The business plan has been updated with the key learnings of the feasibility study.
