Exam Examples: Business Ecosystem and Core Assets
Business Case 1: Swave Photonics
Swave Photonics, a spin-off of imec and VUB, is a semiconductor company that designs and sells
holographic chips based on its own diffractive photonics technology. The company was founded in
early 2022, and its mission is to bring the metaverse to life and enable display and content
manufacturers to disrupt the visualization market with immersive, lifelike holographic displays of ultra-
high resolution. Swave envisions a world where holographic displays empower everyone to visualize
the impossible, collaborate, and achieve more.
Background: What are holographic displays?
A holographic display is a way to represent a figure in three dimensions without using a personal device
such as 3D glasses. The figures are displayed on a two-dimensional screen. The interest in holography
and designing holographic displays is partly due to the Star Trek movies, which popularized this
technique as a vision of the future for the general public. For science fiction fans, the Holodeck of Star
Trek is closer to reality than ever before. Holographic displays indeed represent another application.
"A 360˚display requires a screen and a place that can scatter light," says Marescaux, founder and Chief
Product Officer (CPO) of Swave. "Imagine it like an aquarium filled with water and its tiny particles that
you wouldn't see. We illuminate it with a 3D projector, and each particle scatters light so that people
can view the 360˚screen all around."
Background: Displays
The production of displays is concentrated in a relatively small number of primarily Asian companies.
Below you will find more information about the top 2 Manufacturers of (regular) displays: LG and
Samsung.
1. LG Display
LG Display is currently the world's number 1 manufacturer of LCD screens and part of the LG Group,
headquartered in Seoul, South Korea. The company has R&D, production, and sales offices in China,
Japan, South Korea, the United States, and Europe. LGDisplay's customers include Apple, HP, DELL,
SONY, Toshiba, PHILIPS, Lenovo, Acer, and other consumer electronics manufacturers. Apple's iPhone4,
iPhone4S, iPhone5, iPad, iPad2, TheNewiPad, and the latest iPad mini all use LG Display screens. LG
purchases a large number of components for its displays from third parties.
2. SAMSUNG (Samsung)
Samsung Electronics is South Korea's largest electronic industrial company and the largest subsidiary
of the Samsung Group. In the late 1990s, Samsung Electronics' technology development and product
innovation capabilities were further enhanced. The product development strategy emphasized leading
technology, utilizing the most advanced technology to develop new products to meet the needs of the
high-end market.
Swave, a new spin-off of imec and VUB, raises €6 million to bring lifelike 3D experiences to the
metaverse
Swave Photonics, a new spin-off of imec and VUB, has completed its first capital round (round A) of €6
million. The investment will be used to bring immersive 3D HXR technology to the market. Participating
investors in the capital round include Imec.Xpand, the Flanders Future Techfund (FFTF), and QBIC.
The demand for eXtended Reality (XR) technology is increasing enormously, partly due to the rapid
rise of the 'metaverse'. This is a kind of 3D version of the internet, where people are virtually connected
to the environment, objects, and each other. Headsets for Augmented Reality (AR) and Virtual Reality
(VR) can simulate such a virtual 3D world, but the holy grail for the metaverse is virtual 3D images (or
,holographs) that can be seen with the naked eye. Swave's HXR technology makes this possible through
billions of small, densely packed pixels.
"Swave's HXR pixel technology will change the way we experience images and videos. People from all
over the world will be able to participate in immersive video conferences and experience a 3D
experience as if they were sitting together at a conference table."
Swave’s HXR technology targets a wide range of applications: not only metaverse platforms but also
360-degree holographic walls, 3D gaming, AR/VR/XR glasses, video conferencing, and displays for
vehicles or for use in space. Additionally, Swave's technology will enable holographic headsets that
offer immersive 3D AR/VR/XR experiences with very high resolution, depth of field, and viewing angles
of 180 to 360 degrees, all without the headaches that some users experience with conventional
headsets. Swave's HXR chips could attract the interest of giants like Meta, Google, and Microsoft for
their future generations of headsets because they provide a visual experience "with very high
resolution and a very wide field of view."
The raised funds will help the startup achieve a number of goals, the first of which is the development
of HXR technology. Entrepreneurs expect to engage with customers "to ensure that we bring the right
specifications of the first version of the product." The next milestone will be to "have a first
demonstration model that uses our technology and provides image quality never seen before."
Ultimately, the first HXR chips are expected to be "tested by the end of 2023" and "reasonably mass-
produced one to two years later."
By utilizing CMOS chip technology, the new spin-off of imec and VUB enables scalable and cost-
effective solutions. Swave offers large chip versions (2 cm x 2 cm) for high-end holographic display
applications and tiny versions of 0.5 cm x 0.5 cm for ultra-lightweight portable devices. Future versions
of HXR chips will be optimized for other emerging AR/VR/XR applications. Swave aims to collaborate
with AR/VR/XR and metaverse platforms of Tech companies.
"Swave Photonics will bring highly innovative technology to the market that we at imec have been
developing for more than five years," says Luc Van den hove, CEO of imec. "Our R&D programs and
investments have already resulted in an extensive patent portfolio that allows Swave to distinguish
itself internationally. We have great confidence that Swave, thanks to the continuous support of our
teams and our ecosystem, can become one of the leading innovators for immersive 3D displays and
thus a key accelerator for applications such as the metaverse."
Swave Photonics sees holograms becoming real
What does it mean to project images that are indistinguishable from reality? "It means a very wide
field of view, colors, high dynamic range, the ability to move your head around an object and view it
from different angles, and the ability to focus," says Marescaux of Swave.
It is normal to focus your gaze on one point and then another, but current 3D screens, VR headsets,
glasses, and goggles have only one fixed focus. Marescaux: "For example, you can't read a book and
decide to focus your eyes far away and look at the leaves of a tree. While your eyes naturally focus on
the distant object, with a 3D screen, you force your eyes to come together. The nausea or headache
that follows is due to the conflict between convergence and accommodation. The solution is to
reconstruct the light wave entering your eyes, and the only way to do that is with real holography".
, Questions
Supply chain and core assets:
1. Represent the supply chain of displays for consumers and place Swave, LG, and Apple in this
supply chain.
2. Place Swave, LG, and Apple in this supply chain and describe the roles they play.
3. What are the core assets of Swave Photonics?
Problem/solution fit:
1. Provide the MIC (Market-Product fit) of Swave Photonics.
2. Which performance criteria are important for Swave Photonics?
3. How well does Swave Photonics score on these performance criteria compared to
competitors/existing alternatives?
4. Based on this, provide the value proposition for Swave Photonics.
Business Case 2: Unifly
It was experienced individuals who conceived the concept behind UniFly: Jürgen Verstaen and his
fellow co-founders all have backgrounds in aviation or air traffic control. And it was through this
expertise that their golden idea emerged. "With the rise of drones, we saw the need for control and
oversight," says the Chief Business Development Officer. "And that's what we can provide with our
software."
Specifically, UniFly's software comes as a smartphone app that allows drone pilots to plan their flights
and immediately get an overview of what else is in the same airspace.
"This is done through 3D visualization," explains Verstaen. "This gives you a clear picture of where you
will be flying. And it's also very important for aviation authorities to know the status of their airspace.
The keyword is 'awareness': you immediately know what's happening in your surroundings, which
increases safety. That's why our app also gathers all aviation data and activities that are internationally
available via NOTAM - the Notice To Airmen distributed daily."
A concern during development: European fragmentation. "Each country has its own legislation, and all
these rules need to be incorporated. The goal is for the app to instantly show you whether you can fly
at a certain point or if, for example, it falls within the control zone of an airport. That's why we continue
to develop constantly: our data must be truly accurate."
An initial version of UniFly was released in early March on Google Play, with the real launch planned
for April when legislation is in place for Belgium. "The intention is to offer the app at a very low cost,
at one euro per month. We want to give the drone sector the necessary oxygen to grow and certainly
not scare off customers," says Verstaen.
"In addition, packages are also offered for professional users allowing management of multiple drones.
This version also comes with a desktop version of the software, so you can plan flights as well."
A successful idea? "We have been surprised by the response," he says. "Drone pilots are very
enthusiastic, but we have also received a lot of feedback from air traffic control: they are eager to know
what's in their airspace. And now we are also getting inquiries from manned aviation: our software
seems to be very interesting for paragliders to use."
"To be honest, we actually wanted to build up quietly in Belgium, but we're not getting that chance.
People are pulling at our sleeves from everywhere, not only from various European states but also
Business Case 1: Swave Photonics
Swave Photonics, a spin-off of imec and VUB, is a semiconductor company that designs and sells
holographic chips based on its own diffractive photonics technology. The company was founded in
early 2022, and its mission is to bring the metaverse to life and enable display and content
manufacturers to disrupt the visualization market with immersive, lifelike holographic displays of ultra-
high resolution. Swave envisions a world where holographic displays empower everyone to visualize
the impossible, collaborate, and achieve more.
Background: What are holographic displays?
A holographic display is a way to represent a figure in three dimensions without using a personal device
such as 3D glasses. The figures are displayed on a two-dimensional screen. The interest in holography
and designing holographic displays is partly due to the Star Trek movies, which popularized this
technique as a vision of the future for the general public. For science fiction fans, the Holodeck of Star
Trek is closer to reality than ever before. Holographic displays indeed represent another application.
"A 360˚display requires a screen and a place that can scatter light," says Marescaux, founder and Chief
Product Officer (CPO) of Swave. "Imagine it like an aquarium filled with water and its tiny particles that
you wouldn't see. We illuminate it with a 3D projector, and each particle scatters light so that people
can view the 360˚screen all around."
Background: Displays
The production of displays is concentrated in a relatively small number of primarily Asian companies.
Below you will find more information about the top 2 Manufacturers of (regular) displays: LG and
Samsung.
1. LG Display
LG Display is currently the world's number 1 manufacturer of LCD screens and part of the LG Group,
headquartered in Seoul, South Korea. The company has R&D, production, and sales offices in China,
Japan, South Korea, the United States, and Europe. LGDisplay's customers include Apple, HP, DELL,
SONY, Toshiba, PHILIPS, Lenovo, Acer, and other consumer electronics manufacturers. Apple's iPhone4,
iPhone4S, iPhone5, iPad, iPad2, TheNewiPad, and the latest iPad mini all use LG Display screens. LG
purchases a large number of components for its displays from third parties.
2. SAMSUNG (Samsung)
Samsung Electronics is South Korea's largest electronic industrial company and the largest subsidiary
of the Samsung Group. In the late 1990s, Samsung Electronics' technology development and product
innovation capabilities were further enhanced. The product development strategy emphasized leading
technology, utilizing the most advanced technology to develop new products to meet the needs of the
high-end market.
Swave, a new spin-off of imec and VUB, raises €6 million to bring lifelike 3D experiences to the
metaverse
Swave Photonics, a new spin-off of imec and VUB, has completed its first capital round (round A) of €6
million. The investment will be used to bring immersive 3D HXR technology to the market. Participating
investors in the capital round include Imec.Xpand, the Flanders Future Techfund (FFTF), and QBIC.
The demand for eXtended Reality (XR) technology is increasing enormously, partly due to the rapid
rise of the 'metaverse'. This is a kind of 3D version of the internet, where people are virtually connected
to the environment, objects, and each other. Headsets for Augmented Reality (AR) and Virtual Reality
(VR) can simulate such a virtual 3D world, but the holy grail for the metaverse is virtual 3D images (or
,holographs) that can be seen with the naked eye. Swave's HXR technology makes this possible through
billions of small, densely packed pixels.
"Swave's HXR pixel technology will change the way we experience images and videos. People from all
over the world will be able to participate in immersive video conferences and experience a 3D
experience as if they were sitting together at a conference table."
Swave’s HXR technology targets a wide range of applications: not only metaverse platforms but also
360-degree holographic walls, 3D gaming, AR/VR/XR glasses, video conferencing, and displays for
vehicles or for use in space. Additionally, Swave's technology will enable holographic headsets that
offer immersive 3D AR/VR/XR experiences with very high resolution, depth of field, and viewing angles
of 180 to 360 degrees, all without the headaches that some users experience with conventional
headsets. Swave's HXR chips could attract the interest of giants like Meta, Google, and Microsoft for
their future generations of headsets because they provide a visual experience "with very high
resolution and a very wide field of view."
The raised funds will help the startup achieve a number of goals, the first of which is the development
of HXR technology. Entrepreneurs expect to engage with customers "to ensure that we bring the right
specifications of the first version of the product." The next milestone will be to "have a first
demonstration model that uses our technology and provides image quality never seen before."
Ultimately, the first HXR chips are expected to be "tested by the end of 2023" and "reasonably mass-
produced one to two years later."
By utilizing CMOS chip technology, the new spin-off of imec and VUB enables scalable and cost-
effective solutions. Swave offers large chip versions (2 cm x 2 cm) for high-end holographic display
applications and tiny versions of 0.5 cm x 0.5 cm for ultra-lightweight portable devices. Future versions
of HXR chips will be optimized for other emerging AR/VR/XR applications. Swave aims to collaborate
with AR/VR/XR and metaverse platforms of Tech companies.
"Swave Photonics will bring highly innovative technology to the market that we at imec have been
developing for more than five years," says Luc Van den hove, CEO of imec. "Our R&D programs and
investments have already resulted in an extensive patent portfolio that allows Swave to distinguish
itself internationally. We have great confidence that Swave, thanks to the continuous support of our
teams and our ecosystem, can become one of the leading innovators for immersive 3D displays and
thus a key accelerator for applications such as the metaverse."
Swave Photonics sees holograms becoming real
What does it mean to project images that are indistinguishable from reality? "It means a very wide
field of view, colors, high dynamic range, the ability to move your head around an object and view it
from different angles, and the ability to focus," says Marescaux of Swave.
It is normal to focus your gaze on one point and then another, but current 3D screens, VR headsets,
glasses, and goggles have only one fixed focus. Marescaux: "For example, you can't read a book and
decide to focus your eyes far away and look at the leaves of a tree. While your eyes naturally focus on
the distant object, with a 3D screen, you force your eyes to come together. The nausea or headache
that follows is due to the conflict between convergence and accommodation. The solution is to
reconstruct the light wave entering your eyes, and the only way to do that is with real holography".
, Questions
Supply chain and core assets:
1. Represent the supply chain of displays for consumers and place Swave, LG, and Apple in this
supply chain.
2. Place Swave, LG, and Apple in this supply chain and describe the roles they play.
3. What are the core assets of Swave Photonics?
Problem/solution fit:
1. Provide the MIC (Market-Product fit) of Swave Photonics.
2. Which performance criteria are important for Swave Photonics?
3. How well does Swave Photonics score on these performance criteria compared to
competitors/existing alternatives?
4. Based on this, provide the value proposition for Swave Photonics.
Business Case 2: Unifly
It was experienced individuals who conceived the concept behind UniFly: Jürgen Verstaen and his
fellow co-founders all have backgrounds in aviation or air traffic control. And it was through this
expertise that their golden idea emerged. "With the rise of drones, we saw the need for control and
oversight," says the Chief Business Development Officer. "And that's what we can provide with our
software."
Specifically, UniFly's software comes as a smartphone app that allows drone pilots to plan their flights
and immediately get an overview of what else is in the same airspace.
"This is done through 3D visualization," explains Verstaen. "This gives you a clear picture of where you
will be flying. And it's also very important for aviation authorities to know the status of their airspace.
The keyword is 'awareness': you immediately know what's happening in your surroundings, which
increases safety. That's why our app also gathers all aviation data and activities that are internationally
available via NOTAM - the Notice To Airmen distributed daily."
A concern during development: European fragmentation. "Each country has its own legislation, and all
these rules need to be incorporated. The goal is for the app to instantly show you whether you can fly
at a certain point or if, for example, it falls within the control zone of an airport. That's why we continue
to develop constantly: our data must be truly accurate."
An initial version of UniFly was released in early March on Google Play, with the real launch planned
for April when legislation is in place for Belgium. "The intention is to offer the app at a very low cost,
at one euro per month. We want to give the drone sector the necessary oxygen to grow and certainly
not scare off customers," says Verstaen.
"In addition, packages are also offered for professional users allowing management of multiple drones.
This version also comes with a desktop version of the software, so you can plan flights as well."
A successful idea? "We have been surprised by the response," he says. "Drone pilots are very
enthusiastic, but we have also received a lot of feedback from air traffic control: they are eager to know
what's in their airspace. And now we are also getting inquiries from manned aviation: our software
seems to be very interesting for paragliders to use."
"To be honest, we actually wanted to build up quietly in Belgium, but we're not getting that chance.
People are pulling at our sleeves from everywhere, not only from various European states but also
