There has been a suggestion that this would be a candidate for a grant from ARDC.
Here are some general considerations for a research and development grant to be successful:
- You need to apply as a qualified recipient (a 501(c)(3), educational institution, government entity) or have a qualified entity act as the fiscal sponsor. - The products (hardware/software/documentation) must be Open Source and freely available - The grant can include engineering and development costs, including tools, labor, prototypes, etc.
Given this, one can apply at https://www.ampr.org/apply
Personally, I would recommend a design that includes RF circuitry and GPS (w/PPS) and could be a Pi HAT, USB, or network attached device. If you want wide adoption keep the cost down, and provide a design for good packaging.
An open source design can be manufactured and sold, but the manufacturer would not have exclusive rights to use the design.