Development and launch of Shim
|HOA´S TOOL SHOP AB
|Funding from Vinnova
|SEK 500 000
|June 2015 - March 2016
Purpose and goal
The overall aim of the project was to develop the app Shim and bring it to a level where we could start seeking further funding from angel investors. To achieve this, we planned to launch the product in February. However, this was not essential for raising capital. Instead, proving Shim is used regularly over time was the most important thing, which we have been able to prove. This has made it possible to raise money from a group of angels. With the knowledge and prior experience from our investors, we have set out a new plan and strategy for the launch.
Expected results and effects
The project has helped us getting started with Shim in an early and risky phase, where few would want to bet on Shim. This has helped us reached the level required to attract capital from angel investors. In addition to this, we have strengthening our case further by conducting an academic study that demonstrated initial effects of using Shim among healthy people, which means we have broadened the target group for Shim. From a product perspective, the project has been a journey from prototype to a beta stage with numbers showing that the product is used regularly over time.
Planned approach and implementation
Except from that the proposed time plan has been modified during the project, the implementation of the project followed the initial project plan well. We believe that this is largely because of prior experience from Vinnova projects, as well as the support from skilled people such as Chairman Jonas Jendi and our investors. With the knowledge and prior experience from these we have also set a new plan for launch, which means the launch of Shim will not be included in this project.