1. Page 1IPe Confidential. All Rights Reserved
IPenable: IP Design and Innovation for the Smart Grid

2. OEP Overview
Peer evaluations for demo deck are different from the OAP reviews. This time you will evaluate each other more equivalent to the way investors
evaluate your work (Check out video on Acid Test for more information).
The Quality of the Presentation Grading range: 1-4. Please give one point for every criterion present.
• Is the presentation engaging? If yes, 1 point
• Does it present a compelling and interesting story about the team? If yes, 1 point
• Does the team give a convincing presentation that makes you excited about what they're doing? If yes, 1 point
• If you could invest or join them, would you? If yes, 1 point
• Market Grading range: 1-3 Please give one point for every criterion present.
• Has the team shown in a convincing way that this is a larger and growing market that they are pursuing? If yes, 1 point
• Did they analyze the market that they are selling into? If yes, 1 point
• Did they also collect some of their own data? If yes, 1 point
• Quality of the Business Model Grading range: 1-4 Please give one point for every criterion present.
• Did the team clearly explain how their business model works and how they would make money? If yes, 1 point
• Did the team appear to have tested their business model in the real world? If yes, 1 point
• Are they already making sales? If yes, 1 point
• Do you believe they could make sufficient money to earn good profits and cover their costs? If yes, 1 point
• Marketing Strategy Grading range: 1-4 Please give one point for every criterion present.
• Does the team appear to have the right marketing strategy? If yes, 1 point
• Have they narrowed in on the appropriate target market? If yes, 1 point
• Are they running marketing experiments and tracking their results? If yes, 1 point
• What is the quality of the marketing page? If yes, 1 point
• Quality of the Prototype Grading range: 1-4 Please give two points for every criterion present.
• Does the team already have a working prototype? If yes, 2 points
• Does it already have users or customers? If yes, 2 points

3. OEP Overview
• Now is the time to turn your previous work in the course into an Opportunity Execution Project.
• The Opportunity Execution Project gives your team the chance to think deeply about how to take your idea from a business plan on paper
and turn it into a real company. For your final team presentation you will submit:
• An executive summary: no more than a paragraph A 10 minute video, or 10 slides Your video should include a description of your product
and the business model, as well as your team and how you got here. For the latter, it is always helpful to tell an appealing personal story.
More specifically your video should include the following:
• Fundamental Problem. What is the fundamental problem you are solving for the end user of your product? What is the fundamental
problem you're solving for your customer (if it is different from the end user)? Give a quick recap of your OAP - just a reminder of your key
points and the takeaway.
• Product. What are you building or planning to build. A demo of your prototype if you have one.
• Team. How did you find each other? How did you get here? Try to tell an appealing personal story.
• From the following list, you should choose the ones that are applicable: Business Model. You now have had some more time to think about
your opportunity. Do you have any additional thoughts/changes about the business model?
• You should touch on each of the following aspects of your business model and what tests you did on each one:
Sales and Marketing Strategy. How would you sell your product? What distribution channels would you use? How would you create
demand for your product?
• Marketing
• As I mentioned on the videos, marketing starts with a thorough understanding of your customers and market segment as well as the type
of market (new, growing, mature). First brainstorm several potential ways to reach your target customers. Ideally you can involve potential
customers in your brainstorming. Then prioritize these marketing strategies into the cheapest and easiest ones to test out first.
• You want to carefully track these marketing campaigns so that you can later calculate your cost of user acquisition. How much did you have
to spend on each marketing campaign to get a single customer to buy? Or if they can't buy yet, how much did you have to spend to get
them to leave an email address? Then you can start to track which type of marketing strategies are the most cost effective? You might try a
campaign on facebook, hold a raffle, buy some google adwords, etc.
• The rubric for grading will fundamentally be about how carefully you thought through your marketing experiments and quantified them.
How many different types of marketing campaigns did your team try? Were these generated based on insights into what might work from
your customers? Did your team calculate your cost of user acquisition? If so, did you try some new tactics to lower it?

4. OEP Overview
• Sales
• If you have a consumer web product or if you have a physical product or are selling to other businesses your sales process may look very
different. Nonetheless, there will be some type of sales funnel or process. If you're selling to a business, who are the key decision makers?
What does their process look like for approving a sale? How long does it take? Can you brainstorm several possible sales strategies and
order them from cheapest and easiest to the most expensive. Start with the cheap or free ones (contacting your network). Can you try to
make a few initial sales? Which strategies or tactics seem to work best? Where to potential customers get stuck and why?
• Here you will be graded based on how well you experimented with the sales process (if applicable to your startup). Did you outline a few
sales strategies and track how well each of them worked, starting with the lowest cost ones? Did you actually make any sales? How clear
was it what your team learned from these experiments? Did it cause you to rethink any part of the business model? If you couldn't make a
sale, what did you learn that you need to change? How long is the sales process for your startup from start to finish?
• Partnerships
• Does your business model require partners? If you need a supplier or a distributor, can you reach out and talk to a few of them? What
information do they need? Are they potentially interested in partnering with you? If so, under what terms and conditions? What types of
firms seem to be most interested in partnering with you? Do you have bi-directional relevance that Alex Rampell speaks about?
• You will be graded here on how well you reached out to potential partners and how much you learned about whether they'd be willing to
work with your startup. How many partners did you meet with? DId you learn anything about which types of partners are interested in
working with you? Did you learn something about which partners you need to target first to be able to get to others?
• Distribution
• How will you distribute your product? Are there distribution partners you need to contact? Is your distribution through the web? How
much will setting up distribution channels cost you? Should you sell the product directly or through a third party or retailer? What is the
best way to reach your customers? Who can you talk with to learn the best way to set up distribution for your company?
• Here you will be graded on how well you reached out to potential distribution partners or experimented with a couple of different
distribution channels for your product. For a web product the distribution channel is the website along with how you deliver the service,
experience or how you get the product to the end consumer. How well did the team track what worked and what didn't in their
experiments and meetings here?
• Costs
• What are your costs and how can you get them to be as low as possible? See if you can estimate the cost of goods if you're producing a
physical product. If you have a service or a website, then how much will personnel cost you in the first year or two? How much will server

5. OEP Overview
• Revenue Model
• How will customers pay you and how much are they willing to pay? Is a subscription model better than a one time payment? Is it better to
rent to them or sell? Does a freemium model make sense and if so, what features will people pay to upgrade for? Run some tests with
customers to see what the best revenue model would be. Are you planning to make money through advertising? If so, contact a few
potential advertisers and see if they are interested and how much they would pay you. How many users do you need for them to be
interested in advertising on your site. Try to think outside of the box and not just rely on advertising-based business models. It's great if you
can have a few different potential revenue streams to test out. Are there other ways you might charge for the product or service? Which
might yield the most revenue? How do you know?
• You will be graded here on how well your team tested alternative possible revenue models. How will the team make money? Did you walk
through the entire process of how exactly a dollar moves from the customer's hands to the startup? Did the team brainstorm alternative
possibilities? If the team thought advertising was the right model did they actually talk to potential advertisers? If it was a monthly
subscription, could they get a few paying subscribers? Are the users and the paying customers different (like for Google)? If so, were both
sides tested? If the revenue model is lead generation, did the company actually try to get paid for generating a few leads?
• Risk.
• Regarding financial, technical, people, and market risks; which one is of most concern? Which would you choose to address first and why?
How would you manage or minimize each of the high- priority risks going forward?
• Partners and Allies.
• Who will be your major partners? How will your product be made? Will your company produce all of the parts, or will it use external
suppliers? How would you go about attracting these partners and allies to work with your company?
• Funding.
• How would you fund your venture? Would you bootstrap, take money from venture capitalists, take funding from a corporate investor, etc?

6. Storyboard
1. Who we are: Team
2. Overview of market opportunity: OAP/Problem statement
3. Business canvas
4. Our business model & product offer
5. Detailed schematic/offer
6. Sales & marketing
7. Partnership & distribution
8. Costs & Revenues
9. Risks & Funding

7. Our Team
• Engineers and technologists with over 100 years of combined experience:
 Deploying Utility communications : architecture, design & business case
 IP Communications
 Building complex communication devices
• Global presence in North America, Europe & Asia
• Deep experience working with both startup companies and industry leaders
• Partnership with key industry leaders
August 1, 2013 Page 7IPe Confidential. All Rights Reserved

8. Overview – Problem Statement
The utility sector includes a broad umbrella of companies who provide natural gas,
electricity, water, steam, sewage removal, and related services to a variety of end
customers.
In the last 25 years, these companies have made sweeping changes to their
delivery models because of fluctuating energy demands, governmental regulation, volatile
pricing, integration of renewable energy sources, and extreme competition. With ever-
increasing pressures to further modernize delivery, utilities are turning to solutions such as
Advanced metering infrastructure (AMI), automatic meter reading (AMR) technology, smart
grid, end-user consumption control, and demand based pricing to save money and gain
more insight into the utility usage across the grid.
IPenable is focused on electric power utilities. Electric power companies handle
power generation, transmission and distribution to the end customer. IPenable designs
communications solutions around existing technologies for device vendors & electric
power utilities who are focused on Advanced Metering Infrastructure (AMI), Distribution
Automation (DA), and SMART Infrastructure solutions.
August 1, 2013 Page 8IPe Confidential. All Rights Reserved

9. Key Resources
Key Activities
Cost Structure Revenue Streams
Customer SegmentsValue Proposition
Channels
Customer
Relationships
Key Partners
• Cisco: Enable
integration of Cisco
products &
services with OEM
solutions.
• Verizon: Enable
integration of
Verizon services
with OEM
solutions.
• Other
partners/suppliers
include companies
that provide
specific solution
components of our
offering.
• Build & maintain
strong partner
relationships.
• Product
development &
implementation
• Partnering/biz dev
• Technical
architecture/
integration
• Sales engineers
• IoT engineering
solutions (devices/
applications/
services/XaaS) that
enable IP integration
& management by
leveraging key
partner offerings.
• Customer problems
solved include
providing them with
a lower cost, fast
time to market
comms offering.
• Product/service
bundles:?
• Key inherent costs
• Most expensive resources
• Most expensive activities
• Become source of IP
networking
information for our
customers
• Value customers are willing to pay for
• What do they currently pay
• Revenue model
• Pricing tactics
• AMI, DA & smart
infrastructure (lighting,
parking meters, etc)
vendors requiring FAN
connectivity.
• Most important customer
requirements:
• Outdoor deployment
• Predictable density
• Low power
• Unreliable PHY layer
• Low data rates (<100
Kbps/day)
• No real-time control
requirements.
• Forward looking, IP
friendly, need for
deterministic
communications.
• Focus on US initially
• web site
• Conference/Trade
shows/white
papers/books
• Customer education
• Joint partner
marketing/biz dev
• Sales engineers
NewCo Business Canvas

10. IPenable Offers Engineered Solutions For AMI, DA & Public
Infrastructure Device Manufacturers
Vision Offering
Services & Solutions For Smart
Infrastructure Companies & Utilities
 Focused on the AMI, DA and smart
infrastructure service verticals
(utility/energy, lighting)
 Support plan, build & operate for end to
end AMI communications solutions with
partners like Verizon & Cisco
 Integrate IP solutions into devices to
improve communications and allow for
new services
 Embed low-cost, highly reliable IP-
based communications modules
Provide IP Communications for
Smartgrid devices
 Support development of the
Internet of Things (IoT--50
billion+ devices/$14T in revenues
by 2020)
 Create next generation of energy
and utility management solutions
 Enable the massive shift towards
Smart Utility solutions
 IPe combines best-of-breed
solutions with custom
engineering services to provide
hardware, software and services
that enables manufacturers to
quickly & inexpensively integrate
low cost communications into
their devices
August 1, 2013 Page 10IPe Confidential. All Rights Reserved

11. DeviceWide Area
Network
Comms.
Head End
Appn HEUtility
Data Center
IPe
Partner
Field Area
Router
13 2
Requirements:
High functionality,
low cost connectivity
Leverage industry-leading & ubiquitous solutions that
are reliable & scalable
Fast & easy access to required
data & device controls
Solutions:
IPembed
Firmware + Engineering services to
embed low-cost, highly reliable
communications modules
IPmanage
Devices and applications that
improve communications and data
management.
IPoptimize
Services to support the planning,
building & operating of IoT device
communications.
123
WAN
SIEM SIEM
2
Services and Solutions Based On Best-of-Breed Platforms
Page 11IPe Confidential. All Rights ReservedAugust 1, 2013

12. Sales and Marketing
Key decision makers include the Business Decision Maker (BDM) and Technical Decision Maker (TDM). At the utility
level IPenable works with the power distribution project manager and IT infrastructure network operator of the
AMI/DA platform. Decision makers at the vendor level are typically the CTO or the project engineering team
responsible for the device communications solution.
• Prospecting is always the first approach to a sale and the least expensive. Making calls is an integral part of
success for a business model of any kind.
• Resources of social media such as Linkedin, Google+, Facebook, and Twitter are immediate and direct ways to
• connect with KDM’s.
• Introductions through suppliers and vendors in an adjacent space work well to get the vision of our solution in
the hands of those who will make a direct impact with it.
• Conferences & Industry trade shows such as: DistribuTECH, CES, and formal partner events will grow our
business model
• Electrical & Utility Associations are key to driving our brand, image, and solutions.
• Online advertising, trade magazine, and direct mail are other sources of sales strategies
Part of the sales cycle for customers in the utility and vendor space includes providing an architectural roadmap &
business justification for the IPenable solution as well as actual design & schematics. IPenable will act as an
extension of the vendor or internal utilities engineering team. Vendors will often start with a small consulting
arrangement to address critical roadblocks and establish rapport prior to establishing a large, long term partnership.
Smaller engagements could be one-off consulting contracts, while larger engagements would likely utilize a more
formal RFI/RFP approach.
August 1, 2013 Page 12IPe Confidential. All Rights Reserved

13. Sales and Marketing
August 1, 2013 Page 13IPe Confidential. All Rights Reserved

14. WAN
APPLICATION H/E &
NETWORK MANAGEMENT
SECURITY &
AUTHENTICATION
DEVICE MESH NETWORK
FIELD AREA ROUTER
Utility Requirements:
• Multi-service Field Area Network that can support AMI & DA
• Highly secure & reliable communications
• Simplify handling of multiple proprietary protocols
• IPv6 addressing
• Select the optimal communication solution that can evolve to support future requirements
Device Manufacturer Requirements:
• Augment existing engineering teams with IP Communications expertise
• Meet current & future communication requirements
• Meet the Total Cost of Ownership (TCO) targets
• Combine best-of-breed components
• Utilize the optimal design
• Follow a lean engineering process
IPenable Solution Specifications:
• 802.15.4-based IPv6 mesh with QOS and mesh algorithms to optimize reach & reliability
• 6loWPAN and RPL based
IPembed
Firmware + Engineering
services to embed low-cost,
highly reliable
communications modules
IPoptimize
Services to support the planning,
building & operating of IoT device
communications
IPmanage
Devices and applications that
improve communications and
data management
MARKETING: Lean IP Engineered Utility Solutions

15. IPembed Firmware + Engineering Services
• Combine best-of-breed communications modules and firmware to enable smart devices.
• Offer board-based, chip-based and software-based solutions to meet customer requirements.
• Offer custom design and engineering services to provide IP communications for devices.
August 1, 2013 Page 15IPe Confidential. All Rights Reserved
DA, AMI,
Infra-
structure
Device
Protocol
Conversion
D/A
Data
Encoding
IPv6
Encapsulation
&
Management
802.15.4
Physical &
Mac Layer
Mgmt
RF Tx/Rx
(FSK,
DSSS,
OFDM, etc)
uP Resources
(memory, etc)
uProcessor
I/O
System Clock
Clock
Management
Legacy/ Proprietary
Protocols
Analog Data
Digital Data

16. Services & Solutions For Smart Infrastructure
IPenable is focused on the energy and smart infrastructure service verticals. Today’s utility &
municipal customers are demanding equipment with the latest in communication technology &
device connectivity.
• Low Cost: Utilize open-standards based solutions that allow for a choice of products
that leverage scale economies
• Future Proof: Non-proprietary interfaces that ensure continued availability of low cost
communications equipment
• Secure: Native IP reduces use of field interfaces that can be compromised
• Faster Time to Market: Team that can work with your engineers to quickly understand
communications requirements & design the most effective solution
August 1, 2013 Page 16IPe Confidential. All Rights Reserved

17. Requirements: Partnerships & Distribution—Due Aug 4
Type Of Partner Companies Contacted Level of Interest/ Required Information/Notes
Communications
Solutions Providers
(for comms
solutions)
• Cisco: www.cisco.com
• Paradox: www.pdxeng.ch
• Sensinode:
www.sensinode.com
• All were interested due to bi-directional relevance (we would be a value-added
reseller/OEM)
• Level of interest varied based on strength of our existing offering & customers.
Start ups like Paradox & Sensinode were more interested in partnering with other
startups; Cisco wanted to see strong list of prospective customers.
• Information that they wanted was NDA, list of customers, company credentials,
signing up for developer network.
• Plan on targeting Cisco first due to their market presence and solution synergy.
Component
Manufacturers
(for board & chip-
based components)
• Texas Instruments:
www.ti.com
• TI is interested in a vendor-customer relationship where they sell us the
components at list price. Since this offers a limited competitive advantage we will
seek smaller suppliers/TI partners that will be willing to support required
customization/better price discounts.
Service Contractors
(for contract labor &
specialized subject-
matter experts)
• Practical Telematics:
www.practicaltelematics.c
om
• Interested in partnership & joint Go To Market. They hav ethe technical skils
required by IPenable & we offer them an expanded market presence.
• They are willing to move forward quickly since they are of a similar size & have a
complementary offering.

18. Requirements: Partnerships & Distribution—Due Aug 4
Type Of Distribution
Channels
Activities/Companies Level of Interest/ Required Information/Notes
Direct Sales • Develop contact lost
using Linked-In,
Conference participation,
web search
• Cold call to set up initial
call
• Sell through direct sales/
business development
team
• This will be our primary channel due to the challenges of establishing trust with
the customer & working through a complex sales cycle that includes lots of joint
planning & consulting.
• We have two individuals on the team that are primarily focused on signing up
customers. We have had good success & requests for follow up conversations
from all 3 customers contacted so far.
• We need to qualify customers better so we only spend time with customers that
are willing to buy. Given the long sales cycle & the required resource investment,
we need to be more effective with respect to how we manage the direct sales
effort.
• Cost
Channel Partners • Uptown Services
www.uptownservices.co
m
• This is a strong complementary channel due to our opportunity to leverage existing
customer relationships to position our services. This will require the direct sales
team to work with the channel partners to position the IPenable offer.
• Uptown has proved to be a good fit due to the fact that they currently consult with
utilities and are able to introduce IPenable to their customers.
• We have struggled to find companies that offer the right fit in terms of existing
relationships, services offerings & a synergistic culture. We expect that we will
only have a few (2-3) partners of this type due to the depth of relationship
required.
• Developing the right revenue-sharing and joint-delivery model is key for these
engagements.
Prospecting
Channels
• Website
www.ipenable.com
• Conference participation
(www.distributech.com;
www.utc.org etc)
• We have launched our website and have also signed up for participation at some
of the industry conferences.
• Since our presence with these channels is still nascent, we have yet to see much
leads/success from these channels. We wil need to spend a lot more time & effort
building up these channels since they will help identify leads and build our
credibility with our potential customers.

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IPenable operates a lean business model: as a design and strategy firm we have work to keep relatively low overhead costs so that
we can evolve our offering based on customer feedback. Our primary cost is time spent developing customer leads and developing
our proprietary services: IPembed, IPmange, and IPoptimize.
Costs:
1. Time - Network Consulting and Design
2. Chip or Board based Hardware Development
3. Website - Maintenance
4. Travel - Customer Meetings
Time - Network Consulting and Design (Salaries)
• As a IP design and consulting firm, our biggest cost is the time involved in research and development of communications
solutions that can support our partner’s technology. Since we don’t have a compensation model in place, it is hard to quantify
the cost of the time we are spending on these strategic and technical business development activities.
Chip and Board-Based Networking Solutions (Materials)
• IPenable’s IPembed solution includes a chipset with software and circuit layout. Our customers will most likely integrate that
solution into their circuitry and do the final manufacturing themselves. We are still working with partners to determine some of
the specifics for integration between IPembed and existing solutions. IPenable has developed three use cases based on
hypothetical partner capabilities.
**Embedded price = chips only.
Module price = solution we will provide to other customers.
1st solution: 900MHz Network Card
Embedded price: ~4 USD
Target Unit price: ~5 USD
2nd solution: 2.4GHz Network Card
Embedded price: ~7 USD
Unit price: ~10 USD
3rd solution: It's a mix of 900MHz and 2.4GHz ISM band
Embedded price: ~8 USD
Target Unit price: ~10 USD
Costs

20. Page 20IPe Confidential. All Rights Reserved
Customers will pay IPenable to design end-to-end networking solutions that supplant
their existing utilities infrastructure. IPenable is in the early stages of working with a
few customers on developing a IPv6 integration strategy; these initial projects will
smaller consulting projects that could range from $100K - $500K* and could expand to
larger-scale technology build-outs with proprietary communications embedding
($500K - $5M*.)
Is a subscription model better than a one time payment?
At IPenable, we have a fee-for-service cost model which is project based and
dependent on the size and scope of the network communication buildout.
**These are hypothetical estimates based on existing customers - The size and scope of each project could affect and change these estimates substantially.
Costs Cont’d

21. Page 21IPe Confidential. All Rights Reserved
Is it better to rent to customers or to sell?
Sell - for now: IPenable sells IP communication expertise as well as proprietary solutions to build out
intelligence in a utility network. As part of our consulting services, we integrate proprietary solutions which
include hardware (e.g. a chipset that adds intelligence to a field area router.)
Future - managed services: IPenable also is developing a solution called Ipmanage which will include
software and data analytics as a managed service. This offering is a differentiation point that will also create
a recurring revenue stream.
Run some tests with customers to see what the best revenue model would be.
Our customers have been interested in engaging IPenable to help with specific projects relating to IPv6
communication with opportunity for additional communication-related projects that would add value to
their products.
Are you planning to make money through advertising?
Right now, IPenable is not trying to make money through advertising. We have begin marketing ourselves at
relevant channels including trade shows, business associations, and industry affiliated groups. IPenable also
has a social media presence through well-known channels like Facebook, Twitter, LinkedIn, and Google+.
Try to think outside of the box and not just rely on advertising-based business models.
IPenable provides boutique consulting design services to a niche in the utilities market. We are developing a
service for this industry but with a lean business model, our plan are to expand the offering to other
verticals that could benefit from improved connectivity and Internet of Things intelligence.
IPenable Revenue Streams:
IPenable has three core offerings that provide the potential for multiple revenue streams and business
expansion. Currently, customers that we have met with are most interested in our IPembed solution because
utilities are increasing their investments in AMI and DA infrastructure and they are interested in migrating
communications to IPv6.
Revenues

22. Page 22IPe Confidential. All Rights Reserved
1. IPembed: consulting, hardware, partner technology integration - chip or board
(hardware) based to support partner communication solution
2. IPmanage: consulting and partner technology integration
3. IPoptimize - consulting, SaaS, managed service
Cash Flow: From Customer to Start-Up
- Customer meets with IPenable team to discuss project.
- IPenable provides design solutions and engages a preferred partner.
- IPenable drafts design specifications and scope of project with associated costs.
- Customer gets budgetary approval to move forward with the project.
- Customer pays IPenable upon completion of consulting and design or in predetermined
increments for managed service.
Conclusion: Based on IPenable’s current and future costs of doing business and the
revenue we can generate from our IP design solutions (as tested through customer
engagements),we are confident that we have a profitable business model. We understand
that while our overhead is almost negligible right now, our model still works when we
look at the project opportunities that our target customers will be taking on in the next 2- 5
years.
Revenues Cont’d

23. Page 23IPe Confidential. All Rights Reserved
RISK: We have engaged multiple vendors who are interested in the design expertise
IPenable can offer. Because our team includes experts in the IP communications
space, our business value will extend beyond utilities and support the Internet of
Things technology adaptations.
FUNDING: IPenable is currently bootstrapping and interested in sharing our business
roadmap with venture capitalists to further identify growth opportunities.

24. Page 24IPe Confidential. All Rights ReservedAugust 1, 2013