Periodic Reporting for period 1 - HitSeedSME-1-09-14 (HitSeed application for the Horizon 2020 dedicated SME Instrument - Phase 1 2014. September 2014.)
Reporting period: 2014-12-01 to 2015-05-31
HitSeed is a new Finnish company founded in 2012 focusing on the development of connected hardware products that combine electronics, software, design, and connectivity. HitSeed has developed a revolutionary hardware and software platform, Seedling, to accelerate and optimize the product development of both IoT and wearable devices. This feasibility study focused on further defining the business opportunity especially in the Internet of Things – space.
The objectives and performed actions for the feasibility study were:
1. Identify the most potential IoT domains and customer categories for Seedling IoT platform
2. Define the minimum viable product (MVP), further modification needs to the existing Seedling product, and do a design study
3. Assess the business opportunity and competition thoroughly and create an elaborated business plan
4. Prepare a pilot for the Seedling platform with a customer in the IoT domain
The following objectives and activities were conducted in this study as the the main bulk of effort:
• Objective 1; IoT domain and customer category identification, focused on identifying opportunities for our Seedling platform, where the IoT platform has potential to disrupt the market or at least to provide significant additional value.
• Objective 2, minimum viable product (MVP) definition and a design study, focused on developing a revised version of our platform based on collected customer requirements.
• Objective 3, business opportunity assessment and business plan creation, focused on understanding customer demands, partnering landscape and business validation, as well as revised revenue, cost and profit estimates.
• Objective 4, customer pilot preparation, focused on validating the outcomes with customers.
The main physical outcome of the feasibility study, HitSeed’s SeedNode IoT-platform, is presented more in detail in HitSeed's SeedNode Product Brief available from HitSeed.