Periodic Reporting for period 1 - LET (Real Time 360 Live Streaming Electric City Auto Tours)
Período documentado: 2019-11-16 hasta 2020-05-15
The feasibility study addresses 3 main subjects: The Business Model; Technical Activities and Legal Activities.
Regarding the Business Model, we are looking into the market go-to strategy and the best way to expand LET Europe wide.
During the coaching sessions and the market evaluation the business model was brought to question, as well as the present electric vehicle and the need to broaden the vehicle portfolio in order to evolve to a self-service model requiring less resources and having the possibility of reaching a larger more profitable market.
Technically we addressed 3 stages: MVP; Product development plan and the scale up project.
During the Project LET has focused the technical analysis on Defining a minimum viable product addressing the key specification of the streaming system, checking it against the requirements suggested by the clients; Planning a sound product development process plan by implementing the agile development method, where, the process provides opportunities to assess the project direction throughout the development lifecycle. Two EU Cities were on the process of being contacted and the technical and economic feasibility of setting-up a pilot service at their touristic centers is being assessed; Lastly we are addressing the value chain for large scale market demand including profiling large-scale suppliers and additional external expertise needed to accomplish the product development plan outlined above.
We have also focused in establishing a sound IP management strategy and an overview of the activities needed to ensure the company freedom-to-operate.
Regarding the Business Model, we are looking into the market go-to strategy and the best way to expand LET Europe wide.
During the coaching sessions and the market evaluation the business model was brought to question, as well as the present electric vehicle and the need to broaden the vehicle portfolio in order to evolve to a self-service model requiring less resources and having the possibility of reaching a larger more profitable market.
Technically we addressed 3 stages: MVP; Product development plan and the scale up project.
During the Project LET has focused the technical analysis on Defining a minimum viable product addressing the key specification of the streaming system, checking it against the requirements suggested by the clients; Planning a sound product development process plan by implementing the agile development method, where, the process provides opportunities to assess the project direction throughout the development lifecycle. Two EU Cities were on the process of being contacted and the technical and economic feasibility of setting-up a pilot service at their touristic centers is being assessed; Lastly we are addressing the value chain for large scale market demand including profiling large-scale suppliers and additional external expertise needed to accomplish the product development plan outlined above.
We have also focused in establishing a sound IP management strategy and an overview of the activities needed to ensure the company freedom-to-operate.
The work was developed by the team evaluating the defined objectives and later validated by the coach in the working sessions.
During the feasibility study LET was awarded the UNWTO Award for Best Sustainability Startup in Tourism rewarding the team’s strong investment in the development of a sustainable and disruptive tourism product.
Since the beginning of the project the company has developed strong international contacts evaluating the pre-requisites for a strong scale up project with a solid go-to market strategy. This has shown new pathways to be evaluated as soon as the development project on the technical innovations is complete.
The financial Team has been focused on developing financial forecasts for the next 5 years that have been presented to investors and in preliminary talks with banks. Both quite fruitless.
The Management team has been working hard in preparing a contingency plan for the main risk that is the single car model. This has limited the type of service provided and is a risk for the evolution of the company in-to new high-performance models such as self-service.
The company has also been keeping close tabs to the development process of the engineering teams to define an MVP and the best plan to achieve it. It is critical so that the scaleup can happen.
We plan to apply to a Phase 2 grant so that the whole process can be speed up and we can achieve an European scale within the next 2 to 3 years.
This plan has changed since the meeting with the EU coach, leading to the revision of the Business Model and consequently the development priorities.
We have been working with the legal team so that the technological innovations have both freedom to operate and can be patented
During the feasibility study LET was awarded the UNWTO Award for Best Sustainability Startup in Tourism rewarding the team’s strong investment in the development of a sustainable and disruptive tourism product.
Since the beginning of the project the company has developed strong international contacts evaluating the pre-requisites for a strong scale up project with a solid go-to market strategy. This has shown new pathways to be evaluated as soon as the development project on the technical innovations is complete.
The financial Team has been focused on developing financial forecasts for the next 5 years that have been presented to investors and in preliminary talks with banks. Both quite fruitless.
The Management team has been working hard in preparing a contingency plan for the main risk that is the single car model. This has limited the type of service provided and is a risk for the evolution of the company in-to new high-performance models such as self-service.
The company has also been keeping close tabs to the development process of the engineering teams to define an MVP and the best plan to achieve it. It is critical so that the scaleup can happen.
We plan to apply to a Phase 2 grant so that the whole process can be speed up and we can achieve an European scale within the next 2 to 3 years.
This plan has changed since the meeting with the EU coach, leading to the revision of the Business Model and consequently the development priorities.
We have been working with the legal team so that the technological innovations have both freedom to operate and can be patented
Since the beginning of the project the company has developed multiple international contacts evaluating the feasibility of the business model itself, and the expansion process evaluating target market cities interest and entry strategies.
This has led to the development of a new business model that is unique in the world and will require a strong investment for a full-scale operation.
Until the end of the project we expect to answer the tasks identified in the work package.
This has led to the development of a new business model that is unique in the world and will require a strong investment for a full-scale operation.
Until the end of the project we expect to answer the tasks identified in the work package.