The economic strength of the MadFlex relies on its infinite versatility as it can be applied to endless sectors and applications. Even aiming at conquering just 0.01% of its target market, not considering the growth rates, CoRe’s first expected annual revenues after three years amount to about 5 million USD. CoRe wishes to work alongside prominent companies from its different sectors of interest, in order to design and develop new applications in MadFlex, through licensing and royalties agreements.
MadFlex global market potential is huge and many different drivers support it.
1.Composite material market expansion, projected to grow from USD 69.50 billion in 2015 to USD 105.26 billion by 2021 (CAGR 7.04%).
2.Increasingly stringent environmental regulations and focus on lightweight solutions, to reduce energy dispersion and fuel consumption.
3.Quest for design freedom, enabling the creation of new dynamic solutions, which can facilitate movement (orthopaedic supports), enhance athletic performance (rigid sails), or simply combine aesthetic value with energy efficiency (kinetic architecture).
Two equity investors already financially support CoRe, holding a minority share of the company. The first, Luigi Costa, is a polymer chemistry PhD Professor at the University of Turin, expert in the field of composite materials. Besides his contribution to the R&D activities, he also provides the team with useful connections with prominent technicians from all over the world. The second, Cesare Mangone, is the CEO and president of a leading Italian company active in the bio-medical sector, who has also made his expertise and network available to the start-up.
At the end of 2016, CoRe won a grant issued by EIT Raw Materials: A unique EU initiative that spurs innovation and entrepreneurship across Europe. This consortium has the ambitious vision of turning the challenge of raw materials dependence into a strategic strength for Europe. Its mission is to boost the competitiveness, growth and attractiveness of the European raw materials sector via radical innovation and entrepreneurship.
Once CoRe introduced its technology to the EIT, they immediately understood the potential of the material and decided to provide the start-up not only with a significant financial support, but also with a network of high-level connections with their partners.