Why Licensing Starts After TRL6
Our first funding round is focused on maximizing company value, not maximizing early revenue.
Licensing becomes commercially attractive only once:
- the production process is fully documented
- continuous pilot production has been validated
- customer trials demonstrate measurable benefits
- raw material quality is standardized
- licensees can deploy the technology with minimal support
At this stage, licensing transitions from a custom development project to a scalable business model.
Investor Rationale
- Enables full focus on eliminating raw material, production and commercial adoption risks
- Establishes a clear path for the next financing round focused on international licensing expansion
- Allows license pricing to be based on proven performance rather than assumptions
- Creates a repeatable technology transfer model before scaling internationally
- Positions the company for a significantly higher valuation at Seed stage
Expected Impact of TRL6
| Before TRL6 | After TRL6 |
|---|---|
| Technology value largely unproven | Commercially validated technology |
| License pricing uncertain | License pricing based on demonstrated economics |
| One-time fee ~100k€ | One-time fee ~200k€+ |
| Limited recurring revenue | Annual fee + royalties |
| Pre-seed valuation | Expected Seed valuation: 6-12 M€ |
Takeaway
TRL6 is expected to unlock a significant valuation uplift by transforming SmartMoss from a promising technology into a scalable and licensable production platform.