2011 - Business

Transcription

2011 - Business

EUROPEAN BUSINESS GAMES 2011
FLEXICABLE Ltd.
CHRISTIAN LANGKJÆR, NICOLAI NÆRUM, JONAS USTVEDT and JONAS MILBAK
ORDRUP UPPER SECONDARY SCHOOL, DENMARK
EUROPEAN BUSNIESS GAMES 2011
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Table of Contents
CONCEPT AND PRODUCT ................................................................................................................3
Basic concept ................................................................................................................................................3
Product description....................................................................................................................................3
Materials........................................................................................................................................................3
MANAGEMENT: ..................................................................................................................................5
Jonas Milbak, Managing Director............................................................................................................5
Nicolai Nærum, Technical Director ........................................................................................................6
Christian Langkjær, Finance Director ...................................................................................................6
Jonas Ustvedt, Marketing Director .........................................................................................................6
SALES AND MARKETING ..................................................................................................................7
The market....................................................................................................................................................7
RISC market segmentation model ..........................................................................................................8
Marketing strategy......................................................................................................................................9
ORGANIZATION AND COMPANY FORM .................................................................................... 10
STRATEGY ........................................................................................................................................ 12
PORTER’S INDUSTRY ANALYSIS ........................................................................................................... 12
Competition in the market: ................................................................................................................... 12
New entrants: ............................................................................................................................................ 12
Suppliers:.................................................................................................................................................... 12
Buyers: ........................................................................................................................................................ 13
Substitute products: ................................................................................................................................ 13
Porter’s competitive strategies ............................................................................................................ 13
ACTIVITY PLAN ......................................................................................................................................... 14
First year..................................................................................................................................................... 14
Long term: international expansion ................................................................................................... 14
Product development.............................................................................................................................. 14
SWOT ANALYSIS........................................................................................................................................ 15
Internal factors: Products...................................................................................................................... 15
Internal factors: Marketing ................................................................................................................... 15
Internal factors: Production.................................................................................................................. 16
External conditions: Macro-economic................................................................................................ 16
External conditions: Micro-economic................................................................................................. 16
FINANCE ............................................................................................................................................ 17
Start-up costs............................................................................................................................................. 17
Profit and loss budget ............................................................................................................................. 18
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CONCEPT AND PRODUCT
Basic concept
Our idea occurred to us on a normal day at school, where all students needed to connect
their most important tools, their laptop computers. There were not enough electrical
outlets and the clutter created by all the cords was overwhelming. That is why we thought a
more flexible solution might be helpful. There was a need for greater structure and for
making life more convenient for computer users and others, so we invented our product:
Flexicable.
Product description
Flexicable is a small electrical cord rewinder for indoor use. The rewinder is placed inside a
small box that is 14 cm in diameter. There is a male power plug on one side of the rewinder,
and a power outlet on the other side. The rewinder is plugged into an electrical wall outlet,
and the rewinder’s cord and outlet can be pulled out and reeled back in by activating a
button – exactly as in a vacuum cleaner.
The elegant white box is made of plastic and can hold a total of five metres of electrical
cord; the power outlet contains three female sockets. A prototype design can be viewed in
the appendices, and an image of the final design is provided on the next page.
Materials
White plastic casing, plastic rewinder with a five-metre electrical cord (very similar to that
of a vacuum cleaner’s cord rewinder), male plug on the back of the plastic casing, outlet
with three sockets on the front of the plastic casing.
Flexicable combines stylish design with user-friendliness, ingenuity, durability and
technical safety – using working methods that are responsible and environmentally sound.
Flexicable complies with all safety requirements and has been approved by the Danish
Safety Technology Authority, and has thereby been declared appropriate for all types of
use. The Danish Safety Technology Authority’s approval is attached in Appendix 1. The
product will be suitable for use in many public institutions, private companies and in older
buildings that were not designed for electronic equipment when they were built.
The cord’s length is adjustable – a convenient feature. This reduces the confusion of cords
and makes life more convenient. This solution means it is no longer necessary to move
about normal, inconvenient extension cords as is the case today. You know the problem
yourself: you like to sit with your laptop in a quite specific location in your living room, but
cannot charge your laptop since there is no outlet that can be reached. The solution? Simply
plug Flexicable into the nearest wall socket and then pull out the Flexicable outlets as far
out as you need them. You immediately have an elegant solution that is simple and
practical.
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MANAGEMENT:
Technical Director
Nicolai Naerum
Managing Director
Jonas Milbak
Finance Director
Christian Langkjær
Marketing Director
Jonas Ustvedt
All four of us are joint owners, and are employed full-time by Flexicable Ltd. In order to
determine which of us would be managing director, technical director, marketing director
and finance director, we all took a personality test on http://www.startvaekst.dk/ to find
our individual personality types. The test divides personality types into four different
categories according to Adizes’s theory of leadership roles: producer, administrator,
entrepreneur and integrator. The test turned out to match our expectations quite well, and
revealed that each of us has his own individual strengths relative to the four director
positions. This was very important because they are all important jobs that must be
managed by competent people.
It is difficult to start a business without people who have different skills for different
positions. According to Adizes it is not possible to combine all four leadership roles in one
and the same person. If a leader tries to handle all four roles at once, Adizes says, then
things are sure to go wrong. His research shows that some roles are mutually exclusive
because they require very different and opposite competencies and personality traits.
Jonas Milbak, Managing Director
Jonas Milbak is a very organized man who always has a plan for how his day will proceed
and what its major themes will be. He always thinks about things for a long time before
making a decision. This means that he can avoid unrealistic projects. Jonas is clearly a wellorganized person who creates systems, routines and planning for long periods of time. This
means, however, that some time will pass before the company can get started with its
processes, but on the other hand that they will be done right the first time. He has been
indispensable for the company in the start-up phase because he has familiarized himself
with the laws and has created a system for all documents. In our company it is Jonas who
sets the agenda and tells what must be done by whom and by when. You could call him the
rational one in our company, since it is Jonas who prioritizes and manages our resources
and determines who should do what, when.
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Nicolai Nærum, Technical Director
Nicolai is very inventive, creative and fights hard to turn his ideas into reality. His creative
abilities make him very good at following the market and keeping product development up
to date. He has been very critical throughout the project and has constantly questioned how
and why things are done. He also comes up with a lot of new ideas of his own, so the other
company directors sometimes have to bring his feet back to the ground. Nicolai’s greatest
strengths are that he is very innovative and believes strongly in his ideas. Even though this
might be a bit annoying, it has turned out several times that he was onto something. This is
going to be very important for our company since we need to keep up with the market and
constantly evolve in line with customer demands.
Christian Langkjær, Finance Director
As Finance Director, Christian is responsible for the company’s finances and
accounting. Christian is very organized and has a good sense of how far money
goes. However, this is not his only responsibility in the firm. We are all joint owners and
directors, so he also takes part in the sales process and innovation activities. It is also
evident in everyday life that Christian is not only good at finance. He is mobile, and he
participates actively in virtually all areas. Together with Nicolai, he is responsible for
operations. Since Christian is good with computers, Internet connections and the like, he
will also be responsible for the company’s IT.
Jonas Ustvedt, Marketing Director
Jonas’s greatest task in the start-up phase is to find the best possible tools to sell the
product. This includes making draft proposals for brochures and creating and developing
the website. One of the Jonas’s strengths is that he is good at explaining his point of view,
and often knows what people want and how to phrase it so people like it. This personality
trait makes him very good at building relations. It is therefore important that he comes
along on sales calls, to hold lectures or to participate in conferences. If Flexicable manages
to come into contact with the press, it is also Jonas who will create the strategy. Jonas
Ustvedt is also the person in the group who is best in English, which will be an advantage in
the coming years when the product is sold abroad.
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SALES AND MARKETING
The market
The market for Flexicable is broad, since Flexicable can be used by private consumers as
well as in public institutions and companies. Flexicable is primarily intended for use in large
rooms where the shortage of electrical outlets is a problem.
Our market research shows that the lack of electrical outlets is a general problem. A specific
study at Ordrup Upper Secondary School revealed that 92% of survey participants believed
that the lack of electrical outlets is a problem, and that a full 90% of participants believed
that Flexicable could be a solution to this extensive problem. This is supported by Appendix
4, which provides results from a survey conducted in January 2011. Denmark’s universities
also experience the same problems (including Copenhagen Business School, where Nicolai’s
mother is enrolled, and where we verified that the lack of electrical outlets is a growing
problem for students). Universities may be interested in Flexicable as an inexpensive
solution to a widespread problem. The alternative would be to install new, additional
electrical outlets in different places on the premises, a solution that is much more expensive
than Flexicable.
We have shown the product to an elementary school, Skovgaard School in Gentofte
County. They were very interested and found that Flexicable could well be a future solution
to their lack of electrical outlets. Similarly, Ordrup Upper Secondary School has also
expressed an interest in the product. E-mail confirmation is provided in Appendices 5 and
6.
We have also contacted Silvan, the large hardware chain, where product manager Klaus
Jensen writes that Silvan definitely finds that Flexicable has the potential to become part of
the Silvan product range. Silvan’s accept of Flexicable would make it possible to reach some
consumers who would otherwise be very difficult to reach. E-mail confirmation of this
dialogue can be found in Appendix 7.
Similarly, we have investigated whether the product has potential for electricians and
craftspeople who work for the public and private sectors on an everyday basis. In this
context, Flexicable contacted Ole Jensen, managing director of Greater Copenhagen Electric
Service, which provides electrical equipment and does installation work for public
institutions, private companies and private individuals in the Copenhagen area. Greater
Copenhagen Electric Service is a company with years of experience and expertise in their
field and is considered one of the leading companies in the market. Ole Jensen has given our
idea positive feedback via telephone and e-mail correspondence. The company writes that
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they find our idea interesting, since many of their customers (such as private enterprises,
public institutions, etc.) operate in older residential and industrial buildings that are not
equipped with electrical facilities that meet contemporary requirements. Thus, they find
our product extremely interesting and do not reject the idea of using it in future
applications or integrating it to the same extent as normal electrical installations. E-mail
confirmation is found in Appendix 8.
To reach this professional target group we have made contact with Electrical Wholesaler (El
Grossisten). This electricity wholesaler is where Denmark’s many craftsmen, electricians
and similar tradespeople purchase equipment and products. We have thus made contact
with one of the leading electrical wholesalers, and they confirm that they could potentially
market and sell Flexicable. E-mail dialogue is attached in Appendix 9.
Flexicable has also contacted one of Denmark’s largest media companies, TV2. Just as
previous contacts, TV2 finds the product interesting and not least usable. They believe that
Flexicable would be useful in meeting rooms, for example. Confirmation can be found in
Appendix 10.
Flexicable thus appeals to a broad range of customer segments and not only to public
institutions and schools, where we had assumed that the need for a solution to the lack of
electrical outlets was greatest. Private homes and large companies can also benefit from
Flexicable’s functionality and innovation. We know of many personal experiences that
indicate that there are often problems with the length of power supplies to new electronic
devices such as laptops and cell phones. Flexicable, with its simple and attractive design,
can easily be integrated into new and modern homes where both design and functionality
are very important.
It is also our opinion that large and small companies can benefit from Flexicable’s groundbreaking functionality and design.
Flexicable’s broad customer base requires Flexicable to be of good quality, safe, and to have
a low, competitive price. It should be easy to use and must not break. At workplaces and
schools, demands for efficiency mean that everything must work and that quality must be
one hundred per cent in order. Safety is also in order because of Danish safety requirements
for electrical products. As mentioned above, Flexicable has been approved by the Danish
Safety Technology Authority, and thus declared suitable for all types of use. Approval by the
Danish Safety Technology Authority is attached in Appendix 1
RISC market segmentation model
In using the RISC market segmentation model, we have chosen to stay focused on the blue
population. We will do this by using major hardware stores and electrical wholesalers. This
customer group provides a massive base and represents 24% of the population. Blue people
are educated and modern, which goes hand in hand with many new gadgets every
year. This creates a large-scale problem because all these gadgets need power. We believe
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that the blue population will be extremely satisfied with Flexicable’s easy and inexpensive
way of solving this problem. The product’s practical functions must be durable without
compromising the group’s need for attractive design that perfectly matches a modern
lifestyle. We believe that the blue portion of the population also will buy Flexicable because
it is new and modern, and goes against the traditional and troublesome extension cord that
has dominated the market for so long.
Marketing strategy
Our marketing strategy is divided into two parts. We will employ a push strategy toward
the schools, public institutions and companies to whom we wish to sell. This
strategy implies that our company will approach the various institutions and try to sell
them our product by presenting Flexicable’s practical and user-friendly features. We are
betting that high customer satisfaction will create a pull effect for our product. This means
that our customers should be so satisfied with our product that other institutions see
Flexicable as a solution to their power supply problems.
Consumers will be able to buy Flexicable on our website and through large hardware stores
such as Silvan, XL Byg and Denmark’s electrical wholesalers such as ElGrossisten.com, and
Louis Poulsen/LemvighMüller. Electrical wholesalers are where Denmark’s electricians and
craftsmen find materials to help them do their job. It is therefore natural that we sell our
product there. To get consumers interested in our product, we have set aside DKK 100,000
for advertisements, including a half-page ad in Boligmagasinet (valued at DKK 20,500) so
that we can create a pull effect for our product. We will also have ads in IDÉNYT, which is
distributed free to households and therefore has a broad reach, and is thus not targeted to
the same consumers as Boligmagasinet, which is purchased or subscribed to. IDÉNYT does
not reach our target audience precisely, but because we believe that our product is
attractive to large parts of the Danish population, we are sure that it is a good investment.
One of our goals is to get the product introduced in public primary schools. We might do
this by advertising in the magazine called Undervisere ("Teachers"), a magazine created for
public primary school teachers. Using this vehicle we can show our product to
schoolteachers and administrators throughout Denmark.
People who purchase online will receive their orders by parcel post. Our website,
www.flexicable.com, allows online ordering and payment for our products. In Flexicable
Ltd., we have decided that the customer should, as a rule, pay for shipping costs associated
with purchasing Flexicable Ltd. products. However, we assume that if a customer orders ten
or more units from our website, then we will pay for shipping. For large deliveries, for
example to electrical wholesalers and hardware stores, we will as a rule deliver our
products by ourselves. This is one of the reasons why we have invested in a car – so we are
able to make large deliveries.
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ORGANIZATION AND COMPANY FORM
Our company is called Flexicable Ltd., as our product provides a flexible way of handling
cables and cords. The name refers to the product and ease of handling of cables, and is also
English, which will make it easier to internationalize the product in future.
We have chosen to form a private limited company (Ltd.), as we, as owners, do not want to
tie up our personal finances with the firm’s, but will only be responsible for the initial
capital injection of DKK 80,000 as required. This company will be a garage business whose
address will be Frisersvej 3a, Christian Langkjær’s basement. From this address we will be
able to manage our website, provide service to our customers and contact new customers.
To start a limited company, it is necessary to draw up a memorandum, articles of
association, etc. There are some legal rules, and these are things which our attorney will be
responsible for. When starting and running a business together with others, it is of utmost
importance that we sign an ownership agreement, which sets out the rules that will apply
between us. These could be rules about the mutual option to purchase each other’s shares,
and a prohibition against running competing businesses. Without an owner’s agreement,
disagreements can easily arise. There are also legal matters associated with the launch of
electrical products, and contracts between our suppliers and customers that must be drawn
up. Our lawyer will be responsible for all of this.
One of our most important partners is a production company – Elworks A/S – in northern
Jutland. Elworks A/S has expertise and experience in creating and constantly developing,
new high-quality electrical products.
Elworks A/S develops and designs products that combine stylish design, user friendliness
and ingenuity with durability and safe technical qualities – all using environmentally
correct and responsible work methods.
Their mission statement matches Flexicable’s ambitions exactly. Elworks A/S has its own
factory in China; Elworks A/S Manufacturing Limited, where our product will be produced.
Making an agreement with Elworks A/S was a crucial breakthrough for Flexicable, because
this gives us a contact and supplier that already has experience with production in the Far
East. In this way we hope to secure a reliable supplier who knows the procedures
associated with such production. We believe, however, that having only one supplier makes
us vulnerable, and we have therefore begun looking for more manufacturers to have in
reserve in case we have differences of opinion with Elworks A/S. Having more suppliers
will allow us to quickly switch if Elworks increases prices or turns out to be unreliable.
More detailed arrangements with Elworks A/S are currently in discussion, and Elworks is
very positive. They have verbally confirmed to us that Flexicable is a product whose
production they certainly could be responsible for. They have also confirmed that the
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indicated production cost of DKK 40 is definitely possible. Written confirmation of this is
submitted in Appendix 11.
Another important partner is the Danish company, Green Lama. Green Lama also
participated in the Danish finals of the European Business Games. Green Lama has
developed a remote-controlled outlet that saves power by only having the necessary outlets
turned on. A joint venture between Flexicable and Green Lama would combine the two
products’ functionality and could enable very interesting developments. A combination of
these two products would bring together practical simplicity with eco-friendliness, thus
creating an extremely interesting product. Confirmation of this is found in Appendix 12.
Flexicable’s other distribution partners include ElGrossisten (Electric Wholesaler), one of
Denmark’s leading electrical wholesalers, and SYLVAN, a major chain of hardware stores,
which has also shown interest in introducing Flexicable in their product
assortment. Flexicable has also made contact to the Greater Copenhagen Electrical Service,
which delivers electrical equipment and does installation work for public institutions,
private companies and individuals in the Copenhagen area. They also write that they find
our idea interesting, as does one of the country’s largest media companies, TV2.
Similarly, Ordrup Upper Secondary School has shown interest in Flexicable. Ordrup Upper
Secondary School writes that Flexicable is an interesting product, which is a flexible and
inexpensive solution to a great problem. Skovgaard School, a public primary school in
Gentofte County, has shown the same interest.
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STRATEGY
PORTER’S INDUSTRY ANALYSIS
Porter’s model for market analysis is used to analyse a market’s competitive situation. The
analysis is useful because it employs five different forces to represent competition.
Competition in the market:
Competition among existing providers in the market is considered to be high for
Flexicable. We are entering a market where it seems that Lauritz Knudsen, at least in
Denmark, has a monopoly on sales of outlets and other electrical equipment in this
category. Since they control more than 90% of the market, market entry must be
considered difficult. This requires innovation, new ways of thinking and, not least, the right
people.
We believe that the product we make can enter the market precisely because of factors such
as these. It is important to understand that Flexicable is not just another extension cord, but
a creative innovation. Competition is tough because many people will simply see it as an
expensive alternative to extension cords. Flexicable is far more than this, however – it is a
more elegant and practical solution to an everyday problem faced in many public and
private locations. Pricing in the market is also tough, because the market is big. By creating
a brand, our technology will be able to enter what is already a large existing market. The
brand we will create for this product is so unique that it has not been seen before. We
believe that this will automatically create the brand, since there are no competing products
on the market. The brand will ultimately refer not only to a single Flexicable product, but to
a broader Flexicable Ltd. assortment that provides our customers with flexible products
that suit them best.
New entrants:
Flexicable will most likely not be threatened by competition from new providers, because
our product is unique. As we seek to patent Flexicable, competitors will not be able to offer
the same product. This does not mean, however, that we should not be in constant
development or not be ready to adapt to customer needs. Flexicable Ltd. operates on
economies of scale, and low prices are the way forward, as can be seen in our company
accounts. We believe that economies of scale, with resulting low prices – as well as a patent
on Flexicable – will prevent other manufacturers from producing the same product for the
same low price.
Suppliers:
Flexicable Ltd. will have a single supplier, the Danish company Elworks A/S. Elworks has a
special wholesale program that also provides production of specialty products such as
Flexicable. These products are manufactured by Elworks Manufacturing Ltd. in Macau,
China. The factory is managed by western Europeans, with customers in Europe, Asia and
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Australia. By using this manufacturer, we will obtain the product at a low production price
without compromising quality. After production, the product will be shipped to Denmark
by sea, taking an estimated 35 days. Freight rates are affordable.
The fact that we are tied to one supplier can be dangerous, because we are in this way
economically dependent on Elworks A/S. They can directly control our purchases by
increasing production prices. As previously mentioned, however, we are working to find
another producer.
Buyers:
Buyers represent a fairly significant threat in the initial stages of a start-up firm; this is also
the case for Flexicable Ltd. The company needs to build confidence in the market and
control prices and service in an uncompromising way. Flexicable will depend heavily on
recommendations from schools, offices, consumers, etc. to pass on their views of the
product and service, so it is important that buyers are very satisfied.
Substitute products:
The final threat consists of substitute products on the market. This is one of Flexicable’s
major threats. Flexicable Ltd. participates in a very large market with many other
companies that produce electrical supplies. Flexicable is new and in some ways
revolutionary, but has the disadvantage compared to other firms of not yet being
established on the market. The extension cords on the market may be perceived by people
to be the same as Flexicable because they have not tried the product. The extension cord is
a similar product, but not nearly as practical as our product. There is no doubt that this is a
threat to Flexicable. Flexicable is much more stylish and practical in a classroom where
extension cords wires make a mess. Flexicable is a simple box with a rewinder that is rolled
out for use and retracted after use. Once Flexicable becomes established on the market,
however, it will quickly replace clumsy extension cords.
Porter’s competitive strategies
Porter describes three competitive strategies: cost dominance, differentiation and
focus. Since Flexicable Ltd. does not have sufficient capital or market share, cost dominance
is currently excluded – although we of course do sell our product at a fair and reasonable
price which is much cheaper than getting expensive electrical installations. Flexicable relies
strongly on diversification, which according to Ansoff’s matrix builds on both new markets
and new products. That is how we will pave our way into the market: by being innovative,
and creating practical devices such as Flexicable. Differentiation has the side effect that it is
often not the cheapest option. But one must also realize that one gets what one pays for, a
handy device that can help solve a growing problem in an easy and user-friendly manner.
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ACTIVITY PLAN
First year
The first-year goal is to market our product and make it an integral part of the equipment
used by public institutions and private enterprises.
We will achieve our goal by making contact with public and private companies
ourselves. We will sell the product during the first year primarily through demonstrations
at various institutions. It is a new product, and we therefore need to go out ourselves and
convince the buyer that it is a good and very practical product that is easier and more
elegant than an extension cable. It is also through our own efforts that we must create
customer trust; it is they who will spread the word about good service and trust to others,
who will then pass on the positive assessment and kick-start our dominance of the Danish
market.
Long term: international expansion
In the long term we would like to make the company international. This will take place via
Flexicable Ltd.’s expansion to the rest of Scandinavia and Germany. Expansion into major
markets such as the U.S.A and China could also be extremely interesting. It is to our
advantage that when the product is established on the Danish market, there will be free
publicity in neighbouring countries, since there are very fluid borders between Denmark
and surrounding countries. With regard to the European market, we have made contact
with Bauhaus, a Switzerland-based hardware store chain that operates in most of
Europe. Initial discussions with Bauhaus have already begun. As for Germany, Europe’s
largest economy, we have made initial contact with one of the country’s largest hardware
chains, OBI. As for expansion into the U.S.A., we have made contact with the world’s largest
producer of electrical goods, General Electric, which we hope will market and sell Flexicable
in America.
Product development
We would like to develop the product to make it even more elegant and
practical. Developing Flexicable includes an extension of the product range. There are many
opportunities to expand beyond the one existing product. First, expansion into other
European, Asian and U.S. markets requires that Flexicable adjust to the various countries’
electrical outlets. France uses a different outlet than Denmark, as does the U.S.A.
Introducing Flexicable in different sizes, which would mean additional cord lengths and
multiple outlets, could also extend the assortment. Similarly, Flexicable could conceivably
be available in different plastic colours, aluminium or stainless steel.
Flexicable’s main component could also be built into the wall. The rewind mechanism that
allows pulling Flexicable in and out of the wall would thus be invisible. This would create a
very interesting product, since the standard outlet that is installed in all buildings,
throughout the world, could suddenly be pulled out of the wall. Likewise, it is possible to
install more than one outlet, with three or five that can be pulled in and out in the same
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way. This solution is more elegant than the original Flexicable idea, but also more
expensive. Also, it is not portable. Therefore, the product would be intended primarily for
new buildings.
SWOT ANALYSIS
Internal factors: Products
The technology behind Flexicable is not innovative, but the composition of the various
components is different from anything that can be found on the market today. Functionality
and design are excellent, and together they provide an experience that cannot be compared
to any other product on the market. Of course, one could argue that the product’s
functionality is comparable to a normal extension cord. While there is some truth to this,
Flexicable’s special feature is that the cord can be rolled up after use and remain
anonymously in its box on the wall. Another advantage of this mechanism is that you only
need to pull as much cord out of the box as you need for your plug. This means there will be
no excess cord cluttering the floor.
Internal factors: Marketing
The brand is not very strong at this point, and hard work is needed. In the long term, the
brand’s name will be recognizable in most of Europe and not only in association with our
current product, but with a broad range of Flexicable Ltd. products. These products will be
able to replace expensive electrical installations with do-it-yourself solutions.
Market share must grow considerably, but will nevertheless not approach the market share
of normal extension cords. This product is very traditional, and growing larger than it
would simply be impossible. However, our sales will be strong within the public institution
and private home markets, where traditional extension cords are a major headache since
they get in the way of everyone and everything.
Our product will, of course, be available for sale directly from our website. The
www.flexicable.com domain name and rights are available. Flexicable tries to solve a
contemporary problem, and we should therefore also be contemporary in the way we sell
our product. Customer satisfaction should also be enhanced when people can see and feel
Flexicable in stores, and also can buy the product on our website. We will have many
Flexicable units on stock in the office, but since we will place a few large orders with
Elworks A/S, rather than many small orders, we will have to have some storage space
elsewhere. An inexpensive solution to this problem is to rent a storage room of 6-7 m 2
where we can store most of our finished products.
Our product’s greatest competitor will clearly be the normal extension cords that fill the
market today. We will enter the market by visiting various schools and offices, and
demonstrating how practical Flexicable really is. We have examined our own school to see if
this could be a good solution, and as many as nine out of ten believed that this solution
would be very practical. We would of course use this statistic to convince the boards of
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various institutions to invest in Flexicable. Our only weakness is that we do not yet have a
brand name or a well-known product.
Internal factors: Production
Production will take place through Elworks A/S, which specializes in producing specific
electrical items for orders from Denmark and China. We see this as the best and most costeffective solution, rather than producing the product ourselves, which would require us to
hire more employees and rent production premises.
Using an external company to manufacture the product will enable us to produce more
units, and thus increase our production capacity, which in turn will lower the unit
price. The downside of this is that we cannot directly perform quality control, and will also
be dependent on our suppliers.
External conditions: Macro-economic
There is currently great growth in this market. This is because of the many new
technologies and gadgets, and because laptop computers nowadays can be bought for
extremely low prices. This can be seen in the consumer trend of a huge boom in sales of
netbooks and other portable computers. Laptop battery life is longer and longer, and this
may create a threat to Flexicable, because it may mean that recharging is
unnecessary. However, technological development has not progressed far enough to allow
computers to last for the whole school day or entire seminar; this opens a market that
Flexicable Ltd. can exploit.
External conditions: Micro-economic
On both local and global markets, we are extremely threatened by the extension cord, which
has controlled the market for an amazingly long time. Flexicable Ltd. will not be able to
push this product off the market; rather, it will offer an alternative product to customers
looking for flexibility.
16
FINANCE
Company accounts are attached in Appendix 16.
Start-up costs
The start-up budget presents the expenses associated with the start of the limited liability
company, Flexicable Ltd. Basically, we have no expenses for rent, cash registers, counters,
etc., because we decided to be a garage business from the beginning. Nonetheless, we think
we need desks and chairs for all four of us in the company. These were purchased from
IKEA for a total price of DKK 3,392. Further specification is found in Accounting Note 1 of
Appendix 13.
To run a business, we also need to use computers. We plan to sell our own computers to the
company, as this has the advantage of putting some tax-free money into our pockets. We all
need to use telephones as well; as things look today, it is not expensive to buy phones, but it
is expensive to pay for subscriptions. Therefore, DKK 500 has been allocated to the
telephone account.
Our finished goods stock is estimated at a value of DKK 40,000. This is based on the fact that
we will start with 1000 units, each of which has a production price of DKK 40.00. We will
discuss storage for these later. Furthermore, we have reserved DKK 1,000 for office
supplies and other unforeseen items.
We believe that a car is essential for the company. Having a car is an advantage when we go
out and sell our product to customers in the local area, and for when we have a large
product delivery within reasonable distance and it is not worthwhile to use the postal
service. A used car can be purchased for an estimated DKK 50,000.
Lawyer and accountant costs, totalling DKK 15,000, have been estimated by Jan Jensen,
LLM, accounting officer and board member of Greater Copenhagen’s Electrical
Service. These costs are associated only with the conditions and arrangements that exist
when forming our own limited company, and with writing a contract, which is necessary
when there are four joint owners.
It is necessary to patent our product because we are the first ones to have this idea, and we
want to prevent others from developing and producing a similar product. A provisional
patent application is a preliminary application that provides quick, temporary protection
for the invention. Documentation for this is presented in Accounting Note 3, Appendix 13.
Marketing expenditures are initially for things such as business cards, the website and
brochures. These items are expected to cost DKK 1,363. We will buy a website domain at
one.com, where the domain name "www.flexicable.com" is available. We have chosen to
produce a series of brochures, as we believe that the brochures are a good thing to leave
17
behind after meetings with potential clients. More specific figures are included in
Accounting Note 2 in Appendix 13.
We do not find it necessary to hold a reception, since we will not have built a large enough
customer base when we start. Thus, our start-up budget totals DKK 138,755.
Concerning the opening balance section, it is relevant to note that we have changed the
equity ratio to 64% in order to achieve the desired figure for the relevant equity of DKK
80,000. Please note in the balance sheet for the first 3 years that we write off our car. The
car’s purchase price was DKK 50,000, and as a car naturally loses value, it is depreciated so
that it is worth DKK 37,500 after the first year, DKK 28,125 after the second year, and DKK
21,094 after the third year. This can also be seen in the fixed assets.
Profit and loss budget
The P&L budget includes the critical plans and costs that will occur within the first three
years from the starting year.
Before that, however, it would be appropriate to begin with pricing. Due to our lack of
knowledge and experience, we decided to ask experts in the field for their advice. Thus,
together with our production company, Elworks A/S, which has its own factory in China
and years of experience and expertise in the area, we have estimated production costs at a
total of DKK 40.00.
Because we wanted a general price level of DKK 225, many calculations were required to
sell Flexicable for the same price, including VAT, both through retailers such as Silvan and
directly from us to consumers. We think the price is extremely competitive, and in a
scenario where our company only had to break even, the selling price would not fall much
below this presumed level.
For sales directly from us to public institutions and from our website, we estimate that we
will sell 6000 units. Here, we have a gross margin of 350%. After adding VAT of 25%, the
customer’s purchase price is DKK 225.
As for sales to channels such as Silvan or Electrical Wholesalers, we have estimated that
these companies have a margin of 50%. This could not be confirmed, however, as no
company is willing to publish financial information. Again, our production cost is DKK 40. It
is estimated that we will sell 10,000 units. With a margin of 200%, our selling price to these
customers is DKK 120. Then, assuming an estimated 50% profit for these companies and
the compulsory VAT rate of 25%, the retail-selling price would also be DKK 225.
Direct sales to consumers creates revenue of DKK 1,080,000 in company accounts. Sales to
retailers creates revenue of DKK 1,200,000. This gives total revenue of DKK 2,280,000,
which also appears in the company accounts.
18
Since the Excel sheet does not take into account pricing and gross margins for two channel
types, it is necessary to calculate an average gross margin which takes into account the fact
that profits will be lower on the majority of our sales. This gives an average gross margin of
256%.
We expect to sell 16,000 units in the first year. This number of units sold has been assumed
because our customer base is broad, and because our sales range widely from hardware
stores to the public and private sectors. In Denmark, there are 146 XL-Byg and 40 Silvan
hardware store outlets that are believed to be among the largest of their kind. If we assume
that there is a total of at least 200 hardware store outlets, and that every one of them sells
one unit per week, then we assume that hardware stores will sell around 10,000 units
annually. In addition, we will sell to Denmark’s leading electrical wholesalers, such as Louis
Poulsen/Lemvigh Müller. Electrical wholesalers sell electric equipment to electricians and
service people. We therefore consider this segment to be a major customer. We have
estimated total piece sales to electrical wholesalers of approximately 4000 units. In
addition, we expect to sell another 2000 units through their own website, meetings and
events, as well as through direct sales to public institutions and private companies.
In total, this represents accumulated sales of approximately 16,000 units. We do not
depend on sales reaching 16,000 units, however. In fact we can afford to sell as few as
14,500 units and our company will still make a profit, which is extremely positive. However,
we are optimists. Because of the positive feedback from schools, electricians and
production companies, we believe that it is realistic for sales to be so high. Furthermore, we
have calculated that sales will increase by 5% annually. This gives total sales in year two of
16,800 units and 17,640 units in year three.
Regarding fixed costs in the P & L budget: Because of our hopes for reasonable product
turnover, and because of the development work and use of resources which we all expect to
have in connection with selling, developing and marketing our product, we have decided
that each of us should have a monthly gross salary of DKK 20,833, including mandatory
pension and social costs. This salary is to increase by 5% per year since we believe that this
is fair compared to our projected sales, which are also estimated to increase by 5%
annually.
Marketing costs are set at DKK 100,000 annually. Marketing is primarily based on
advertising in the well-known, trendy home and lifestyle magazine, Boligmagasinet. This
magazine’s readership is among the nation’s highest, as per telephone conversation with
Lene Rævehøj Lund, Key Account Manager at Boligmagasinet. She also stated that it is no
problem to place an ad in the magazine. A half-page ad costs DKK 20,300, and we plan to
advertise four times a year. Additional on-going costs for the website, business cards and
the like are documented in Accounting Note 2 in Appendix 13.
Rental costs for premises consist only of storage space for goods. Such storage space can be
rented from the company EasyStorage, that offers a 6-7 m2 room for DKK 675 per
month. This is necessary, because as a garage company we do not have the necessary
19
warehouse space for storage. This gives a total expenditure of DKK 8,100
annually. Documentation is found in Accounting Note 4 in Appendix 13.
Operating costs for the car and mileage allowances are estimated at DKK 50,000 per
year. This includes fuel costs as well as possible car repairs. We believe that the car is an
asset to us as a company, because we will take it to business meetings, events and to deliver
goods when it is not worthwhile to use the postal service. An amount of DKK 50,000 is
estimated to be enough for all three years presented.
Our line item for travel expenses is reasonably large every year. This has been decided
solely because we feel compelled to visit and to check our production in China. It is
estimated that one of us will go there once a year to control production and maintain
cooperative relations.
The DKK 5,000 for office expenses covers items such as paper, pencils, printing and general
office expenses. This expenditure is also the same for both the second and third years.
“Postage and Fees” is also a major item in our accounts. It might be expensive to ship
Flexicable to customers, hence the allocation of DKK 25,000. As a general rule, customers
pay for shipping costs when making a purchase from Flexicable Ltd. products. However, we
assume that if a customer orders 10 units or more from our website, then we will pay for
shipping. For large deliveries, e.g., to electrical wholesalers and hardware stores, we
assume that we will deliver our products. That is partly why we have invested in a car. Any
unforeseen costs related to freight from China will be posted to this account. Our
production company, Elworks, would otherwise normally take care of shipping. Naturally,
this amount increases by 5% every year, just as the number of units sold.
When drawing up the start-up budget, we reserved funds for purchasing telephones.
Actually, it is not the purchase of phones that costs money, but subscriptions. We have
estimated that each person has a mobile with monthly subscription for free calls and text
messages. This has been set high, at DKK 400 per person, per month. This gives an annual
cost of DKK 19,200. It is now a matter of course to have a telephone when you have your
own company, and it is also highly relevant.
Insurance costs are difficult to price. TrygForsikring, a leading Danish insurer, told us in a
conversation that they could not set the price of insurance for Flexicable Ltd. We have
asked Ole Jensen, LLM, to estimate a price; this has been set at DKK 30,000, which we
consider to be realistic.
Computer equipment and software have been set at DKK 10,000 annually. This is because
we must continually renew ourselves, develop and keep up to date in electronics. Drawing
programs and accounting software are essential tools for a company like Flexicable Ltd.,
and such things can be expensive. Likewise, if computers, printers and other computer
equipment need to be renewed over the years, then this is the account that will pay for it.
20
Costs of legal and accounting services are estimated at DKK 50,000 annually. Our type of
business typically has extensive company accounts, which is time-consuming work for the
accountant. Legal work related to problems with the patent, or the like, are also relevant.
The unforeseen costs account is relatively high. First, this is because our budget can handle
it; but it is also because things such as increased costs of production, transportation,
shipping and insurance, as well as increased costs of operating the car, can all mean that a
company such as ours can be presented with some nasty surprises. A sufficiently large
amount in the unforeseen costs account may help us to survive such
surprises. Development of prototypes and original models is also posted in this section of
the accounts.
Interest on our bank loan of DKK 45,000 gives a net loss on interest of DKK 3,825 in the first
year. This is calculated based on Nykredit Bank’s loan to us at an interest rate of 8%. First
year profits are DKK 126,000, which is enough to cover our bank loan 100%. Therefore, we
earn a little interest income in the second and third years. The figure is based on interest
rate calculations in which we are paid 0.5% interest on our bank deposits.
The overall picture is positive. First year profit is expected to be DKK 152,237. This is
extremely satisfactory, as the company accounts also show that each of us has benefited by
earning a salary. The second-year company accounts show a net profit of DKK 206,287, and
profit for the third year is expected to be DKK 233,192.
As for key figures, there is little more to note than that all figures are positive. It is
testimony to a healthy business that the firm’s return on capital employed as well as its
profit ratio are both well above 0.
The company accounts have been carefully reviewed and approved by the Centre Director
of Nykredit Bank in Charlottenlund, Ove Hedegaard. He has also granted us our bank loans
and the bank’s recommendation, attached in Appendices 14 and 15. All accounting notes
can be found in Appendix 13. The complete company accounts may be found in Appendix
16.
21
APPENDICES
22
Appendix 1: E-mail from Alex Jensen, The Danish Safety Technology Authority, to Jonas
Milbak, Flexicable Ltd.
Alex Jensen informs which regulations a product such as Flexicable must conform to; he
states that the product must pass relevant tests which document that these safety
regulations have been met; he writes that he believes Flexicable would be able to meet
relevant safety regulations, but must be tested first according to rules.
Fra:
Emne:
Dato:
Til:
"Alex Jensen (SIK)" <[email protected]>
SV: Flexicable
26. jan 2011 14.45.48 CET
"Jonas Milbak" <[email protected]>
Hej Jonas
I princippet kan elektrisk materiel markedsføres i Europa, hvis de er sikre at anvende, og lavet efter de love og regler, der gælder på området.
Alt elektrisk materiel skal være CE-mærket.
For jeres produkt gælder det, at det skal overholde lavspændingsdirektivet.
Det letteste måde at overholde lavspændingsdirektivet på, er at følge de sikkerhedsstandarder, der gælder for produktet.
For en kabeltromle vil det være:
- Krav til stikproppen (Stærkstrømsbekendtgørelsens afsnit 107-2-D1, 5. udgave)
- Krav til stikkontakten (dåsen) (Stærkstrømsbekendtgørelsens afsnit 107-2-D1, 5. udgave)
- Krav til ledningen, hvor der findes forskellige relevante standarder.
- Krav til kabeltromlen, DS/EN 61242 Elektrisk udstyr - Kabeltromler til brug i boliger o.l. (http://webshop.ds.dk/product/M252007/dsen-61242a1corr -nov -2010.aspx )
I den forbindelse skal der laves en række test, der dokumenterer, at produktet overholder sikkerhedssstandarderne.
Jeg kan ikke umiddelbart se, at der skulle være noget i vejen, for at jeres idé kan overholde kravene.
Men det skal selvfølgelig laves efter reglerne og testes.
Nedenfor har jeg vedhæftet noget generelt om import af elektrisk materiel.
Venlig hilsen
Alex Jensen
Inspektør
Sikkerhedsstyrelsen
Nørregade 63
6700 Esbjerg
Tlf: 3373 2000
Tlf. direkte: 3373 2023
www.sik.dk
Generelt:
Importører og fabrikanter af elektrisk materiel, skal sikre sig, at produktet er sikkert at anvende og ikke frembyder nogen fare for personer, dyr eller ejendom.
Produktet skal overholde lavspændingsdirektivet.
Lavspændingsdirektivet dækker elektrisk materiel til brug ved en mærkespænding på mellem 50 V og 1000 V vekselspænding eller mellem 75 V og 1500 V
jævnspænding. Det gælder således for en stor del af de elektriske produkter til både professionel og privat brug. Det er lavspændingsdirektivet, som udstikker krav om
brug af CE-mærkning samt udarbejdelse af en overensstemmelseserklæring.
Medlemslandene i EU skal træffe alle nødvendige foranstaltninger for at sikre, at det elektriske materiel kun kan bringes i handlen, hvis det er fremstillet i
overensstemmelse med de tekniske sikkerhedsbestemmelser, som er gældende i EU. Hvis det er installeret korrekt, og det vedligeholdes og anvendes i
overensstemmelse med dets formål, må det ikke bringe sikkerheden i fare for personer, husdyr og ejendom. Et andet krav i lavspændingsdirektivet er, at produktet skal
omfattes af intern fabrikskontrol, som udføres løbende.
Lavspændingsdirektivet stiller desuden krav om dokumentation. Dette krav indeholder flere elementer. Man skal lave en beskrivelse af sit produkt. Man skal vedlægge
konstruktionstegninger, komponentlister, tegninger m.m. Endvidere skal der vedlægges beskrivelser og forklaringer, for at andre skal kunne forstå det tekniske
materiale. Man skal lave en liste over de anvendte standarder. Hvis man ikke har anvendt disse standarder, skal man udarbejde en beskrivelse af de løsninger, der er
valgt for at kunne opfylde kravene i lavspændingsdirektivet. Man skal foretage kontrolberegninger, kontrolundersøgelser samt prøverapporter, og endelig skal man
udfylde en overensstemmelseserklæring.
EF-overensstemmelseserklæringen er fabrikantens eller importørens dokumentation til myndighederne for, at produktet lovligt kan markedsføres i Europa. Et
væsentlig element er, at produktets elektriske sikkerhed er i orden.
Overensstemmelseserklæringen er sidste skridt på vejen mod CE-mærket. Som producent har du selv ansvaret for at foretage en risikovurdering, sammensætte den
tekniske dokumentation og udfylde og underskrive overensstemmelseserklæringen, hvorefter du kan sætte CE-mærket på dit produkt. Overensstemmelseserklæringen
indeholder blandt andet:
- producentens navn og adresse.
- entydig reference til produktet.
- angivelse af det direktiv, erklæringen relaterer til.
- dato og underskrift.
Når der er udfærdiget en EF-overensstemmelseserklæring for produktet, kan det få en CE-mærkning.
Proceduren for at udfærdige overensstemmelseserklæringen er beskrevet i lavspændingsdirektivets bilag III og IV.
Sikkerhedsstyrelsen anbefaler, at den danske importør selv opbevarer en kopi af overensstemmelseserklæringen, men det er ikke et krav. Kravet er, at erklæringen
opbevares inden for EU. Den skal opbevares i mindst 10 år, efter produktion og salg er ophørt.
Desuden skal CE-mærket sættes på produktet sammen med en angivelse af, hvem der er ansvarlig for produktets sikkerhed.
På nedenstående link, kan der downloades en overensstemmelseserklæring samt en vejledning vedrørende CE-mærkning.
http://www.sik.dk/Global/Publikationer/Foldere
23
Der skal også mærkes efter ROHS direktivet, der omhandler affaldshåndtering. (Miljøstyrelsen)
Der er også krav om overholdelse af EMC-direktivet under IT- og Telestyrelsen, hvis der kan være elektromagnetisk udstråling. (Elektromagnetisk udstråling)
På vores hjemmeside kan der læses mere om love og regler vedrørende markedsføring af elektriske produkter.
http://www.sik.dk/
Hvis der er spørgsmål, er du velkommen til at kontakte os igen.
Venlig hilsen
Alex Jensen
Inspektør
Sikkerhedsstyrelsen
Nørregade 63
6700 Esbjerg
Tlf: 3373 2000
Tlf. direkte: 3373 2023
www.sik.dk
24
Appendices 2 and 3
25
Appendix 4: Results from survey regarding Flexicable from Ordrup Upper Secondary School
15 teachers and 428 students replied
92.8% think that the lack of electrical outlets is a problem
89.8% think that Flexicable would help solve this problem
26
Appendix 5: E-mail from Mads Arentoft from Skovgårdsskolen, a primary school in
Charlottenlund, Denmark, to Jonas Milbak, Flexicable Ltd.
Mads Arentoft confirms that schools are not ready to accommodate pupils bringing their
own computers unless these are fully charged at home, and that a product such as
Flexicable would be of interest to the school
Fra:
Emne:
Dato:
Til:
"Mads Arentoft" <[email protected]>
Vs: VS: Hjælp til skoleprojekt
3. mar 2011 16.16.24 CET
[email protected]
Hej Jonas
Jo - du har ret i, at skolerne ikke umiddelbart er klar til at elever selv medbringer computere - medmindre der er fuldt laddet op
hjemmefra, så en kabeltromle, som du har beskrevet, vil helt sikkert være noget vi ville se nærmere på.
Med venlig hilsen
Mads Arentoft
Skovgårdsskolen
Skovgårdsvej 56
2920 Charlottenlund
39985200 / 40821066
www.skovgaardsskolen.dk
----- Original meddelelse ----?
Niels Munch -Andersen
Skoleleder
Skovgårdsskolen
Børn, unge & f rit id, Gent of t e Kommune
skovgaardsskolen@gent of t e.dk
www.skovgaardsskolen.dk
Skovgårdsvej 5 6 , 2 9 2 0 Charlot t enlund.
Telef on:
39985202
Fax:
39986216
E-mail: nma@gent of t e.dk
-----Oprindelig meddelelse----Fra: Jonas Milbak [ mailt o:[email protected]]
Sendt : 2 8 . f ebruar 2 0 1 1 1 4 :32
Til: Niels Munch -Andersen ( nma)
Emne: Hjælp t il skoleprojekt
Hej Niels.
Jeg henvender mig f ordi vi på Ordrup Gymnasium er igang med et f ikt ive skoleprojekt hvor vi i f aget " erhvervsøkonomi"
skal udarbejde en plan for alt , hvad der vedrører st art af egen virksomhed.
I den f orbindelse har vi lavet en produkt ved navn " Flexicable" som er navnet på en kabelt romle i en lille version t il
indendørs brug. Selve t romlen sidder i en boks som kan skrues f ast på væggen i nærheden af en st ikkont akt som
boksen er f orbundet t il. Den hvide, elegant e boks er produceret i plast ic og danner grundlag f or en mekanisme hvor det
er muligt at t række en st ikdåse nogle met er ud og ind. På den måde er det muligt at f å en løsning hvor man er f ri f or
at f lyt t e rundt på uprakt iske normale f orlængerledninger som vi i dag kender dem.
Sikkerhedsst yrelsen har bekræf t et at ideen er muligt , realiserbar og f orsvarligt under de t ekniske krav der er påkrævet .
Jeg henvender mig t il Jer f or at f å en bekræf t else på at Skovgaardsskolen som en of f ent lig inst it ut ion f inder at
manglen på st røm i klasselokaler er et problem samt at Flexicable ville af hjælpe det t e.
Endvidere bekræf t es det at Skovgaardsskolen finder int eressant at invest ere i sådanne produkt er som løsning på
problemet angående manglende st ikkont akt er.
På f orhånd t ak f or hjælpen.
Med venlig hilsen
Jonas Milbak, en t idligere Skovgård -elev
27
Appendix 6: E-mail from Klaus Jensen, Product Manager at Sylvan (Danish chain of
hardware stores) to Jonas Milbak and Christian Langkjær, Flexicable Ltd.
Klaus Jensen informs Flexicable that he believes their project is realistic and can be
marketed through the Sylvan chain, depending on price. He informs that he has already
asked their supplier in China about making a similar product, with a 25 m cord, that would
be suitable for use in craftsmen’s workshops; he includes a photo of a wall-mounted hose
rewinder.
Fra:
Emne:
Dato:
Til:
Christian nielsen <[email protected]>
FW: Vedr.: Vs: Flexicable - Skoleprojekt
8. mar 2011 21.49.58 CET
<[email protected]>
3 bilag, 29,7 KB
To: [email protected]
Subject: Vedr.: Vs: Flexicable - Skoleprojekt
From: [email protected]
Date: Tue, 8 Mar 2011 16:01:07 +0100
Hej med Jer.
Selvfølgelig er det et realistisk projekt I har gang i. Jeg har i forvejen en forespørgsel liggende hos vores producent i Kina på en prototype ala nedenstående foto.
Lavet i et plastic-hus med vægbeslag. Og med en 25 mtr. ledning 3 x 1,0 mm², således den kan bruge på f.eks. et værksted med større maskiner også.
Så ja, det er bestemt et produkt jeg vurdere kunne være i vores sortiment og markedsføres. Selvfølgelig også afhængig af hvad den vil ende med at koste.
Med venlig hilsen/Med vänlig hälsning/Kind regards
Klaus Jensen
Produktchef - Product Manager
SILVAN Kæden
Daugbjergvej 15
DK-8000 Århus C
Direkte / mobil: +45 8252 8814 +45 2854 2085
Fax:
+45 8730 8709
E-mail:
[email protected]
SILVAN - en division i DT Group A/S Gladsaxe CVR -nr. 55 82 84 15
Thomas Juul Buchholt - D947TJB/d947/DK/Silvan/DTOrg 08 03 -2011 13:42
Til Klaus Jensen - D947KJE/d947/DK/Silvan/DTOrg@DTDOM
cc
Emne Vs: Flexicable - Skoleprojekt
Hej Klaus
28
29
Appendix 7: E-mail from Jan Caesar, IT coordinator at Ordrup Upper Secondary School, to
Jonas Milbak, Flexicable Ltd.
Jan Caesar writes that he finds the Flexicable idea interesting, and that it might be the
solution to the school’s problem of not having enough electrical outlets in classrooms. He
would like to learn more about the product and test it in the near future.
Fra:
Emne:
Dato:
Til:
"Jan Caesar" <[email protected]>
Vedr.: Flexicable
7. mar 2011 22.17.48 CET
[email protected]
Kære Jonas,
jeres idé med Flexicable lyder interessant og indebærer måske løsningen på vores problemer med
manglende stikdåser i klasselokalerne på skolen. Vi vil gerne høre nærmere om produktet og afprøve det i
den nærmeste fremtid.
Med venlig hilsen
Jan Caesar, IT-koordinator
Ordrup Gymnasium.
Jonas Milbak < [email protected] > writes:
Hej.
På baggrund af vores samtale, henvender jeg mig igen med en beskrivelse af vores fiktive skoleprojekt
hvor vi i faget "erhvervsøkonomi" skal udarbejde en plan for alt hvad der vedrører start af egen
virksomhed.
Flexicable er navnet på en kabeltromle i en lille version til indendørs brug. Selve tromlen sidder i en boks
som kan skrues fast på væggen i nærheden af en stikkontakt som boksen er forbundet til. Den hvide,
elegante boks er produceret i plastic og danner grundlag for en mekanisme hvor det er muligt at trække en
stikdåse nogle meter ud og ind.
På den måde er det muligt at få en løsning hvor man er fri for at flytte rundt på upraktiske normale
forlængerledninger som vi idag kender dem. Sikkerhedsstyrelsen har bekræftet at ideen er muligt,
realiserbar og forsvarligt under de tekniske krav der er påkrævet.
Jeg henvender mig til Jer for at få en bekræftelse på at Ordrup Gymnasium finder at ideen er god og at der
forefindes en evt. Interesse for et produkt som Flexicable. Vi har lavet en undersøgelse på skolen som
viser at 90% synes at mangel på stikkontakter er et stort problem samt at 89% synes at Flexicable ville
være en løsning på dette problem. Derfor håber vi på Jeres opbakning omkring dette projekt.
På forhånd tak for hjælpen
Mvh
Jonas Milbak
30
Appendix 8: Letter from Ole Jensen, Managing Director of Greater Copenhagen El Service
(Storkøbenhavns El-Service A/S , a major electrician company in the Copenhagen area) to
Jonas Milbak, Flexicable Ltd.
Ole Jensen responds to Flexicable Ltd.’s request to evaluate Flexicable. They are positive
about the product concept, and note that the greater Copenhagen area has many residential
buildings from the 1900s – and many public buildings – that are not equipped with
electrical installations that meet current needs. They view Flexicable as an elegant
alternative to extension cords, and note that the product must be CE certified and have a
favourable price.
31
Appendix 9: E-mail from Dennis at El-Grossisten (Danish web shop for electrical fittings,
etc.) to Jonas Milbak and Christian Langkjær, Flexicable Ltd.
Dennis assumes that Flexicable is similar to existing wall-mounted “workshop cable
drums”, but smaller and more stylish. He confirms that Flexicable could be sold through
their web shop provided that it has been approved according to current regulations.
Fra:
Emne:
Dato:
Til:
<[email protected]>
Flexicabel
8. mar 2011 13.33.14 CET
<[email protected]>
1 bilag, 18,2 KB
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32
Appendix 10: E-mail from Flemming Rasmussen, Commercial Director of TV2 (a major
Danish media company) to Jonas Milbak, Flexicable Ltd.
Flemming Rasmussen expresses his belief that Flexicable could do well commercially, and
offers his assistance in creating contact to relevant companies that might be interested in
purchasing the product. He also writes that TV2 would consider using the product in its
offices/open offices.
Fra:
Emne:
Dato:
Til:
Flemming Rasmussen <fl [email protected]>
SV: Flexicable
5. maj 2011 19.29.55 CEST
Jonas Milbak <[email protected]>
HejJonas.
Førstogfremmesttillykkemedjeresflotte1.plads–deterimponerendeogudentvivlmegetvelfortjent.
Somjegnævnteitelefonen,såserjegabsolutetstortsalgspotentialeijeresprodukt,hvisdetpåettidspunktbliversati
produktionoglanceretpådetdanskemarked.Udoveratselveproduktetnaturligvisskalproduceresienhøjkvalitet,såvil
detværevigtigtforjeratfindedenrettesamarbejdspartner,distribution,prissætningogsidstmenikkemindstvælgede
rettemarkedsføringskanaler.
HvisIvælgeratbringeproduktettilmarkedet,såviljegmegetgernesættejerikontaktmedrelevantevirksomheder-jeger
overbevistom,atdevilfindejeresproduktyderstinteressant.
DerudoverharjegtaltmedvorestekniskedirektørpåTV2,somligeledessynes,atjeresproduktermegetspændende.Vivil
derforgerneovervejeatbenyttejeresproduktivoreskontormiljøogkontorlandskaber,hvisdetbliverlanceretpå
markedet.
Endnuengangtillykke–ladmighørefradig,hvisdu/Iønskeryderligerehjælp.
Medvenlighilsen
FlemmingRasmussen
KommercielDirektør
TV2DANMARKA/S
Fra: Jonas Milbak [mailto:[email protected]]
Sendt : 3. maj 2011 19:25
Til: Flemming Rasmussen
Emne: Flexicable
Hej Flemming.
Jeg henvender mig f ordi vi er f ire elever på Ordrup Gymnasium som er igang med et f ikt ivt skoleprojekt hvor vi i f aget
erhvervsøkonomi skal udarbejde en plan f or alt , hvad der vedrører st art af egen virksomhed.
I den f orbindelse har vi vundet den danske f inale i en int ernat ional iværksæt t erkonkurrence ved navn " European
Business Games" . Nat ionalt har 2 2 0 hold f ra landet s gymnasier kæmpet om at vinde f inalen, som er adgangsgivende t il
den int ernat ionale f inale der af holdes i It alien sidst i juni måned.
Vores produkt kalder vi Flexicable, som er navnet på en kabelt romle i en lille version t il indendørs brug. Selve t romlen
sidder i en boks som på normalt vis sæt t es i en st ikkont akt . Den hvide, elegant e boks er produceret i plast ic og danner
grundlag f or en mekanisme hvor det er muligt at t række en st ikdåse nogle met er ud og ind. På den måde er det muligt
at f å en løsning hvor man er f ri f or at f lyt t e rundt på uprakt iske normale f orlængerledninger som vi i dag kender dem.
Jeg henvender mig t il Jer f or at f å en høre om TV2 som en af landet s st ørst e mediehuse, f inder at Flexicable er en
brugbar, simpel og lavprakt isk løsning t il et generelt problem hvor st ikkont akt er of t e er en mangelvare.
På f orhånd t ak f or hjælpen.
Med venlig hilsen
Jonas Milbak
33
Appendix 11: E-mail from Henrik Holst Andersen, Managing Director of Elworks A/S (a
major Danish producer of electrical goods, with own factory in China) to Christian
Langkjær, Flexicable Ltd.
Henrik Holst Andersen estimates a rough production cost for Flexicable of DKK 40-50.
Flexicable asks for a price for a prototype and thanks Elworks for its help. Elworks requests
illustrations and drawings.
Fra:
Emne:
Dato:
Til:
Christian nielsen <[email protected]>
FW: SV: SV: Flexicable
6. maj 2011 15.11.19 CEST
<[email protected]>
Subject: SV: SV: Flexicable
Date: Tue, 3 May 2011 11:25:51 +0200
! " #$%&' ()*(+, $
. (//011" $2 " 3$3" *4
$
5, 3" , $#"6$)7+' "' $3(6$2 " ' " $18, 1' "*$9$1+, $3: $); $(11" $2 +(/" $+//" $3" $(//: )*' +*(8, " ' <=(//"3"' <*" 6, (, 6" ' $3: $&+' -$); $7(/$#" 6$6(7" $3" *
7(3" ' " $*(/$' " **" $7"3182 2 " , 3" $($: 37(1/(, 6<>' 83: 1*(8, ?
$
Med venlig hilsen / Best Regards
H e nr ik H olst Ande r se n
Adm. direktør / CEO
.............................................................
Elw or k s A/ S
$
Fra: Christian nielsen [mailto:[email protected]]
Sendt: 3. maj 2011 11:08
Til: [email protected]
Emne: RE: SV: Flexicable
Hej Henrik,
Det forholder sig sådan, at vi i torsdags vandt den danske finale i European Business Game med vores projekt Flexicable, og vi
skal nu videre til Italien til den europæiske finale. Derfor ville jeg gerne forhøre mig, om du kunne give en bekræftelse på, at i
ville producere produktet Flexicable, og om du kunne give en estimeret pris på en prototype?
På forhånd tak for hjælpen, uden dig og Elworks A/S havde vi aldrig vundet i torsdags.
Mvh Christian Langkjær Nielsen, Ordrup Gymnasium.
Subject: SV: Flexicable
Date: Mon, 11 Apr 2011 09:07:56 +0200
! " #$%&' ()*(+, $
@"1/+6"' $3"*$)" , " $)7+' 4$A" *$"' $2 " 6"*$7+, )1"/(6*$+*$") *(2 "' " $", $18)*>' ()-$2 ", $BCDEC$1' $"' $7" /$(11" $&" /*$)1F 7*$" G*"'
2 (, $=" 3)*" $87"' =" 7(), (, 64
$
! ; ="' $3" *$1+, $=' : 6")4
Med venlig hilsen / Best Regards
H e nr ik H olst Ande r se n
Adm. direktør / CEO
.............................................................
Elw or k s A/ S
$
Fra: Christian nielsen [mailto:[email protected]]
Sendt: 11. april 2011 08:40
Til: [email protected]
Emne: FW: Flexicable
34
Appendix 12: E-mail from Michael Richter et al., from Green Lama to Jonas Milbak,
Flexicable Ltd.
Green Lama, another Danish finalist contestant in the European Business Games, created an
idea for an electrical outlet that would provide current only to those outlets that need
electricity, thus saving electricity. Green Lama responds positively to Flexicable’s proposal
to create a cooperation agreement, which would combine the two products, between the
two fictive companies.
Fra:
Emne:
Dato:
Til:
Michael Richter <[email protected]>
RE: JointVenture Flexicable/Green Lama
4. maj 2011 18.36.02 CEST
<[email protected]>
Hej Jonas.
Jeg og resten af "Green Lama" bekræfter samarbejdsaftalen med "Flexicable ApS" angående udviklingen af et produkt, der tager udgangspunkt i en kombination af vores
to produkter.
Vi mener at et sådan produkt vil have et meget stort potentiale.
Held og Lykke
Med venlig hilsen:
"Green Lama"- Michael Richter, Anders Gustaf, Alexander Friisnæs og Lau Pieterson.
Subject: JointVenture Flexicable/Green Lama
Date: Tue, 3 May 2011 19:35:07 +0200
Hej Michael.
Jeg henvender mig t il dig f or at f å bekræf t else på en samarbejdsaf t ale mellem " Flexicable ApS" og " Green Lama" .
Begge f ikt ive virksomheder har delt aget i den danske f inale af " European Business Games"
Et Joint Vent ure mellem net op disse t o ideer ville kunne bidrage med at skabe et yderst int eressant produkt . Green
Lamas f remt idst ænkende miljøvenlige produkt går i bund og grund går ud på at kont rollere en st ikdåse således at kun
de nødvendige kont akt er er t ændt e, således at der spares st røm. Flexicable er navnet på en kabelt romle i en lille version
t il indendørs brug. Selve t romlen sidder i en boks som på normalt vis sæt t es i en st ikkont akt . Den hvide, elegant e boks
er produceret i plast ic og danner grundlag f or en mekanisme hvor det er muligt at t række en st ikdåse nogle met er ud
og ind. På den måde er det muligt at f å en løsning hvor man er f ri f or at f lyt t e rundt på uprakt iske normale
f orlængerledninger som vi i dag kender dem.
En kombinat ion af disse t o produkt er ville kombinere det lavprakt iske og enkle med det miljøvenlige, og på den måde
skabe et yderst int eressant produkt .
Med venlig hilsen
Jonas Milbak
35
Appendix 13: Accounting Notes 1- 4
Note 1: Prices + web references from Ikea for desks and chairs
Note 2: Prices and web references for business cards, brochure, homepage
Note 3: Price and web reference for patent costs
Note 4: Price and web reference for storage costs
REGNSKABSNOTER:
NOTE1:
Skrivebord, kr. 599 x 4 = 2396,http://www.ikea.com/dk/da/catalog/products/S89865536
Stole, kr. 249 x 4 = 996,http://www.ikea.com/dk/da/catalog/products/90133760
NOTE2:
Visitkort: kr. 125,48
http://www.vistaprint.dk/gratisvisitkort.aspx?&GP=1/19/2011+7:04:43+AM&GPS=1441427443&GNF=0#here
Brochure: kr. 766,55
http://www.vistaprint.dk/brochurer.aspx?xnav=LeftItem&xnid=_Brochures&rd
=2#here
Hjemmeside:
Domæne opkøbt på. www.one.com
Årsafgift på 75,- + 23,75,- pr måned.
Oprettelsen: 112,5,Samlede udgifter første år: 472,5,Samlede udgifter andet år: 360,-
NOTE3
Patent: kr. 17500
Findes pårettigheder.dk,
http://www.rettigheder.dk/index.php?action=order&grp_id=8&service_id=11
NOTE4:
Lagerplads ved EasyStorage
6-7kvm til 675,- månedligt.
Årlige udgifter på 8100
http://www.easystorage.dk/mere-om-easy-storage/
36
Appendix 14: Recommendation from bank advisor, Ove Hedgaard, Centre Director,
Nykredit Bank
The Flexicable project and company accounts are approved as presented.
37
Appendix 15: E-mail from Ove Hedegaard, Nykredit Bank, to Jonas Milbak, Flexicable Ltd.
Ove Hedegaard confirms that he grants Flexicable a loan of DKK 45,000 at 8.5% interest,
over five years.
Fra:
Emne:
Dato:
Til:
Ove Hedegaard <[email protected]>
SV: Flexicable - Ordrup Gymnasium
4. maj 2011 11.33.01 CEST
'Jonas Milbak' <[email protected]>
Hej Jonas og i øvrige deltager
Først et stort tillykke fra mig - jeg havde hørt dine klassekammerater (fodboldskolen) at I havde vundet. Det er godt gået og velfortjent.
Jeg vil gerne bevilge et lån på kr. 45.000 over 5 år til en rente på 8,50% til Flexicable.
Håber at dette er okay.
Med venlig hilsen
Ove Hedegaard
_______________________________
Ove Hedegaard
Centerdirektør
Charlottenlund Erhverv
Direkte: 44 55 35 74
Mobil: 51 38 29 34
Nykredit
Charlottenlund Stationsplads 7
2920 Charlottenlund
Tlf: 44 55 44 63
Fax: 44 55 44 62
-----Oprindelig meddelelse----Fra: Jonas Milbak [mailto:[email protected]]
Sendt: 3. maj 2011 19:04
Til: Ove Hedegaard
Emne: Flexicable - Ordrup Gymnasium
Hej Ove.
Jeg skriver til dig angående vores projekt "Flexicable" i iværksætterkonkurrencen "European Business Games".
Vi har været så heldige at vinde den danske finale, som, udover at have modtaget en væsentlig økonomisk gevinst, giver os ret til at deltage i
den internationale finale i Italien som løber af stablen ultimo juni.
I den forbindelse ønskes alle formaliteter på plads, blandt disse er at vi skal have en bekræftelse på at vi rent faktisk kan skaffe midlerne til
opstarten af denne fiktive virksomhed.
Kan du måske hjælpe med at bevilge et fiktivt lån til Danmarks bedste fiktive virksomhed? :)
38
Appendix 16
Start Up Budget
EXPENSES
Premises:
Rent
Rental deposit (3 months' rent)
Furnishing/refurbishing
0
0
Store fixtures:
Cash register
Counter
Other
0
0
Office equipment:
Furniture (desks, chairs, bookshelves, etc.) NOTE 1
IT( printer, network, etc.) NOTE 4
Telephone
3,392
10,000
500
Purchases:
Finished goods (stock)
Office supplies
Other
40,000
600
400
Car:
Payment for car
Other acquisition expenses
50,000
0
Advisors:
Lawyer
Accountant
Other: Patent
7,500
7,500
17,500
Marketing:
Letterhead, business cards, etc. NOTE 2
Advertisements, brochures, signs, etc. NOTE 2
Opening reception NOTE 3
Other
125
1,238
0
0
Other expenses:
Other
0
Total expenses:
138,755
39
Preliminary Statement of Account
Assets
Premises:
Rental deposit (3 months' rent)
Goodwill
Shop fixtures:
Cash register
Counter
Other
Furnishing and refurbishing
Office equipment:
Furniture (desks, chairs, bookshelves)
IT (printers, network, etc.)
Telefon
0
0
0
0
0
3,392
10,000
Purchases:
Finished goods (stock)
Other
40,000
400
Car:
Purchase price for car
50,000
Other:
Other
0
Cash holdings
Cash in hand
Cash in bank
21,208
Total assets
125,000
40
Preliminary Statement of Account
Liabilities
Equity
Equity
80,000
Borrowed capital
Bank loan
45,000
Total liabilities
Equity share:
125,000
64.00%
41
Balance Sheet Budget
Year 1
Assets
Buildings
Store fixtures
Cars
Office furniture
Refurbishing premises
Intangible fixed assets
Goodwill
Deposits
Other
Total fixed assets
Liabilities
0
0
37,500
0
0
0
0
0
37,500
Current assets
Stock
Receivables
Cash holdings
40,400
79,167
314,627
Total current assets
434,193
Total assets
471,693
Equity
Equity, beginning of year
Profit for the year
Less personal consumption
80,000
152,237
0
Total equity
232,237
Foreign capital
Long-term debt
45,000
Short-term debt
Supplier payables
VAT payable
Tax payable
Other
Total short-term debt
66,667
77,044
50,746
0
194,456
Total foreign capital
239,456
Total liabilities
471,693
Year 2
Assets
Buildings
Store fixtures
Cars
Office furniture
Goodwill
Deposits
Other
Total fixed assets
Liabilities
0
0
28,125
0
0
0
0
0
28,125
Equity
Profit for the year
232,237
206,288
0
Total equity
438,525
Foreign capital
Long-term debt
Short-term debt
Supplier payables
VAT payable
0
70,000
83,387
42
Current assets
Stock
Receivables
Cash holdings
40,400
83,125
509,025
632,550
Total assets
660,675
Tax payable
Other
68,763
0
222,150
222,150
Total liabilities
660,675
Year 3
Assets
Buildings
Store fixtures
Cars
Office furniture
Goodwill
Deposits
Other
Total fixed assets
Liabilities
0
0
21,094
0
0
0
0
0
21,094
Equity
Profit for the year
438,525
233,192
0
Total equity
671,717
Foreign capital
Long-term debt
0
Short-term debt
Supplier payables
VAT payable
Tax payable
Other
73,500
88,736
77,731
0
239,967
Current assets
Stock
Receivables
Cash holdings
40,400
87,281
762,909
890,590
239,967
Total assets
911,684
Total liabilities
911,684
43
44
45
46
47
48
49

2011 - Business

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