Periodic Reporting for period 1 - TEEMothyTS Simulator (Commercialization of simulator for interventional echocardiography, specializing in the field of minimally invasive medical therapies.)
Reporting period: 2019-09-01 to 2020-02-29
The problem being address within the scope of the project was to determine the feasibility of conducting an R&D project aimed at creating a simulator of interventional echocardiography, specialized in minimally invasive cardiac therapies
The assessment and analysis which has been conducted will help the applicant determine product feasibility. When the result of the project - TEEMothyTS Simulator - will be implemented, the product will help teach future professionals and practitioners, as well as popularize new therapeutic interventions and make them safer by providing a low cost, user friendly and adaptable simulator.
The overall objectives of the project were, as is stated in the grant application, to conduct an assessment and analysis of the potential impact of the project - commercialization of a simulator of interventional echocardiography, specialized in minimally invasive cardiac therapies - which will support the decision-making process of the application through objective and rational determination of its strengths and weaknesses. As part of the feasibility study, the applicant assessed the chance of the project's success.
The assessment and analysis which has been conducted will help the applicant determine product feasibility. When the result of the project - TEEMothyTS Simulator - will be implemented, the product will help teach future professionals and practitioners, as well as popularize new therapeutic interventions and make them safer by providing a low cost, user friendly and adaptable simulator.
The overall objectives of the project were, as is stated in the grant application, to conduct an assessment and analysis of the potential impact of the project - commercialization of a simulator of interventional echocardiography, specialized in minimally invasive cardiac therapies - which will support the decision-making process of the application through objective and rational determination of its strengths and weaknesses. As part of the feasibility study, the applicant assessed the chance of the project's success.
The application has conducted research in four major areas, as was indicated in the grant application. These areas included the following:
1. Operational and Financial feasibility – definition of the corporate and legal structure, products and services to be offered, SWOT analysis, HR analysis, growth-oriented strategy forecast, analysis of the management structure, risk assessment, potential growth of the company structure, projection of the amount of funding or startup capital needed, ROI projections, financial risk assessment.
2. Technical feasibility – product delivery, business location, technology requirements and potential acquisition, technical risk assessment, potential user involvement.
3. Production feasibility – production processes, materials and labor.
4. Legal feasibility - intellectual property management, analysis of regulatory constraints or standards regimes, partner search.
The completion of the project allowed the applicant to create a project feasibility - business plan, which confirmed the applications position for implementing the project.
1. Operational and Financial feasibility – definition of the corporate and legal structure, products and services to be offered, SWOT analysis, HR analysis, growth-oriented strategy forecast, analysis of the management structure, risk assessment, potential growth of the company structure, projection of the amount of funding or startup capital needed, ROI projections, financial risk assessment.
2. Technical feasibility – product delivery, business location, technology requirements and potential acquisition, technical risk assessment, potential user involvement.
3. Production feasibility – production processes, materials and labor.
4. Legal feasibility - intellectual property management, analysis of regulatory constraints or standards regimes, partner search.
The completion of the project allowed the applicant to create a project feasibility - business plan, which confirmed the applications position for implementing the project.
The feasibility study confirmed the applicant's position, that it is a good idea to implement the project.When implemented, the product will be of higher values to the customers and end-users, as compared to other products available on the market. It will help teach future professionals and practitioners, as well as popularize new therapeutic interventions and make them safer by providing a low cost, user friendly and adaptable simulator.