Case studies
On the pages following are 4 case studies and exercises
Business Opportunity:
"Life's a Beach"
Business Opportunity:
"Tuna Tail"
Business Opportunity:
"Robo-Boat"
Business opportunity: "Oceans.com"
Homework: Comparative
Evaluation
Exercise: "Come sail with me"
As you will probably notice, these are "Ocean
Related" cases. This is
not an accident.
We would like to acknowledge once again and thank the
MIT Sea Grant College Program, and the Department of Ocean Engineering, for
their sponsorship and support of this program.
The cases following are typical of the result of the
"first phase" of the entrepreneurial process. Your role would be that of a
potential founding team member, a potential Angel Investor, or simply a
business advisor. The exercise
is to evaluate each opportunity from several perspectives:
- Is
it a real opportunity?
- Is
it attractive as a business?
- Is
it attractive to you to join or invest?
- Are
there any significant fatal flaws with the business?
- What
is your advice to the entrepreneur?
Business Opportunity: “Life’s a Beach”
Background:
I met Jack in Woods Hole on Saturday of Labor Day
weekend. Jack was sitting
behind a cart inside the mouth of a “Carchacodon
Megalodon”, a replica of an extinct shark
(the ancestor of the Great White Shark.) Hung on the teeth was an array of
shark tooth necklaces, priced from $5 to $20 (avg. $10). Foot traffic was very light; it was
not a great day. However, EVERY
boy, ages 4-14 who passed by stopped and looked. Of those with their parents, half
bought. By 5 PM, Jack had sold
over $1000 worth of necklaces.
I personally sold over $400 worth of necklaces for him from 1 PM to
5 PM.
Jack is a 56 yr. old guy, who just happens to love
sharks. He made the Jaw last
year, because he thought people would pay to have their picture taken (they
wouldn’t). Last winter,
he bought 100 pounds of sharks’ teeth, and subcontracted the
necklaces on a piecework basis (they cost him $.50 to $1.30). He has been testing the concept all
summer, and has grossed $70,000 in about 100 days (pre tax, but this is a
cash business). He has a
peddler’s license, and trucks his opportunity to various festivals
and fairs on the Cape, when they
happen. If there is no fair, he
goes to the beach. In addition
to selling the necklaces, he gives away a poster of extinct sharks to any
kid, who buys, (and sometimes to those that don’t buy).
He is divorced, single, and enjoys being at the
beach. The job is fairly
lonely, but he often gets company (like me) for extended periods of time,
because, if you don’t have to do it full time, selling to small boys
is actually a lot of fun.
The week following Labor Day, Jack was going to the
scallop festival in Bourne, and then leaving for Florida for the winter, where he will
continue to check out the concept, and figure out what to do next.
What to do next:
Jack sees several choices. One, he can continue to work the
beach and make a reasonable living as essentially a craft. He figures he could figure out the
formula, work half time, and make over $100,000 per year. The booth is portable; he can go
anywhere and have a pretty good time. Alternately, Jack could
q
hire someone else
to sell for him.
q
license or
franchise.
q
sell carts, and supply the necklaces from
the piecework sources
q
become a
“Shark Pushcart” at Malls, with T shirt, books, and other
stuff.
Some Background:
1.
Market
The market for these
necklaces is clearly hot right now.
You can actually buy kits to make your own (teeth not
supplied). There is no telling
how long this fad would last.
However, small boys have always been fascinated with sharks.
There are probably
100-200 beach territories in the US where one could make a reasonable
living doing the beach and festival thing (e.g. Cape Cod, NJ beaches, Long
Island beaches, Myrtle Beach, Daytona, Miami, etc, etc.). If you add the rest of the world (San Tropez, Greece,
Turkey, Bahamas, Virgin Islands,…..), you might get thousands.
There are 2000 - 3000
malls in the US,
which have a structure that would support a pushcart, or a small
store. About 10% of these are
in high tourist locations (i.e. a changing clientele) vs. a stable
clientele.
2.
Product
Jack can buy sharks
teeth in 100 lb. Bags. Supply
is no problem; Teeth are mined from ocean sand, and are used in the jewelry
industry already. Having the
necklaces made is also no problem.
He purchases the necklaces from a number of piece-work suppliers at
an average cost of $1.00 each.
If Jack’s volume was higher, he could reduce his cost by
>25% with little problem.
Finding other products
to expand the offerings to a “cart” or a small store is also
not a problem. Products and
suppliers are readily available; Jack is really just providing a new retail
vehicle for these products.
3.
Pricing
Jack sells the
necklaces for $20 to $5. His
average sale is $10. There is
resistance to a higher price, at least on the beach.
4.
Competition
Jewelry stores already
sell these necklaces, but at much higher prices. The Nature Company and similar
stores sell Shark stuff.
However, on the beach, there is little competition for trinkets for
small boys.
5.
Barrier to entry
There is little to stop
a competitor from doing the same thing. The concept is not a high investment
(the Jaw with cart cost Jack $18,000 to make. He can make copies for roughly
$5,000).
6.
Jack’s background
Prior to this, Jack was
in the “afterlife revitalization business”. He worked as a turn-around
specialist for a large ($7B/yr) Swiss company which purchases bankrupt
cemeteries, and turns them back into money making
businesses. Jack has traveled
the world doing this, and has a very successful track record delivering
results (getting the “stiffs” out, as Jack puts it). Jack is honest, listens well, and is
a very likable guy.
Jack has enlisted some
help to work on this. He has a
potential partner who has retired early from his role as head of purchasing
at a retail chain. Jack feels
that this partner could handle the supply, subcontracting and financial
side of the business, leaving him with sales and operations. Jack and his
partner have elected the option of leasing the carts, and supplying the
necklaces, and produced a brief business plan outlining this approach. They
figure that they will need an investment of $100,000 to get the business
off the ground, and profitable.
They predict +2 year sales of $1,000,000, with pre-tax profits of
$450,000.
7. Jack has approached you and asked you
to if you would
q
Give him advice as to which path to take
q
Join his team to make this happen, or
q
Invest in the opportunity
In your group, discuss the opportunity, and try to answer each of the
above questions. Try to
decide what the opportunity would have to look like to be attractive to
invest or join. (i.e. what is your
“deal” for your $100k).
Have one person prepare to report out.
========================================================
Business
Opportunity: “Tuna Tail”
Background:
George is an assistant professor of Ocean Engineering at
a Prestigious University in the USA. George has been working a part of a
team, which has discovered that fish tails are significantly better as
propulsion mechanisms than conventional screw propellers. Roughly, an arrangement of
“flapping rudders” instead of propellers could potentially
increase propulsion efficiency by 30%.
Since this could translate directly to fuel savings, and since fuel
is a BIG cost of operating a ship, this could have a major impact on the
industry. George’s
background is primarily mechanical. His team leader (a full professor) does
the hydro. George is fairly
personable, and has developed a good relationship with the Government
sponsor of this research.
To put this in perspective, a moderately sized ship
(50,000 DWT) uses roughly $40,000,000 of fuel in its 20-year life. The power plant costs roughly
$5,000,000 installed, of which $3.5M is engines and gears, and $1.5M is
propeller and shafting. If one
could use the flapping rudders instead, the first cost of the total power
plant would likely increase by 15% (hull stiffening, special mechanisms,
less reduced engine costs from lower power), but this would be more than offset by the fuel
savings.
George has been developing the mechanisms necessary to
bring this invention from a “concept’ to a workable prototype
for several years. Funding
continues to be provided by the Government. With the help of graduate students,
George has constructed a 20 foot boat, verified the performance gains, and
developed a workable flapper mechanism that can propel this model (7 HP)
around the harbor. This model
provided an interesting new discovery; the rudder mechanism makes the
vessel VERY maneuverable. It
can “turn on a dime” when required. Full power thrust reversals are
essentially instantaneous. The
biggest uncertainty is related to the “low torque” required by
the mechanism (which can put huge forces on the vessel structure), and the
potential reliability questions.
George’s background:
George is a mechanical engineer, with a Ph.D. from PU,
and an undergraduate degree from Grecian U. George is 38, and has been in
the USA
since starting graduate school, and has never left P.U., except for
occasional consulting contracts.
George’s father was in the shipping business as a
moderate (by Greek standards) fleet operator in Greece,
(retired since 5 years), and George has quite a few contacts in the
shipping business, both personally in the USA, and through his father
elsewhere in the world. George’s father is very wealthy, widowed, and
lonely. He would like to see
more of his son and grandchildren.
George is married, has 2 children, ages 10,12. George’s wife (of Greek
ancestry) is not happy with the lifestyle that George provides, and
doesn’t hesitate to tell him this. George’s wife has her own
career, and is unwilling to leave the US.
George is a quiet guy, careful in his analyses, and
quite happy in the lab. George
works over 70 hours a week, mostly because he likes the technology, and
going home is not an attractive alternative. George is able to work well with
small teams of students. He has
little experience in running large programs.
What to do next:
George sees several choices:
1.
The easiest course would be to license the
technology. As part of the
development team, George’s agreement with PU would give him (and the
others on the team) a small share of any cash received (roughly 5%
each). However, George is at a
loss as to where or to whom to license this technology. The US doesn’t really build
any ships any more. The propeller
manufacturers in the US
have a vested interest in their existing technology and manufacturing
techniques. The Greek industry
is primarily “owner Operators”, who simply order ships from the
major builders. The major
shipbuilders are located in Korea,
Spain, and China. George is worried that his patents
would be simply violated, possibly even by the licensee, since the concept
is not difficult to understand, could be built by a yard, and the use would
be difficult to detect. Even if
he could detect, how would he enforce the patents, sue a Korean company in Korea? What about the travel? His wife is not happy about him
traveling.
2.
George could take a license from PU, start
“Propulsion Company, Inc”, and manufacture the “linkage
mechanisms”. Since there
would be some significant “Know-how” in this part of the
mechanism, this could be a potential business, not unlike a reduction gear
manufacturer. The yards could
build the rudders, and buy the linkage. He could locate the company in Greece, and
use his connections through his father to get started. His father could supply both
customers and a team to get the business started. His wife, though, would not be happy
moving to Greece.
3.
George could ignore the “big ship”
market, and concentrate on the pleasure vehicle market. George sees potential in using this
propulsion mechanism for underwater dive sleds, Autonomous Underwater
Vehicles (AUV’s), fishing boats, even
pleasure craft. George sees
these markets as much larger, but doesn’t have a lot of contacts,
since most of his research has been government and large commercial
vessels. This market is not as sensitive to fuel costs, but perhaps the
maneuverability would be attractive. Again, he could license, or
produce. This would be a US
activity, so his family issues would be more manageable.
Some Background:
1.
Market
There are roughly 500
ships built each year, worldwide.
Of these, approximately 300 are high fuel consumption vessels, where
the cost benefits of George’s invention would be attractive. 90% of these ships are built
outside of the US. The customers for these ships are
large, foreign based owner-operator companies; roughly 20 companies make up
most of the market. The overall
worldwide market is stable, although the US market continues to decline
2.
Product
From George’s
perspective, the product is primarily the know-how of the mechanism and how
to make it. This is not rocket
science. The mechanism involves
VERY large castings, big bearings, and a lot of structural junk. Thank God for FEA analyses,
or this part would be impossible to figure out. There is the problem of how to
actually make the mechanism, but George figures he can contract pieces
locally in country where the yard is located (like the large A&E firm, Bechtell operates).
If George were to
license this technology instead of making it, the school might get a
license fee of 2% of the cost of the mechanisms. George’s concerns with
licensing are that the licensee might not actually push the technology, so
his share would be 0.4% of nothing.
On the up side this could still be quite respectable relative to his
professor’s salary, and it would keep him at home.
3.
Pricing and financials
The difference between
the additional costs of the mechanism ($1.5M), and the 20 year fuel savings
($10M), could potentially allow George to price the product higher, and
make a better profit.
George’s initial business plan showed that if he could price
the mechanism at $1.5M over the conventional system, and could capture 50%
of the market in 10 years, he could provide a reasonable return on the
investment in the business (about 30%/year) - Higher prices, greater
return.
Typical costs per ship
would be $5,5M each. 10 year
sales (with 50% of the market) could be $800M/yr. The initial investment would be high
(about $20M), but George estimates that the business would break even at
the 5 ship per year level.
4.
Competition
George sees the
competition as the propeller manufacturers (e.g. Bird Johnson), the yards
themselves (hey, how tough is this), the shafting manufacturers. He perceives that the system will
still need shafting, and the yards would rather outsource this, so long as
the components are locally made.
The real looser would
be the propeller companies, who have good relationships with the yards
today, and would be likely to attack him on the “reliability”
issue. Of course, they might be
willing to license.
George’s concerns with licensing are especially severe with
them propeller companies, they might “put it
on the shelf”. Of course,
he could insist on a large up-front payment.
5.
Barrier to entry
George and his team
have already filed several patents.
The US
patent on the fundamental technology just issued, and the other world
patents are underway. PU is
taking care of the patent filings, but from cost considerations, has filed
only in the US, Europe,
and Japan.
6. George has approached you and asked you
to if you would
q
Give him advice as to which path to take
q
Join his team to make this happen, or
q
Invest in the opportunity
In your group, discuss the opportunity, and try to answer each of the
above questions. Try to
decide what the opportunity would have to look like to be attractive to
invest or join (i.e. what is your “deal” for your $100k). Have one person prepare to report out.
==========================================================
Business Opportunity: “Robo-Boat”
Background:
Pete is a recent MIT graduate, working in the Sea Grant
lab. Pete has been working on a
Government program to develop an “Autonomous Underwater
Vehicle” (AUV); basically a remotely controlled a torpedo which can
go out on it’s own, make measurements, and transmit the information
accurately to shore. This has
been made possible by the explosion of cellular phone, sensor, and computer
technology.
Pete has been leading a team of 5-7 developers,
including grad students and full time staff. They have developed a prototype
vessel that fulfills all of the mission requirements; i.e. survey the
depths of the ocean, map the data, and update a chart. The mission, as envisioned by the
government sponsor, would be to have a fleet of these available, which
would accompany a master vessel, and conduct surveys. Because one vessel can handle 20-30
of these, the ability to collect data cheaply and efficiently is much
improved, over a single vessel.
(Today's technology is to tow a sensor on the end of a LONG line, in
order to get the sensor close enough to the bottom to see accurately). Pete’s team has solved all of
the critical technical problems, although the reliability of the system
needs work.
The government sponsor is very interested in helping the
team commercialize a venture that would provide information to update
hydrographic charts, (which are very out of date and expensive to collect
the data to update). The government
has an ongoing program, and runs ships, but this is very expensive, and the
data collection rate (especially for harbors) is slow. The backlog (charts that need
updating) represents about 40 years of effort of the current Gov't fleet.
Separately, Pete has been approached by possible customers
in the fiber-optic cable laying business. They see a huge advantage in using
these vehicles to survey in front of cables. (Laying a cable over a sharp rock
can be a Huge mistake). One
customer has ordered a prototype from SeaGrant
for $1.5M, which Pete is making.
Pete has received interest from the US Marines, who want cheap
versions to hunt and deactivate mines.
The project is nearing completion, and Pete is trying to
decide what to do next. He
could move on to the next program, or try to do something with this concept
commercially. His team members
have told him that they would leave MIT to join a startup with him, and he
has the support of the department head to take them and give it a try.
What to do next:
Pete sees several
opportunities for the AUV. He
could build and sell “turnkey” vessels to customers, such as
the government, who would then operate the vessels. He could build and lease the
vessels. Alternately, he could
build a few systems and operate a “service” company to collect and
sell the data.
Some Background:
1. Market: The US
government, (NOAA, Army Core of Engineers) are the primary users of the
hydrographic information. These
2 agencies spend about $100M per year on surveys, primarily on their own
vehicles and crews. Pete thinks
he could get 30% to 50% of this market, by providing a product or service
that is 10x as efficient. In addition, there are a lot of
foreign opportunities (e.g. the Bahamas)
where data is badly needed, although Pete is unsure about whether other governments
would buy/contract from a US
company.
2. Product: The 2 possible products are:
a.) a vessel costing about $0.7-1.0M each, which would
be instrumented, and sold as a system.
Pete estimates that a typical sale would be 10 vessels plus a home
base, for about $15M. He thinks
the US
agencies would purchase 10 systems over a 5 year period. His commercial customers have
promised to buy 3 per year, if the prototype is successful. Pete expects a total 10 per year
possible would be possible with the cable industry.
b.) A service business of competing for contracts for
data. Since the entrenched
competition is “in-house”, Pete is unsure as to how much he
could get. His Gov't customer,
though, has assured him one starting contract. His customer has suggested that they
work together to get a contract to Pete, and has hinted that if he could
get this, he (the customer) would like to come join the company. (Maybe Pete could buy the vessels
from the government).
3. Pricing: The vessels could cost about $500,000 each to make. The pricing of the data collection
and sale business is less clear.
This would be a new process for the government procurement, so
benchmarks are not there.
4. Competition: There is some small competition in the AUV business, primarily from
other universities. Current
competitors for the data are survey vessels, manned with 20-30 persons,
whose rate of data collection is 1/10th of the ASC. These competitor vessels typically
cost $10,000 per day. The
downside is that they are “already” purchased, have Gov't
crews, and the agency may have to pay for them whether they use them or
not.
5. Financing:
Pete
figures that this business does not need a lot of capital, maybe only
enough to build 2 units, and to keep a team going for a year, until they
make their first sale.
Unfortunately, he is broke, doesn’t know anyone with money,
and will probably have to go to a VC to get funding. Depending on his plan, though, he
may need a lot of money to build the vessels for lease or operation.
6. Barrier
to entry: There is little barrier
to entry. All the technology is “off-the –shelf” in
1997. It is unclear, though, if
the Agencies themselves could put together a credible competition. Other commercial ventures could
compete. Also, quasi –
agencies, like Wood’s Hole, could get in the game, and use their
better contacts to compete.
7. Pete’s
background and team: Pete is a “broadband”
technical guy, able to operate comfortably with the electronic, mechanical,
and operational technologies. Pete is 25 yrs. old, single, and a feeling a
bit unfocused in his life. He
has no social life to speak of, but hey, he goes to MIT, what would you
expect. His team at the Lab is
mostly technical, so he would need someone to handle the selling and
business issues.
8. Pete has approached you and asked you
to if you would
q
Give him advice as to which path to take
q
Join his team to make this happen, or
q
Invest in the opportunity
In your group, discuss the opportunity, and try to answer each of the
above questions. Try to
decide what the opportunity would have to look like to be attractive to
invest or join. (i.e. what is your
“deal” for your $100k).
Have one person prepare to report out.
=============================================================
Business Opportunity: “Oceans.com”
Background:
Sam also works in the MIT Sea Grant Lab, where he has
been in charge of Information Technology for the last 5 years. He has been the architect of much of
the lab's computer systems, as well as the systems that have been to sea on
Pete's projects. He has
developed a satellite/internet-based system for collecting data remotely,
and shipping it back to the lab in real time. (Sam gets seasick easily, so will do
anything to avoid going to sea).
Sea Grant has a contract with the government to develop
an "ocean learning" web site, which would organize much of the
ocean data which is collected by various organizations around the
world. Sam has been the
project leader for this project, which has been going quite well. The site is up, well organized, easy
to search, and easy for other research organizations to put up information
without loosing the functionality.
The site has become a resource for researchers, and is becoming
popular with the public as well. (Their dolphin video downloads are
particularly popular). They are
currently getting 30,000 hits per day on the site.
During the development of this site, Sam noticed that
the commercial information relating to the oceans is extremely
fragmented. Possibilities such
as buying fish, chartering commercial vessels, buying marine parts,
auctioning surplus marine parts, etc are available, but in a very
fragmented and hap-hazard fashion.
There are numerous sites popping up which are attempting to deal
with pleasure craft issues, (e.g. boats.com, cyber-marine.com,
iwaterways.com, etc). These are
focused on supplying the pleasure boater with information and spare
parts. However, the commercial
area appears poorly done, and generally neglected.
Sam thinks he could develop an "Ocean portal",
which would both be an information resource, and well as a way to
rationalize the flood of sites relating to the Oceans. There are
business models developed for many of the possibilities (such as auctions,
advertising, and "click-thru" referral fees), so he could partner
for technology. He has discussed the idea with his Government sponsor, who
thinks it is a terrific idea; i.e. the public market would help fund the
development and maintenance of the ocean information, taking it off the
list for Gov't. support. The sponsor would license
the existing effort to Sam, to form a base for the site, if he can get
funded. The domain name
"oceans.com" has been taken, but is owned by a resale shop, so it
is available for a price.
MIT has agreed to help him get programming resources to
get started, in return for a piece of equity.
What to do next:
Sam feels he has adequate support for the concept from
MIT and his Government sponsor, but is clueless about how to get this
started, and what a reasonable business model would be, or how to build a
team to make this happen. He
feels that there is a window of opportunity for the concept, but that it
will slam shut quickly. He also
doesn't know if anyone else is already working on this portal idea, or how
he would find out.
He feels that a business plan is needed, and has done
some research into the opportunity (see below). He feels that if he can get a good
plan together, he could get venture financing (in this current market), but
has to act quickly. He badly needs team members and a sensibility check on
the business plan.
Some Background:
1.
Market:
There are about 0.5
Million people in the USA
who are involved in ocean related activities professionally, and a much
larger number (approx. 30M) who have a large interest in then oceans. Worldwide, this is a much larger
number, probably by a factor of 10 in countries with Internet
capabilities. The ocean related
business in the US
is approximately $10B per year, and $200B worldwide. This is roughly
divided into 4 groups; fisheries, transportation, pleasure, and undersea
(oil and telecom).
2.
Market Structure: Sam sees the opportunity lying in taking a small
piece of the sales commission from the commercial side of the Ocean related
industries. He sees that most of this brokerage will move to the web over
time. Today’s major
market segments are primarily:
Fish purchasing ($20B in US alone), ship leasing ($10B
worldwide), auction or sale of used ships and equipment ($2B), Undersea
services (telecom and oil related) ($2B), licensing proprietary undersea
information ($1.0B) and sale/construction of new vessels and equipment ($10
B). Typical brokerage commissions vary from 0.5% for shipping to 20% for
sale of proprietary information.
Sam estimates that he could get a "click thru" referral payment of about 5%
of the commission.
3.
Product: Sam
sees a portal which would organize and search the various
ocean-related information.
Products would include advertising revenue, and commissions on
click-through on ship leasing, purchase of proprietary undersea
information, auctioning of property, and just linkage to pleasure boat
commercial sites.
Sam
also sees the possibility to take over certain brokerage
opportunities. Proprietary
undersea information, for example, is a very fragmented industry, ripe for
rationalization. However, Sam
feels that initially, getting a referral fee from other e-sites would be
sufficient. He would focus on making the portal compelling and easy to use,
with lots of interesting information.
4.
Technology and business model: The Internet boom means that there are many OEM
providers of auction services, online commerce, online communities, search
engines, etc. The technology to
follow click-thru referrals exists, and some e-businesses have a model
where they are paid for customers who come thru their portal site. (However, this is not widespread as
a business model yet). Another
business model is to have e-sites pay for prime space on the portal. This is a well established model.
5.
Competition: Sam knows of no competition in the ocean "portal"
business..
However, this does not mean that there is no one actively working in
this space.
6. Financing: Sam estimates that he will need a team of 10 programmers to keep
the site current, and 10 business development "feet on the
street" to cut deals. His
initial burn rate should be $4.0 M per year. He predicts a breakeven at 18 months
after launch. Total, he figures
he will need $5M investment.
7.
Barrier to entry:
Unfortunately, the barrier to entry is low. Anyone else can enter the market,
and do the same thing. Sam expects
to use contractual relationships to sew up the market. However, he has no experience making
these type deals, and doesn't know if the current brokers will cooperate.
8. Sam's
background and team: Sam has
access to a large number of programmers, through the MIT Computer
Labs. He feels he can drive the
business, but will need to find help in Business Development. He has no startup experience. He has been approached by a group of
MBA students from Sloan (the business school at MIT), who are interested in
working on this. One of the these students' father is a partner at Advent
International (A very large Venture and Private Equity firm).
9. Sam has approached you and asked you to
if you would
q
Join his team to make this happen
q
Invest in the opportunity
q
Give him advise about what to do
In your group, discuss the opportunity, and try to answer each of the
above questions. Try to
decide what the opportunity would have to look like to be attractive to
invest or join. (i.e. what is your
“Deal” for your $100k).
Have one person prepare to report out.
============================================================
Evaluation of Case Studies.
Homework
Read the 4
cases. Determine if each
opportunity is "attractive", or what would have to change to make
it attractive.
Use the "strong
and weak force" evaluation sheet to help figure out how to make each
opportunity attractive.
Be prepared to
discuss in class
Forces to Counter Standard
Risks: (Quick
Check)
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Strong forces:
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1. Jack
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2. George
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3. Pete
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4. Sam
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Monopoly
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Mandated Usage
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Billion $ Potential
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Proprietary Technology
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Excellent Track Record
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Weak Forces
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First with High Barriers
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