Project for adaptation and commercialisation of innovative solution F-Q will result with setup of F-IQ solution in its full functionality and it’s commercial application in shape of mobile application F-IQ and “white label” application both of which will present a collection of advanced functions, modules and algorithms for personal finance management. Commercial application will be based around the detailed market research and development of high quality marketing strategy for the target markets. All of the above will have positive effect on business development and market position of the project beneficiary within the fintech industry resulting with revenue and sales growth on both domestic and foreign market as well as with creation of new jobs.
Software solution will be commercialised via 2 separate products:
1. "white label" application intended for banks and other financial institutions (B2B market),
2. F-IQ application with advanced functionalities intended for personal use (B2C market).
Project Goals and Expected Results
The main goal is to establish the F-IQ service in its full functionality and commercialize the service, firstly in the regional and then the global market. Successful realization of this goal will ensure a stable source of income for the company, which will ensure the natural growth of business, job creation and continued work on other aspects of the project.
Secondary goals are: establishing good business relations with banks and other financial institutions and opening the door for future projects, gathering a large base of individual users to whom it will be possible to offer other types of services in the future, raising awareness in individuals about the need for sound personal finance management and, consequently, raising financial responsibility in society.
Project goal is to produce a cloud software solution which will enable users to monitor, track plan and analyse their own financial state. The solution will automatically manage all of the user’s financial data regardless of the data source. Users will be able to track the data as a whole or as separate accounts and even include their partner’s or children’s accounts with which they share their household budget.
The F-IQ adaptation and commercialisation project will result with innovation on the local, regional and international market and in long term in the global market. Functionality of the product will be extended through the project which will create preconditions for successful commercial application of the product. As such the project directly contributes and is in line with the investment priority 3d “Support for building the capacity of small and medium entrepreneurs for inclusion in the growth process on regional, national and international markets and in innovation processes” and with the specific goal 3d2 “Improvement of innovation in small and medium entrepreneurs”. Specifically the project will directly contribute to achievement of indicators through the following:
• Creation of new jobs – minimum 2 new full-time employees by year 2022,
• Increased number of new products and services on the market (more innovative products/services)
• Use of private capital as addition to EU funds (ratio of private investment on the project exceeds 20% of the project budget)
• Increased revenue from sales as consequence of project activities for launching and commercialising the new products as result of the project (coefficient relative to the requested funding larger than 1)
• Increased revenue from export as consequence of project activities for launching and commercialising the new products as result of the project (increase in revenue from export at least 620.000 HRK)