Long Form Business Plan Format
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Standard slide type business plan that addresses most Venture Capital investor issues.
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Long Form Business Plan Format
- 1. Company Logo Framastat Systems Inc.! The Promise Of Framastats Delivered September 2013 Company Logo
- 2. Team in a graphic format CEO General Partner VP Sales CTO Venture CFO Partner Roger Rabbit Fred Flintstone Homer Simpson Betty Boop CAS ICCP Ventures WOODSIDE FUND SFU OKC Innovation Center BSEE UC Irvine MBA Stanford BA & MBA Northwestern Kellogg BA Holy Cross, MBA Wharton BA Principia College, MBA NYU-Stern Startup Capital Ventures! 2
- 3. Agenda Solution Market Technology & IP Roadmap Financials & Financing Confidential: Do Not Distribute Without Written Permission from Company Startup Capital Ventures!
- 4. 50,000 Foot View • Mantra: The Promise Of Framastat Delivered • Pain: Location Systems are expensive & • • • • • • • perform poorly Painkiller: low power, low cost, long range, high accuracy solution Initial Market: $XB inventory, shrinkage & asset tracking markets Technology: Magic Pixie Dust (MPD)… Key IP: MPD is patented! Team: Rock star pixies Invested: $X.X from Intel, SCV Startup Capital Ventures! Seeking: $6M
- 5. Status Market Development: $11M in signed trials with $180M rollout value ◦ ◦ ◦ Giant Retailer Boeing Monsanto Product ◦ Complete demonstrable system incorporating all elements: active & passive tags, reader / digital antennas, master readers, real-time software Capabilities: ◦ ◦ Extremely low power RF-CMOS based Location System & Framastat Software Six employees Founded 2006 Confidential: Do Not Distribute Without Written Permission from Company Startup Capital Ventures!
- 6. Pain: Location System Too Slow, Costly & Not Accurate Enough To Solve Real-‐World Problems • Retail shrinkage management requires low cost, • • • high accuracy & real time not possible today Inventory management requires low cost & high accuracy not possible today Asset tracking requires real time & high accuracy not possible today Other Application Confidential: Do Not Distribute Without Written Permission from Company Startup Capital Ventures!
- 7. Painkiller: Company Makes Location System Practical & Affordable • 100X greater accuracy than other locational • • • • systems (2 cm / 1 inch)* Real time system 100X lower tag cost (we will not price 100X lower!) 3X greater range (up to 30m / 100 feet) 10X lower tag power consumption ◦ 5X greater battery life in active systems • 10X lower system cost Confidential: Do Not Distribute Without Written Permission from Company Startup Capital Ventures!
- 8. Company Is 100x More Accurate Than Other Location Systems Them 1 Them 2 US! Them 3 Confidential: Do Not Distribute Without Written Permission from Company Startup Capital Ventures!
- 9. Company Has Lowest Deployment & Ownership Cost Deployment Cost 100x Them 1 Them 2 10x 1x Them 3 US! $1 $50 $100 Recurring Cost (Tag Cost) Lowest cost of ownership at the highest performance Confidential: Do Not Distribute Without Written Permission from Company Startup Capital Ventures!
- 10. Company Vs. Competitors Features & Costs Company Tag Competitor 1 $ $ yrs. yrs. Packaged tag cost $ $ Tag cost / year $ $ Reader / D.A. $ $ Master Reader $ $ Software $ $ 1,000 tag system cost $ Competitor 2 $ Tag battery life Locational accuracy Range Real Time Confidential: Do Not Distribute Without Written Permission from Company Startup Capital Ventures!
- 11. Agenda Solution Market Technology & IP Roadmap Financials & Financing Confidential: Do Not Distribute Without Written Permission from Company Startup Capital Ventures!
- 12. Our Industry Ecosystem Our Customers . Representative Vendors Chips 2012 TAM PA Salsa Systems Nacho Makers Restaurants COMPANY $450M $4-6B RF Subsystems $36B $450B Sources: iSuppli 06, IDC March 12 12 Startup Capital Ventures!
- 13. Our Market Is Growing Fast • Exponential growth rate based on current (2G) products • Introduction of Company’s low cost / high performance products will expand the market for Location System. Source: Frost and Sullivan (2012) Confidential: Do Not Distribute Without Written Permission from Company Startup Capital Ventures!
- 14. Market Forecast by Product • With Company’s introduction of low cost tags and readers, we expect the Hardware segment to shrink while the Tags segment grows due to more deployments Source: Frost and Sullivan (2012) Confidential: Do Not Distribute Without Written Permission from Company Startup Capital Ventures!
- 15. Large Application Markets Will Be Energized By Lower Cost Solution • Asset tracking: $ • Inventory management: $ • Shrinkage management: $ • Other 1: $ • Other 2: $ Sources: Confidential: Do Not Distribute Without Written Permission from Company Startup Capital Ventures!
- 16. Competition Is Fragmented (AeroScout Values Industry at $3.6B) Source: Frost and Sullivan (2012) • • • • • No dominant player / technology in the market AeroScout was acquired in 2012 by Stanley Black & Decker for more than $200 million Most players are focused on a specific vertical Company’s products apply to all segments/verticals Company’s dramatically lower cost + higher performance solution could produce a dominant crosssegment player Confidential: Do Not Distribute Without Written Permission from Company Startup Capital Ventures!
- 17. Current Customer Status – NOTE LOIs where present Retail: Betacustomer Systems ◦ Five year LOI: $30 million (in US alone) by year 3 with growth planned to ◦ ◦ ◦ nearly 500M tags / year in five years Theft prevention, merchandizing, compliance Initial rollout in 2013 Addressable market > $10 B U.S. Government: Osterhout Design Group ◦ 3 years revenue : $20 million with exponential growth for both active and ◦ ◦ ◦ passive tags Osterhout Design Group Warehouse inventory management and goods tracking Addressable market > $1 B Manufacturing: Boeing & Monsanto ◦ 3 year revenue: $5 million with exponential growth for both active and ◦ ◦ passive tags Tools and parts tracking Addressable market > $1 B Confidential: Do Not Distribute Without Written Permission from Company Startup Capital Ventures!
- 18. Agenda Solution Market Technology & IP Roadmap Financials & Financing Confidential: Do Not Distribute Without Written Permission from Company Startup Capital Ventures!
- 19. System Overview Framastat Components Tags (passive or active) Confidential: Do Not Distribute Without Written Permission from Company Startup Capital Ventures!
- 20. Advantages of Company’s Solution Low Cost & Small Form Factor • • Readers are 100 times less costly and 20 times smaller than Gen2 Lowest cost of ownership Long Range & Low Power • • Increased read distance (50-100 meters) Power : any source, any frequency Precise Location of Many Tags • • Achieve resolutions of 2-3 inches 1000s of reads per second per reader Multipath Fading Immunity • • Robust tag detection and location determination Signal propagates to reader through openings and cracks Low Power & Long Life • • Tag chip consumes average of 2µW (including memory) Enables alternative power options: micro solar cell, MEMS harvesters, etc. Confidential: Do Not Distribute Without Written Permission from Company Startup Capital Ventures!
- 21. Operation Of Framastat System 1 Narrowband signal powers tag, initiates query session 2 UHF Beacon Narrowband Transmitter Receiver harvests RF power and wakes up UHF Passive UWB Tag NB Receiver + Power Harvester 4W EIRP: 10m range Digital Antenna UWB Receiver Single Chip/ Very Low Cost 3 UWB UWB 6dBm: 50-100m range Memory + Logic UWB Impulse Transmitter Tag transmits UWB impulses Confidential: Do Not Distribute Without Written Permission from Company Startup Capital Ventures!
- 22. Current State Of Development Passive Tag: § § § § Chip:180 nm CMOS, 1x1 mm Tag substrate: 4 cm x 8 cm Sensitivity: -15 dBm (915 MHz) @2uA load Impulse strength: 6dBm UWB Antenna Narrowband Antenna Active Tag: § § § § Chip:180 nm CMOS, 0.5x0.5 mm Tag substrate: 2.5 cm x 2.5 cm Range: more than 100 meters Current: <1uA (cell life X yrs.) Digital Antenna (DA) Reader Chip: § § 180 nm CMOS, 2.5x2.5 mm Sensitivity: ~ 60 dBm Reader Antenna: § § § Wide angle circularly polarized 2”x2” High gain circularly polarized 2”x4” High gain linearly polarized 4”x4” Software: § Software for identification and location Confidential: Do Not Distribute Without Written Permission from Company Startup Capital Ventures!
- 23. Strong Patent Protection • Issued: Asymmetric Dual Mode Communications ◦ US Patent # 7,180,421; filings include PCT as well as individual countries Japan, ◦ ◦ China, and European Union Radio frequency tag and reader with asymmetric communication bandwidth Integration of ultra wideband and narrowband (continuous wave) • Allowed: Low Power Modulation and Massive Medium Access Control ◦ US Patent Application # 20090051496 is being granted; PCT is filed • Allowed: Inductive Antenna Coupling ◦ US Patent Application # 20090264067 • + 6 other pending/provisional patents filed Confidential: Do Not Distribute Without Written Permission from Company Startup Capital Ventures!
- 24. Agenda Solution Market Technology & IP Roadmap Financials & Financing Confidential: Do Not Distribute Without Written Permission from Company Startup Capital Ventures!
- 25. Achievements So Far… Today Technology & IP Product platform completed 3G η=30% BW=100 MHZ • • Engaged at&t, Alcatel-Lucent, ADC, Cisco/Navini, etc. Filed 12th patent application • 3G & 4G Alpha Prototypes Demos • “B” rev completed • • Acquired SeRon Technologies Hired VP of Engineering • Townsend and Townsend issued IP “freedom to operate” • • Engaged Chinese prospective customers “A” rev completed • & partners Linkwave, Huawei, ZTE, & Mobi Antenna 1st full time engineering employees • • Beijing subsidiary 1st predistortion architecture patent issued • 25 Business Development • Sunnyvale office • Closed $1M FFF Convertible Notes • Incorporated in Cayman Islands and Delaware Startup Capital Ventures!
- 26. Where We’re Going… Technology & IP 2nd Generation RRH/DAS • Interference Cancellation System Repeater 3G PA η=45% 4G η=28% BW=Ultrahigh • Reconfigurable PA 3G η=42% 4G η=25% BW=200 MHz • • Q2: TD-LTE • Q3: 1st Qualifications, China Production Starts Linear Repeaters & RRH/DAS Beta Testing • Q2: 1st Certification & Production Release 3G η=40% BW=100 MHz 4G η=23% BW=100 MHZ • • Q1: First Customer Samples for Field Trials Full Characterization, Quals Begin Sales & Marketing Team In Place • Q4: Series A Closing Business Development • Q4: Pre-Production Units for Lab Trials Today 26 26 Startup Capital Ventures!
- 27. Agenda Solution Market Technology & IP Roadmap Financials & Financing Confidential: Do Not Distribute Without Written Permission from Company Startup Capital Ventures!
- 28. Financial Summary: Breakeven In 2010 With $12M Financing 2008 Revenues ($K) Gross Margin ($K) Gross Margin (%) Expenses ($K) Net Income BT ($K) Investment ($K) Headcount 2009 140 68 49% 5,101 (5,116) 10,000 43 2010 2011 2012 2013 1,655 515 31% 7,809 (7,318) 12,000 70 26,625 14,480 54% 12,863 1,612 92 95,326 55,343 58% 20,677 34,666 116 157,440 94,959 60% 29,424 65,535 160 252,805 152,348 60% 41,555 110,792 223 105 35 140 745 350 560 1,655 9,825 9,200 7,600 26,625 37,940 28,136 29,250 95,326 41,500 48,440 67,500 157,440 26,125 52,680 174,000 252,805 30 10 40 210 100 28 338 2,950 2,810 380 6,140 12,650 8,960 1,800 23,410 15,700 16,800 4,860 37,360 11,350 20,400 14,550 46,300 Revenue by Product 3G PA 4G PA Repeater / RRH / DAS Total ($K) Units by Product 3G PA 4G PA Repeater / RRH / DAS Total FCS Field First Trial Order 28 Volume Ramp Startup Capital Ventures!
- 29. Milestones & Budget • Funding need: $6M in two $3M tranches ◦ First tranche has greater liquidity preference • Deliverable milestones ◦ $2.5MM revenue in 2014 ◦ Profitable in 2015 Tranche 1: $3.0MM Tranche 2: $3MM Beta Tag, DA, & Master Reader For Betacustomer Q2 Q4 Product Support Tag & Reader Tag, DA, Commercial Master Reader V1 & Provisioning Production Tag, DA & Master Reader 2013 Confidential: Do Not Distribute Without Written Permission from Company 2014 Q4 Startup Capital Ventures!
- 30. Financing Plan • Angel Round: ◦ ◦ ◦ ◦ $2.4M in convertible notes (2011) Developed 3G & 4G Pre-production units Initial customer validations Acquired Alternatives Technologies Inc. Secured broad IP portfolio • Seeking $6M Series A ◦ ◦ ◦ ◦ ◦ Two $3M tranches – first tranche with 1.5x LPF Initial revenues Build team Execute on three field trials Develop production tags & readers • $12M Series B in Q3 2014 ◦ ◦ ◦ Profitability Volume production Cash flow positive Startup Capital Ventures!
- 31. Use of Proceeds • Complete paid trials & scale-up for subsequent roll-outs • Engineer small form-factor “brick” & efficiency enhancements • Develop remote PA control software • Deliver 3G & 4G PAs FCS by Q1 2009 • Establish Asia, North America & European sales & marketing organizations & channel partners . 31 31 Startup Capital Ventures!
- 32. Exit Comparables Company Symbol Market Segment Market Cap 2007 Revenue Last 12 mos Rev Last 12 mos P/R Last 12 mos P/E Powerwave Technologies PWAV Wireless Systems 652M 780M 903M 0.7x N/A Clearwire Corporation CLWR WiMax Systems 1.6B 151M 197M 8.1x N/A Alvarion ALVR WiMax Systems 435M 237M 264M 1.6x 38.8x Airvana AIRV Mobile Broadband 328M 306M 216M 1.5x 4.2x Acquisitions Market Segment Acquirer Acquirer Market Price Date Allen Telecom RF Systems Andrew RF Systems $500M 7/2003 Flarion Technologies Flash-OFDM Qualcomm CDMA $805M 8/2005 Navini Networks Mobile WiMAX Cisco IP Systems $330M 10/2007 Andrew Corporation RF Systems CommScope Cable, DSL, FTTN $2.65B 12/2007 as of September 2, 2008 Startup Capital Ventures!
- 33. Contact Information Startup Capital Ventures!
- 34. Backup Slides Or Appendix Startup Capital Ventures!