CALIFORNIA STATE UNIVERSITY SAN MARCOS
PROJECT SIGNATURE PAGE
PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTSFOR THE DEGREE
MASTER OF BUSINESS ADMINISTRATION
PROJECT TITLE: Company LLC. Business Plan
AUTHORS: Chris Durso, Silvia Twardy, Sholeh Norouzzadeh,John Corbin
PRESENTATION DATE: December 12, 2017
THE PROJECT HAS BEEN ACCEPTED BY THE PROJECT COMMITTEE IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION.
Name of Project Advisor
IL(!/4'7 DATE Name of Second Reader
DATE Running head: COMPANY BUSINESS PLAN 1
Company, LLC. Business Plan
John Corbin, Chris Durso, Sholeh Norouzzadeh, Silvia Twardy
California State University San Marcos COMPANY BUSINESS PLAN 2
Table of Contents
Executive Summary...... 6 Introduction ...... 7 Company Profile ...... 7 Product Summary ...... 8 The Market ...... 10 Management Team ...... 11 Financing Requirements ...... 12 Key Projections ...... 12 Proposed Use of Funds ...... 13 Business Description ...... 14 Vision ...... 14 Mission ...... 14 History ...... 14 Company Legal Form ...... 15 Products & Services ...... 15 Competitive Advantage ...... 17 Description 1 Description and Capabilities ...... 17 Description 10 ...... 19 Industries Supported ...... 19 Timeline ...... 23 Management Team ...... 24 Principal Members ...... 24 Organizational Structure ...... 26 Board of Directors ...... 26 Advisors ...... 26 Ownership ...... 27 Market Analysis ...... 28 Industry Profile ...... 28 Market Value ...... 29 Market Analysis ...... 30 SWOT Analysis ...... 31 Target Markets ...... 33 Regulatory Environment ...... 43 Entry Barriers ...... 45 Competition...... 51 Marketing Strategy ...... 54 Operations ...... 55 Operations Summary ...... 55 Production ...... 57 Human Capital ...... 58 Staffing ...... 58 Product Warranty and Support ...... 59 Sales Channels ...... 60 Revenue Sources ...... 60 Critical Risks ...... 62 COMPANY BUSINESS PLAN 3
Financial Projections ...... 64 Industry Valuation ...... 64 Exit Strategy ...... 66 References ...... 67
Appendix ...... 70 Appendix I...... 70
COMPANY BUSINESS PLAN 4
Table of Figures
Figure 1 product Rendering ...... 9
Figure 2 Predicted value of technology 1 industries (Joshi, 2017) ...... 10
Figure 3 Financial Requirement...... 12
Figure 4 Projected Revenue ...... 12
Figure 5 Gantt Chart ...... 24
Figure 6 Company Organizational Structure ...... 26
Figure 7 Addressable Market (PwC, 2017) ...... 30
Figure 8 South American Market 4 ...... 35
Figure 9 South American Farming System (Latin America Farming Systems, N.D.) ...... 37
Figure 10 Market 5s of South America...... 38
Figure 11 U.S. Market 4 (FEMA, 2016) ...... 39
Figure 12 Gas & Oil market 4 in California ...... 39
Figure 13 U.S. Dams Hazard Potential (FEMA, 2016) ...... 40
Figure 14 California Dams Hazard Potential (FEMA, 2016) ...... 41
Figure 15 description 4 Requirements by Country (Drone Business Development Guide, 2016) 48
Figure 16 Market 4 inspection techniques (Gomez & Green, 2017) ...... 52
Figure 17 Supply Chain ...... 55
Figure 18 Transition to Manufacturing ...... 57
Figure 19 Financial Projections ...... 64
COMPANY BUSINESS PLAN 5
Table of Tables
Table 1 Project Timeline ...... 24
Table 2 Current Equity Positions ...... 27
Table 3 Planned Equity Distribution...... 27
Table 4 Years 1 – 5 Staff Profile ...... 59
COMPANY BUSINESS PLAN 6
Executive Summary
Company, LLC, is an early-phase firm focused on the design, development, and
marketing of products and services around its unique and highly capable product Description 15
Technology 9 System description 1. Company’s founders are all veterans of the description 4
space with complementary multi-disciplinary skill sets including: technology 2 design,
description 4 operations, description number, communications systems design, marketing and business development.
The product description 1 is positioned as a cost-saving direct replacement for existing business processes in feature 26 market 1, market 4 and powerline inspection, market 2,
firefighting, market 10, and feature 18 markets which currently utilize description 7 technology
6. These market sectors have a total addressable market value in excess of value.
The product feature 35 design consists of two high-efficiency feature 6 located on the leading edge of each feature 14 with a third propeller mounted on a tilt description 1 located in the aft part 7 area providing feature 22 feature 3 and feature 23 (FEATURE 20) and feature 2 feature 34 capability. It is this FEATURE 20 capability and extended operational range in feature
2 feature 34 which represents the description 1 competitive advantage.
The company’s business plan details the technologies incorporated into the product and the business processes that the product directly addresses. Product is targeted at opportunities in the commercial space on a global scale, however, the description 1 could be adapted to missions in the government and military sectors as well.
Company is seeking outside investment of number to fund the development of the product description 4 description 1 over a time development cycle. It is expected that the company will be valued in year 5 of operations. COMPANY BUSINESS PLAN 7
Introduction
Company Profile
Company, LLC, is an early-phase firm focused on the design, development, and
marketing of products and services around its unique and highly capable Group 2 Medium
Description 15 Technology 9 System description 1. The company commenced initial operations
in September of 2016 with a focus on creating value through innovation.
Company founders are all veterans of the description 4 space with complementary multi-
disciplinary skill sets including: technology 2 design, description 4 operations, description 10,
communications systems design, marketing and business development. The principals have
considerable background in the description 4 sector with direct experience in all phases of
description 4 operations. They are well versed in the space, and keenly aware of the
opportunities available for the company’s description 11 feature 35 product description 4 which can provide high-endurance feature 30 feature 18 missions without the need for a feature 16 or
specialized feature 10 and feature 31 system.
The product description 1 is unique in the market and is positioned as a cost-saving direct replacement for existing business processes which utilize description 7 technology 6. Key features include:
• Feature 22 Feature 3 and Feature 23 combined with high-speed feature 2 feature
34
• Fully feature 30 operations
• Extended operational range and endurance
• Science grade description 2 and feature 28 options
• Rapid deployment – fast set-up and tear-down COMPANY BUSINESS PLAN 8
• Easily transported to where it is needed – IATA compliant
• Reduced OPEX for mission critical business description 17 analytics
• Reduced CAPEX compared to current description 7 technology 9 description 1s
Company is pursuing opportunities in the commercial sector for the inspection of market
4, power grids, critical market 10, agricultural resources, urban market 2, and market 12.
However, the product description 4 description 1 may be configured for missions in the military and government sectors as well. PricewaterhouseCoopers (PwC) estimates the TAM (Total
Available Market) for commercial technology 1 operations at value. The company estimates the
Serviceable Available Market (SAM) at value and the SOM (Serviceable Attainable Market at over value over the next 5-years.
Product Summary
Company product is categorized as a Medium Description 15 Technology 9 System and is designed to operate feature 30 (without a human in the loop). The description 4 (commonly known as a technology 1) is capable of feature 10, technology 9 the mission, and returning to land all on its own navigation capability. These missions can be flown for a duration of almost 3- times that of currently available industry technology 1. The description 4 is capable of number+ time of feature 34 time, including up to number minutes of feature 9 time. Extended operational time with feature 9 capability is a critical differentiator in today’s market space.
Company unique (patent pending) intellectual property feature 35 design consists of two high-efficiency feature 6 located on the leading edge of each feature 14 with a third propeller mounted on a tilt description 1 located in the aft part 7 area as seen in Figure 1. The front feature
6 are capable of feature 39 to facilitate both feature 22 and feature 2 feature 34. Along with COMPANY BUSINESS PLAN 9
feature 22 feature 3 and feature 23 (FEATURE 20), the description 4 is capable of on-station feature 9 and feature 11.
Figure 1 product Rendering1
Four modular feature 28 description 2 types have been identified to date: 1) Multi-
Spectral, 2) High Resolution Digital camera for technology 9 mapping, 3) LIDAR and 4) EO/IR
Gimbal. The description 4 operator can switch between description 2 without any special tools or hardware configuration changes. The description 4 is cable of providing real-time feature 19 and feature 21 to a line-of-sight range (LOS) of range at altitudes of height.
The description 4 feature 29 power plant consists of an internal air-cooled heavy fuel motor powering two Technology 4, which provide electrical power for the part 6. The motor is common in both commercial and military Description 5. The skin of the feature 35 is constructed of a strong, light-weight, composite material which allows the description 4 to fly high- endurance missions. The maximum feature 3 weight of the description 4 is number. The description 1 can carry a customer defined description 2 weighing up to weight.
1 Image provided by Company COMPANY BUSINESS PLAN 10
The on-board description 10 system controls the description 2 feature 28, as well as the critical functions of the feature 15 including: feature 3, climb, cruise and feature 9, ground speed, air speed, waypoints, and feature 23 using differential GPS technology. Missions may be modified while the description 4 is in-feature 34 using the command-and-control link to allow for last minute re-tasking requirements or weather deviations.
The Market
In a recent study (see Figure 2), PwC determined that the industry with the best prospects for technology 1 applications is that of market 10, with a TAM of approximately value. The next best industry is that of the market 1 segment, with an estimated TAM of value. The Company product is designed for applications in feature 26 market 1, market 4 and powerline inspection, market 2, firefighting, market 10 and feature 18.
Technology 1-powered solutions are best suited to sectors that require mobility, flexibility, and high-quality description 17. Specifically, businesses that manage assets dispersed over large areas have requirements that the product description 4 can address. Large-scale capital projects, market 10 maintenance processes and commercial market 1 can all benefit from the integration of technology 1 into their day-to-day business activities.
Figure 2 Predicted value of technology 1 industries (Joshi, 2017) COMPANY BUSINESS PLAN 11
The company currently provides design services, hardware, and software solutions to these industries. These robust markets create an opportunity for Company to introduce the
product description 1 as a description 11 solution for a variety of commercial applications. The
company is pursuing opportunities in both the U.S. market (CONUS), as well as markets outside
the U.S. (OCONUS).
Product introduction will use the Company Owned, Company Operated (COCO) model.
The market plan calls for a migration to the Franchise Owned, Company Operated model
(FOCO) where the company provides mission operations planning, support, and maintenance to
its affiliated service providers. Recurring revenue is realized through a maintenance contract
subscription, detailed description 10 services, description 17 reduction services, and operational
personnel activities. With a demonstrated market requirement and product development
capability, quick time to market is essential and achievable.
The description 1 blends a number of technologies to support a broad range of missions
which require the flexibility of FEATURE 20 with the speed and endurance of a fixed feature 14
feature 15. Experienced consultants will begin market sector penetration efforts early on so that
the completed description 1 can quickly transition to operational service feature 14 the
development stage. The reduction in OpEx afforded by the description 1 will be messaged
directly to key decision makers in the target segments.
Management Team
The three co-founders of Company have decades of experience in the description 15
technology 9 systems market and will serve on the management team. COMPANY BUSINESS PLAN 12
• Personnel 4, is an expert in technology 9 structural design/stress/dynamics
engineering and feature 15 design. He has designed and built numerous successful
description 4 description 1’s and feature 34 control systems.
• Personnel 3, is a seasoned engineer with concentrated experience in the
development of products for the feature 24 market.
• Personnel 2, has experience in the feature 24 and description 4 markets as well as
business development and day-to-day company operations.
In addition, the company will recruit an experienced CEO and CFO to manage the daily operations of the enterprise in order to allow the founders to concentrate on the development of the product description 4 description 1 and the immediate feature 31 of market opportunities.
Financing Requirements
The company has a period and will require financing in tranches as indicated in Figure 3:
Figure 3 Financial Requirement
Key Projections
Year 2 of operations marks the completion of description 1 development and the beginning of manufacturing. The company projects the feature 14 revenues as shown in Figure 4
Figure 4 Projected Revenue COMPANY BUSINESS PLAN 13
Proposed Use of Funds
Financing is required to complete the design and development of the feature 35 description 1 as well as software and support systems. Additionally, funding levels include the amount required to maintain operations during the development phase. Key development milestones include:
• Feasibility Study
• Modeling
• Feature 15 Detailed Design
• Manufacturing
• Prototyping
• Feature 30 Development
• Test and Evaluation
• Marketing and Business Development
Through its prior business activities, Company has developed a network of potential customers and business partners. Business development activities are scheduled to begin in the first quarter of 2018 with the development of detailed proposals to key customers regarding the integration of the product description 1 into their existing description 17 collection activities. It is expected that within 12 months, the company will have secured commitments for three systems
(9 feature 15), as well as the associated support services, pending a successful demonstration of the first article. COMPANY BUSINESS PLAN 14
Business Description
Vision
Company is an early-stage, advanced technology company focused on creating strategic
and tactical advantages for its customers by delivering innovative, high quality, state-of-the-art
remote technology 7 products and services to the gas & oil, power market 10, and feature 26
market 1 markets.
Mission
Company will build on founder and employee past experience, industry knowledge,
customer relationships, and core competencies to become the predominant supplier of feature 30
description 15 technology 9 systems for long-range, high-endurance description 17 collection missions in its target industries within 5-years. The company will focus on an accelerated development schedule to reduce time-to-market consistent with the production of a high- reliability description 1. Company will deliver supportable products and services which replace existing business processes. The company’s offerings will feature robust system architectures that resist obsolescence and provide sustainable performance and value over the long-term.
History
The Company co-founders are well connected within specific segments of the description
4 industry and have extensive experience in the design, development, marketing, and sale of market 13 systems. All three co-founders have worked together through their respective
organizations for over number-years. In the late Fall of 2016, they formed Company, LLC to develop a capable FEATURE 20 description 1 to replace description 7 technology 6 feature 28 based missions in the commercial market. The company currently provides consulting services in the description 4 market on a global basis. COMPANY BUSINESS PLAN 15
Company has completed the initial engineering validation for its feature 35 ducted fan
FEATURE 20 concept. Sophisticated technology 9 software indicates that all critical performance metrics for the product description 4 are achievable. The company is now poised to complete development of the description 1 and move to the next stage to provide products and services.
Company Legal Form
The company was organized in the State of State on Date as a Limited Liability Company
(LLC). This legal form provides the liability benefits of a traditional C Corporation while feature 14 profits to be taxed as a partnership (as personal income), thus avoiding double taxation.
The first 5-years of operations at Company will be financed through five vehicles: 1) issuance of inside (founder and employee) equity, 2) cash flow from operations, 3) debt, 4) a line of credit and 5) the offering of equity to limited outside investors.
Products & Services
Company is developing the product description 4 as its primary product. Product is a market 13 technology 9 system which includes:
• The feature 35 FEATURE 20 technology 2
• The baseline feature 28 description 2 (camera(s) and gimbal)
• The avionics package (navigation and communications)
• The ground control station (GCS)
• The software required for the system to operate
Product base system consists of the feature 14: (3) technology 2, (1) feature 28 package,
(3) avionics packages, (1) ground control station and (1) software package. The system can be COMPANY BUSINESS PLAN 16
customized by the user through the purchase of mission specific feature 28 description 2. For example, in the market 1 space, a user may need to deploy a technology 8 camera on the product to look for a particular condition within a citrus grove. Additional description 2 packages are easily market 13 with the product through the description 1 modular description 2 interface. In addition to the products described above, the company provides a description 10 service.
The description 10 is critical to the operation of the product description 4 in that it commands the vehicle where to go and controls the feature 28(s) to collect the desired description 17. The description 10 is developed based on requirements defined by the customer and is as a unique output for every description 17 collection mission. It is an electronic description 17 file which enables the feature 30 operation of the description 1. The description 10 services represents a recurring revenue stream and is responsible for the majority of revenue year-on-year.
Each customer is required to maintain an annual software subscription which provides updates to the primary software operating system of the description 1. This service provides updates that address issues such as: feature 34 characteristics, feature 34 safety, navigation, communications, power management, and engine performance. An annual fee provides critical system updates in electronic file format. The computer code can be easily uploaded into the product description 4 system. Additionally, documentation, and any required training, is provided as necessary. Failure to maintain the software subscription will immediately void any and all warranties.
In order to maximize availability of the product to the customer, repair and replacement services are offered to rectify damage to technology 2, power plant, or electronics sub-systems out of warranty. COMPANY BUSINESS PLAN 17
Competitive Advantage
The product description 4 is designed to replace description 7 technology 6 for inspection
and description 17 collection business processes in market 3, electric power market 10, and
market 1 (Gardian Helicopters, Inc, 2017). Small scale battery powered technology 1 can only
provide limited inspection capabilities and still require that the operator access the site in
question. Product feature 29 power plant can propel the description 1 feature 34 for number+
time as it carries scientific quality instruments to conduct feature 18.
Most importantly, due to its FEATURE 20 capability, product can feature 9 over areas of
interest to collect detailed imagery. This is a mission critical feature that conventional fixed-
feature 14 Description 5’ cannot match. Additionally, because of its FEATURE 20 capability, product does not require a feature 16 or feature 32 for feature 10, or a feature 16 or feature 31
system for feature 27, and Product operating cost is a fraction of what is incurred utilizing a description 7 technology 6 or airplane.
Description 1 Description and Capabilities
The Company’s product is a description 6. Product is a fully feature 30 description 4 and
can complete its mission without the need for personnel on the ground to control the vehicle.
Product unique feature 35 design, along with a technology 2 constructed of strong, light-weight composite materials, enable the system to conduct long-range missions without the requirement for an improved feature 16 or complicated feature 10 and feature 27 system. In addition to its
FEATURE 20 capability, the product can feature 11 on-station to support detailed description 17 collection. This extended feature 9 capability is unique in the description 4 space today.
The feature 35 configuration consists of two feature 6 located on the feature 14’s leading edge with a third propeller mounted on a tilt description 1 in the aft part 7 area. The feature 2 COMPANY BUSINESS PLAN 18
feature 6 translate through 90 degrees to support both feature 22 and feature 2 feature 34. The feature 6 are powered by Li-Ion (Rechargeable Batteries: Lithium Ion Batteries (Li-Ion), 2017) or Li-Polymer batteries (Isidor Buchmann, 2017) controlled by an innovative system which provides high bursts of market 6 to support feature 17 during feature 9.
The maximum feature 3 weight of product is number. The maximum description 2 weight is in excess of weight, feature 14 product to carry sophisticated description 2 for extended periods of time. The power plant is a feature 29 design incorporating a Part 5 internal combustion engine (operating on regular gasoline) which powers three high-efficiency technology 4 that provide market 6 to the feature 6. The technology 4 also charge the special high-energy storage system, which provides instantaneous power to the part 6 to enhance description 1 stability during feature 9 and feature 2 feature 34 in gusty wind conditions.
Because product utilizes the same feature 6 for both feature 22 and feature 2 feature 34, efficiency is increased since all elements of the power system are used in both phases of feature
34. The description 1 is capable of number+ time of feature 34 time, including up to number minutes of feature 9. Complexity and operational expense is significantly reduced through the blending of feature 22 and feature 2 feature 34 on a common description 1. As such, product does not require a specialized feature 10 and feature 27 system. In fact, the description 1 can operate from any distance wide clear surface.
Four modular description 2 feature 28 types have been identified which can satisfy the majority of description 17 collection missions:
1. Multi-Spectral Camera (multiple wavelength ranges)
2. High Resolution Digital Camera (HD or greater)
3. LIDAR (Light Imaging, Detection, And Ranging) COMPANY BUSINESS PLAN 19
4. EO/IR Gimbal (Daytime camera / Thermal Imaging)
Missions which call for the application of multiple feature 28 technologies will benefit from the ability to quickly switch between feature 28 and description 2 without any special tools or hardware configuration changes. For missions requiring real time feature 19 and feature 21, product can operate at a line-of-sight range (LOS) of range at altitudes of height.
Description 10
The product description 10 is developed by Company as a service and represents a significant revenue stream. The specific description 10 is key to the success of feature 34 operations as it controls the feature 15 and the description 2 throughout the feature 34. The description 10 directs the feature 30 feature 34 control system during the pre-feature 34 check, feature 3, climb, cruise, and feature 11 phases. It manages airspeed, altitude, power, waypoint navigation (through GPS guidance), feature 28 description 17 collection, and finally, return-to- base and feature 23 operations. While primarily designed as a single button “set-and-forget” operation, the description 10 is flexible enough to allow for real time re-tasking when necessary.
Industries Supported
Company product description 1 is ideal for specialized missions in market 1 and market 6 industries where sophisticated feature 28 description 17 provides a competitive advantage.
Market 1. Product supports many types of missions for market 1 industry utilizing the
EO/IR imagers provided as a baseline feature 28 package. These missions include:
• Plant counting and yield prediction - generating plant counts and forecasting yields based
on surveys of row-based plants.
• Identifying individual tree crowns - by assessing tree crown health, diameter, and mean
vegetation index values. COMPANY BUSINESS PLAN 20
• Generating plant health indices - assessing and monitoring plant health throughout the
season by producing a general index of live green vegetation.
• Canopy cover market 10- which is used to track the progression of field or forest by
measuring how much of the area is covered with vegetation.
• Scouting reports - snapshot of the field or forest surveyed in a single-page report.
• Stockpile measuring - monitors the supply and use of feed and fertilizer by measuring its
cut-and fill volume.
• Assessment of plants through the measurement of chlorophyll - identifies differences in
leaf chlorophyll content at the leaf and canopy scale.
• Measure canopy temperature - gain insight into heat stress, water use, and plant
metabolism.
Additional missions suited for the market 1 industry utilizing more advanced LIDAR technology feature 28 packages include:
• Plant height measurement - used to assess crop coverage and gauge productivity and
overall plant health by measuring plant height.
• Drought stress identification - monitors drought stress at different growth stages to allow
for optimizing water usage.
• Drainage market 10 - used to improve yields and optimize resources by generating
elevation maps to identify area requiring drainage.
Highly specialized agricultural missions are supported which require the use of Multi- spectral and/or Hyper-spectral feature 28s include:
• Advanced plant health indices - assessing canopy variation in biomass or detect plant
stress in mid-to-late growth stages. COMPANY BUSINESS PLAN 21
• Assess field performance - provides quality plot-level statistics on plant count, height,
vigor, leaf area, and canopy cover.
• Field water ponding market 10 - used to identify and measure areas that cannot be used
for feature 14 due to standing water.
• Measurement of nitrogen content in wheat - used to gain insight into heat stress, water
use, and plant metabolism.
• Weed pressure market 10 - used to help protect crop production through the detection and
assessment of invasive weed species.
• Phenotyping and genotyping - used to identify multiple plants in a single field.
• Disease pressure market 10 - used to defend crops through the early detection and
identification of diseases.
Market 6. The product description 1 with its baseline feature 28 package is well suited for missions for the market 6 industry including:
• Market 4 monitoring - reduction of inspection time and operational costs by collecting
description 17 over vast distances.
• Wind turbine inspection - reduction of inspection time and risk to workers by minimizing
the frequency of climbs.
• Right-of-way analysis - the monitoring of market 10 for encroachments by vegetation and
other activities.
• Sea-surface market 10 - designed to reduce health and safety risks and improve the
efficiency of description 17 collection during an emergency spill response.
• Forest regeneration - the monitoring and measuring of the progress of an ecosystem
through vegetative growth stages. COMPANY BUSINESS PLAN 22
Additional missions are available for the market 6 industry utilizing more advanced feature
28 packages which incorporate LIDAR, technology 8 and Hyperspectral technologies. These missions include:
• Powerline sag analysis - used to assess vegetation points and encroachment based on
proximity to conductors.
• Tower inspection - used to reduce inspection time and risk to workers by minimizing the
frequency of climbs required for visual structural assessment.
• Environmental mitigation - used to plan remediation efforts and track progress using
topographic surveys and plant health indices.
• Vegetation management - used to manage vegetation using topographic surveys and plant
health indices.
• Solar fault detection - used to maintain plant efficiency by identifying issues such as hot
spots, dead spots, and debris.
Market 2. The product description 1 with its baseline feature 28 package is well suited for missions for the Market 2 environment including:
• Mountain, Wilderness, Wide Area Searches - used to search for individuals and/or
groups, using heat signatures, in multi-level and multi-altitude environments.
• Earthquake, Swift Water, Flood, Mudslide, Avalanche Searches - used to search for
individuals and/or groups feature 14 a major catastrophe.
• Surf and Maritime Searches - to spot individuals and/or groups after a large body water
accident. COMPANY BUSINESS PLAN 23
Additional missions are available to the Market 2 environment utilizing more advanced feature 28 packages which incorporate LIDAR, technology 8 and Hyperspectral technologies.
These missions include:
• Missing Feature 15 - spot downed feature 15 in wilderness areas, mountains, and deserts.
• Missing Ships - used during as part of a maritime search.
• Technical Rescue - used for structural collapse, trench collapse, water/ice, electrical, cliff,
and industrial accident rescues.
Market 12. The product description 1 is well suited for market 12 including:
• Delivery of medical supplies - carrying up to weight of medical supplies to isolated areas
feature 14 natural disasters or manmade conditions.
• Mine remediation - which is used to eliminate the risks associated with description 7
inspection and increase the accuracy of progress reporting.
Timeline
Shortly after the company was organized, it conducted a feasibility study to discover if the desired technology 9 dynamic and operational performance goals of the product project are achievable (see Table 1). The study indicated that FEATURE 20 feature 34 characteristics were indeed possible with the stated description 2 capacity, endurance, and feature 29 power plant.
The project is slated to begin in the first quarter of January, 2018 (see Figure 5).
• The project has 7 major identified milestones as follows:
1. Feasibility study: largely complete, project green-lighted.
2. Design: where the overall part 4 and part 1 of the description 4 will be designed.
3. Modular design: structural details of part 2, feature 14, feature 6, and description
2 bay. COMPANY BUSINESS PLAN 24
4. Mechanical manufacturing: construction of prototypes.
5. Feature 30 development: software and feature 30 system integration.
6. Integration: integration of hardware and software systems into prototypes.
7. Prototype testing: indoor and outdoor range testing.
Task Name Duration Start Feasibility Study Confidential Confidential Mechanical Design Confidential Confidential Feature 15 Modular Design Confidential Confidential Mechanical Manufacturing Confidential Confidential Feature 30 Development Confidential Confidential Integration Confidential Confidential Proto Testing Confidential Confidential Table 1 Project Timeline
Figure 5 Gantt Chart
Management Team
Principal Members
The three co-founders who form the core management team have decades of experience in the description 15 technology 9 systems market, in managing start-up high-tech companies, in corporate officer positions, and in the broad spectrum of disciplines required to breed success.
Personnel 4 is an expert in technology 9 structural design/stress/dynamics engineering and feature 15 design. He has designed and built numerous successful description 4 description 1 and feature 34 control systems. Personnel 4 served as the Company g, Technology 9 Systems COMPANY BUSINESS PLAN 25
(manufacturer of the Description 9 description 4 description 1). He holds an MS in both
Technology 9 Engineering and Mechanical Engineering and he is a registered Professional
Engineer in the State of California.
Personnel 3 is a seasoned engineer with concentrated experience in the development of
products for the feature 24 market. Specifically, he has over 30-years of engineering design,
implementation, and technical management experience in analog and digital communications
systems and has expertise in the successful operation of numerous hi-tech companies. Personnel
3 holds a BS in Electronic Engineering and was a co-inventor on a U.S. Patent issued for a specialized antenna system for the U.S. military.
Personnel 2 has over 30-years of experience in the feature 24 and description 4 markets as well as experience in business development and day-to-day company operations. Personnel 2 was a co-founder of Company m where he successfully positioned the company for an acquisition by a publicly traded company. He holds an MBA, and an MA in
Telecommunications.
The company will actively recruit an experienced CEO and CFO (see Figure 6) to manage the daily operations of the enterprise, so as to allow the founders to concentrate on the development of the product description 4 description 1, and focus on the immediate feature 31 of market opportunities. COMPANY BUSINESS PLAN 26
Organizational Structure
Figure 6 Company Organizational Structure
Board of Directors
The Board of Directors consists of the three co-founders, with Personnel 2 acting as
Chairman of the Board. Board members will be added as necessary to ensure that essential talent and key industry contacts are available to provide benefit to the company and its customers.
There are no current plans to compensate the three initial Board members beyond their normal salaries, however, as additional non-employee members are added to the Board, a blend of equity
and fees for attendance at each Board meeting will be added, as well as provisions for
reimbursing members for expenses incurred while conducting Board business.
The Board will be responsible for setting long term goals for the company, time-lining and tracking the progress, and establishing committees (compensation committees, etc.) to resolve the various aspects of the business. The current Board seeks to add appropriate outside board membership in order to prevent a myopic view of company operations, as well as to bring fresh and diverse contributions and outlooks to the company.
Advisors
Company has three senior Advisory Board members. These advisors bring unmatched experience, perspective, technical and market knowledge to the enterprise. COMPANY BUSINESS PLAN 27
Personnel 1 served as Company n prior to his retirement. He advises the company on the technical and operational aspects of description 15 technology 9 systems. Personnel 1 holds an
MBA and a BS in Engineering Technology.
Personnel 6 currently serves as the CEO of Company p where he is involved in the government and commercial feature 24 market. Personnel 6 advises the company on management, manufacturing, and business processes. He holds an MBA and a BS in Electrical
Engineering.
Personnel 5 is the CFO of Company s, and has over 25-years of finance and accounting expertise. He has extensive management experience in business environments that include description 4, satellite communications, military, security, and public safety markets. Personnel 5 is experienced in M&A transactions, turnarounds, strategic planning and change management.
He holds a BS in Accounting and is a Certified Public Accountant.
Ownership
Table 1 depicts the current distribution of company equity, while Table 3 lists the planned distribution of equity.
Current % of Name Ownership personnel 3 Confidential personnel 2 Confidential personnel 4 Confidential Table 2 Current Equity Positions
Group % of Ownership Reserved for Founders Confidential Reserved for employees Confidential Reserved for outside investors Confidential Table 3 Planned Equity Distribution COMPANY BUSINESS PLAN 28
Company is establishing a plan that will offer equity to employees. The company plans
to use this feature to attract promising employees, promote a spirit of teamwork, and to enhance
employee contribution to the growth of the organization.
Market Analysis
Industry Profile
With an industry projected to nearly double over the next 5-years, increasing demand
creates an opportunity for Company to introduce a product to the market that can serve as a
solution for a variety of customer needs. The description 4 market offers different variants of
feature 15 ranging from Description 12 to Large Description 5. The market can further be broken
down by feature 14 type, application, range, and propulsion system. The Company’s product description 4 falls under the feature 13 feature 14, gas/electric propulsion medium description 4 class.
Product can be used in various commercial and government applications including:
• Feature 26 market 1
• Market 3
• Market 11
• Market 10
• Market 14
• Market 2
• Weather tracking
• Market 9
Other potential market sectors include cargo transport and military applications. COMPANY BUSINESS PLAN 29
While there are many competitors in the medium description 4 class, none have the unique FEATURE 20 and long-range, high-endurance capabilities of product. Even so, with a commercial market potential of value for description 4 services, quick time-to-market is essential.
Market Value
“Technology 1 can play a vital role in the telco towers sector. The description 17 they provide is a useful tool enabling faster and safer inspections of telco towers for the purpose of inventorying and maintenance” (Silver, Mazur, Wiśniewski, & Babicz, 2017).
In July 2017, PwC conducted an in-depth review of the technology 1 market and its potential benefits in the various industries (see Figure 7). The report dissected each industry and quantified the value of each market. According to the publication, the market 10 market (which includes powerline, market 4 inspection and critical facilities) has the potential to make up value of a value industry. The potential value of the market 1 market is estimated at value. This includes feature 26 market 1 activities such as crop health and yield predictions. COMPANY BUSINESS PLAN 30
Figure 7 Addressable Market (PwC, 2017)
Market Analysis
Description 13 come in various shapes and sizes, and the application plays an important role in determining weight, dimensions, technology 9 time, description 2 capabilities, and other key characteristics. One of the largest markets in the description 4 industry is the market 8 market. In the market 8 market there are both small, medium and large Description 5 used. Long established companies in this market include General Atomics, Northrop Grumman, and
Textron. These products feature various description 2 that serve different missions including reconnaissance, weapon delivery, and feature 18. COMPANY BUSINESS PLAN 31
Military centric description 1 are high priced, complex and have higher operating costs when compared to feature 15 in the commercial market sector. Product is not targeted towards the market 8 market, however, because of its durability, feature 34 time and FEATURE 20 capability, it is potentially a good fit in that market as well. Products current design is the result of a trade-off analysis aimed at reducing costs in order to make the description 1 more accessible to the commercial market. Some additional product development may be required to transition product to the military space.
The hobbyist market has seen dramatic growth over the last 3-years. These Description 5 are very small, inexpensive and made for non-professional use. This market is not suited for product. There is also a description 4 market for professional photography consisting mostly of small Description 5 slightly more sophisticated than the ones marketed toward the hobbyist market. This space is dominated by the Chinese company COMPETITOR A which offers a wide array of description 1 and camera options. These products are one tier above toy grade and range in price from $3,000 to $50,000. These technology 1 are commonly used in the movie and real-
estate industries.
While product may be suitable for some high-end applications in those industries, this is
not the primary market. The description 1 is designed for applications in the market 3, power,
and agricultural industries where current business models utilize description 7 technology 6 for
description 17 collection.
SWOT Analysis
The following is an analysis of the strengths, weaknesses, opportunities, and threats facing Company as it develops and markets the product description 1. Strengths and weaknesses
represent internal factors while opportunities and threats represent external factors. COMPANY BUSINESS PLAN 32
Strengths -
• Profit margin on services (recurring revenue)
• Transportable feature 30 system which replaces existing business processes
• Long range mission capability of number+ time with up to number min feature 9
time
• Unique feature 12 mechanism allows for feature 22 and feature 2 feature 34
• No feature 16 or feature 31 system required for feature 3 and feature 23
• Management team with experience in the description 4 industry
• Management team with experience in high-tech start ups
Weaknesses -
• Outsourced manufacturing could present a bottleneck if a fast ramp up is required
• Lead-time of custom parts could slow deliveries
• Initial focus on the commercial market at the expense of potential military
opportunities
• High barriers to entry
o Significant upfront R&D investment required
o High cost parts and processes required for manufacturing
o Highly skilled workforce required Opportunities -
• Advancements in material technologies, computing power, feature 28, and
navigation systems makes product possible
• The global market for a description 1 with the capabilities of product is currently
untapped COMPANY BUSINESS PLAN 33
• The commercial description 4 market is growing and looking for high technology
solutions to business problems
• Recurring revenue of total of fielded systems
• The company enjoys efficient internal processes
o Low inventory costs - products made to order
o Outsourcing reduces capital investment and increases flexibility Threats -
• Strong competition across all strata in the description 4 industry
• No government subsidies available for product development to address the target
markets
• Inefficient supply chain in the technology 9 space industry
o Processes are not transparent and custom parts are expensive
o Limited suppliers of high tech tooling and manufacturing capacity
o Increasing demand on a limited amount of suppliers According to IBISWorld, the perspective study of the description 4 industry shows that
the civilian market will gain more attention in next 5-years. Currently, because of a tightly regulated civilian market in the U.S, many companies are shifting their business focus to countries in South America and Australia. Company is capitalizing on the opportunities in South
America and beyond. However, regulation in the U.S. is quickly adapting to the new description
4 economy and restrictions are being eased at an accelerated pace.
Target Markets
The market 3, power, and agricultural industries are well established globally. What
makes these industries a good fit for the product description 1 is that their assets are spread out COMPANY BUSINESS PLAN 34
over a large geographic area. In the market 3 industry, market 10 (storage, processing, and distribution) is vast and can cover over tens of thousands of miles. These industries have a need
to constantly survey, asses and monitor their market 10 assets. This on-going monitoring is
required to meet standards set by regulators for disaster prevention, asset protection, or just
process improvements designed to gain a competitive advantage.
Company is actively searching for emerging market opportunities that can be solved
using the capabilities of the product UAS. Opportunities may even come from other market
sectors. On November 13, 2017, the U.S. Department of Army, U.S. Army Corps of Engineers
released Solicitation Number: W912HN18R2000, seeking Multidiscipline Indefinite Delivery
Contracts for Topographic, Boundary, Hydrographic, and UAV Technology 9 Surveying and
Market 10 for Projects. The solicitation seeks the award of multiple contracts over a 5-year
period with the maximum value of each contract not exceeding $3,000,000. The tasks required
by the solicitation are an exact match for the operational capabilities of product. The solicitation
is provided as Appendix I.
Market 4 Inspection. The market 3 market 4 industry is well positioned to take advantage of the capabilities of product. Because of the description 1 ability to operate for number+ continuous time of feature 34 time, without the need for improved feature 16s for feature 3 and feature 23, automated route market operation, and wide ranging description 2 capacity, the product can replace many of the high-cost description 7 technology 6 missions currently utilized in this industry.
The efficient operation, security, and maintenance of market 4 market 10 is key to the success of companies in this industry and vital to the jurisdictions where those market 4 are located. There is a vested interest from all stakeholders regarding the integrity of those market 4 COMPANY BUSINESS PLAN 35
in order to protect the environment, and the residents living nearby. For this reason, regulators
require companies to monitor and inspect their market 4 on a regular basis.
Figure 8 South American Market 4
South America alone has over 30,000 miles of market 4 that carry valuable but potentially harmful cargo. Many of these market 4 run through desolate areas and are susceptible to stress, cracking and fracturing due to the elements, aging and vandalism. “Equipment failure such as breakage or leaks can occur for many reasons, including over-age of structures and material failure, natural ground movement, accidental hot-tap and third-party (accidental, incidental or intentional) interference” (Gomez & Green, 2017). This damage can have severe financial and environmental impacts. Figure 8 identifies market 3 market 4 throughout Mexico and South America.
“Hydrocarbon leaks can damage the environment through contamination and pollution, seriously affecting ecological health and human safety” (Gomez & Green, 2017). Description 17 COMPANY BUSINESS PLAN 36
shows that there is a need to periodically inspect these market 4. According to the Market 6
Resources Conservation Board (ERCB), the number of market 4 breaks per 1000 km year exposure (market 4 length × duration) in Alberta, Canada was 1.5 in 2011 and 2012. In Russia,
this rate is estimated to be 110 to 140 per 1000 km per year. In Europe, these figures decreased
from 1.2 incidents per 1000 km × year in the 1970s to 0.23 incidents per 1000km × year in 2013
for oil market 4, and from 0.87 to 0.33 in the period 1970–2013 for gas market 4 (Gomez &
Green, 2017).
The current methodology for monitoring market 4 consists of a combination of remote
feature 28 and physical inspections. The feature 28 require hardware to be placed throughout the
market 4 route and requires electrical and/or description 17 connectivity. This method is
unreliable because of the need for that connectivity, and it unintentionally gives the company
something else to monitor (marginally increasing operating costs). These feature 28 are also
susceptible to damage from the elements and vandalism. Physical inspection can be a
combination of walking patrols and description 7 technology 6 feature 34s. The walking patrol is
very time intensive and physically demanding. Technology 9 can also be time consuming, and it
is limited in its effectiveness due to the requirement to operate close to the market 4 in order
acquire accurate inspection description 17. Both of these methods are time intensive and
represent a high recurring cost.
Feature 26 Market 1. The feature 26 agricultural industry is another industry well suited
to product. This industry is less focused on regulatory compliance and more on asset
management. Farmers and ranchers are concerned about the health of their crops and livestock.
Ensuring these assets are in good condition is a top priority. Agribusiness is a trillion-dollar COMPANY BUSINESS PLAN 37
industry worldwide, and there is a vested interest to protect those assets. Figure 9 outlines the various farming systems throughout South America.
Figure 9 South American Farming System (Latin America Farming Systems, N.D.) Crops and livestock can be susceptible to damage due to inclement weather, vandalism and natural occurrences. Currently, agribusinesses use description 7 technology 6 feature 34s and foot patrols to accomplish their surveys. However, there are shortfalls with these methods.
Description 7 feature 34s can be costly, and do not leverage the capacities that description 15 vehicles provide like market 10 and trend analysis capabilities. Patrols are also time intensive and costly. Description 5 that are currently offered in the agricultural market are limited in capability and cannot provide the range of services offered by product. COMPANY BUSINESS PLAN 38
Market 5 inspection. With rising market 6 demands in countries like India and China,
global power transmission network levels are projected to increase by almost 15% in 2020. PwC
analyzed the power and utilities sector and the impact technology 1 are having in this industry,
and identified a value a year market. “Applying technology 1 technologies to feature 31 a variety
of description 17 on power plants, electrical substations or market 5 is becoming a change driver
for the entire power and utilities industry” (PwC, 2017). Figure 10 shows the extent of long powerline distribution networks in South America.
Figure 10 Market 5s of South America. The report also found that the U.S. sector loses value to network failures and forced shutdowns. “In most countries monitoring vegetation growth and trimming trees near market 5 is the single biggest maintenance cost for power companies. Technology 1 can make the trimming process more efficient, as well as providing description 17 that helps predict and avoid damage from falling trees.” (PwC, 2017) COMPANY BUSINESS PLAN 39
Figure 11 U.S. Market 4 (FEMA, 2016)
According to the U.S. Department of Transportation, the U.S. has the largest market 4
network in the world, with over length miles of market 3 market 4 (see Figure 11). In the state of
California, the need for market 4 monitoring is a huge industry, which continues to grow year- on-year. Figure 12 represents the number of gas and oil market 4 miles in the State of California.
This growth represents the opportunity for a safe and efficient way to conduct inspections.
Figure 12 Gas & Oil market 4 in California
Critical Market 10. Another opportunity for Company is critical market 10. The integrity of vital market 10 is essential to public safety, and can lead to cost savings for municipalities at COMPANY BUSINESS PLAN 40
every level. Critical market 10 includes dams, bridges, water supply, wind turbines, electrical
grids, and forestry monitoring.
Dams are key to a municipality’s water supply and ecosystem. Failure of a dam can be
catastrophic, and lead to devastating financial and physical impact. Safety inspections are
required for dams to ensure their integrity is intact. The use of technology 1 to perform
inspections provides many advantages. Technology 1 replace the need to have personnel scale
dams that reach dangerous heights. Description 15 vehicles perform inspections faster than
humans and allows visibility into areas that are remote and not accessible to humans.
Technology 1 are also much safer and provide significant cost savings.
According to the Federal Emergency Management Agency (FEMA), there are over
84,000 dams in the United States. FEMA states that 14,000 of these dams are classified as high hazard. Most municipalities require annual inspections of dams. (FEMA, 2016). Dams in the continental U.S. are owned by the federal or state government, local government, public utilities, or privately owned. These dams are registered in a national description 17base operated by the
Army Corps of Engineers. Figure 13 represents the number of dams by hazard potential throughout the U.S.
Figure 13 U.S. Dams Hazard Potential (FEMA, 2016) COMPANY BUSINESS PLAN 41
States charge different rates for dam inspections, depending on the size of the dam, hazard potential, and mission. Figure 14 identifies the hazard potential of dams in California.
The Army Corps of Engineers registered 1585 total dams in the state of California, with 833 of those classified as high hazard. The majority of dams in California were built in the 1960s, and as the numbers show, routine inspection and maintenance is critical. FEMA explains that dams in the United States are classified as “high-hazard potential, meaning that their failure from any means, including a terrorist attack, could result in loss of life, significant property damage, lifeline disruption and environmental damage.” (FEMA, 2016).
Figure 14 California Dams Hazard Potential (FEMA, 2016)
Urban Market 2 and Market 12. After a natural disaster or during market 2 or feature 27 missions, technology 1 are increasingly becoming a vital asset to police, fire and emergency service providers around the country. Their ability to relay real-time information, access difficult to reach areas like canyons, and valleys, and keep police from entering a dangerous situation, is invaluable. COMPANY BUSINESS PLAN 42
National Parks in the U.S. are popular travel destinations. A study was conducted of the
Annual U.S. National Park Service Market 2 Report investigating market 2 (SAR) trends associated with recreational travel in U.S. National Park Service (NPS) units. The report found that between the years of 2003 to 2006, there were 12,377 SAR operations involving 15,537 visitors with a total operational cost of $16.5M. (Heggie, PhD & Heggie, MS).
The operations ended with:
• 522 fatalities
• 4,860 ill or injured visitors
• 2,855 lives saved
• Almost half (40%) of the operations occurred on Saturday and Sunday
• Visitors between the ages of 20 to 29 were involved in 23% of the incidents
• Males accounted for 66.3% of the visitors requiring SAR assistance
The activities that resulted in the most SAR operations were:
• Day hiking
• Motorized boating
• Swimming
• Overnight hiking
• Non-motorized boating
The vast majority of visitors requiring SAR assistance were located within a 24-hour period. The most common rescue environments were:
• Mountain areas between 1,524 and 4,572 m.
• Lakes COMPANY BUSINESS PLAN 43
• Rivers
• Oceans
• Coastal areas
The list of contributing factures included:
• Error in judgment
• Fatigue and physical conditions
• Insufficient equipment, clothing, and experience
The study concluded that SAR incidents can be expensive and end with severe health
consequences. Product is well positioned as a valuable tool for SAR in the types of environments
listed above. The description 1 can search from the air for over number time continuously (day
or night) without putting market 2 personnel in danger. Properly equipped, product can bring
food, water, and medicine to those stranded or lost.
Regulatory Environment
Export Compliance. The product description 4 is designed specifically for applications in the commercial sector including gas & oil, market 5, and market 1. These applications are found worldwide, and the description 1 is designed for easy shipping, in compliance with the regulations of the International Air Transport Association (IATA). The entire system, including technology 2, feature 28 description 2, and ground station are designed to fit into IATA approved containers for air cargo shipment. Additionally, the company will seek an Export Control
Classification Number (ECCN) from the U.S. Department of Commerce through its Bureau of
Industry and Security (BIS) as a “dual-use” product (EAR 99). In some cases, an export license may be required by the U.S. Department of Commerce in which case an end-user certificate will COMPANY BUSINESS PLAN 44
be prepared and filed prior to shipment which certifies that the product will be used for the
commercial purposes for which it was designed.
Airspace Authorization. Product is designed for markets both domestically and internationally.
The regulatory environment, with respect to operations in controlled airspace, differs across markets. In the U.S., it is possible to obtain permission for low-level feature 34 operations
(below 400ft.) in a matter of minutes through the use of the Federal Aviation Administration’s
(FAA) Low Altitude Authorization and Notification Capability (LAANC). LAANC is an on-line
system which enables users to access airspace that previously required the submission of a
manual request for authorization. LAANC automates the approval process, reducing the wait
time for approval from months to minutes.
A 400 ft. maximum altitude limit is imposed on feature 15 under FAA Part 107. This rule
section deals with non-hobbyist small description 15 technology 9 systems (description 3). The
majority of inspection services currently utilized in the U.S. operate under this Part. There are
significant operational restrictions imposed by regulation which limit the effectiveness of
operating under Part 107. Key restrictions include: a maximum altitude of 400 ft. above ground
level (AGL), the description 1 must be in visual unaided sight of the operator at all times,
daylight operations only, minimum weather of three miles visibility, and maximum feature 15
weight is limited to 55 lbs. Operation under Part 107 is not suitable for large scale description 17
collection with science grade feature 28.
Product is designed to operate in controlled airspace feature 36 and beyond visual line-of-
sight (BVLOS) conditions for extended periods of time. For operations within the U.S. at higher
altitudes in the national airspace (NAS), a Certificate of Authorization (COA) is required from
the FAA Air Traffic Organization (ATO). Like the LAANC system, COA approval is facilitated COMPANY BUSINESS PLAN 45
on-line. A COA (or Section 333 exemption) is issued to an operator for a specific description 4 activity within the NAS.
After a complete application is submitted, FAA conducts a comprehensive operational and technical review. If necessary, provisions or limitations may be imposed as part of the approval to ensure the description 4 can operate safely with other airspace users. In most cases, the FAA will provide a formal response within 60 days from the time a completed application is submitted. Obtaining a COA under Section 333 of the FAA regulations is one of the services provided by Company to their customers.
In many westernized countries outside the U.S., the authorization process is similar to the one established by the FAA. In other markets, access to airspace is less regulated and less time consuming. However, a 60-day review period for airspace authorization is easily accommodated within the time required for complete project planning and feature 34 operations scheduling before description 17 can be collected by the product description 1.
Entry Barriers
High-technology start-ups in new markets are frequently faced with a common list of entry barriers. Since the product must operate in airspace controlled by government agencies
(both domestic and abroad), a unique set of barriers are introduced. In the U.S., the regulatory environment regarding airspace access is becoming progressive with the FAA actively seeking solutions to the problem of “integration” of description 4 in the national airspace. New authorization systems are being introduced quickly and the landscape is shifting toward greater airspace access.
Governmental Regulations. In the U.S., federal, state, and local governments impose regulations, with respect to UAS, to “lessen the risks to the public safety” (Unmanned Aircraft COMPANY BUSINESS PLAN 46
Systems, 2017). Title 14, Part 107 of the Code of Federal Regulations (CFR) (FAA, 2017) sets forth regulations for small description 15 feature 15. Because the product will exceed the maximum weight limit of 55 lbs. (for small UAS) as defined in CFR Part 107, Company is required to request a rule part exception, under “Section 333 of the FAA Modernization and
Reform Act of 2012” (FAA, 2012). As of September 2016, there have been 5,551 petitions granted, and 1,780 have been denied.
Exemptions are granted when it can be shown that the feature 34 operation can be conducted safely without endangering other feature 15, people, or property. The FAA looks favorably on exemption requests which specify operations over a closed circuit. Such operations are typical in feature 26 farming when the description 4 description 1 operates over private property where the end-user can mitigate the risk to life and property. The same is true regarding inspection missions over the right-of-way for utility and market 10 networks. For operations which are routine, the FAA can grant a Certificate of Authorization.
State and local governments are now active in crafting legislation regarding the usage of
Description 5. In 2017, “Seventeen states - Colorado, Connecticut, Florida, Georgia, Indiana,
Kentucky, Louisiana, Minnesota, Montana, Nevada, North Carolina, Oregon, South Dakota,
Texas, Utah, Virginia and State - passed 23 pieces of legislation.” (UAV State Law Landscape,
2017) . As of 2017, Alaska, North Dakota, and Utah have already adopted resolutions for description 4 usage.
Congressman Jason Lewis, Republican of Minnesota, introduced the Technology 1
Innovation Act (H.R. 2930) in June of 2017. The bill seeks to addresses civil description 4 technology 9 within a state, local, or tribal government’s jurisdiction. The bill directs the
Secretary of Transportation to work with state and local officials to develop a framework for COMPANY BUSINESS PLAN 47
local operation, around a set of principles to encourage innovation and protect privacy. The bill also establishes a pilot program for federal partnerships to assess best practices. (Schrothon,
2017)
According to Lewis, “America continues to lead the world in technological advances. It’s clear to me that technology 1 have a growing role to play in interstate commerce, and that’s vital to maintaining our economic strength at home and competitiveness on the world stage. The
Technology 1 Innovation Act will promote that spirit of invention by establishing a clear framework for the operation of description 14 (UAS). Importantly, my legislation also lays out clear protections for your right to privacy, and gives local governments the primary responsibility in forming guidelines for how technology 1 can be used in our communities. I look feature 2 to working with the FAA to maintain an environment that works for all stakeholders, and thank my colleagues for their support.” Co-sponsor of the bill, Congresswoman Brownley of
California remarked, “Congress needs to do more to spur innovation in this exciting new field of aviation, while at the same time promoting the safe integration of description 15 systems into the national airspace.”
As Company migrates operations into other countries, the company will conduct due dilligence on the regulatory environment in each region prior to the commencement of feature 34 operations. Figure 15 represents a list of general requirements for technology 9 technology 1 in specific countries (Drone Business Development Guide, 2016) COMPANY BUSINESS PLAN 48
Figure 15 description 4 Requirements by Country (Drone Business Development Guide, 2016)
Access to Suppliers. Because of the technology involved, there is a short list of suppliers in the description 4 industry that can provide the specialized products required by product. As regulations regarding description 4 operations stimulate the industry, it could become harder to access these suppliers for the required parts. To gain a first mover advantage, Company is already in contact with key suppliers and building relationships to support the critical path of the product design effort. The company has a track record of working with description 4 component suppliers for technology 2 molds, power plants, command and control, and feature 30 systems.
Access to Distribution Channels. Specific distribution channels will differ slightly by market sector and are critical to establishing a pathway to the customer. In the feature 26 market 1 market, farm equipment manufacturers and chemical suppliers are potential distribution channel targets. For example, established tractor companies like John-Deere and Massey Ferguson, are COMPANY BUSINESS PLAN 49
deeply imbedded in the business processes that product supports. John-Deere currently has a
relationship with Technology 1Deploy (John Deere Operations Center Users Gain Access to
DroneDeploy, 2017), which signals their understanding of the contribution that a description 4 can make to the corporate farm environment.
Agribotix currently provides description 4 based feature 26 market 1 products to farms
utilizing small scale description 1 with limited capability2. Agribotix operates in the U.S. as well
as Latin America and Brazil providing what they call “agricultural intelligence”. They provide
description 17 collection and processing services developed exclusively for the feature 26 market
1 space. The product description 4 can provide a significant improvement in description 17
collection technology for Competition 1.
Startup Costs. Company has identified a broad range of startup costs and built a comprehensive budget plan associated with product development and market entry activities. These costs exceed what can be satisfied with a boot-strap financial model. In order to overcome this barrier, the company is currently seeking outside investment.
Technology Challenges. In addition to Company’s own intellectual property, product integrates
software and hardware products from outside vendors to support the critical technology required
to meet the stated operational characteristics of the description 1. Through prior business
relationships, the company is aware of how to source mission critical technology and can quickly
establish a working supply chain. Much of the outside technology required to develop the
description 1 does not require new development but, rather, only specific modification to meet
the requirements of the product. In general, technology risk for product is low with the
2 Agribotix (https://agribotix.com/) COMPANY BUSINESS PLAN 50
exception of development of the feature 30 software required to manage the transition from feature 22 to feature 2 feature 34 and back again.
Economies of Scale. Even with a value chain defined by the most experienced and competent
design and manufacturing suppliers, the relatively small number system sales expected can make
it difficult to achieve economies of scale on the manufacturing side. This is offset however, by
the recurring revenue mode designed around the provision of description 17 collection services
enabled by the description 10 software required to fly the product.
The description 1 could have applications outside the commercial space which may result
in a significant increase in unit product making possible to achieve economies of scale for
description 1 production. The company is aware of this is issue, and will seek ways to increase
market share and lower its cost-per-unit price within its key markets and potentially beyond into
new markets.
Production Differentiation. Product is highly differentiated from today’s market competition.
The ability to conduct FEATURE 20 operations for extended mission durations places the
description 1 in a unique category. The technology required to accomplish these operational
capabilities represents a competitive advantage for Company and a barrier to entry for any
competitor.
Competitive Responses. Competitors are likely to respond quickly following market
introduction of the product since its capabilities eclipse those found in competitive solutions in
the space today. Other less capable FEATURE 20 description 1 manufacturers may seek to
reverse engineer the product feature 35 FEATURE 20 technology in an effort to maintain market
share. Company will develop a strong intellectual property portfolio to shield innovations from COMPANY BUSINESS PLAN 51
the competition. The company is committed to establishing and maintaining its FEATURE 20 technology as a barrier to entry to market competitors.
Competition.
Currently, there are no competitors with the complete feature set of product. This long- range, feature 29 electric FEATURE 20 description 4 with a multitude description 2 capability is unique to the market. In the market 4 industry, there are a handful of competitors that aim to solve a unique problem, but no description 4 can match the description 2 capacity and operational endurance of product. Figure 18 below describes three different types of scenarios and the type of feature 34 patterns required to successfully collect actionable description 17 on an oil market 4. COMPANY BUSINESS PLAN 52
Figure 16 Market 4 inspection techniques (Gomez & Green, 2017) Some inspections require proximity feature 34, long feature 34, short feature 34, and feature 34 at high or low altitudes. For each inspection, there is typical feature 34 pattern that requires a description 4 to have a certain set of capabilities. Some are more suited for fixed feature 14 description 1 and others for feature 13 feature 14 description 1. Some of the fixed feature 14 description 1 that exist, and can be adapted for this industry are the competitor B™ by competitor B, the competitor C by competitor C, and the Competitor D® by Competitor D. Each of these technology 1 has a wide range of capabilities to include radar, and other imaging, and market 10 description 2. COMPANY BUSINESS PLAN 53
The feature 13 feature 14 description 4 that is adaptable to this market is the Competitor
F ™. Company is developing a product that provides a single replacement for these other description 1. In market 1, there are many small Description 5 being used, however, most are limited to smaller areas of operation because of their significantly shorter feature 34 time capability. The product has the organic capabilities of both fixed feature 14 and feature 13 feature 14 feature 15.
In April 2017, a Canadian based company entered the market 3 market 4 inspection industry with the introduction of the Competitor E technology 1. According to the manufacturer’s website, the Competitor E technology 1 has the following unique industrial technology 1 designs:
• Feature 22 feature 3 and feature 23 (FEATURE 20) technology
• Electrically-powered Competitor E feature 15 runs clean and can monitor assets that
force other green Description 5 back to home base for a recharge
• (OS) allows at-a-glance monitoring of any Competitor E fleet
• Feature 29 design - takes off as a quadcopter and transitions into feature 2 fixed-feature
14 feature 34
• Carries out feature 30 missions
Currently focused on the market 3 market 4 industry, Competitor E is poised to expand into other market 10 services. (Competitor E.com) Although Competitor E is a competitor, the description 1 cannot match the suite of capabilities found in product. Currently, Competitor E does not pose a significant threat, but could feature 31 limited opportunities in the market 4 inspection market. COMPANY BUSINESS PLAN 54
Marketing Strategy
The product marketing strategy is designed to communicate the capabilities of the description
4 while highlighting the cost and time (CAPEX and OPEX) savings. The company has crafted a
marketing strategy around communicating the differentiation value proposition that product
provides.
1. Description 18 design - on their own, nothing new, however, when combined, customers
will enjoy the benefits of both worlds. Feature 13 feature 14 allows for confined space
operations, feature 9 capability, reverse feature 34, maneuverability, and feature 22
feature 3 and feature 23. When you combine those feature 13 feature 14 capabilities with
the speed and endurance that fixed feature 14 provides, you get an agile surveying and
monitoring tool that can be employed in multiple scenarios taking the place of other
surveying vehicles, by providing an all-in-one solution.
2. Feature 34 time - no matter what capabilities a description 4 can offer in the terms of
surveying, monitoring and description 17 collection-time is money. The product far
exceeds any description 15 vehicle of it size in the current market.
3. Replacement for existing business processes - current survey and description 17
collection missions that utilize description 7 technology 6 are significantly more
expensive than those conducted by feature 30 description 15 systems. Current FEATURE
20 description 1 cannot match the feature 28 description 2 and mission duration
capability of product.
To gain the biggest audience while controlling the message, Company will attend various expos and conventions for each industry, to obtain the greatest return on marketing investment dollars. The company will also utilize trade magazines by authoring featured articles. There are a COMPANY BUSINESS PLAN 55
number of trade shows and conferences that pertain to market 4, market 3, market 6, and market
1. Conferences such as “The Market 4 & Market 6 Expo” or the “International Market 4
Conference”. Big companies attend these events to promote their products, meet industry partners, and find new innovations. Company will be there to market the capabilities of product.
These conferences also provide attendee contact lists which can lead toward setting up a meeting or product demonstration. These networking avenues are key to identifying sales channels and customers.
Operations
Operations Summary
Manufacturing Operations
• All hardware is manufactured by external suppliers
• All parts follow a lean design where the lead time for manufacturing is 15 days
• Integration is done in-house to guarantee the highest quality to the customer
• Order fill rate (rate of orders that are fulfilled with inventory at hand) is 50%
Figure 17 summarizes the Company supply chain.
Figure 17 Supply Chain COMPANY BUSINESS PLAN 56
Distribution
• Customers located in the U.S.:
o Contracts with local distributors, representatives, and service providers
o Inside sales representative for direct sales
• Customers located outside the U.S.:
o Contracts with regional representatives and service providers
o Possible regional Company offices
Customer Support
• Company is committed to providing world class customer support
o Customer must purchase a 3-year support package
o Customer must purchase a training package
o All parts and SW have a 53-week warranty
o Expert software team available for software support
o Quick turnaround for repairs
Quality Management
• Company will only use fully vetted suppliers based on quality and experience
• Products are designed and tested to industry best practices
• System integration is done in-house as a final check of quality
• Only robust parts are used to guarantee exacting tolerances in extreme conditions
• A commitment to sustainability and a low carbon footprint COMPANY BUSINESS PLAN 57
Production
Beyond the development of some engineering prototypes, all production will be completed off-site. Company will contract for the manufacture of all systems by no less than two ISO 9000 companies who are experienced in all facets of component procurement, kitting, subassembly fabrication, and system integration, as well as testing at the subassembly and system level, and final burn-in to assure product quality. Figure 18 depicts the transition to manufacturing:
Figure 18 Transition to Manufacturing
Several companies have already been selected for the initial manufacture, integration, and testing of Company’s product. Multiple sources will be utilized in order to reduce risk as well as to ensure that some level of price and performance competition exists. Although this approach will most likely increase management costs, the trade-off is more than compensated for in the risk reduction concomitant with multiple sources.
Initially, Company will have the finished products delivered to its plant so that the products can be evaluated to ensure that the system is properly assembled and market 13. COMPANY BUSINESS PLAN 58
Further, additional testing and burn-in will be accomplished to ensure that testing was carried out
properly at the manufacturing facility. Company will work closely with the off-site manufacturers to ensure that their quality meets the company’s requirements and, over time, less on-site evaluation of systems will be accomplished. Eventually, systems may be drop-shipped to
customers from the manufacturer’s site, except in the case of customized systems.
Human Capital
Company believes in hiring smart and hiring once. The company will work hard to
recruit outstanding employees and will work harder to retain them through development of a
nurturing and non-retributive work environment. The majority of employees will be college
graduates with engineering, business, and marketing & sales backgrounds. Those without
college degrees will be highly experienced in the positions they are hired into.
The San Diego region is a particularly competitive geographic area for recruiting talented
employees. Accordingly, the company will be aggressive in developing a salary and benefit
program that will be at least competitive with other local companies.
The company intends to offer equity to all employees, commensurate with their positions in
the company. Additionally, the company plans to offer equity in the company in lieu of a
percentage of salary for specific employees. The purpose of this is two-fold, to reduce cash flow
requirements as well as to reward those employees who are critical to the future of the company
with a significant stake in the company.
Staffing
Company will embark on a path of continuous enhancement to products until the
products end of life is reached. Additionally, the company will focus on the development of
product improvements that are both in the initial product line and, as time passes, in alternative COMPANY BUSINESS PLAN 59
product lines. Table 4 shows the planned staffing required to support operations from
commencement through the 5th year.
End Year Hires – Numbers and Types Strength 1 • Confidential 9 2 • Confidential 14 3 • Confidential 17 4 • Confidential 22 5 • Confidential 24 Table 4 Years 1 – 5 Staff Profile
Product Warranty and Support
Company’s hardware will be warranted for 53-weeks from date of shipment from
Company’s plant, with a portion of the sales revenue, from each system shipped, to be reserved in a warranty account, to fund warranty service and repairs. The company will establish a secure customer website portal to ensure access to customer support during normal working time. Once
the company has gained a sufficient geographic product base, 24/7 customer support will be
available as an option at initial system purchase, as will extended warranty and support. The
company will provide web based technology for customer support issues, allowing for download
of description 17 sheets, application notes, service bulletins, submission of system trouble
reports, and software updates, to authorized users of company products.
Company will provide periodic customer training on the company premises or, at the
customer’s option, the customer’s site, for an additional fee. The company will ensure that set-
up and operation instructions are complete and comprehensive and will, at an additional cost,
provide installation and checkout at the customer site if requested by the customer. Telephone
support for installation and set-up will be available free of charge to customers, as will be
technical support during the warranty period. COMPANY BUSINESS PLAN 60
For warranty service, the company will initially attempt to resolve the problem over telephone or via electronic communications. However, if it is determined that the problem cannot be so resolved, the customer will be asked to ship the system back to Company (at
Company’s cost) at which time the customer will be provided an RMA number for control purposes. Once the system is received at Company, a customer support engineer will evaluate the system in order to identify the problem. If it is resolved, and the problem is under warranty, the system will be expeditiously repaired and shipped back to the customer at Company cost.
Often, only a sub-system will need to be returned.
Any repairs outside of warranty will be invoiced at prevailing rates and the customer will be invoiced for the additional cost of round-trip shipment; this charge will be judiciously applied and will depend on the gravity of the problem with the system as well as the significance of the customer to future business. Problems with customized systems that are highly market 13 into customer applications may require on-site assistance.
Sales Channels
Product introduction will use the Company Owned, Company Operated (COCO) model.
The market plan calls for a migration to the Franchise Owned, Company Operated model
(FOCO) where the company provides mission operations planning, support, and maintenance to its affiliated service providers. Company channel partners will be chosen based on their demonstrated knowledge of the industry, access to key customers, ability to close business, and a thorough understanding of the regulatory environment relating to product operations.
Revenue Sources
There are three primary sources of revenue for the company. The main source of revenue is the services provided to customers of Company with respect to description 4 operations and COMPANY BUSINESS PLAN 61
description 10. This is the most important source of recurring revenue to the company. A sophisticated and comprehensive description 10 is required for every operational product feature
34. The description 10 directs the vehicle over its intended feature 34 path controlling heading, altitude, and airspeed. The description 10 also controls the positioning of the feature 28s in order to accurately feature 31 the description 17 required by the customer.
The second source of revenue is sales of the product description 1 itself along with the associated training and support contract commitments. Customers are required to purchase a training package as well as an feature 15 support package along with the hardware system itself.
Training covers all aspects of feature 15 operations including: selection and preparation of the feature 3 and feature 23 area, packing and unpacking, assembly and disassembly, fueling, technology 10 check-out, safety, weather, and description 2 operations.
The final primary source of revenue comes from the company’s design services. This broad category encompasses the following activities for non-competitive customers in the description 4 space:
• Technology 2 design and optimization
• Feature 15 control systems
• Ground control stations
• Long-range tracking antennas
• Description 10
• Feature 28 system design
• Feature 30 optimization COMPANY BUSINESS PLAN 62
Critical Risks
Internal Risks & Mitigation:
• Risk: Feature 30 development for transition between feature 22 and feature 2 feature 34 • Mitigation: Agile development scrum based (testing multiple releases)
• Risk: Hardware and software integration • Mitigation: 3 prototypes will be developed to test all aspects of the description 1 and allow simultaneous testing of different sub-systems
• Risk: Ducted fan feature 12 mechanism • Mitigation: Modular test following design and manufacturing to guarantee a robust mechanical design prior to integration
• Risk: External CEO • Mitigation: Carefully recruit a CEO who knows the description 4 industry with demonstrated ability in taking early stage companies to success
• Risk: Depreciation of inventory and inventory becoming obsolete • Mitigation: Minimum inventory, make to order, using off the shelf products as much as possible
• Risk: Lower profit margin on production • Mitigation: Service has a margin of distance which will compensate the number profit margin External Risks & Mitigation:
• Risk: Relying on contract supplier for manufacturing (financial status, supply and demand, costs) • Mitigation: At least two companies with capacity to produce the product from A-Z
• Risk: Market condition in target countries, strength of economy in South America, etc., foreign currency exchange • Mitigation: Targeting sales globally, product provides a clear reduction in OPEX compared to description 7 description 1
• Risk: Regulatory environment of Description 5 • Mitigation: U.S. regulations as quickly liberalizing as part of H.R.2930 - Technology 1 Innovation Act of 2017
• Risk: Export licensing • Mitigation: product is a dual use product (EAR 99)
COMPANY BUSINESS PLAN 63
• Risk: Competition is fierce in description 4 market • Mitigation: One of a kind product with unique design, hard to copy, and patent protection
• Risk: Continued development of ScanEagle FEATURE 20 capability • Mitigation: Quick execution of the product development plan
• Risk: Access to highly skilled work force • Mitigation: Knowledge of the industry and an effective network
• Risk: Ability to change and meet customer demand • Mitigation: Innovative team highly experienced in the industry
COMPANY BUSINESS PLAN 64
Financial Projections
Figure 19 shows the GAAP income statement for the first 5-years of operation.
Figure 19 Financial Projections
Industry Valuation
In 2008, Insitu was acquired by competitor C Corporation for an estimated $400M. This acquisition was 2-years ahead of Insitu’s planned IPO. At the time, it was also estimated that
Insitu was bringing in approximately $80M in annual revenue. (Surveillance firm Insitu sells to
Boeing for reported $400M, 2007). competitor C acquired the ScanEagle description 1 to support its description 15 feature 18 business in both the military and commercial sectors. ScanEagle started as SeaScan which was developed for the commercial space as a fish spotting description
1. COMPANY BUSINESS PLAN 65
Unlike the product, the ScanEagle requires a feature 10 and feature 31 system for operations. Most importantly, ScanEagle cannot feature 9, therefore no FEATURE 20 operations
are possible with this description 1. The ScanEagle 2 description 1 utilizes a gasoline engine and
has comparable endurance as the product, however, the ScanEagle 2 lacks the key FEATURE 20
capability found in product. competitor C has experimented with a complicated system using a
second quadcopter feature 15 to lift the ScanEagle into the air and feature 31 it while it is
technology 9 in an attempt to bring FEATURE 20 like capability to their description 1.
(Atherton, 2013; G.Warwick, 2015).
While the actual financial description 17 of the transaction between Insitu and competitor
C has not been released, industry analysts have indicated that the industry multiplier was in
excess of 5 for the acquisition.
In 2009, Northrop Grumman Corporation acquired the technology for the Killer Bee
description 4 description 1 from Swift Engineering in order to compete with the competitor C
ScanEagle. Much of the avionics development for this description 1 was completed by the
principals of Company (Volante, 2009).
Today, valuations for successful description 4 companies range from 9 - 12 times
EBITDA.
Company Valuation
Industry description 17 indicates that description 4 and other commercial technology 9
space suppliers typically are valued with a multiplier of number x EBITDA or more. In order to
provide valuation of Company in its first year of operation, we start with a valuation in year 5 of
$50M based on a pro-forma EBITDA of $5M. The current prime bank rate is 4.25% and the COMPANY BUSINESS PLAN 66
period is 5-years with interest compounded annually. Using the formula for net present value
(NPV), we arrive at a valuation of $40.6M in year 1.
Exit Strategy
The principal choices for providing investors the opportunity to realize gain from their
investment is through an IPO or stock purchase agreement by a predominant, and publicly held,
market competitor, partner, or system integrator.
The technology 9 space industry continues to outperform the S&P 500 with respect to total shareholder return (TSR) (Schaar, Aaronson, Mallory, & Plouvier, 2017). According to the
Boston Consulting Group (BCG), sales growth is the most important criteria for adding value in the technology 9 space industry. Tier 1 technology 9 space companies are looking to increase their size and scale through mergers and acquisitions. According to the report from BCG, “In a commercial environment in which orders are slofeature 14, corporate leaders need to identify new sources of growth. These may take the form of organic moves into adjacent markets, or inorganic moves that lead to accretive top-line growth.”
The size and scope of the agricultural and market 10 markets for product are lucrative
and revenue projections are based on capturing only 1% of the SAM (value). There is clearly
significant growth potential for product in the targeted market segments as well as growth
potential in the transport, security, media & entertainment, insurance, telecommunications, and
public safety markets.
The industry has a track record of successful technology 9 description 1 which have
enjoyed explosive growth following their acquisition by entities with greater channel access in
all market sectors (especially those in the market 8 segment). Product is a highly capable
description 1 which should attract the interest of a range of suitors. COMPANY BUSINESS PLAN 67
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Appendix
Appendix I