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troyteq. Galileo Masters - The 2012 Competition. - Con Costello . Galileo Masters 2013 launch. summary. winner of 2012 Galileo Masters regional competition Next 10 minutes: our experience our technology idea what have we been up to since. our competition experience.
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troyteq Galileo Masters - The 2012 Competition. - Con Costello Galileo Masters 2013 launch
summary • winner of 2012 Galileo Masters regional competition • Next 10 minutes: • our experience • our technology idea • what have we been up to since
our competition experience • very positive - has really helped • support from National Space Centre has been excellent • Office space, marketing support, business plan, investment advice • NSC Mentorship – excellent insight & network of contacts
our idea - electric vehicle range extension It’s generally accepted that Electric Cars will dominate consumer transport long term • fuel prices continue to rise • EV’s the most promising technology path away from oil • Problem: Poor driving range • Source IEA 2012
the solution: the connected car Internet connected cars are emerging - Satcom - 4G Mobile A Tablet PC on the dashboard • Live system updates • Linux Based operating Systems (android) • On-board Diagnostics • Touch Screen control • Remote charging control • Integrated Entertainment • Remote start & heat • Web Access
our idea • A new form of SatNav which predicts “the most efficient driving route” • We analyse geography to predict the power which will be used by each route. E.g. By climbing a hill, traversing traffic, etc. • We deliver a route prediction to the car SatNav, or any mobile device No problem dear, plenty of juice left… ? 2012 Winner
another potential market … HGV’s • road haulage companies • fuel represents 39% annual cost • we will develop ‘eco-routing’ SatNav for HGV’s.
… our customer (B2B) • OEM vehicle manufacturers who wish to increase sales • Existing navigation providers who wish to join the EV market • Emerging navigation providers seeking a differentiator
What has happened since the competition? Since November…
we registered as a business … • trading name / limited company • trademark registration • Domain name
… and wrote a patent • innovative, novel, inventive step • not already known to the world • … talk to the Patent Office • Important: • Never release information which would permit a ‘skilled practitioner’ build the invention.
… we became investor ready • Business plan: • company objective • explain the technology • show an experienced team • explain the market • show the commercial opportunity • provide revenue forecasts • demonstrate funding required
… registered as Enterprise Ireland client registration • €1m+ revenue & 10 jobs in 3-4 years (hpsu) • Feasibility grants, Innovation vouchers • will typically invest 50:50 with another VC • Various research & development supports
… currently engaging with VC • Careful selection of VC partners: • firms with a history in geo-tech • history of seed investment • companies within “reach”
… competition tips • Focus on:- • “Need to have” products rather than “nice to have” products • Solutions to huge business or social “problems” • You must be able to: • Explain it to your granny in less than a minute • list who you will sell to, and how many of these people there are • why they will buy it, how much they would pay !
… end Best of luck!
