Report
Teaser, summary, work performed and final results
Periodic Reporting for period 1 - LIGHTSENSE (Breakthrough Laser Technology for Dermatologic Healthcare)
Teaser
LightSense has developed an innovative laser that improves treatment of pigmentation disorders.This innovation has the potential to deliver better outcomes in the skincare sector for a large and growing target population.Our objectives for Phase 1 were specifically to: (1)...
Summary
LightSense has developed an innovative laser that improves treatment of pigmentation disorders.
This innovation has the potential to deliver better outcomes in the skincare sector for a large and growing target population.
Our objectives for Phase 1 were specifically to: (1) further develop the laser technology for commercial use, and (2) refine our go-to-market and commercial roadmap.
Phase 1 helped the team appraise technological, commercial, and economic feasibility of the project, and reduce critical risks to project success.
The contents of this report are strictly confidential as they disclose key findings from market research and intellectual property development. The report is provided only to the H2020 committee as a follow up to the Phase 1 grant.
Work performed
Phase 1 was focused on the validation of our business plan through the implementation of a Feasibility Study. Its principal aims were:
(i) verifying the core technology,
(ii) assessing practical and economic viability of our laser system - including refining treatment protocols,
(iii) exploring a road to commercialisation, and
(iv) confirming our go-to-market strategy.
The Feasibility Study was divided into six core tasks:
- Section A: Market analysis (M1–M6).
o In-depth analysis of target markets: size, growth potential, competitive landscape & customers. Establishing strategic alliances to increase our competitive advantage. Analysing market risks and building mitigation plans to ensure a successful and sustainable commercial launch of our technology.
o Result: through our proprietary market research, we identified the main tensions that exist for laser technology consumers. Each suggested a possible role that our brand might play when entering the market.
- Section B: Stakeholder engagement and customer experience (M3-M6).
o Sharing product development plans and initial pre-commercial tests with potential stakeholders to ensure successful commercialisation of our technology. Carrying out key interviews with each stakeholder group with a view to long-term partnership.
o Result: We validated our product development plans and initial pre-commercial tests from key stakeholders. We engaged relevant stakeholders, including 500+ potential end-customers, with a view to long-term partnership.
- Section C: Technological feasibility, risk analysis and innovation strategy (M3-M6).
o Improve product development through ongoing R&D efforts on the existing laser, in addition to refining optimal treatment protocol through preclinical studies. R&D outcomes to be used to enhance commercial prototypes, and ensure compliance with regulatory standards in preparation for commercial use.
o Result: the animal study showed positive results for the performance of LightSense’s laser technology.
- Section D: Intellectual property and freedom to operate (M1-M6).
o Preparing a knowledge-protection strategy at a global level for current and future developments. Analysing resources required to protect our innovations, and classifying intangible assets that come from technology development and business planning activities.
o Results confirm we are leaders in this intellectual property domain and have freedom to operate. Additional information gleaned from the IP audit confirm that we are in the process of filing additional novel claims.
- Section E: Economic feasibility (M4-M5).
o Assessing internal resources and capacity to develop a commercial network in view of market launch. Prepare cost-benefit scenarios, evaluating hiring requirements and outsourcing options, and revalidating funding needs.
o Result: we have initiated search for key additional hires, and are in the process of completing vendor selection for key subcontractors. We further identified a number of commercial project risks.
- Section F: Business model validation: (M1-M6).
o Refining operational cost estimations, revenue projections, and profitability roadmap. Confirming final business model and pricing strategy.
o Result: we validated our business model through revenue projections driven by volume of demand, number of devices required, treatment capacity per day, and space utilisation ramp-up post launch.
Final results
We have validated the efficacy and safety of our technology through a preclinical study; secured foundational patents protecting the underlying innovation; evaluated financial feasibility through cost estimations, runway forecast, and profitability projections; and conducted extensive market research with proprietary surveys, focus groups, and Key Opinion Leader (KOL) interviews.
Next steps include finalising product development, completing a clinical study, earning all relevant regulatory approvals, and launching our pilot commercial clinic.
The project aims at reinventing laser treatments by combining innovative technology with high-quality service, giving people back control over their body image.