Periodic Reporting for period 1 - Raccoon.Recovery (Raccoon.Recovery – effective mobile data driven hand rehabilitation solution)
Reporting period: 2018-06-01 to 2018-11-30
To solve this problem Raccoon.Recovery completely rethink the process of physical rehabilitation to treat patients after accidents and neurological diseases. Based on machine learning it creates mistake-proof treatment courses. SMART goals motivate patients to complete physical rehabilitation. But the secret sauce is - it finally makes rehabilitation fun. Patient can connect recovery device to any existing video games and recover while playing. If patient is not a gamer he can use it also in Power Point, Excel sheets or any other software on PC. Movements just need to be repetitive. That is how Raccoon.Recovery repair motor skills. This is a digital-game-rehabilitation. Now team develops the tool for hand rehabilitation that will be scaled to full body solution.
On the other hand, Raccoon.Recovery allows physiotherapists to test many patients at a time, monitor them remotely and automatically generate sophisticated reports. Thanks to additional precise information collected by sensors software easily test of patient’s condition and ensures patient is doing exercises correctly, while big data analysis allow forecasting of physical rehabilitation period.
The objective of the SME Instrument Phase 1 project was to conduct a market entry feasibility study for Raccoon.Recovery commercialisation that would include thorough market research, user needs analysis, IPR strategy, business model and business plan.
The SME instrument Phase 1 project allowed brand name for Raccoon Technologies Ukraine LLC to conduct a feasibility study, continue work on the Product version 1.0 to be launched in 2019 and Product 2.0 to be ready in 2020, and prepare for commercialisation of the innovative solution.
Market research revealed that rehabilitation equipment and devices market is growing at a CAGR (’16-’25) of 6%, while telemedicine market is accelerating at a CAGR (’17-’22) of 19%. Based on market analysis, Germany, Austria, the UK and the USA were chosen as the priority markets to enter. The second priority markets include Spain, France, Italy and Poland. Competitors analysis showed that the main competitive advantages of Raccoon.Recovery are ML-generated advices, possibility to use any existing computer game for rehabilitation, and ICF translation.
During user needs analysis with the help of the cross-disciplinary team of neuro- and data scientists Raccoon.World carried out in-depth interviews with users, online surveys and MVP demonstration. The methodology of analysis was aimed at the identification of the key pains, gains and user jobs for the subsequent compilation of Quality Function Deployment (QFD) and Value Proposition Design (VPD) resulting in unique value proposition and specifications for product design.
During the patent landscape analysis Raccoon.World team along with attorneys thoroughly studied related patents, identified the potential limits to the innovation project, developed a plan for acquiring trademarks and patents, and decided on the further steps and timing.
Finally, Raccoon.World developed a business model that was validated during the Startupbootcamp 3 month acceleration program in Berlin. Raccoon.World will focus on R&D and business development outsourcings production to partners in China and sales – to local distributors. This makes business model easily scalable. Raccoon.World will earn its revenue from sales of subscription for the software, while hardware devices will be distributed to rehab clinics for free. According to the commertialization plan, in 2019, Raccoon.World will get CE-mark Class 1 for Product 1.0 to start initial sales to German in-patient rehab centers. In 2021, it will launch sales of the Product 2.0 certified with CE-mark Class 2a, and then it will enter the UK and Austrian market. In 2022, the team will start scaling to the USA and in 2023 – to the second priority markets (Spain & Italy).