Analysis of ICO Basis Neuro
Basis Neuro has evolved from the research laboratory to an open service platform for neurotechnology business development. The laboratory has been conducted research in the field of neural interfaces since 2007. Basis Neuro platform offers NeuroToolKit that includes technology, algorithms for decoding mental commands, a database of decoded brain signals and patterns, an access to industry experts and technical/scientific support. The participants will also be able to remotely purchase the necessary neuro equipment and to receive control software.
Each registered user gets access to Basis Neuro technologies, depending on the pricing plan of choice. The users of the platform can share ideas on creating ready-to-use neuroproducts and can be involved in forming a market of core competencies, thus becoming an authorized partners of Basis Neuro. The platform enables developers to enter new industries, therefore expanding the market and improving neurotechnologies faster than small-scale production of single products. Research laboratories and experts cab join real-world projects.
The platform will offer the following services, enabling monetization:
- Subscription for updates
- Ready-to-use solutions to meet user’s needs
- Customized development of decoding algorithms
- Maintenance and support of neurotechnologies
- Application and service advertisement for experts, developers and research laboratories
- Subscription plans.
The ICO main goal is to fund the development of the platform. The token functions as part of business model: developers can purchase SDK and White Label, users can purchase ready-made solutions and services, users are rewarded with tokens for providing data for tests etc.
There is no marketing plan in the WP. According to expenditure plan, marketing will receive 25% of the budget. The team is active on social media platforms, but numbers of followers are low.
Team members are very knowledgeable in neurotechnologies market and have created approved solutions as part of Basis Neuro Research Lab. Their experiences include running an IT businesses, digital and SMM, scientific and technical development, engineering, finance, management. There are 3 advisors, two of them have background in blockchain technologies.
The Vision of the Market
The WP offers highly extensive and detailed market research, including competitive analysis and comparison of industry’s main players. Neurology shows 7.8% of growth in the forecasted growth rate for top global medical technology segments between 2016 and 2022. Neural interfaces could be applied not only in medicine, but in video games, AR/VR, smart home, IoT, education, behavioral economics and emerging market of psychological monitoring. Therefore, the market’s potential is very solid and diversified, according to analysts from expert-coin rating. Main limitation within the industry is it’s relative inaccessibility for everyday life projects and services, it’s complexity and detachment from business opportunities.
Understanding of the Target Audience
Basis Neuro aims to provide an open model for applying the achieved results and enabling businesses to employ neural interfaces while experimenting and competing in the market. Therefore, Basis Neuro targets any business, service or manufacturing company that offers a neural interface to customers. There are three groups of target audiences:
- Product developers and service providers in medicine, VR, home automation etc
- Engineers and designers developing BCI (Brain-Computer Interface) devices
- Research laboratories offering the development of BCI-based services and technologies.
All these segments have different needs, which are addressed by Basis Neuro product.
The WP has competitor analysis of companies which operates in a comparatively young BCI market. 12 companies are reviewed and compared to Basis Neuro. Key advantages of Basis Neuro are: accessibility, flexibility, security, opportunity for new markets expansion, versatility. The company also offers to use its franchise, thus getting an access to simple implementation process of ready-made neuro solutions to existing products.
Strengths: extensive market research with forecasts, stats and main players overview. Vast practical experience of team members in the field of neural interfaces (since 2007). A detailed, yet comprehensible explanation of neural technologies functionality and applicability. Deloitte as project’s partner (legal and tax support). The WP has all important components, including financial projections, market research and competitor analysis.
Weaknesses: the technology behind this project is very advanced, it may require additional funds, according to analysts from expert-coin rating. There is no marketing plan. There are just 3 advisors and no experts in ICO, cryptocurrency.