Periodic Reporting for period 1 - Verbatizer (A cutting edge transcription process and technology revolutionizing the transcription industry.)
Reporting period: 2018-01-01 to 2018-04-30
VerbIT’s unique transcription solution uses a combination of AI technologies to achieve accuracy and speed, at a scale large enough to make the world’s audio and video content accessible. VerbIT's AI keeps getting better every time we use it.
Europe-wide policies also promote products that support more convenient living and inclusion e.g. the European Accessibility Act is meant to ensure the full participation of people with disabilities in society, which plays in favor for a company like VerbIT providing services enabling inclusion to people with hearing loss. Multi-country trials were defined with the key objective of demonstrating the effectiveness and efficacy of Verbatizer. Following the results of the trials, VerbIT will communicate them, in order to attract more customers.
VerbIT analysed in detail the go-to-market strategy and the customer segments to define the approach for accelerated and effective market uptake. The company selected UK, Ireland, Spain, France, Germany and Israel as the primary markets to target. Considering the result of the feasibility assessment, it is worthy to follow up with the implementation of an industrialization and commercialization plan. The Phase 2 SME Instrument funding has been identified as a suitable funding solution. The overall vision of VerbIT’s management team is to deliver Verbatizer to European countries by 2021. The SME Instrument would provide the Company with the necessary resources to complete the last close-to-market activities within a well-defined timeframe.
In the EU alone, the number of people with hearing loss is more than 55 million. In todays’ professional market, the obstacles that people with disabilities face in their everyday life are well known: they are at high risk of becoming unemployed and remaining unemployed, drifting into long term unemployment. VerbIT is promoting the active inclusion and full participation of deaf people in society. Verbatizer will allow to transcribe meetings, training courses, patient´s diagnostics and any day to day task in, schools, hospitals and any other industry, facilitating access to information for deaf people and promoting societal equality. This will help Europe to secure its future prosperity, its infrastructure and its social systems by facilitating a labour market capable of accommodating the contribution of all, including deaf people.