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Report

Teaser, summary, work performed and final results

Periodic Reporting for period 1 - SAFEWAVE (Guided Data-Driven Safety at Sea)

Teaser

Summary

People are injured annually in recreational boating accidents worldwide surmounts over 355,000. Most of these accidents are related to wave-slamming. Technologies to mitigate injuries are insufficient to fully protect crew and passengers, as 96% of accidents are related to human errors with regards to misjudgement of environmental conditions and appropriate speed. Safewave is a guiding data driven system that uses current and historical voyage information to make intelligent predictions of potential hazards ahead. The output is presented visually, via screen or goggles, and through sound and vibration instruments and alarms, triggered when hazard levels are surpassed, allowing operators to make data-driven decisions.
This phase 1 project has the objectives of judging the feasibility of the technical requirements necessary to take Safewave to the market and analyse the data about user feedback and costs of the components. Furthermore, the commercial and marketing strategy, the supply chain and key customers will be assessed. Finally we will evaluate the financial viability by carrying out a scenario analysis of the financial projections.

Work performed

We defined the technical activities to be carried out, we analyzed related technical risks and proposed mitigation and contingency measures. We have already contacted some customers for user feedback and have listed gathered contacts for further feedback and possible inclusion in the pilot survey. We have analyzed the costs of the components of our solution.
Apart we evaluated updated our market study and revised our marketing and commercialization strategy taking into account the channels we plan to use for commercialization. We analyzed different scenario for the financial forecast and conclude that the project is viable even under a less favourable scenario.

Final results

Our market is vast in size and presents opportunities and trends that favour Safewave. Forecasts estimate sensible growth in market size and an increase in the adoption and demand of technological improvements and advancements. We estimate a growth of 183% in the period 2019 to 2023 and a similar increase in gross profit.