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DecoDesign Ltd.

Business Plan

1

1 Image Author: Chang Kyung Seok http://raph.com/3dartists/artgallery/ag-ap358.html

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Table of Contents

........................................................................................................ 3

II. Business Idea .............................................................................................................................................. 5

III. The Founders ............................................................................................................................................. 6

IV. Marketing Plan ......................................................................................................................................... 11

V. Business Model and Organization......................................................................................................... 11

VI. Implementation Plan ............................................................................................................................... 20

VII. Financial Plan............................................................................................................................................ 23

VIII. Risk Analysis ............................................................................................................................................. 25

IX. Appendices................................................................................................................................................ 28

I. Executive Summary ...........................

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I. Executive Summary

Background

Furniture retail business is hundreds of billions of dollars global business and interior decoration as a hobby is in vogue. At tbusinesses online. However, online decoration shopping is a completely flat experience with very little actual feelinplay w e advanced graphics rendering capabilities in standard home PCs is yet to be unleashed to meet this interior decor n ne

Mis S

Deco n pmethods, and their customers with an unprecedented and unequalled powerful photorealistic and real-time rende te

The mp

Furniture retail trade and furnishing / interior decoration hobby will be revolutionized with a powerful decoration software solution for every man and woman. This will be the "3D Habbo Hotel" for interior decoration enthusiasts, who will be gathered around interesting, entertaining, addictive, useful, user-friendly, good-looking product which also fulfils some social needs with communality features.

Team

The founders of DecoDesign Ltd. are innovative, enthusiastic and entrepreneurial decoration and computer graphics experts, X, Y and Z.

Financial Goals

DecoDesign will be the market leader in the high-end tools of furniture and decoration online shopping. Within 6 years 10% of the large furniture retail store chains have acquired our shopping solution and 3% of the global furniture retail trade is conducted through the DecoDesign system. The net income target is 4 Million Euro in 6 years.

he same time, furnishing stores are struggling with high operating costs and are moving their

g of how the furniture will look like in its place at home. Interior decoration enthusiasts would like to ith th products before they buy them and want to show off their creations. The potential of current

atio ed.

sion tatement

Desig rovides the furniture stores with a value-adding distribution channel and novel sales promotion

ring in rior design and online-shopping solution.

Co any Vision

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Risks

The financial risks of the DecoDesign business idea can be coped with comprehensive market and usability technology foundation. Most of the risks in competition can be mitigated with focusing

ed target segments and strategic partnering. The small team of the DecoDesign can be studies and strong strictly to the proposswiftly and firmly adjusted to latest market trends to meet the best business potential available in interior decoration design and community applications.

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II. Business Idea

lly represents a huge and growing business of hundreds of billions of dollars ($78bn annually in the US2). The home furnishings and decorative accessories market is highly fragmented and very competitive.3 Companies are using vast amount of money (3-5% of revenue4) in advertising.

At the same time, home PCs have introduced advanced real-time rendering technologies, which enable very realistic looking modeling of interior decoration on computers. However, existing software solutions do not calculate the materials and lightning in real time. They are mostly aimed at professional users and are thus rather difficult to use. Most furniture models are already provided in 3D format, because they are designed with CAD applications.

The growth in broadband penetration5 has introduced new potential for online selling and virtual communities. Virtual communities are popular and grow rapidly6 and communities boost the network effect. Home furnishing is the fastest growing category of merchandise selling online. Roper’s survey of online adults last year shows that 25% have purchased a home furnishings item online in the past year, up from 17% a year before.7 This indicates that the market saturation is still low and it has significant growth potential.

Our product can be used to achieve the better customer satisfaction without the costs of customer service personnel.

The Problem

Furniture stores face ever harsher competition.

Customers appreciate more comprehensive furnishing and interior decoration services. Customers want to realize their dream and vision of a stylish, comfortable and well-designed home. Customers want to have fun,

Background

Home furnishing and interior decoration is in vogue. People are more and more paying attention to the expression of their style. Furniture retailing globa

2 Source: http://www.furnituretoday.com/info/CA411192.html, Referenced April 23, 2005 3 Source: Bombay Company Annual Report (FORM 10-K, Filed April 12, 2004) http://phx.corporate-ir.net/phoenix.zhtml?c=89495&p=irol-sec&seccat01.1_rs=11&seccat01.1_rc=10&control_symbol= 4 Source: http://www.bizstats.com/furn.scorps.htm, Referenced April 23, 2005 5 Source: http://www.onlinereporter.com/TORbackissues/TOR414.htm, Referenced April 23, 2005 6 Source: Virtual community informatics: A review and research agenda, http://www.findarticles.com/p/articles/mi_qa4008/is_200301/ai_n9188875/pg_1, Referenced April 23, 2005 7 Source: http://www.shop.org/learn/stats_vm_popular.asp, Referenced April 23, 2005

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and have experiences. Customers want nt in furnishing is worth the price and that the furnishing will be satisfactory. Increasingly, the home interior is viewed as an expression of the owner's taste and sense of style. Home interior is meant to be shown off. In addition, home interior is

ent of one's world view and ideology. That is, home interior will increasingly reflect one's

- esign should be flexible, and many want to replace the furniture altogether for example once in

ers. Computers and computer screens do not offer the in-depth experience, which can be present in the retail store atmosphere. The dimensions, fabrics, shades of the furniture and decoration

DecoDesign product offering is comprised of an easy-to-use communal 3D furnishing assistant software, to

o cost. Furniture can be ordered through the software. The software would increase furniture store's sales, improve its customer service and increase customer loyalty.

The client software is used as follows:

First, user in certain other measures n drag-and-es of furniture,

to have confidence that the investme

regarded as a statemsocial group or subculture. The market is increasingly fragmented, and customers are more individualistic than ever, which leads to need for mass customization. Furniture stores face a challenge when trying to provide the service required for all these diverse customer segments at low cost.

There is also another trend in customers furnishing behavior. Customers want to have alteration and change the interior dfive years. The decorations will become increasingly short-term which will, in turn, increase the market size.

On the other hand furniture retail stores are expensive to operate and maintain. The operation expenses consume 92% of the gross profit and net income has on average been only 3.1% of the net revenue8. The furniture stores are moving online to reduce their costs, but face a difficult challenge in offering an equal experience to the custom

items look flat. Customers are not so eager to buy online, because they cannot see how the piece of furniture really looks like in reality.

Product Offering

be sold to furniture stores. Consumers (home decorators / furnishers) are the end-users and can use the software at n

Software product features:

The DecoDesign software product consists of client software installed to end-user’s computer, and the server part which includes customer-specific integration to customer’s information system.

puts general layout and foundation plan of the apartment in addition to (window location and height etc.). The software creates a 3D-model of the apartment. User cadrop piece of furniture from the furniture chain's assortment/catalogue to the 3D-room. Piec

8 Source: http://www.bizstats.com/furn.scorps.htm, Referenced April 23, 2005

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furnishing fabrics / interior textiles, house plants, home electronics, lights etc. can be freely placed inside the rooms. Colors, patterns and surface materials can be set and changed easily => different colors and color combinations can be tried out painlessly.

Software displays how the apartment looks like from different angles and with different lightning (daylightfluorescent lamp, bulb, candlelight, fire etc.). The goal is to create almost photo-realistic renderings. For performance computers, the detail level of the graphics would be adjustable and th

, lower

e application could use more time (in extreme case: over night) to render a view in great detail. The user could "walk" in the 3D-

The software can suggest different furniture layouts. Certain rules can be set by the user, for example "It must

s w

he order, i.e. the software would interface with the furniture store's online shop / ordering service. The software system would also offer communality service in the form of a virtual

: the users could visit each others "homes", write comments and chat with each

tion

There could also be some additional services distributed through the system, such as custom-made interior e & consulting.

DecoDesign software helps in interior design and makes it easier to buy furniture online. It gives consumers

when making the buying decisions, and get better product, availability and shape/color/material compatibility iods (all the time they use the

software). The software would also provide the furniture retailer with market intelligence information

rooms and see the space also from outside the walls (with the front wall being transparent) and from above. Specific viewing points, for example sitting in a sofa / armchair, can be used to view the room.

be possible to watch the television from the sofa". The software contains an easy-to-use editor for creating own furniture by the user. There would also be certain basic pieces of furniture not provided by the store astandard accessory in the system (personal computers, house plants, televisions, different doors and windoframes). After having done out the interior space, the user could also order the products from the furniture store chain offering the service. The system contacts the furniture store’s server for product updates and availability, i.e. the user would only see the furniture currently available. The furniture store takes care of the handling and payment for t

community for furnishersother.

The furniture store chain (e.g. IKEA) would gain in the form of increased (online) sales, customer satisfacand customer loyalty.

design or interior design advic

The system could also be viewed as a distribution channel (3D online shop) for multiple furniture retailers.

How the Problem Is Solved

/ end-users confidence that the furnishing result will be satisfactory, and helps in buying decisions. The software enables furniture stores to use novel sales promotion methods, which increase store's sales, contribute to customer satisfaction and improve customer loyalty. Customers will have more confidence

information. Customers are exposed to store’s advertising longer time per

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gathered from the interior decorator community. Customer loyalty will increase as a result of investing time and effort in specific store’s interior design community. Social relationships will also be created inside the specific virtual community.

For professional interior designers, the software will offer help in some design problems and speed up the design work.

Growth Potential

DecoDesign will first concentrate on the furniture retail store chains and community aspects of the decoration enthusiasts. The same core technology and application domain knowledge can, however, be used

ds are to

in also many other scenarios. Among these are set decoration and design solutions for movies, theater and TV, decoration planning of catering service and even home construction and real estate business.

Another growth potential are user communities with virtual decoration capabilities. The characters in the usercommunity may be either real or virtual. The virtual characters will design completely imaginative decoration with no intention to buy the real products. Real characters will be using the solution to mimic their existing decoration and planning to build new ones. These users will be very promising marketing channel for the furniture and decoration stores, which may offer real sales and benefits for these.

But before these markets are entered, the most potential furniture and interior decoration market neebe met.

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III. Founders

A strong team is the most important asset of a start-up company. DecoDesign will be founded by three d

cutives within half years of founding the company. The original founders will remain at leading positions within the company in CTO, VP of Development and Lead Engineer roles.

e has been 5 years in

very project he touches to succeed. Part of his expertise and contact network originates from a henomenon called the demo scene. There, for the annual Assembly-event he has been in charge of AV

production for 5 years, 80 hour live TV broadcasts with over 50 volunteers working, first-ever live concert and the competition organizing team of 20 persons. Due to his background with the talented graphic artists and programmers of the demoscene and the Finnish game development industry, DecoDesign will have almost endless contacts for talented recruits.

Z has an extensive knowledge about advanced real-time graphics programming. She has been lead engineering the graphics rendering core of the 3DScore with MatureFurk Oy for four years and knows the DirectX 9 graphics API in and out. Laura is a perfect choice for lead engineering DecoDesign graphics core capable of rendering photorealistic furniture in real-time.

In addition to the DecoDesign founders a set of key employees are needed for the company to be able to successfully start operations. The following list summarizes all the people needed in the startup phase:

Product Development Team

• 1 lead graphics programmer, Z • 3 graphics, networking and application programmers, Open Positions

strong, committed technology and decorating experts and backed up with an experienced CEO and sales anmarketing exe

Founders of DecoDesign Ltd.

X is the visionary of future furnishing of the DecoDesign Management Team. In addition toher expertise in furnishing, she has a technical background with over 3 years of software development experience in massive ERP-systems for construction firms. She has good contacts to architectural and decoration planning communities for potential recruits and an exceptional talent of solving real concrete problems with efficient software solutions. She is also an expert in user-interface design. In the beginning, Aino will take the CEO position and will later on move to CTO role after the DecoDesign Management Team has been complemented with a more seasoned CEO.

Y is a perfect choice for VP of Development position in DecoDesign. Hproject and product management duties at Fathammer, a leading 3D mobile games and technology provider, successfully bringing dozens of big and small projects into completion. Ville is known of his hard work and forcing ep

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• 1 lead 3D graphics designer, Open n• 2 3D graphics designers, Open Positions• 1 project manager, Open Position

• 1 office manager, Open Position

Management Team

are

nd pricing practices and selling skills. Effective hing in the company's field sales operations.

Positio

• 1 interior designer, Open Position

Administration and Support:

• 1 IT support and maintenance, Open Position

• Temporary CEO, later CTO: X • VP of Development: Y• VP of Business Development and Sales: Important Open Position

o At least Bachelor's degree in business, sales, or marketing or equivalent training in business or sales management. At least 5 years experience of senior positions in international softwbusiness markets

o Excellent knowledge of software licensing amanagement skills with ability to manage everyt

o Excellent time management, communications, decision making, human relations, presentation and organization skills. Professional appearance and presentation required.

o Excellent written and spoken English skills o Enthusiastic decoration hobbyist is suitable, a previous position in marketing/sales

furnishing and decoration business is a plus

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IV. Marketing Plan

There are not many home design software available in the markets nowadays. Most of them are using 2D-not even close to realistic. There are potential markets for 3D-design

soft re asing number of networked home computers with broa a ntinuosly increasing computing and graphics rendering power.

Furnishi s of millions of euros in the Finland and the annual grow ition, only in the U.S. people are using $77.6 billion dollars ann ly to NOP World’s Roper Reports hom u

Target se

There are six s

Target segm Products

graphics and the quality of the designs is wa and its online applications because of the incredb nd connections, but also because of co

Market potential

ng and home decoration is a business of hundredth rate is approximately 3-5%9. In add

ual into furnishing and decorations increasing 5.8% per year10. Accordinge f rnishings is the fastest growing category of merchandise selling online in the world11.

gments

low. cu tomer target segments. The segments and corresponding products are described be

ent 1. Furnishing and decoration retail stores (chains) Furniture store 2. Housing cons e-builders Real Estate & Home

Builders tructors, real estate agencies and private hous

3. Architects’ offices, and decoration hobbyists Interior Design 4. Catering service, set designers Set Design, Place Setting

& Lighting Design 5. Decoration portal entrepreneurs, 3D furniture stores Edition or Portal 6. Decoration communities Personal Community

Target segment 1: This segment includes large furnishing and decoration retail stores like IKEA and Bombay. The product that is sold to this target segment is Furniture store. Furniture store –product is customized to suite the needs of the each individual customer organization. The end users of the product are the customers of the furnishing stores. There are currently over 50 potential customers in this segment.

9 Source: http://www.suomenhuonekalukaupanliitto.fi, Referenced April 23, 2005 10 Source: http://www.furnituretoday.com/info/CA411192.html, Refernced April 23, 2005 11 Source: http://www.shop.org/learn/stats_vm_popular.asp, Referenced April 23, 2005

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Target segment 2: This segment includes small and medium size corporates and private customers. Corporate customers are real estate ag sing constructors like Jämerä Kivitalot. The private customers are for example families who are building own house. The sold software product is Real Estate & Home Builders. The customers and end users of the product are the same in this

architects’ offices and also private decoration hobbyists. The sold software for this segment is Interion nd end users of the product are the same in this case. There are currently over 3000

eed e for

e same. customers is measured in hundreds.

telecommunication operators like Elisa or furnishing and decoration magazines. The sold software is Portal. users of the product are customers of the client corpor amount of customers

te customers. The custome pical furnishing oration hobbyists, but also

interested in reality games and Internet communities. The sold software is P Edition. In selves. The amou e measured in

as the

n be expected that the selected segments will also continue growing.

encies like Huoneistokeskus or hou

case. There are currently about 200 potential corporate customers. The amount of potentian private customers is measured in tens of thousands.

Target segment 3: This target segment customers include professionals like small and medium size

Design. The customers apotential professional customers. The amount of potential private customers is measured in thousands.

Target segment 4: This segment includes catering services that arrange weddings and other events that ninterior designs. Other customer type is set designers of theatre, movies and TV series. The sold softwarthis target segment is Set Design, Place Setting & Lighting Design. The customers and end users are thThe amount of potential

Target segment 5: This segment includes corporate customers. The customers are for example

In this case the end ations. Theare measured in hundreds.

Target segment 6: This segment includes privanthusiastic dec

rs are not only tyand decoration shop clients and e persons who are generally

ersonal Communitythis case the end users of the product are customers them nt of customers arhundreds of thousands.

Future scenario

It is hard to forecast accurately how the previous customer segments will grow in the future. However,annual growth rate in furnishing and home decoration business is approximately 3-5% per year, more and more furniture businesses are moving online and Internet virtual communities are growing rapidly12, it ca

12 Source: http://www.sulake.com/pressroom_releases_19012005_2.html, Referenced April 23, 2005

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Competitors

The following tables list different types of competitors and rival companies. Tables introduce DecoDesigndifferentiation to rival’s product offering. Competitors are categorized into different tables based on the nature of their business.

This group of competitors is not only compet

itors of DecoDesign but also potential segment 1 customers.

Competitor Response Home furnishing online stores

The user experience in DecoDesign solution is far more advanced and realistic thanany traditional technology online store can offer. The added value of making interior design in 3D can now really be unleashed with the advanced graphics rendering capabilities. This group is both a competitor and potential customer.

This group of rivals can also be potential partners and subcontractors of DecoDesign.

Competitor Response Marlin Studios13 Marlin Studios produce and sell 3D-models. The company is concentrated on

sign professional corporate customers. 3D-models are only a part of the DecoDeproducts. The products offers lots of different features for variety of clients.

Planit14 The Planit offers CAD software for kitchen, bedroom and bathroom desing. With DecoDesign products end users can design whole apartments.

Next Limit Next LTechnologies15

imit Technologies provides rendering services. The models can not be created in real time, meanwhile the quality is excellent. DecoDesign products can be rendered real

time but are not so good quality. However the quality of DecoDesign models is good enough.

ViRSES16 ViRSES makes ready 3D-designs for customers. Instead, the end users of the DecoDesign products can make the designs themselves.

This group of rivals competes of the same customers with DecoDesign.

Response Competitor Other 3D-online stores decoration solution in 3D. The graphics rendering, usability and tools are optimized

only for the realistic interior decoration experience.

DecoDesign is completely focused on delivering home furnishing and interior

CAD- and current home design

The CAD solutions do not offer the usability and furniture libraries of the DecoDesigsolution. They are also not designed for amateur users. The current home design

n

13 Source: http://www.marlinstudios.com, Referenced April 23, 2005 14 Source: http://www.nextlimit.com/, Referenced April 23, 2005 15 Source: http://www.nextlimit.com/, Referenced April 23, 2005 16 Source: http://www.virses.com/, Referenced April 23, 2005

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applications applications don’t offer realistic enough experience to relay the look’n’feel to the user. The quality of the image in DecoDesign is something never seen before in home design applications.

Reality computer games and Internet

The DecoDesign solution offers a unique mix of real life simulation and virtual experience, in which the user may decide the level of real vs. virtual. The solution wioffe

communities

ll r interior decoration hobbyists a unique tools and communication channel that

other Internet.

Obstacles

n

• New compa• Potential customers loyalty to their previous subcontractors may cause that DecoDesign loses some

that sellign the products abroad is hard and more time consuming than expected.

eg

The unique and mos

• DecoDesign oducts visually from the petitors

ces • The usability

The DecoD hich bles effic stomer

group. In ad ient.

timates and sales channels for each target customer segment are described in the following

There can be recogproperly.

ized some obstacles that can prevent or make mode difficult DecoDesign to work

nies, like DecoDesign, may have hard to get credibility

key clients • Internationalization can be difficult. For example cultural differencies may cause

Product strat y

t important features in the DecoDesign products are the following:

products use the latest 3D-technology, which distinguish the prcomexperien

’ products. Additionally the visual layout offers completely new type of possibilities and for end users. is especially designed for efficient usage for novice users.

esign prod• ena

uct archtecture is based on software product family methodology, wient customization and configuration of the solution for each specific target cudition, future expansions of the product will be more effic

Sales strategy

Initial price estable.

Target segment 1 Price estimate 350 000 €: One enterprice license costs 200 000 €/year, customization and

installation costs for the client are on average 100 000 € and furniture 3D modelling & model format conversions on average 50 000 €.

Sales channel The products are sold through personal contacts and delivered as a fully use). functional software (installed and ready to

Target segment 2

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Price estimate

3D modelling & model format conversions on average 20

For corporate customers 80 000 €: One corporate license costs 30 000 €/year, customization and installation costs for the client are on average 30 000 € and furniture000 € For private customers 25€: Private licences 25 €/year

Sales channel iver installion disks to customers, if necessary (addional fee is

required). The customers pay their purchases either with credit cards or via online banks.

The products are sold via www, mainly by downloading the software. It is also possible to del

Target segment 3 Price estimate For professional customers 1500 €: One professional license costs 1500

€/year For private customers 25€: Private licences 25 €/year

Sales chan the software. It is also essary (addional fee is

online banks.

nel The products are sold via www, mainly by downloading possible to deliver installion disks to customers, if necrequired). The customers pay their purchases either with credit cards or via

Tar t ge segment 4 Price es cense costs 30 000

€/year, customization and installation costs for the client are 10 000 € timate For corporate customers 80 000 €: One corporate li

Sales channel The products are sold via www, mainly by downloading the software. It is also possible to deliver installion disks customers, if necessary (addional fee is

ds or via online banks. required). The customers pay their purchases either with credit car

Tar get segment 5 Price es

stomization and installation costs for the client are 50 000 € timate For corporate customers 250 000 €: One enterprice license costs 200

000€/year, cuFor private customers 0€

Sales channel The products are sold through personal contacts and delivered as a fully functional software (installed and ready to use).

Target segment 6 Price estimate 0€ Sales channel The products delivered only via www

Marketing strategy

At least in the beginning DecoDesign will not use commercial marketing channels (TV commercials etc.), but onal contacts for media personnel. The goal is to gain publicity for example by giving

terior dpromotions in decorat

onel of out the products and trying to

The marketing of more specialized products can be extended to commercial channels. Additional possibility is for example to give free licences to educational institutions (e.g. in the area of interior decoration).

aims in creating persinterviews to in ecoration magazines, TV- and radio programs. Other activities could include product

ion exhibitions. DecoDesign will also have informative www-sites. At first the marketing pers the DecoDesign will contact the potential customers personally, telling ab

sell those.

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V. Business Model and Organization

Business Model

The product is mainly ) can use the corporate edit re retailer

is st savings when furniture stores move to 3D-online selling, and furniture s

three parts: the annua the value based part and the customization/installation/maintenance fee. total

ents, i.e As to the ratio betwee services and products, 30/70 is the target ratio. Large part of the

an belong to etencie enance rategy i

Degree of Productiz

urable Service Model

DecoDesign offers th s:

rd prodrd prod

3. Standard product + customization + installation customization + installation + maintenance

5. Standard product + customization + installation + maintenance + exotic localizations

1. Enterprise -- Big Companies (revenue ~ $500 million)

4. Private -- Private users

sold to furniture stores and other business customers. End users (private personsion for free. In practice, the revenue is expected to originate from big furnituing budgets, cocorporations’ advert

d salestores’ increase (revenue sharing). The revenue coming from furniture retailers can be divided into l license,

Some part of the customer segm

revenue is also expected to result from selling other product variants targeted to other . to interior designers, set designers and furnishing portal entrepreneurs.

n revenues frominstallation, traour core comp

ining d maintenance activities can and should be outsourced, since these do no s, and we do not have service infrastructure for providing extensive maint

service. Our st s to focus solely on R&D.

ation

• Config software product family, see Product Strategy section for more details.

e following product + service solution alternative

1. Standa uct 2. Standa uct + installation

4. Standard product +

Basic Pricing

Total price of the product = Annual license + value based part + customization/installation/maintenance fee

License:

2. Corporate -- Medium sized companies (revenue ~ $30 million) 3. Professional -- Private entrepreneurs (e.g. Architect's offices), educational organizations

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Product Versions

ists of the following product variant:

istribution Channels

hting and surface material rendering technology • Sharp focus on 3D interior decoration, user interface design and usability

ies • Profound knowledge of the needs and requirements of the interior design enthusiasts, average

rs and interior decoration community • Knowledge of the furniture retail business

Competitive Advantages

le • onfigurable product => Code reuse => Lower operating expenses

The company will work on four major units. The units will work with close co-operation and borrowing to one another if required and decided. The resource borrowing will be managed by the VP of

Devel rategy planning unit along with the r

The prodyct family cons

1. Furniture Store (Integration to store's information system, availability information, market intelligence, communality)

2. Interior Design (CAD-import) 3. Real Estate & Home Builders (Easy-to-use room editor, sales information for the apartment) 4. Set Design, Place Setting & Lighting Design 5. Personal Community Edition (possibility to buy virtual furniture) 6. Portal (Several furniture vendors, price comparison, statistics, reviews, interior decoration articles)

D

We will mainly use direct B2B selling. Agents could probably be useful in the US and especially in the Asianmarket.

Core Competencies

• Realistic real-time lig

• Powerful modeling tools for furniture, including for example material and shape librar

consume

• Software project management and productization capabilities

• First mover • Focus on usability • Resources: competent, talented, motivated and innovative people with high work mora

C

Organization

resourcesopment ant VP of Sales together. The CTO will act as independent st

fou major units.

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CEO

Sales and Marketing HR and Administration

CTO R&D Productization

search and Development Unit, lead by VP of Development n task for this unit is to pro

ReThe mai duce the core technology and applications and the surface material library. The i s, but has graphics designers for the surface material construction and d app i following teams:

• Core Technology Team g

o Networking

o Configuration Management Application Team

ce ool

Sal The mai n, and related services to the

eams: Sales team being responsible for the selling and actual account n team producing the needed materials and services for the customer and

producti ailoring and customizing the application for the customer's needs. The focus on this team t each of the customers. The licenses are sold for the application and custom proj t of reso e .

iture 3D conversions o Interior Design

• Productization Team o Quality Assurance

un t consists mostly of programmer UI esign. This unit serves the Sales and Productization Unit by making a sustainable and evolvinglicat on, which is improved all the time. The unit is divided to the three

o Renderin

o Platform

•o User Interfao Modeling To User Community

• Material Library Team o Surface material library construction

es & Productization Unit, lead by VP of Business Development and Sales n task for this unit is to sell the applications, their customizatio

customers. This unit works in three tmanagement, graphics customizatio

zation team t is o individually serve

ects established for the application tailoring and customer catalogue's 3D conversions. If ran ouurc s with big customers, the furniture 3D conversions may be outsourced

• Sales Team o Customer Scouting o Negotiations & Closing the deals o Account Management

• Graphics Customization Team o Furn

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o Application Customization o Installers o Manuals o Delivero Cust

• Market researches

HR & Operations Unit, lead by Office Manager This unit su r r computer and network maintenance, human relations, adm s

• IT Supp nce • HR nting

ies omer Support

Marketing Unit, lead by VP of Marketing Marketing Unit is solely responsible of company and product marketing activities.

• Company external image management • Marketing, advertising, promotion, public relations

ppo r units by handling theing

ts the otheini tration and accounti

ort and Maintena, Administration, Accou

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VI. Implementation Plan

Product Generations Development Plan

phases each targeting different customer target . The software to be built

will have software product family architecture enabling efficient modularization and configuration of the soft re owever, only the most promising configuration of the soft re oduct portfolio in the following ones. Building the h irst generation takes 18 months and consecutive generations 9 months each. The order of the latter two generations and the generation timeline can be later adjusted to meet the market need

Generation G1: Furnishing and Decoration Store (Month 18.)

In G1 the product is licensed and customized to the needs of individual furnishing and decoration stores, which will use the product to in their marketing and sales to create 3D web catalogues of their furniture and let their customers to design their interior with the product. The end-users will be able to download the software for free from the home pages of the customer company. The software will be a client solution with an Internet connection to the 3D furniture and decoration database of the customer company. This

The DecoDesign main product will be constructed in threesegments. These phases can be considered as generations in the software evolution

wa to various different customer needs. Hwa will be built in the first generation, extending the prtec nology foundation f

with a more suitable product.

Startup G2G1 G3

Furnishing and Decoration Stores

Professional Interior Designers and Architects

Decoration Portals

18 months 9 months 9 months

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generation will focus on the minimal set of functionality for house decorators and extremely easy usability for novice users.

Generation G2: Interior Decorators and Private Home Builders and Decorators

The G2 version of the product will target a wider end-user set than the first one. It will have tools for

ility

ortals

The third gen e DecoDesign 3D fu d decoration stu oduce an interactive decoration portal version of the software. This allows the users to discuss, compare, buy and sell their furnishing and decorations with each other and create a widening user community for enthusiastic decoration hobbyists. The decoration portal product will be licensed to a third party practitioner, such as a decoration magazine. The maintainer will make profits with sellin virtual 3D furniture, i. nt, advertisements a es. The 3D re store catalogue will have makes and models from multiple different manufacturers allowing efficient price competition between furniture and decoration stores.

Possible further extensions to the software product family will be set decoration and lighting design for movie, TV soap operas and theater sets, decoration planning for catering services and real estate solutions.

Product Developmen

The following plan lists the m roduct development work in half year resolution. This highlights the main themes in software construction alo generation focus:

introduce more complex functionality and possibilities for professional interior designers to build presentation version of the apartment at hand. This includes conversion tools from the existing architect CAD applications. In addition to these more sophisticated tools, the software will still feature an easy usabversion of the software for the customers of these companies for playing with the decoration of the apartment to be sold. The product will be sold directly to the customers. Private home builders and designerswill have a modified edition targeted directly for their private amateur usage.

Generation G3: Decoration P

eration of th rnishing an dio will intr

g the e. contend extra servic furnitu

t Plan

ain themes of the png with the

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Months 1-6 Months 7-12 Months 13-18 Months 19-24 Months 25-30 Months 31-37

- Technology research,

- Outsourcing

- Core technology production,

implementation,

- G1 Finalization, - 3D-model

- Starting to build

- 3D store planning and construction,

modeling tool for

- G2 Finalization, - Localization for

languages,

- G3 Finalization - ..

- Prototyping, -User interface conversion tools, - Extension of the EFIGS + CJK

planning, - Requirements definition, - Usability research, - Software product family architecture design.

- 3D-furniture modelling tool, - 1 pilot customer, - Marketing starts - …

user community system, - 3 pilot customers- …

professional designers - …

- Establishing US and Korean offices - …

Recruiting Plan

During the first year of operation, approximately 1 person per month will be recruited to the team accordinthe following plan. The seed phase is not included in the recruiting plan.

Seed CEO, VP of Development, Lead Engineer, Graphics Programmer, 3D Graphics Designer, Project Manager

g

Q1 Graphics Programmer, UI Programmer, QA Engineer, Interior Designer, VP of BusinessDevelopment and Sales, IT Support, Office Manager,

Q2 Graphics Designer, VP of Marketing, Programmer, Q3 New CEO to replace current CEO, who moves to CTO position, Support Manager,

Product Manager, Graphics Programmer, 3D Graphics Designer

Year 1

Q4 Marketing Assistant, Programmer, Legal Manager Q1 Configuration Programmer, 3D Programmer, Sales Manager, Material Painter Q2 Support Programmer, Graphics Designer, Marketing Manager Q3 Configuration Programmer, US Sales Manager

Year 2

Q4 Support Manager, Asia Sales Manager Year 3 US Sales Executive, 2x Sales Manager, Asian Localization Programmer Year 4 Configuration Programmer, 4x Sales Manager Year 5 Office Manager, 4x Sales Manager Year 6 Project Manager, 4x Sales Manager

The VP of Marketing is required to have extensive knowledge and experience on internationalizing a software ompany. c

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VII. Finan

Inc cast

x A2 show cenar f the d costs culation), he tw and y r the years d 6 of op A1 describes the

basic scenario, the company will be cash flow positive during the third year of operation and k period is 5 years. During the fourth year the company will have around one million euro net income

ithout taxes and 2,7 million in the fifth year. The final year before the aqcuisition is planned to have 4 Million Euros net income.

esented in Appendix A2. During the first year, the total capital requirement is approximately 1.6 million Euros. The capital is required to start

operations aen che

and further improv hat from the year 3 onwards the operations be f

Operating c s wil es.

inv ents omputer hardware a ftw gnificant investment.

e, profi

alculations

inancing

000 EUR). This sum will be required for the initial development phase (3 months seed phase), during which the demo software will be developed, market research both bought and conducted by ourselves, preliminary customer negotiations performed and investors sought.

We expect to obtain 1 600 000 EUR in the first financing round, in exchange for 30% of the shares in the company. These funds will enable us to start the first four pilot projects, employ sales staff and begin

cial Plan

Sales and

Appendiquarterly for tmain assumption b

According to thepaybac

ome Fore

s the basic so first years, ehind the scenario

io, consisting oearly fo.

revenue an3, 4, 5 an

forecast (cash flow caleration. Appendix

w

Finance plan (Investments and Capital Requirements)

Quarterly capital requirements can be seen from the cash flow diagram pr

up the nd the product development. During the second year of operation, the total capital requirem t rea s 2 million Euros. This second round of financing will be targeted to company expansion

e the product offering to the initial market. It is expected t can inanced by internally generated funds.

ost l be incurred primarily in software development, marketing and sal

Capital estm are minimal, as no manufacturing plant is required and offices ng represents a si

can be rented. Cnd so are for application development and 3D modeli

Incom t and balance sheet

These c can be found in the Appendix A2.

F

The initial financing of 210 000 EUR will be provided by TEKES (200 000 EUR) and the founders private means (10

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marketing activities. We are looking pr rtium with profound knowledge of the sector, which can help us internationalize as early as possible, and get contacts in the furniture business especially in the US and Asian markets.

The second financing round is planned to take place in the beginning of the second year of operation. At that

EA, decoration publishers or large graphics design application corporations.

• Salaries are based on competitive compensation

• Salaries increase 5% per year lan) can be found in the cash flow calculation

appendix mmisions are built into the sales salaries

• Consultants and contractors (third parties) are employed at merket rates for special projects

imarily for a venture capital conso

point we want to raise an additional 2 000 000 EUR, which is used to support the aggressive growth, in exchange of 20% of the share capital. After this round DecoDesign will be able to finance itself until the exit after the sixth year of operation.

Exit Plan

The company is planned to be sold in a merger or a company aqcuisition with approximately 25 Million Euros after 6 years of operation.

The potential aqcuisitiors are big furniture store chains, such as Bombay or IK

Financial Assumptions

REVENUES:

• First revenues • Pricing

COST OF GOODS SOLD:

OPERATING EXPENSES:

• Social costs are 60% of salaries

• The annual number of employees (recruiting p

• Sales co

BALANCE SHEET:

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VIII. Risk Analysis

The following table summarizes the biggest risks in this DecoDesign verture and the risk mitigation and

graphics power can not produce sufficient graphics quality

prevention measures that will be taken.

Technology: Risk Computing andExplanation The resulted image quality is too far from photorealistic image or is too slow to render in

end user computers Probability LOW Action The risk can be minimized by careful studying of the underlying technology and choos

realistic implementation methods. The prototyping in the seed phase will also minimize this risk as we know

ing

what are the realistic capabilities of the rendering hardware. Risk All furnitures and decorations cultures may not be suitable for 3D-modelling. Explanation Usually, IKEA-style furniture is easy to model, they are mostly rectagles and easy shapes,

but antique or metal furniture is much more difficult to render in 3D and might not be -time photorealistic rendering. suitable for real

Probability MEDIUM Action The risk can be minimized by careful market and technology research Risk ng of apartments and buildings is too tedious and difficult 3D-modelliExp s out that a major portion of apartments are too difficult to turn into 3D model by

an amateur. lanation It turn

Probability LOW Action The risk can be minimized by careful studying of the underlying technology and choosing

realistic implementation methods. Good examples and tools how the apartment blueprint aphs are turned into 3D-model of the apartment will also help to minimize the

risk. and photogr

Ris tore of the customer is more difficult than k Integration of the product to the online s

expected Exp lanation Customer can have online store where the DecoDesign product must be integrated.

Architecture of the online store makes it difficult to integrate the product. Probability MEDIUM Action udying of the underlying technology. The risk can be minimized by careful st

ustomer / End user: 3D-models in interior decoration do not bring enough added value compared to 2D images

d users

CRisk

to enExplanation For example the visual field of the human is quite narrow and by using a computer monitor

a visual experiense may not be as good as expected Probability MEDIUM Action The risk can be minimized by careful market research which enables to validate the selected

target segments. Usability of the modelling tools and cameras in use are crucial in

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mitigation of this risk. Risk Customers in segment 1 feel that the product do not bring them enough value Explanation Some furnishing and decoration stores are already using some 2D-desing software. Th

may feel that changing the 2D-software into 3D does not bring enough new customersadd sale or customer s

ey ,

atisfaction. Also a competitive advantage may not be adequate for the customers.

Probability MEDIUM Action To avoid the customer prejudice, a proper marketing research and product demos must be

made to prove to customers the the business value of the software. Usability: Risk Graphical user interface is too complicated to use for the average user of the software Explanation

must be clear.

3D-graphics bring a whole new dimension into programs compared to 2D-graphics. GUI must be enough easy to use and same time the difference between 2D- and 3D -graphics

Probability LOW Action The problems may be minimized by taking usability experts into the development team an

practicing thorough usability research during development. d

o technology centered and the needs of end users are forgotten Risk Product is to

Explanation ot usable, and does not provide enough added value for the customers. The product does not correspond to customer and end-user needs, is n

Probability LOW Action The product must be designed with user centric development methods and the users must

be included into the development early enough. The pilot customers are an essential source re info

rmation and good references. for mo Product: Risk The price of the 3D modelling is too expencive for some customers Explanation stomers do not have 3D-models beforehand. All cuProbability MEDIUM Action ure

, outsourcing the modelling to independent graphics studios with extortion or to

be done in

This risk can be minimized by creating good enough tools and libraries for 3D furnitmodellingcountries with more inexpensive workforce. The cost of turning a furniture catalogue to 3D model must be carefully studied. The modelling of the furniture can alsophases.

Risk Starting and controlling the user community can be very difficult Explanation It may be difficult to create wide enough internet community for decorators. Or it may be

possible that the user group becomes too big and it is hard to control. Probability LOW Action This risk is hard to predict and the best way to avoid or minimize the risk is the marketing

research. There must be a clear vision what the users want and how many users there are. Also the technology related to otapproximately her existing internet communities must

be carefully studied.

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Legal: isk The resulted 3D images claimed to be photorealistic are not real enoughR

Explanation hic do not There might come some legal problems with the business customers if the grapsatisfy the end users. For example people buy some products and those turn out to be totally different than in 3D-model.

Probability LOW Action k these issues must be take care of in the contracts. To avoid the ris

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IX. Appendices

A1. Sales For

s forecast

• Enterprise Licenses to furniture stores: o There are over 50 large (over 100 million euro revenue) furniture multiple stores in western

countries (Estimate based on data from New York Stock Exchange) o From these, we believe we will be the market leader with 20% market share o => Result: 10 enterprise license customers in large furniture multiple store o One enterprise license costs 200 000 EUR/year, plus customization and installation costs on

average 100 000 EUR and Furniture 3D modelling/conversions on average 50 000 EUR o This results 350 000 EUR revenue per large furniture multiple store customer o => Together: 3 500 000 EUR / Year

• Enterprise License to decoration portals o There are potential 40 western countries which could have market potential for this kind of

decoration portal service o From these, we believe we will get position to 25% of these countries o => Result: 10 enterprise license customers in decoration portals o One enterprise license costs 200 000 EUR/year, plust customization and installation costs

on average 50 000 EUR. o This results 250 000 EUR revenue per decoration portal o => Together: 2 500 000 EUR / Year

• Corporate Licenses to furniture stores: o There are over 200 middle sized (over 30 million euro revenue) furniture multiple stores in

western countries (This estimate is based on extrapolating from the Finnish figure 10 multiple stores of over 30 million euro revenue)

o From these, 50% are using internet sales business during the next few years o From these, 50% are investing on advanced internet sales technology o From these, we believe we will be the market leader with 50% market share o => Result: 25 corporate license customers in furniture multiple store o One corporate license costs 30 000 EUR/year, plus customization and installation costs on

average 30 000 EUR and Furniture 3D modelling/conversions on average 20 000 EUR o This results 80 000 EUR revenue per furniture multiple store customer o => Together: 2 000 000 EUR / Year

• Professional Licenses to Interior Designers, Architectural Office o There are over 3000 architectural offices in the western countries o From these, it is estimated that 10% are investing for advanced internet sales technology and

online interior design solutions o From these we believe we will be the market leader with 30% market share o Each company will buy on average 3 seat licenses o => Result: 900 professional license customers with interior designers and architectural

offices o One professional license costs: 1 500 EUR/year

ecast Assumptions

The sale s in this business plan are based on the following assumptions:

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o => Result: 900 000 EUR / year • Private Licenses to private home rs

o There are over 1 000 000 home builders, hobbyists, in the world o From these we believe we may get 5% to use our solution on their home interior design

=> Result: 50 000 private license customers per year EUR

=> Result: 1 250 000 EUR / year

A2. Cash

Please see th

A3. Finan

INVESTME

each OPERATIN

• Sala s ompensation • Soc• Sala

app i• Sales co• Con t ojects • Tra• Oth ills (100 Euro

per s• Ren

Thi c

builders, hobbyists, decorato

oo One private license costs: 25o

Flow Calculation Seed – 6th Year

e attached Excel-sheet

cial Assumptions

NTS:

• In th He W and SW calculations, we are planning to buy 3000 Euro worth software and hardware for new employee on average + 10000 Euro per servers and networking quaterly

G EXPENSES:

rie are based on competitive cial costs are 60% of salaries ries increase 5% per year

• The annual number of employees (recruiting plan) can be found in the cash flow calculation end x

mmisions are built into the sales salaries sul ants and contractors (third parties) are employed at merket rates for special pr

velling costs include representational and customer entertainment expenseser costs include employee entertainment cost (100 Euro per person) and phone bper on) t costs 5000 Euro/month during first year, 10000 Euro/month starting from the second year. s in ludes the lobby, cleaning and security services.

Balance Sheet - Normal case

2005 2006 2007 2008 2009ASSETSCurrent Assets

Cash 76 000 55 600 202 480 1 036 226 3 750 887Net Accounts Rec. 70 000 1 000 000 1 000 000 1 550 000 2 175 000Inventory 0 0 0 0 0

Total Current Assets 146 000 1 055 600 1 202 480 2 586 226 5 925 887

Gross Fixed Assets 122 000 195 000 220 000 245 000 270 000Less Accum. Depr. 5 600 24 400 39 000 44 000 49 000

Net Fixed Assets 116 400 170 600 181 000 201 000 221 000

TOTAL ASSETS 262 400 1 226 200 1 383 480 2 787 226 6 146 887

LIABILITIESShort Term Liabilities

Accounts Payable 10 000 20 000 25 000 35 000 42 500Salaries PayableTaxes Payable 0 0 42 595 299 786 787 252

Total Short Term Liabilities 10 000 20 000 67 595 334 786 829 752

Long Term LiabilitiesLong Term Debt 200 000 200 000 200 000 0 0

Total Long Term Liabilities

TOTAL LIABILITIES

EquityCommon Stock 1 600 000 3 600 000 3 600 000 3 400 000 3 400 000Preferred Stock 0 0 0 0 0Retained Earnings 0 0 0 0 0

Total Equity

LIABILITIES & EQUITY

Cashflow statement - DecoDesign Oy Seed phase Start-up -> Expansion ->

Quarter / Year 1.st year 2.nd year 3rd year 4th year 5th year 6th year0 1 2 3 4 1 2 3 4

Income from salesOrders received Enterprise Licence

Corporate Licence 100 000 200 000 500 000 2 000 000 3 000 000 4 000 000 5 000 000Professional Licence 100 000 500 000 1 000 000 1 500 000 2 000 000Private Licence 500 000 1 000 000 1 500 000 2 000 000Customization 30 000 50 000 50 000 100 000 100 000 200 000 200 000 500 000 500 000 600 000 600 0003D modeling 10 000 20 000 30 000 50 000 100 000 100 000 300 000 400 000 600 000 600 000Maintenance 50 000 100 000 200 000 300 000 500 000 500 000TOTAL 0 30 000 60 000 70 000 130 000 250 000 550 000 1 000 000 4 000 000 6 200 000 8 700 000 10 700 000

Invoicing 0 0 30 000 60 000 70 000 130 000 250 000 550 000 1 000 000 4 000 000 6 200 000 8 700 000 10 700 000Payment 0 0 0 30 000 60 000 70 000 130 000 250 000 550 000 4 000 000 5 650 000 8 075 000 10 200 000

CostsMaterials purchasing 0 0 0 0 0 0 0 0 0 0 0 0 0Personnel incl. Social security 117 000 237 000 289 500 382 500 438 000 533 925 589 050 628 425 667 800 3 228 120 3 834 054 4 463 339 5 176 598Third Parties 10 000 10 000 10 000 10 000 10 000 20 000 20 000 20 000 20 000 100 000 140 000 170 000 200 000Publicity 5 000 5 000 25 000 25 000 50 000 50 000 200 000 200 000 300 000 300 000Rents 0 15 000 15 000 15 000 15 000 30 000 30 000 30 000 30 000 120 000 120 000 120 000 120 000Travelling costs 6 000 9 000 12 000 15 000 18 000 21 000 24 000 27 000 30 000 156 000 204 000 252 000 300 000Other 3 600 7 800 9 600 12 600 14 400 16 800 18 600 19 800 21 000 24 000 27 000 30 000 33 000Tax 0 0 0 0 0 0 0 0 0Interest 0 0 0 0 0 0 0 0 0 0 66 200 0 0Total costs 136 600 278 800 336 100 440 100 500 400 646 725 706 650 775 225 818 800 3 828 120 4 591 254 5 335 339 6 129 598

Cash flow -136 600 -278 800 -336 100 -440 100 -500 400 -646 725 -706 650 -775 225 -818 800 -3 828 120 -4 591 254 -5 335 339 -6 129 598

InvestmentsComputer HW and SW 28 000 31 000 19 000 25 000 19 000 22 000 19 000 16 000 16 000 25 000 25 000 25 000 25 000

LiquidityFree cash flow -164 600 -309 800 -355 100 -435 100 -459 400 -598 725 -595 650 -541 225 -284 800 146 880 1 099 946 2 714 661 4 045 402

Cash outflow / inflow (-/+) -164 600 -309 800 -355 100 -435 100 -459 400 -598 725 -595 650 -541 225 -284 800 146 880 1 033 746 2 714 661 4 045 402Cumulated liquidity -164 600 -474 400 -829 500 -1 264 600 -1 724 000 -2 322 725 -2 918 375 -3 459 600 -3 744 400 -3 597 520 -2 563 774 150 887 4 196 289

Financing 1st VC round 2nd VC roundLoan (Tekes) 200 000 -200000Equity Investment (Founders) 10 000Equity Investment (VC) 1 600 000 2 000 000Ending cash 35 400 1 325 600 970 500 535 400 76 000 1 477 275 881 625 340 400 55 600 202 480 1 036 226 3 750 887 7 796 289

Deprecationsseed phase 5 600 5 600 5 600 5 600 5 6001st year 18 800 18 800 18 800 18 800 18 8002nd year 14 600 14 600 14 600 14 600 14 6003rd year 5 000 5 000 5 000 5 0004th year 5 000 5 000 5 0005th year 5 000 5 0006th year 5 000TOTAL 5 600 24 400 39 000 44 000 49 000 48 400 34 600

P/E ratio: 14 Cash flow growth rate: 6 %

Company valuation Continuing value Discount rate 65 % 55 % 45 % 30 % 25 % 25 % 20 %Discount factor 0,6061 0,4162 0,3280 0,3501 0,3277 0,2621 0,3349Current value of the cash flow -945 091 -840 957 48 179 385 122 889 540 1 060 478 10 257 748

Company value (DCF) 10 855 019Company value (P/E) 11 733 555Company value (Balance sheet) ???

Recruiting PlanPersonnel Cost (EUR/month) 0 1 2 3 4 1 2 3 4 3rd year 4th year 5th year 6th year

Management 8000 2 3 3 4 4 4 4 4 4 5 5 5 5Project Management 6000 1 1 1 3 4 4 4 4 5 5 5 5 6SW engineer 6000 2 5 6 7 8 10 11 12 12 13 14 14 14Graphics Designer 5000 1 2 3 4 4 5 6 6 6 7 7 7 7Sales and Marketing 6500 0 0 1 1 2 3 4 5 6 8 12 16 20IT support 5000 0 1 1 1 1 1 1 1 1 1 1 1 1Clerical 4000 0 1 1 1 1 1 1 1 1 1 1 2 2TOTAL 6 13 16 21 24 28 31 33 35 40 45 50 55

Inflation and raises coefficient 1,0000 1,0000 1,0000 1,0000 1,0000 1,0500 1,0500 1,0500 1,0500 1,1025 1,1576 1,2155 1,2763

Cumulative Cash Flow

-5 000 000

-4 000 000

-3 000 000

-2 000 000

-1 000 000

0

1 000 000

2 000 000

3 000 000

4 000 000

5 000 000

Time (Quarters, years after Quarter 9)

Cas

h Fl

ow (E

UR

)

1 2 3 4 5 6 7 8 9 10 11 12 13

Cumulative cash flowCash flow