Despite the covid situation, we believe that we have taken advantage of the six months of this feasibility study and have emerged the other side with stronger knowledge of our offering and the markets that we can target. Summarising the tasks completed and the results achieved:
Task 1 - Market study and Business Plan. We investigated and developedcost/benefit analysis for the main final applications that we considered we could target with our technology. The end result is that we discarded one of those applications and identified the priority to target. We also developed a roadmap that includes the next two priority areas and an initial commercialisation plan. We generated a SWOT diagram, with key milestones for the next years identified in the commercial plan and a Profit and Loss forecast. A plan for future funding and strategies to obtain this was created. Finally, further risks and contingency plans were developed.
Task 2 – Demonstrate Prototype to Stakeholders. We presented our solution to several potential users of OhmMAT-NANO and this resulted in good interest with the creation and sending of specific demonstrators for them to trial. Feedback has been received which has allowed us to understand the final specifications of the product for these clients.
Task 3 – Multi-Channel Marketing Strategy. Despite covid, we were able to engage with several potential clients, not through physical visits, but rather telco´s, remote demonstrations and then mailing of demonstrators. Unfortunately, an important composites trade show for us was cancelled and moved to 2021, however, we were able to attend a separate, useful, start-up conference in Croatia through remote commection. In the Ohmvo website we generated new content and we created a press release and sent it to various internet media outlets.
Task 4 – Certifications and Intellectual Property Strategy. During the feasibility study we finalised our patent application with our patent lawyer and submited it to the EPO for publication. With our lawyer, we also analysed other protection alternatives, such as documentation of trade secrets. We also contacted a specialist agency for obtaining ISO9001 certification, have received a quotation and now understand the pricing and timing that are needed to obtain this. Regulatory and safety certificates have been investigated and identified.
Deliverable conclusion
Overall, we have effectively delivered a market research report with the market size, and suggested sales channels for the primary application that we target. This investigation was boosted through direct stakeholder interaction. We also delivered a product roadmap showing the timing for this primary application and the next two that we will target. A business plan has also been presented showing predicted profit and loss according to the market introduction strategies.
The results of our work, as explained above, we were not able to project through a physical trade show due to covid cancellations. However we published new articles on our website and attended a virtual conference for startups.
This project has helped to boost the exploitation of our new technology, by identifying the best application to target and laying out the paths to successfully deliver a solution into this application sector.
