Foresight - Disruptive software platform for real-time health machinery monitoring

The overall aim of this innovation project is to perform a Market and Economic Feasibility Study for commercialising our market Foresight software platform for real-time health machinery monitoring, targeting the Shipping industry and Oil & Gas equipment maintenance. Our novel Foresight has been developed to the TRL6 stage where it is ready for further testing under real environment conditions. We therefore propose a Feasibility Study through the SME Instrument Phase 1 to verify the technical, regulatory, commercial and economic viability of its exploitation, which will lead us to the formulation of an elaborated business plan, anticipating an application for Phase 2 of the SME Instrument. In the proposed Feasibility Study, we will conduct a range of market-oriented activities, including a detailed market analysis, competitor and cost analysis, marketing planning, and an analysis of revenue streams and investigate a range of pricing models for our product. Our market analysis will manly cover the EU market. We will also conduct a detailed stakeholder analysis and close agreements with appropriate piloting partners for our market maturation activities as well as surveying and ensuring full compliance with relevant standards and regulations. We will also update our current freedom-to-operate analysis and IPR strategy. The feasibility study will feed into our detailed commercialisation plan, including a go-no-go decision.