Socks (hosiery) are still made, using two different machines in two steps requiring manual intervention. A circular knitting machine is used to produce the sock while a different sock toe-closing machine (linking machine) is used to sew the end of the socks. This is time consuming, labour intensive, requires costly infrastructure and takes up additional space in the factory. We developed a solution that eliminates the need for the second machine and manual interaction.
We have dozens of years’ experience working with precision mechanics for several industries. We have a number of own developments and products including patents for knitting machines. Based on our experience with knitting machines we have developed (and patented) the ClosedToe technology and have installed it on 50 circular knitting. Our ClosedToe solution allows the retrofitting of circular knitting machines with a device which folds the toe part of the sock together so it can be sewn together with the same machine. As a result, existing machines can be converted easily to become an all-in-one machine eliminating the need for a linking machine and manual labour.
At present we have developed the ClosedToe solution for one brand (FDS) to be used in two of their machines, but to reach commercial success we need to adapt it to the most common brands and types of circular knitting machines used by the industry. The aim of the ClosedToe Phase 1 project is to carry out an extensive market research and identify the most commonly used knitting machines by the industry and conclude a market entry and commercialisation strategy. During the Phase 2 project we will develop the ClosedToe solution for the identified machine types and enter the market according to the predefined strategy.
Based on our business modelling and industry feedback our novel technology has great potential; hence we have been investing a lot of our resources to reach the current results. However, to maximise benefits of ClosedToe we have to reach the commercial phase as fast as possible. According to our business projections, in case of relatively fast market entry, the ClosedToe products will be able to generate more than €5 M profit during the first 3 years of the market entry. This projected success rests on the following pillars:
1. Industrial level technology (innovative, patented, and robust products supported by our stabile and proved value chain).
2. Industrial level company (clear and proved production, sales, and innovation processes, experienced and skilled workforce, perfect assets, and wide range of networks).
3. Perfect timing for market entry (exponential growing demand for automation and production process rationalization).
These pillars complemented by the validated need of our sectorial flagship partners create the perfect constellation to commercialise ClosedToe.
The aim of the Phase 1 project was to review the market, adjust our business strategy, and prepare for product development. This document presents the summary of the work carried out during the Phase 1 project highlighting the main findings to support the Phase 2 development.
