HUB FOCUS: Proofpal
DIGITAL TIME AND CONTENT PROOF
Proofpal develop products that are based around the concept of being able to prove the time and content of any digital file.
As there are so many different opportunities for our technology, the biggest problem has been narrowing down our initial user focus and creating a business plan. We have been through the Hub’s Investment Readiness programme delivered by Finance South East (FSE) with two different versions of our plans, based on two different initial markets. As our business also addresses an emerging marketplace, it is extremely difficult to forecast its revenue potential.
The Hub was very useful in providing feedback on our business proposals. The introduction to the FSE assessment gave us further feedback which led us to change our customer focus.
I have also signed up to the Hub’s mentoring programme which has given me direct access to someone who is very experienced in managing technology businesses. It isn't as good as having all the experience yourself, but it’s the next best thing and may be a useful way of avoiding some of the problems we would encounter if left entirely to our own devices.
We now have a good idea of what type of organisation may be prepared to invest in a technology such as ours and, just as importantly, who is not!
For the future, we are working to attract direct investment or to find development partners with whom we can work to share the risks and rewards of applying our technology to specific solutions. I know that there is potentially a very big market for this technology: we just need to access it.
Stephen Milne comments: By joining the Aylesbury Vale Hub, Proofpalhas been able to tap into a variety of services, assisting them with planning, funding, market intelligence and intellectual property protection. This kind of support is vital for businesses looking to address new markets, but could prove very expensive without our help.
Published: 23rd March 2006
