CARMOF is a good example of a project that has received funding from the European Union project. Under the former funding programme Horizon 2020. The project focuses on a new process for efficient CO2 capture using advanced new materials.
As a member of the consortium developing the project. Qi Europe is responsible for making the commercialization of CARMOF a reality. In addition, it engages in the development of exploitation strategies, not only for the end product of carbon capture. Also for all products and services related to the project.
What is CARMOF?
To find out how innovative ideas get to market, it is useful to first say what Carmof project does. Then focus on knowing how they make a business plan and market analysis. So part of the developments of the CARMOF project revolves around designing innovative CO2 adsorbent nanomaterials that can be 3D printed into structures. Also good to say that the project plays quite an important role in the environment. CO2 capture helps to reduce the amount of pollution produced by power plants and factories.
To sum up main objectives of the CARMOF project are:
- Build a full-scale demonstrator of new energy and cost-competitive dry separation process for post-combustion CO2 capture based on hybrid porous metal-organic structures (MOFs) and carbon nanotubes (CNTs)
- Design, based on 3D printing technologies, tailored structures with high packing density and low droplet pressure, containing hybrid MOFs/CNTs, for use in a fluidized bed-based CO2 capture system.
How to bring innovative ideas to market?
Now it’s time for a handful of information about documents, analyses and activities. All of these will need to be done, before you will bring your project or innovative idea to market. First, it is worth pointing out that QiEurope is proud to be part of the consortium. We are in charge of the tasks related to the business and IP aspects of the project. Secondly, QiE did the LCA and LCC during the first stages of the project. Also, we are preparing the business models and IPR. Now it is time to explain what each component of the business plan means.
- Intellectual property rights (IPR)
Innovative projects and ideas are mostly based on the creation of a new patent or content. At such moments, it is essential to analyze Intellectual property rights (IPR), to protect the ideas and inventions, in various fields of science or industry. It is good to keep this right in mind because it can be useful to reserve the right to your idea from your competitors.
- Life Cycle Assessment (LCA) and Life Cycle Costing (LCC)
Planning the operation of a future company, it is worth it to first focus on the costs that will arise at different stages. In this type of analysis, it’s good to use two tools called Life Cycle Assessment (LCA) and Life Cycle Costing (LCC).
In short, these tools allow you to examine the environmental and economic burden of a new product or service. Second, by conducting an analysis of these two activities, you can calculate estimated gains and losses. Which is especially important in the initial stages of preparing a business plan.
LCA is a recognized and flexible research technique. For example, it can be applied in various industrial sectors. Also in advanced manufacturing processes or energy systems.
LCC is the assessment of all costs associated with a product or service. Starting from the period of extraction of raw materials to production, use, and disposal. LCC is a way of showing that more effort put into production ‘pays off’, by reducing the cost of use, maintenance, and disposal. It can also be used to consider all the costs that may arise once the product is on the market.
LCA and LCC studies are often carried out individually. The combination of LCA and LCC allows a holistic assessment of the main environmental and economic characteristics of a product or system, which is an important asset in any kind of decision-making procedure and when creating an overall business plan.
Business plan is the key
The business plan fulfills several important roles often overlooked by entrepreneurs. First of all, it reflects how the company will be managed and the tools for supervising the intended activities.
It allows defining assumptions and activities defined as short- and long-term goals and monitoring them according to established indicators. It also makes it easier to see project weaknesses and potential risks. This allows us to adjust our strategies and activities to minimize any risks. Consequently, the business plan becomes an information tool that allows you to structure all the activities and strategies both inside and outside the company.
Interested? Need more information?
If the topic interests you, or you are currently struggling with creating a business plan for your innovative project.
QiEurope consultants will help you.
CARMOF project has received funding from the European Union’s Horizon 2020 research and innovation programme under Grant Agreement no. 760884.
This publication reflects only the author’s view and that the Commission is not responsible for any use that may be made of the information it contains.