Potential market

SECTION I: The product

1a The innovation potential of this product is related to:

 

  • Technology-driven innovation (under the influence of the development of science – the market is not ready for the product)
  • Market-driven innovation (as a result of market surveys, the market expects the product)
  • Replacement of existing product
  • Product related to cost reduction
  • Radical new product
  • Other, what…
Note: Select and explain for one of above options or (in case of non relevance) define another. We try to identify why this potential product constitutes an innovation offer
MORMED addresses the gap of multilingual real-time (or near real-time) communication in thematically focused social networking platforms. It addresses this gap from a user experience, business model and related technologies investigation. In this sense MORMED offers the following innovations:

User experience: MORMED provides the opportunity to individuals who belong to specific Communities of Practice to benefit from translated informal information and ad-hoc knowledge exchange. Instead of focusing on translating formal organization documents, MORMED platform will act as a central translation hub for communities formed by various individuals connected by a common interest.

Business model: Instead of running a translation service based on billing each document that needs to be translated, the business model of MORMED will follow the paradigm of various Web 2.0 social networking sites and rely on micro-payments of each individual user, based on a Freemium business model. This will work by offering basic services for free, while charging a premium for advanced or special translation features to each individual user.

Back-end technology: The back-end technology of MORMED will support semantically-enhanced corpora based on domain-specific taxonomies and ontologies and streamlined translation workflows.

 

 

1b What added value for end-users does the product hold?
• higher quality
• Better technical characteristics
• Other …
Note: Select and explain for one of above options or (in case of non relevance) define another. We try to identify what new this potential product constitutes in accordance to the existing market status.
On the user level, this leads to some features that are in their integrality not found in today’s systems such as the use and combination of several languages, not only the most used ones, the quality and ability to understand the information at end-user level in their language and the possibility for user feedback and input in several ways, via blogs, wikis, or bookmarks. Searches can be done in multiple languages resulting in answers across the multilingual content available in the system with the option of automatic translation of foreign language search results, such as articles.  This process further leads to automatically enriching the knowledge base with new content. It is a fully automated system with reliance on human translators minimized, although human translators could support the process.  For users who require a translation of publishable quality rather than just an intelligible result, the system can be temporarily or permanently set to include revision by professional, human translators.

MORMED uses as a basis the OrganiK platform which enhances social software with semantic technologies enabling intelligent information processing with drastic improvements in the usability and effectiveness of social software. Semantic interoperability can support high-level, context-sensitive information integration over heterogeneous social software resources. By leveraging social software applications with semantic information processing capabilities and contextual awareness, OrganiK manages content and knowledge while allowing for informal, people-centered and ad hoc every-day procedures to be employed, which users heavily rely on.

1c What is the Unique Sales Proposition of the potential product?
Note: What makes your product unique in marketing terms? This helps your prospects to understand why they should buy from you rather than other existing product options.
MORMED proposes a multilingual community platform combining Web 2.0 social software applications with semantic interpretation of domain relevant content, enhanced with automatic translation capabilities, fine-tuned for a specific domain.

MORMED will promote online collaboration, while people contribute content, evaluate and exchange information resources and it will support the diffusion of knowledge within multilingual social networks and online communities. Efficient machine translation, supported by interactive computer-aided translation and human post-editing involvement will ensure that all content is seamlessly offered in any language and at a high quality. Thus, new and innovative translation methods, tools and processes will emerge, which significantly differentiate the service offerings of the MORMED service provider.


SECTION 2: The Market

2a What is the target market for the product?

National ¨

European

Global ¨

Please describe the characteristics of your target market.

Note: Define the market range, the size of the target market (if possible) in terms of maximum product units
The target market of MORMED is multilingual community platforms operating within a specific domain.

 

 

2b How the product is characterized from the following options? Number of companies producing similar products in the field.

• Base – applied by all companies in the industry

• Leading – applied by a single or limited number of competitive companies

• Key –at a development stage, but has already proven its potential

Note:
MORMED can be characterized as a ‘Key’ player, since there are no active companies providing translation services for multilingual thematic communities.

 

 

 

2c What type of market demand will be satisfied?

• Existing demand – the market is already developed

• hidden (latent) demand – the market has yet to be developed

Note:
The market demand which will be satisfied by MORMED is ‘hidden’, since there are no other service providers offering translation services to multilingual social networking sites.

 

 

 

 

2d What is the current stage of the product’s market life cycle?

• Implementation, implementation in production (leading to a radically new product offers)

• Growth (rapid spread within the industry or outside it)

• maturity (parameters of the technical characteristics of manufactured products reached their maximum, higher-grade products can be manufactured on the basis of technological substitution)

Note: At this point we refer to the life cycle of the market related to the product. I.e. a product based on a new technology area (e.g. solar energy cars) is considered to be in the first phase of the life cycle when e.g. a typical TV set is in the maturity phase
The current life cycle of the market seems to be ‘implementation’, in which major social networking sites are considering the possibility to offer translation services to their users.

 

 

2e Strategic partnerships (existing or potential).
Note:
Strategic partnerships with the partners of the OrganiK and MORMED projects are a possibility. Other choices include VCs, seed capital provides and business angels.

 

 

 

 

 

SECTION 3: The Competition

3a What is the competition within your target market?
Note: Refer to other companies producing the same product
The competition is extremely difficult to be pined down since to our knowledge there are no other companies which offer such a service.

 

 

3b What competitive advantages will the introduction of the new product ensue?

• lower prices based on lower production costs

• product differentiation (uniqueness of the product proposal)

Note:
MORMED offers some features that are in their integrality not found in today’s social networking sites, such as the use and combination of several languages.

 

3c Potential products relate to the following price range:

• High price range

• Average price range

• Low price range

Note:
Not applicable

 

 

 

 

 

 

3d Potential products will be marketed:

• To regulated markets (e.g. heat supply, water supply, universal telecommunication services, agricultural products, fishing industry, architectural services)

• To markets operating on the principle of free negotiation between agents on the market

Note:
Potential products related to MORMED will be marketed within the free market of translation software and related services.

 

 

 

 

 

SECTION 4: Indicators

Estimated cost of the new products The cost is initially estimated around 500.000 €/year for 12 people to be active on translation, sales/marketing, developing/organizing
Expected market volume (potential / maximum number of users) 50 licenses
Expected sales volume 10 licenses/year
Expected market share of the company (proportion between sales and total company sales in the relevant market)  

 

KEYWORDS QUANTITATIVE ASSESSMENT (0-5).

Please encircle as appropriate.

Added-value potential

1 2 3 4 5
Size of future market demand 1 2 3 4 5
Competitive positioning of the product 1 2 3 4 5

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