Periodic Reporting for period 1 - DINBEATPRO (An innovative system to monitor pet’s health in veterinary clinics)
Okres sprawozdawczy: 2018-08-01 do 2019-01-31
DINDOG TECH S.L. is a SME that has created the first multi-parameter harness to track pets’ health professionally, mainly for veterinary use. This device will allow veterinarians to track their vitals in real time, continuously and wirelessly, allowing them to perform a multi real-time supervision for all hospitalized animals, improving control and effectiveness and helping to grow their business. Furthermore, vets can save up to 60% in health tracking costs. It also optimizes the employees’ time because they won’t need to take the pet’s vital signs manually when hospitalized. The pet market came in at a record $60.28 billion on 2016, with a growth of 4.1%. The veterinary market allows $15.92 billion of them, with a growth of 5.7% since 2015. Despite these figures, the veterinarians continue to have the same limitations since years ago when growing their business. They are not taking advantage of new technologies to help their growth and are limited through their use of traditional devices in their clinics. With DinbeatPRO they can ramp-up their business and take a step forward in the use of leading technologies. The wearable sends the data in real time, making available information, reports and notifications via Wi-Fi and/or Bluetooth, and saving it on the webpage and APP for further reference.
DINDOG TECH SL hase leveraged the support of H2020 SME Instrument Phase1 grant to carry on a depth market research to evaluate the technical feasibility of the solution proposed, and to know if it fits with the customer and market demand. The company has analyzed all the product parts in detail, to see the impact of any change in the time to market and in the manufacturing budget. The main conclusion the company got highlighted that the time to market should be shortened, and thanks to the study DINDOG know how to do it. Regarding the market and the customer demand, DINDOG has been able to ensure all the features needed and currently demand by the potential customers. Furthermore, DinbeatPRO contains some features that were added as a customer requirement, and the study provided valuable information to capture new business opportunities in the future. The conducted research has allowed the company to rethink the business strategy, the short, mid and long term goals, and the go-to-market and partnership strategy. After analyzing all the hypothesis, DINDOG has created a financial plan to support all the strategy and the viability of the product and its business model in the next 4 years. DINDOG considers the support from the H2020 program in getting access to funding and finding talent in some fields will add high value support in order to get access to funding and improve our recruiting capabilities. The H2020 support means an impact in speed and quality for the company.
During the development of these studies, DINDOG has carried out the following actions:
• Technical and technological analysis.
• Analysis of the existing options to protect DinbeatPRO’s innovations.
• Deep study of the manufacturing process including quality and certification plan.
• Liaison with potential partners to develop the product.
• Market research to capture the potential market of DinbeatPRO, including: usability lab test with potential customers, interviews with vets in their clinics or fairs, feedback on pricing and about current features.
During the project, a full business plan has been developed, considering all the projections needed to check that DinbeatPRO will have a great impact in the veterinary sector and its product will turn into a very profitable good. The benefits will include not only the veterinarians, but also pets and their owners.
To evaluate the market is not an easy task, as this is a completely new technology, despite this DINDOG has evaluated the interest of customers with good results, and all the information gathered has led the team to the decision of moving forward with the project. Besides direct sales, the company has spotted opportunities to license the use of the data and to develop new consumer products for non-professionals users.
During the development of these studies, DINDOG has carried out the following actions:
• Technical and technological analysis.
• Analysis of the existing options to protect DinbeatPRO’s innovations.
• Deep study of the manufacturing process including quality and certification plan.
• Liaison with potential partners to develop the product.
• Market research to capture the potential market of DinbeatPRO, including: usability lab test with potential customers, interviews with vets in their clinics or fairs, feedback on pricing and about current features.
During the project, a full business plan has been developed, considering all the projections needed to check that DinbeatPRO will have a great impact in the veterinary sector and its product will turn into a very profitable good. The benefits will include not only the veterinarians, but also pets and their owners.
To evaluate the market is not an easy task, as this is a completely new technology, despite this DINDOG has evaluated the interest of customers with good results, and all the information gathered has led the team to the decision of moving forward with the project. Besides direct sales, the company has spotted opportunities to license the use of the data and to develop new consumer products for non-professionals users.
DinbeatPRO is going beyond the state of the Art since the conceptual idea was evaluated. No other company on the market offers as big precision, accuracy, quality and advantages that DinbeatPRO has. It is an innovative device that will an indispensable work tool for veterinarians, as it offers advantages in the day by day of the veterinarians work and the pet’s health. DinbeatPRO not only helps veterinarians to improve their service and provides cost saving, but also improves the life’s quality of ill pets and minimizes their stress and their owners. As the device offers alerts and notifications, the device also helps to reducing the number of hospitalization deaths. All these benefits will also help DINDOG us to boost the internationalization of the product and open up new markets abroad