Funding

SECTION I: ESTIMATION OF COSTS

 

1 Taking into account the rest of the cost evaluation please provide an overall estimation of the total costs for full deployment/production of the R & D result.
… in terms of IPR protection
An industrial design application is required. The cost of industrial application IPR to OVI : application cost 500 euro file preparation cost: 1500 euro
…in terms of product development
The product optimization requires:

Ground source heat pump 6.000 euro

Pipeline system (geo-heat exchanger) 2.000 euro

Other materials 2.000 euro ( circulators, extra pipes, valves etc)

Agricultural engineer: 10PM x 4000 : 40.000

Environmental engineer: 5PM x 4000: 20.000

Total for product improvement: 70.000

…in terms of mass production
There is no mass production planned
… in terms of marketing
The first year is allocated for product optimization. The marketing promotion will start intensively at the beginning of second year with a budget of 20.000 euro. For the rest of the years the marketing cost will sustain with small promotion budget.

 

2 Based on the above assessment as well as the marketing information please provide the correct estimation of the price for R&D product in correlation with costs 
  Year 1 Year 2 Year 3 Year 4 Year 5
Fixed costs 30000 40000 50000 60000 70000
Personnel 60000 250000 300000 325000 375000
Other running costs 20000 30000 40000 50000 60000
Marketing costs   10000 5000 5000 5000
TOTAL EXPECTED COSTS 110000 330000 395000 440000 510000
Price per Unit 50000 50000 50000 50000 50000
Number of Units 0 10 12 13 15
TOTAL Expected Revenues 0 500000 600000 650000 750000
CASH FLOW REQUIRED (REVENUES-COSTS) -110000 170000 205000 210000 240000
TOTAL CAPITAL required for five years 110.000
             

SECTION 2: QUALITATIVE FACTORS

 

3 Dimension of identified target groups
Target groups are green houses in Greece with an average coverage area of 4000 square meters or more. The green house coverage area in Greece is estimated about 40.000  square kilometers. About 1000 green houses are over 4000 square meters from which the development team targets a market of 5%.

 

4 Evaluation of financial Risks for R&D result
The financial risks refer to first year of operations, which is characterized as product improvement year. Sales are starting form the second year. Since the product has already six installations this one year gap is not considered very risky, because will make product more attractive to markets and will provide the market dynamics to enter successfully in the market in the second year.

SECTION 3: IDENTIFICATION OF FINANCING SOURCES

 

1. European Funding

Define relevance of the product with the following potential funding sources and comment

Some limited additional research funds could be available under the FP7 energy calls

 

2. National Funding
National funding for supporting the starting of spin-offs have been announced by the General Secretary of Research and Technology but they have not opened publicly yet. Additionally the installations for ground heating for green houses could be funded from ESPA under the ministry of agriculture.

 

3. Private funding
Private funds could be made available in the form of joint venture in a university spin-off company.

 

4. Other
 

SECTION 3: FINAL EVALUATION

It is requested a final evaluation considering the funding opportunities you believe most suitable for the exploitation of the R&D result, considering the possibility of the creation of a spin-off, further research, in particular, a cost/benefit analysis and a financial projection for the R&D result, type of collaboration identified (i.e. Licensing Agreement, Technical Cooperation, Joint Venture, Manufacturing Agreement, Commercial Agreement with Technical Assistance, Creation of a spin-off, Joint further development)…
Further improvements of the product and commercialization as it presented in the five year plan could be realized and funded using a spin-off funding mechanism.  In the spin-off will participate the research committee of the Aristotle University, the researchers and private investors. In such a case, additional funding could be sought from GSRT for supporting the implementation of the five year business plan

 Decision of evaluation (Please keep only the appropriate)

The R&D has a high potential of exploitation

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