This startup for functional material solutions was established in 2015 by a group of Ph.D. students graduated from Hong Kong. Its aim activity is to provide a technology platform for advanced textiles. The company founders are expertise in different research areas, including textile engineering, chemistry, physiology, bio-materials and industrial design. Holding patents in various areas, this company provides technical consultancy and solutions for advanced textile companies or agents.
At the beginning since its establishment, the main line of work for this startup was to transfer their research results on functional materials for potential textile and clothing related partners. However, the company soon found out that most textile companies did not well understand their research results and had doubts on market responses on new material technology. After a period of straggling, the company changed its business model from selling technology to providing technology development solutions. It then transformed to serve as an integrated intelligence platform for companies seeking for material technology consultancy and solutions ranging from functional material treatment, evaluation and improvement to customized material testing equipment design.
After changing its business model, this startup successfully cooperated with several medium to large size companies in different areas. For example, a national clothing retailer consigned this startup to test tens of thousands of provided fabrics and build up an internal fabric database with various parameters and evaluations, so that the retailer can sell appropriate products to target customers. Another example is that an international company consigned this startup to design a functional fabric for new product series, including experiment protocol, laboratory experiment, wear trials, evaluation report and large-scale production plan. Besides, this startup also helped some business partners to develop customized testing mini equipment for various purposes.
The current business model flowchart and canvas are illustrated as follows.