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

The full cost for securing the patent and renewing it for 5 years is 1450 €

.…in terms of product development

For the product development 5 employees are need for a period of maximum 9 months. With a salary of 2000€ each this will cost about 90.000€. In this cost the translation of the software in English is included

.…in terms of mass production

The widespread se of pocket PCs can completely substitute the originally made Smarteyes device. The pocket PCs can be enriched with the features of Smarteyes in order to serve the needs of the visually impaired. What is needed for mass production are SIM cards, software licenses for voice recognition, digital maps, an Internet connection and for the full version also a RFID reader. The staff needed after the product development are 3 employees working on a full time basis.

A SIM Card costs around 5 €

Voice Recognition Software license costs around 70 €

The RFID reader costs around 150 €

The cost of digital maps depends on their quantity e.g. for Athens the cost is, eventhough free digital maps are now being developed from sites as the Openstreet

*(SIM, card, Voice Recognition License and RFID reader cost are expected to fall if the orders made are large and the price is negotiated with the companies selling them)

… in terms of marketing

The marketing costs of the product depend on the target market. For the Greek market these are calculated around 15000€, but the cost is this high only for the first year.


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 50.000 125.000 200.000 250.000 300.000
Personnel 108.000 72.000 72.000 72.000 72.000
Other running costs 1.500        
Marketing costs 15.000 10.000 10.000 10.000 10.000
TOTAL EXPECTED COSTS 174.500 207.000 282.000 332.000 382.000
Price per Unit 600 € 600 600 600 600
Type of Unit  
Number of Units 200 500 800 1000 1200
TOTAL Expected Revenues 120.000 300.000 480.000 600.000 720.000
CASH FLOW REQUIRED (REVENUES-COSTS) -54.500 93.000 198.000 268.000 338.000
TOTAL CAPITAL required for five years 1.377.500




3 Dimension of identified target groups
 The size of the Greek target group can be calculated as following:The percentage of the population in Greece between 15-64 is about 70%.The visually impaired persons between the ages of 15-64 are the potential users of Smarteyes So the Greek target market is calculated around 17.500The global market is calculated at about 20 million (15-64 population of visually impaired in the developing world).


4 Evaluation of financial Risks for R&D result
 The financial risks attached to the development of Smarteyes are small, since there is already active demand for the product, the development costs are small and there is a technical team ready to produce it. The lack of competition in the Greek market is also very important.




After evaluating all the above mentioned criteria, please tick the best financing source for the achievement of R&D result (i.e. own capitals, banking credits, venture capital, business angels, etc)

 1. European FundingDefine relevance of the product with the following potential funding sources and comment



  • At regional level, the JEREMIE initiative  provides financing from seed capital funds and other types of investors.




2. National Funding

  • National Innovation Programs, for example National Strategic Reference Framework (ESPA) could be used for development and marketing costs
  • Business loans from Greek Banks




3. Private funding
 Private Investor/s 



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)…
Taking under consideration the funding opportunities for NOESIS, the most suitable method for product deployment would be the creation of a new commercial firm. This new firm can be funded by an investor or a group of investors, who will combine private capital with european funding opportunities in order to organise mass production and promote the product in all the possible markets mentioned earlier.The team that created SmartEyes should be used as the expertise staff in charge of product development, production and technical support.

Decision of evaluation


  • The R&D result needs minor revisions and has a high potential of exploitation. 
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