Open for Business 17092012

Embed Size (px)

Citation preview

  • 7/31/2019 Open for Business 17092012

    1/24

    2SHQIRUEXVLQHVV

    7KHYDOXHRI2SHQ6RXUFH6RIWZDUHLQWUDQVDFWLRQSURFHVVLQJ

    3URIHVVRU-LP1RUWRQ)5(QJ6HSWHPEHU

    6SRQVRUHGE\

  • 7/31/2019 Open for Business 17092012

    2/24

  • 7/31/2019 Open for Business 17092012

    3/24

    &RQWHQWV

    L$ERXWWKHDXWKRU

    LL)RUHZRUG

    ([HFXWLYHVXPPDU\DQGNH\QGLQJV

    ,QWURGXFWLRQ

    $EULHIFKURQRORJ\RIRSHQV\VWHPV

    )URPFORVHGWRRSHQV\VWHPVDVSHFWUXP

    9LUWXDOLVDWLRQIURPRSHQV\VWHPVWRFORXGFRPSXWLQJ

    6WDJHVRIWKHFORXG

    2SHQV\VWHPVLQWUDQVDFWLRQSURFHVVLQJ

    $GYDQWDJHVWRWKHHQWHUSULVHFXVWRPHU

    $GYDQWDJHVIRUWKHSURYLGHU

    $GYDQWDJHVWRWKHHQGFRQVXPHUV

    *RYHUQDQFHDQGDXGLW

    /HVVRQVIURPWKHWUDQVLWLRQIURPFORVHGWRRSHQV\VWHPV

    0DLQWDLQLQJDFRPPRQGHYHORSPHQWVXSSRUWWHDP

    $FFHSWLQJWKHFKDOOHQJHRIWKHWDVN 5HFRJQLVLQJLWLVPRUHWKDQUHSOLFDWLQJH[LVWLQJIXQFWLRQV

    (QVXULQJGDWDLQWHJULW\GXULQJUROOEDFNUHFRYHU\

    p6HHLQJWKHZRRGIRUWKHWUHHVqLQIDXOWPDQDJHPHQW

    :KDWPLJKWWKHIXWXUHRI266DQGFORXGFRPSXWLQJKROG"

    8ELTXLW\RUHIFLHQF\"

    +\EULGFORXG

    )HGHUDWLRQEHWZHHQFORXGV

    1HXWUDOLW\

    &RQFOXVLRQV

    5HIHUHQFHV

  • 7/31/2019 Open for Business 17092012

    4/24

    $ERXWWKHDXWKRU

    3URIHVVRU-LP1RUWRQ)5(QJ%(QJ&'LU&,73&(QJ'(QJ//'),R')%&6),(7)56$LVWKH,PPHGLDWH3DVW3UHVLGHQWRIWKH%&6sWKH&KDUWHUHG,QVWLWXWHIRU,7DERDUGPHPEHURIWKH3DUOLDPHQWDU\2IFHRI6FLHQFHDQG7HFKQRORJ\&KLHI([WHUQDO([DPLQHUIRUWKH,QVWLWXWHRI'LUHFWRUVo&HUWLFDWHLQ&RPSDQ\'LUHFWLRQDQGDWUXVWHHRIWKH)RXQGDWLRQIRU,QIRUPDWLRQ3ROLF\5HVHDUFK

    +LVSDVWUROHVLQFOXGH&KLHI([HFXWLYHRIWKH8.5DGLRFRPPXQLFDWLRQV$JHQF\DQG&KDLUPDQRI'HXWVFKH7HOHNRP/WG+HLVDUHVSHFWHGDGYLVHUWRJRYHUQPHQWVDQLQGHSHQGHQWGLUHFWRUDQGKDVVHUYHGRQVHYHUDOQRWDEOHHQTXLULHVDQGFRPPLVVLRQV+HOHGWKHWHDPWKDWDXWKRUHGWKHUHSRUWRQHFRPPHUFHIRUWKH%ULWLVK3ULPH0LQLVWHUDQGZDVDPHPEHURIWKH,335oV&RPPLVVLRQRQ1DWLRQDO6HFXULW\LQWKHVW&HQWXU\

    $Q\YLHZVH[SUHVVHGLQWKLVSDSHUDUHWKHDXWKRUoVRZQDQGGRQRWQHFHVVDULO\UHSUHVHQWWKHRSLQLRQRI$PDGHXV,7*URXS

  • 7/31/2019 Open for Business 17092012

    5/24

    )RUHZRUG

    7KHVKLIWWR2SHQ6RXUFH6RIWZDUHLVRQHRIWKHPRVWLPSRUWDQWFXUUHQWWUHQGVLQWHFKQRORJ\\HWLWLVVXUSULVLQJO\OLWWOHGLVFXVVHGFRPSDUHGZLWKRWKHUGHYHORSPHQWVsLQFOXGLQJWKRVHZKLFKLURQLFDOO\KDYHRQO\EHHQPDGHSRVVLEOHE\WKHDGRSWLRQRIRSHQV\VWHPV

    2SHQVRXUFHFDQRIIHUKXJHEHQHWVHQDEOLQJIDVWHULQQRYDWLRQDQGUHGXFHGWRWDOFRVWRIRZQHUVKLS:KLOVWWUDQVLWLRQLQJIURPFORVHGWRRSHQV\VWHPVLVQRWULYLDOWDVNXQOHVVWKLVVWHSLVWDNHQEXVLQHVVHVULVNEHLQJOHIWEHKLQGDVWKHLUFRPSHWLWRUVFDSLWDOLVHRQWKHQHZSRVVLELOLWLHVWKLVRIIHUV

    $PDGHXV,7*URXSLVFRPPLWWHGERWKWRRSHQVRXUFH

    DQGWRWKRXJKWOHDGHUVKLS:HUHJXODUO\FRPPLVVLRQZKLWHSDSHUVRQVXEMHFWVZHFRQVLGHULPSRUWDQWWRWKHIXWXUHGHYHORSPHQWRIRXULQGXVWU\DQGDUHGHOLJKWHGWRVSRQVRUWKLVUHSRUWE\WKHGLVWLQJXLVKHGWHFKQRORJ\OHDGHU3URIHVVRU-LP1RUWRQ:HKRSHLWZLOOERWKSURYHLQIRUPDWLYHDQGDOVRSURPRWHGHEDWHRQWKLVYLWDO\HWVRPHWLPHVRYHUORRNHGLVVXH

    +HUY&RXWXULHU([HFXWLYH9LFH3UHVLGHQW'HYHORSPHQW

    $PDGHXV,7*URXS

    $PDGHXV,7*URXSDQGRSHQV\VWHPV

    $PDGHXV,7*URXSLVDOHDGLQJWUDQVDFWLRQSURFHVVRUDQGSURYLGHURIDGYDQFHGWHFKQRORJ\VROXWLRQVIRUWKHJOREDOWUDYHODQGWRXULVPLQGXVWU\,QQRYDWLRQLVNH\WRWKHFRPSDQ\oVVXFFHVVsWKH(XURSHDQ&RPPLVVLRQOLVWVLWDVWKHQXPEHURQHLQYHVWRULQUHVHDUFKDQGGHYHORSPHQW5'IRUWKHFRPSXWHUVHUYLFHVDQGWUDYHOWRXULVPVHFWRUVZLWKRYHUPLQYHVWHGLQ5'LQ

    $PDGHXV,7*URXSLVVWURQJO\FRPPLWWHGWRRSHQV\VWHPVDWVHYHUDOOHYHOV

    $WWKHRSHUDWLQJV\VWHPOHYHODQRQJRLQJWUDQVLWLRQIURPSURSULHWDU\V\VWHPVWR/LQX[QRZVHHV$OWD5HVHUYDWLRQV,QYHQWRU\DQG'HSDUWXUH&RQWURO6\VWHP

    VXEVWDQWLDOO\UXQQLQJRQRSHQV\VWHPV

    0DQ\OHDGLQJLQQRYDWLRQVLQFOXGLQJH5HWDLO'\QDPLF:HEVLWH0DQDJHUDQG([WUHPH6HDUFKKDYHEHHQEXLOWZLWKH[WHQVLYHXVHRIRSHQVRXUFHFRPSRQHQWV

    $PDGHXV$5,$v7HPSODWHVsWKHIUDPHZRUNXSRQZKLFK$PDGHXV,7*URXSoVZHEVROXWLRQVDUHEDVHGsKDVUHFHQWO\EHHQPDGHRSHQVRXUFHDOORZLQJWKLUGSDUW\GHYHORSHUVWRXVHLWZLWKRXWFKDUJH

  • 7/31/2019 Open for Business 17092012

    6/24

    ([HFXWLYHVXPPDU\DQGNH\QGLQJV

    7KLVZKLWHSDSHUFKDUWVWKHGHYHORSPHQWRI2SHQ6RXUFH6RIWZDUH266DQGRSHQVRXUFHRSHUDWLQJV\VWHPVIURPWKHLUEHJLQQLQJV\HDUVDJR$WWKDWWLPHWKH\ZHUHVHHQDVXSVWDUWVXQOLNHO\WRRIIHUDVHULRXVFKDOOHQJHWRWKHHVWDEOLVKHGRUWKRGR[\RISURSULHWDU\V\VWHPV1RZWKH\DUHPRVWGHQLWHO\PDLQVWUHDPDGRSWHGDQGFKDPSLRQHGE\PDQ\RIWKH,7LQGXVWU\OHDGHUV

    ZKRLQLWLDOO\GLVFRXQWHGWKHP

    7KHSDSHUDVVHUWVWKDW266LVQRZDSSOLFDEOHLQHYHQWKHPRVWGHPDQGLQJUHDOWLPHSURFHVVLQJHQYLURQPHQWVsVXFKDVWKDWVHHQLQWKHJOREDOWUDYHOLQGXVWU\

    'UDZLQJRQWKHH[SHULHQFHRI$PDGHXV,7*URXSDQGRWKHUVZLWKKLJKO\GHPDQGLQJDSSOLFDWLRQVWKHEHQHWVRI266DUHH[SORUHGLQFOXGLQJIRUWKHEXVLQHVVFXVWRPHU

    JUHDWHULQQRYDWLRQ

    IDVWHUUHVSRQVHWRFKDQJHDQG

    WKHDELOLW\WRVXSSRUWDZLGHUDQJHRIKHWHURJHQHRXVV\VWHPV

    6LPLODUO\WKHEHQHWVWREXVLQHVVSURYLGHUVLQFOXGH

    EHWWHUDFFHVVWRVNLOOHGPRWLYDWHGDQGLQQRYDWLYHGHYHORSPHQWDQGVXSSRUWVWDII

    IDVWHUH[SORLWDWLRQRIQHZWHFKQRORJ\GHYHORSPHQWV

    WKHDELOLW\WRGUDZRQDJOREDOFRPPXQLW\IRUVSHFLDOLVWNQRZOHGJHDQGSUREOHPVROYLQJ

    DYRLGLQJGHSHQGHQF\RQPRQRSRO\VXSSOLHUV

    UHGXFHGWRWDOFRVWRIRZQHUVKLSDQG

    IXOOYLVLELOLW\RIDQGWKXVFRQGHQFHLQWKHVRXUFHFRGHXVHG

    7KHSDSHUUHFRJQLVHVWKDWWKHWUDQVLWLRQIURPFORVHGWRRSHQV\VWHPVUHSUHVHQWVDPDMRU

    FKDOOHQJH,WVXPPDULVHVOHVVRQVOHDUQWLQFOXGLQJ

    WKHLPSRUWDQFHRIPDLQWDLQLQJFRPPRQGHYHORSPHQWVXSSRUWWHDPVEHWZHHQH[LVWLQJDQGUHSODFHPHQWV\VWHPV

    UHFRJQLVLQJWKHH[WHQWRIWKHFKDOOHQJHDQGWKHVXEVWDQWLDOKXPDQDQGQDQFLDOUHVRXUFHVUHTXLUHG

    WKHLPSRUWDQFHRIEHLQJUHDOLVWLFDERXWWKHVXEVWDQWLDOSHULRGRIWLPHUHTXLUHG

    WKHFRQWLQXLQJFKDOOHQJHRIHQVXULQJGDWDLQWHJULW\GXULQJIDLOXUHUHFRYHU\RUV\VWHPUROOEDFNDQG

    WKHQHHGIRUDGYDQFHGOWHULQJDQGSURFHVVLQJRIZDUQLQJVDQGDODUPVWRHQVXUHWKDWLWLVSRVVLEOHWRpVHHWKHZRRGIRUWKHWUHHVq

    7KHFKDOOHQJHVIRUDXGLWRUVDQGFRPSOLDQFHRIFHUVLQYHULI\LQJLQWHJULW\DQGWQHVVIRUSXUSRVHLQGLVWULEXWHGV\VWHPVLVDOVRH[SORUHG:KHUHNH\IXQFWLRQVFDQPRYHEHWZHHQFRXQWULHVRUHYHQFRQWLQHQWVRQGHPDQGQHZDSSURDFKHVDQGZRUNLQJUHODWLRQVKLSVDUHUHTXLUHG

    )LQDOO\WKHSDSHUH[DPLQHVWKHIXWXUHSRWHQWLDORI266DQGFORXGFRPSXWLQJ,WDVVHUWVVWLOOIXUWKHULPSDFWDFURVVDEURDGVZDWKHRIFRPSXWLQJDQGLQIRUPDWLFV,QSDUWLFXODUWKHSDSHUH[SORUHVWKH

    ZRUNLQSURJUHVVWRLPSURYHWKHHIFLHQF\RIERWKSXEOLFDQGSULYDWHFORXGSODWIRUPVLQGHPDQGLQJDSSOLFDWLRQV

    RSSRUWXQLWLHVIRUpK\EULGqRSHUDWLRQPHUJLQJERWKSULYDWHDQGSXEOLFFORXGV

    FKDOOHQJHRILQWHURSHUDELOLW\DQGSRUWDELOLW\EHWZHHQSXEOLFFORXGSURYLGHUVDQG

    WUHQGWRZDUGVDSSOLFDWLRQVWKDWDUHpQHXWUDOqDQGQRWGHSHQGDQWRQVSHFLFRSHUDWLQJV\VWHPVRUEURZVHUV

  • 7/31/2019 Open for Business 17092012

    7/24

    ,QWURGXFWLRQ

    $EULHIFKURQRORJ\RIRSHQV\VWHPV

    2SHQV\VWHPVLQFRPSXWLQJDQGLQIRUPDWLFVUHIHUVWRDFODVVRIV\VWHPVZKLFKDUHEXLOWXVLQJ2SHQ6RXUFH6RIWZDUH266VWDQGDUGVDQGWKDWRIIHUDJRRGOHYHORISRUWDELOLW\DQG

    LQGHSHQGHQFHIURPWKHKDUGZDUHSODWIRUPVRQZKLFKWKH\RSHUDWH7KH\XVXDOO\LQFOXGHDULJKWWRHGLWDQGUHGLVWULEXWHDQGKDYHSDUWLFXODUFKDUDFWHULVWLFVLQFOXGLQJ

    QRLQWHQWLRQDOVHFUHWVWKHVWDQGDUGPXVWQRWZLWKKROGDQ\GHWDLOQHFHVVDU\IRULQWHURSHUDEOHLPSOHPHQWDWLRQ

    DYDLODELOLW\WKHVWDQGDUGPXVWEHIUHHO\DQGSXEOLFO\DYDLODEOHXQGHUUR\DOW\IUHHWHUPVDWUHDVRQDEOHDQGQRQGLVFULPLQDWRU\FRVW

    SDWHQWVDOOSDWHQWVHVVHQWLDOWRLPSOHPHQWDWLRQRIWKHVWDQGDUGPXVWEH

    OLFHQVHGXQGHUUR\DOW\IUHHWHUPVIRUXQUHVWULFWHGXVHRU

    FRYHUHGE\DSURPLVHRIQRQDVVHUWLRQZKHQSUDFWLFHGE\RSHQVRXUFHVRIWZDUH

    7KHUHDUHWKUHHNH\W\SHVRIOLFHQFHXQGHUZKLFK266PD\EHUHOHDVHG

    WKH*18L*HQHUDO3XEOLF/LFHQVH*3/UHTXLUHVWKDWDOWHUHGRUH[WUDFRGHDGGHGWR*3/VRIWZDUHEHDOVROLFHQVHGXQGHUWKH*3/7KLVHQVXUHVWKHSURSDJDWLRQRI266EXWFDQFDXVHOLFHQVLQJFRQLFWVLI*3/DQGSURSULHWDU\VRIWZDUHDUHFRPELQHG

    WKH%HUNHOH\6RIWZDUH'LVWULEXWLRQ%6'OLFHQFHJLYHVDQ\RQHWKHIUHHGRPWRUHOHDVHXSGDWHVRUPRGLFDWLRQVRIWKHVRIWZDUHXQGHUDQ\OLFHQFHWKH\ZLVK

    WKH/HVVHU*3//*3/LVDFRPSURPLVHEHWZHHQWKHUHVWULFWLYH*3/DQGWKHSHUPLVVLYH%6'$OWHUHG/*3/VRIWZDUHPXVWFRQWLQXHXQGHU/*3/EXWH[WUDFRGHFDQEHDGGHGXQGHUDOPRVWDQ\OLFHQFHWKHDXWKRUZLVKHV

    7KHFRQFHSWRIRSHQV\VWHPVGDWHVEDFNWRWKHODWHVDQGHDUO\VDVWKHUVWVWHSVZHUHWDNHQWROLQNKHWHURJHQHRXVFRPSXWHUV\VWHPVWRJHWKHUDFURVVFRPPXQLFDWLRQVQHWZRUNV1HWZRUNLQJGHYHORSPHQWVWRRNSODFHSULQFLSDOO\LQWZRFRPPXQLWLHVWKHGHIHQFHDFDGHPLFZRUOGOHDGLQJWRWKHGHYHORSPHQWRI$53$1(7DQGXOWLPDWHO\WRWRGD\oV,QWHUQHWEDVHGRQWKH7&3,3LLSURWRFROVDQGE\WKHSXEOLFWHOHFRPPXQLFDWLRQVRSHUDWRUVXVLQJDGLIIHUHQWSURWRFROVWDFNWKHp;qVHULHVWRDFKLHYHVLPLODUDLPV7KHUHDOLW\RIPXOWLSOHFRPSHWLQJVROXWLRQVOHGWRWKHFUHDWLRQRIDVLQJOH2SHQ6\VWHPV,QWHUFRQQHFWLRQ26,UHIHUHQFHPRGHO

    2QFHRSHQVROXWLRQVZHUHDYDLODEOHIRUQHWZRUNLQJDWWHQWLRQWXUQHGWRWKHDWWDFKHGFRPSXWHUV\VWHPV&RXOGWKHVRIWZDUHERWKRSHUDWLQJV\VWHPDQGDSSOLFDWLRQVEHPDGHPRUHLQGHSHQGHQWRIWKHSDUWLFXODUKDUGZDUHSODWIRUPRUYHQGRUXVHG"7KHPRVWZLGHO\UHFRJQLVHGSUHFXUVRURIWRGD\oVRSHQRSHUDWLQJV\VWHPVFDPHDJDLQIURPWKHWHOHFRPPXQLFDWLRQVZRUOG$77KDGUVWGHYHORSHGp8QL[qLQDWLWV%HOO/DERUDWRULHVVXEVLGLDU\,Q8QL[ZDVYHU\ODUJHO\UHZULWWHQLQWKHKLJKOHYHOSURJUDPPLQJODQJXDJHp&qPDNLQJLWPXFKHDVLHUWRWUDQVIHUEHWZHHQPXOWLSOHKDUGZDUHSODWIRUPV,QLWVODWHULQFDUQDWLRQVLQWKHV8QL[HPERGLHG

    VWDQGDUGLVHGSURJUDPPLQJLQWHUIDFHVDQGPDQDJHPHQWRIDWWDFKHGGHYLFHV

    8QL[ZDVWKHLQVSLUDWLRQIRUWKHGHYHORSPHQWRI/LQX[WKHEDVLVIRUWKHYDVWFRPPXQLW\RIRSHQVRIWZDUHDQGDSSOLFDWLRQVLQXVHWRGD\7KHUVW/LQX[.HUQHORSHUDWLQJV\VWHPFRUHZDVUHOHDVHGE\/LQXV7RUYDOGVLQ6RPH\HDUVRIGHYHORSPHQWDQGRSHUDWLQJH[SHULHQFHVRXUFHGIURPDURXQGWKHJOREHKDYHQRZJRQHLQWRWKH/LQX[EDVHGRSHQRSHUDWLQJV\VWHPV

    )URPFORVHGWRRSHQV\VWHPVDVSHFWUXP

    ,WZRXOGEHZURQJWRUHJDUGWKHTXHVWLRQRIZKHWKHUDQRSHUDWLQJV\VWHPLVRSHQRUFORVHGDVVLPSO\DELQDU\FKRLFH7KHUHDOLW\LVWKDWPRVWSUDFWLFDOLPSOHPHQWDWLRQVOLHVRPHZKHUHRQWKHVSHFWUXPEHWZHHQWKHVHWZRH[WUHPHV0DQ\FXUUHQWV\VWHPVGUDZRQWKH8QL[/LQX[OHJDF\ZKLOVWDUJXDEO\QRZEHLQJFORVHG([DPSOHVLQFOXGHWKH$SSOHRSHUDWLQJV\VWHPV26;DQGL26

    L*18LVDQRSHQVRXUFHRSHUDWLQJV\VWHP

    LL7UDQVPLVVLRQ&RQWURO3URWRFRO,QWHUQHW3URWRFRO

  • 7/31/2019 Open for Business 17092012

    8/24

    2UDFOH6RODULVDQG%ODFNEHUU\%%;2WKHUVEXLOGLQWKHLURZQSURSULHWDU\DGGLWLRQVIRUH[DPSOH,%0oV$,;DQG+3oV8;6WLOORWKHUVUHPDLQYHU\ODUJHO\RSHQVXFKDV*RRJOHoV$QGURLG

    (YHQZKHUHDFRUH/LQX[V\VWHPLVXVHGWKHUHZLOORIWHQEHDQHHGWRSXUFKDVHPDLQWHQDQFHDQGVXSSRUWVHUYLFHV7KHPDMRUYHQGRUVVXFKDV5HG+DWDQG686(KDYHHYHU\LQFHQWLYHWREXLOGLQVRPHFRPSHWLWLYHGLIIHUHQWLDWLRQE\FXVWRPLVLQJWKHLUYDULRXVVHUYLFHVDQGWRROVSDUWLFXODUO\LQWKHDUHDRIV\VWHPPDQDJHPHQW

    9LUWXDOLVDWLRQIURPRSHQV\VWHPVWRFORXGFRPSXWLQJ

    9LUWXDOLVDWLRQLVDJDLQDGHYHORSPHQWUVWLQWURGXFHGLQWKHV$VLQJOHPDLQIUDPHFRPSXWHUFRXOGUXQPDQ\VHSDUDWHLQVWDQFHVRIWKHVDPHRSHUDWLQJV\VWHPDWWKHVDPHWLPHXQGHUWKHFRQWURORIDpK\SHUYLVRUqLQHIIHFWHDFKLQVWDQFHRIWKHRSHUDWLQJV\VWHPVLPXODWHGDVWDQGDORQHPDFKLQH$OOZHUHKRVWHGVLPXOWDQHRXVO\EXWVHSDUDWHO\RQWKHVDPHKDUGZDUH7KHXVHRIVXFKYLUWXDOLVDWLRQWHFKQLTXHVZLWK/LQX[VW\OHRSHQV\VWHPVKDVJHQHUDWHGPDMRUEHQHWVZLWKVLQJOHPDFKLQHVVXSSRUWLQJPXOWLSOHYLUWXDOVHUYHUV)RUDSSOLFDWLRQVWKDWKDYHUHODWLYHO\ORZORDGIDFWRUVWKHDGYDQWDJHVDUHVXEVWDQWLDOORZHUFDSLWDOFRVWVWKURXJKEHWWHUXWLOLVDWLRQSOXVHDVHRIPDQDJHPHQWDQGSURYLVLRQLQJ

    7KHQDOVWHSWRFUHDWHFORXGFRPSXWLQJZDVWKHGHYHORSPHQWRIWKHWHFKQLTXHNQRZQDVpRUFKHVWUDWLRQq7KLVDOORZVPDQ\YLUWXDOPDFKLQHVWREHPDQDJHGDFURVVDUDQJHRISK\VLFDO

    KDUGZDUH$VORDGLQFUHDVHVIRUDSDUWLFXODUDSSOLFDWLRQIXUWKHUYLUWXDOPDFKLQHVFDQEHVWDUWHGDXWRPDWLFDOO\DQGLIQHFHVVDU\IXUWKHUSK\VLFDOV\VWHPVDVVLJQHGWRVXSSRUWRIWKHVHLQGHPDQGYLUWXDOPDFKLQHVDQGDSSOLFDWLRQV

    $OPRVWDOORIWKHVXFFHVVIXOZHEEXVLQHVVHVODXQFKHGLQWKHODVW\HDUVKDYHGUDZQRQWKLVEDVHRIYLUWXDOLVHGRSHQV\VWHPVIDPLOLDUQDPHVVXFKDV*RRJOH$PD]RQ

  • 7/31/2019 Open for Business 17092012

    9/24

    IXQFWLRQVLQFOXGLQJWDNLQJUHVSRQVLELOLW\IRULQWHJUDWLRQEHWZHHQWKRVHDSSOLFDWLRQV&RPPHUFLDOH[DPSOHVLQFOXGH,QIRV\V%3DD6DQG,%06PDUW&ORXG

    &ORXGFDQEHSURYLGHGHQWLUHO\LQKRXVHIRUH[DPSOHE\DQH[LVWLQJFRUSRUDWH,7'HSDUWPHQWsWKHVRFDOOHGSULYDWHFORXG,WFDQDOVREHRIIHUHGXQGHUFRQWUDFWE\DQH[WHUQDOVHUYLFHSURYLGHUVXFKDV$PD]RQRU*RRJOHsWKHVRFDOOHGSXEOLFFORXG)LJXUH2QHEHORZLOOXVWUDWHVWKHVHIRXUVWDJHVLQERWKSULYDWHDQGSXEOLFFORXGSURYLVLRQ2WKHUFRPELQDWLRQVDQGK\EULGVEHWZHHQSULYDWHDQGSXEOLFSURYLVLRQDUHSRVVLEOHEXWWKHEDVLFHOHPHQWVDUHDVRXWOLQHGDERYH

    )LJXUH2QHDQLOOXVWUDWLRQRIWKHNH\VWDJHVRIERWKSULYDWHDQGSXEOLFFORXGSURYLVLRQ

    7KHDUHDVVKDGHGLQJUHHQLQGLFDWHWKHHOHPHQWVWUDQVIHUUHGWRSURYLVLRQE\WKHFORXGRSHUDWRUXQGHUWKHYDULRXVGLIIHUHQWVFHQDULRV

    :LWKJUDWHIXODFNQRZOHGJHPHQWWRWKH,QVWLWXWLRQRI(QJLQHHULQJDQG7HFKQRORJ\

    *URZWKRIWKHFORXG7KHODWHVWUHVHDUFKIURP*DUWQHUVXJJHVWVWKDWpFORXGFRPSXWLQJqLVWKHIDVWHVWJURZLQJVHUYLFHW\SHLQWKHRXWVRXUFLQJPDUNHWDFKLHYLQJJURZWKODVW\HDUZLWKWRWDOVSHQGLQJRIEQ*UHJRU3HWULUHVHDUFKGLUHFWRUDW*DUWQHUQRWHGWKDWp$VQH[WJHQHUDWLRQEXVLQHVVDSSOLFDWLRQVFRPHWRPDUNHWDQGH[LVWLQJDSSOLFDWLRQVDUHPLJUDWHGWRXVHDXWRPDWHGRSHUDWLRQVDQGPRQLWRULQJLQFUHDVHGYDOXHLQWHUPVRIVHUYLFHFRQVLVWHQF\DJLOLW\DQGSHUVRQQHOUHGXFWLRQZLOOEHGHOLYHUHG>WKURXJKWKHFORXG@q

    4XLFNWDNH

    2SHQV\VWHPVDUHQRZDVWURQJDQGSURYHQDSSURDFK

    266KDVD\HDUSHGLJUHHZLWK/LQX[ODXQFKHGPRUHWKDQ\HDUVDJR

    7KHGLVWLQFWLRQEHWZHHQRSHQDQGFORVHGV\VWHPVLVQRWDEVROXWH([LVWLQJPDMRUFORVHGV\VWHPVVXFKDV$SSOHoV26;DQGL26GUDZRQRSHQURRWVVXFKDV81,;

    9LUWXDOLVHGRSHQV\VWHPVUHSUHVHQWDNH\VWHSSLQJVWRQHWRSULYDWHDQGSXEOLFFRPSXWLQJRQGHPDQGWKURXJKFORXGWHFKQRORJLHV

    &ORXGFRPSXWLQJLWVHOIFDQFRPSULVHVHYHUDOVWDJHVZLWKSURJUHVVLYHO\PRUHHOHPHQWVEHLQJFRQWUDFWHGRXWWRWKHVHUYLFHSURYLGHU

  • 7/31/2019 Open for Business 17092012

    10/24

    2SHQV\VWHPVLQWUDQVDFWLRQSURFHVVLQJ

    $VWKHXVHRIRSHQRSHUDWLQJV\VWHPVDQGDSSOLFDWLRQVKDVPDWXUHGWKH\KDYHLQFUHDVLQJO\EHHQDSSOLHGLQEXVLQHVVFULWLFDODSSOLFDWLRQV7KHRSHQVRXUFH$SDFKH:HEVHUYHUKDVEHHQWKHPRVWZLGHO\XVHGVXFKVHUYHURQWKH,QWHUQHWIRUWKHODVW\HDUV(YHQSURSULHWDU\V\VWHPVVXFKDV0LFURVRIWo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

    $GYDQWDJHVWRWKHHQWHUSULVHFXVWRPHU

    $FFHVVWRJUHDWHULQQRYDWLRQ7KHFRPELQDWLRQRIRSHQVRXUFHVRIWZDUHRSHQV\VWHPV

    LQWHURSHUDELOLW\DQGRSHQVWDQGDUGVKDVFUHDWHGDVHOIUHLQIRUFLQJFRPPXQLW\RIVKDUHGUHVHDUFKDQGGHYHORSPHQWDQGDSRROLQJRIFUHDWLYHLGHDV7KLVOHDGVWRDVWUHDPRILQQRYDWLYHDSSOLFDWLRQVIRUWHVWDQGGHYHORSPHQW7KRVHWKDWVKRZSURPLVHDUHLPSOHPHQWHGDQGDGRSWHGPRUHTXLFNO\

    4XLFNHUUHVSRQVHWRFKDQJLQJUHTXLUHPHQWV7KHSDFHRIFKDQJHLQPDQ\PDUNHWVHVSHFLDOO\WKRVHZLWKDFRQVXPHUIRFXVLVQRZUHOHQWOHVV7KHIRFXVRQFXVWRPHUHQJDJHPHQWDQGLQYROYHPHQWDQGWKHLQXHQFHRIEXUJHRQLQJVRFLDOQHWZRUNVSODFHIXUWKHUGHPDQGVRQLPPHGLDF\RIUHVSRQVH$FFHVVWRDZLGHUDQJHRIFRVWHIIHFWLYHGHYHORSPHQWWRROVDELOLW\WRVFDOHUDSLGO\DQGDFFHVVWRJOREDOFRPPXQLW\RIVKDUHGNQRZOHGJHDOOIDYRXUWKHXVHRIWKHRSHQDSSURDFK

    (QKDQFHGDELOLW\WRVXSSRUWDSOHWKRUDRIV\VWHPV7KHZRUOGLVDKLJKO\KHWHURJHQHRXVHQYLURQPHQW%XVLQHVVRUJDQLVDWLRQVXVHDZLGHYDULHW\RIFXUUHQWDQGOHJDF\V\VWHPVDOODWGLIIHUHQWVWDJHVRIWKHLUOLIHF\FOH6RPHDUHZLGHO\VXSSRUWHGVRPHOHVVVR7KHDELOLW\WKURXJKRSHQV\VWHPVWRGUDZRQDYHU\H[WHQVLYHUDQJHRIVWDQGDUGVDQGLQWHUIDFHVVKDUHGDQGGHYHORSHGRYHU\HDUVFDQEHDNH\GLIIHUHQWLDWRU

    $GYDQWDJHVIRUWKHSURYLGHU

    2SHQVRXUFHLVGULYLQJLQQRYDWLRQ,QDVSHHFKDWWKH/LQX[OHDGHUVDQQXDOVXPPLWLQ-XQH5HG+DW&(2-LP:KLWHKXUVWFRPPHQWHGWKDWWKHLQIRUPDWLRQDJHLVQDOO\HYROYLQJLQWRWKHLQIRUPDWLRQHFRQRP\EHFDXVHRIWKHVWDQGDUGLVDWLRQHQDEOHGE\/LQX[DQGRSHQVRXUFH+HVDLGWKDWpf2SHQVRXUFHKDVJRQHPDLQVWUHDPRSHQVRXUFHLVWKHGHIDXOWFKRLFHRIWKHQH[WJHQHUDWLRQ,7DUFKLWHFWXUHfqDQGpf0RUHLQQRYDWLRQZLOOKDSSHQUVWLQRSHQVRXUFHDQGWKDWoVDUDGLFDOFKDQJHIURPHYHQYH\HDUVDJRq

    2SHQVRXUFHoVUHVSRQVLYHQHVV$OH[0F/DFKODQRI,QGLJREOXH&RQVXOWLQJVKDUHGLQKLVEORJWKDWp2QHRIRSHQVRXUFHoVXQLTXHVHOOLQJSRLQWVLI,FDQXVHWKDWSKUDVHLVLWVUHVSRQVLYHQHVV:HoYHKDGDUHDOO\JRRGH[DPSOHRIWKLVRQRXUZHEVLWHUHFHQWO\ZKLFKGHPRQVWUDWHVKRZLVVXHVZLWKRSHQVRXUFHVRIWZDUHFDQJHW[HGUHDOO\TXLFNO\DQGHIFLHQWO\:HXVHWKH'UXSDORSHQVRXUFHZHEVLWHFRQWHQWPDQDJHPHQWV\VWHPDQGZDQWHGWRDGGLQWKH$PD]RQPRGXOHWKDWOHWV\RXOLQNGLUHFWO\WR$PD]RQFRQWHQWV

    :HKDGDQLVVXHZLWKKRZWKHOLQNVWR$PD]RQZHUHDSSHDULQJf7KHJX\GRLQJWKHGHYHORSPHQWSRVWHGWKHSUREOHPRQWKH'UXSDOZHEVLWHDQGUHVROYHGWKHFDXVHRIWKHSUREOHPZLWKWKHPRGXOHPDLQWDLQHUZLWKLQDIHZGD\V7KLVH[SHULHQFHFRQWUDVWVZLWKH[SHULHQFHV,oYHKDGZLWKFRPSDQLHVVXSSRUWLQJSURGXFWVZKHUHLWFDQEHGLIFXOWWRJHW[HVPDGHEHWZHHQSURGXFWUHOHDVHVVRDQ\VLJQLFDQWLVVXHFDQPHDQZDLWLQJXQWLOWKHQH[WSURGXFWUHOHDVHq

  • 7/31/2019 Open for Business 17092012

    11/24

    $FFHVVWRVNLOOHGPRWLYDWHGDQGLQQRYDWLYHVWDII$JHQHUDWLRQKDVQRZJURZQXSZLWKWKH,QWHUQHWDQGRSHQVRXUFH7KH\ZDQWWRZRUNZLWKWKHVHV\VWHPVDQGWRROVUDWKHUWKDQWKHFORVHGDQGSURSULHWDU\DSSURDFKHVWKDWDUHIUHTXHQWO\VHHQDVPRUHOLPLWLQJ2SHQV\VWHPVGHYHORSPHQWVVXFKDV

    'UXSDODQRSHQVRXUFHFRQWHQWPDQDJHPHQWSODWIRUPSRZHULQJPLOOLRQVRIZHEVLWHVDQGDSSOLFDWLRQV,WoVEXLOWXVHGDQGVXSSRUWHGE\DQDFWLYHDQGGLYHUVHFRPPXQLW\RISHRSOHDURXQGWKHZRUOG

    +DGRRS7KH$SDFKH+DGRRSVRIWZDUHOLEUDU\LVDIUDPHZRUNWKDWDOORZVIRUWKHGLVWULEXWHGSURFHVVLQJRIODUJHGDWDVHWVDFURVVFOXVWHUVRIFRPSXWHUVXVLQJDVLPSOHSURJUDPPLQJPRGHO,WLVGHVLJQHGWRVFDOHXSIURPVLQJOHVHUYHUVWRWKRXVDQGVRIPDFKLQHVHDFKRIIHULQJORFDOFRPSXWDWLRQDQGVWRUDJH5DWKHUWKDQUHO\RQKDUGZDUHWRGHOLYHUKLJKDYDLODELOLW\WKHOLEUDU\LWVHOILVGHVLJQHGWRGHWHFWDQGKDQGOHIDLOXUHVDWWKHDSSOLFDWLRQOD\HUVRGHOLYHULQJDKLJKO\DYDLODEOHVHUYLFHRQWRSRIDFOXVWHURIFRPSXWHUVHDFKRIZKLFKPD\EHSURQHWRIDLOXUHVDQG

    M4XHU\DIDVWDQGFRQFLVH-DYD6FULSW/LEUDU\WKDWVLPSOLHV+70/GRFXPHQWWUDYHUVLQJ

    HYHQWKDQGOLQJDQLPDWLQJDQG$MD[LQWHUDFWLRQVIRUUDSLGZHEGHYHORSPHQWDUHVHHQDVSDUWLFXODUO\GHVLUDEOH

    5DSLGH[SORLWDWLRQRIQHZWHFKQRORJ\GHYHORSPHQWV8QGHUWKHFRQWLQXLQJLPSHWXVRIp0RRUHoV/DZqLLLQHZGHYHORSPHQWVLQKDUGZDUHVXFKDVXOWUDKLJKUHVROXWLRQGLVSOD\VHQKDQFHGZLUHOHVVQHWZRUNLQJDQGQHWZRUNEDVHGVWRUDJHFRQWLQXHDSDFH1HZGHYHORSPHQWVLQVRIWZDUHDQGV\VWHPVIRUH[DPSOHLQ%XVLQHVV$QDO\WLFVWKHVRFDOOHGpELJGDWDqDUHDOVRDUHJXODURFFXUUHQFH,WLVLPSRUWDQWWRKDYHWLPHO\DFFHVVWRWKHVH7KHRSHQVRXUFHFRPPXQLW\RQFHDJDLQRIIHUVUDSLGDFFHVV

    'UDZLQJRQDJOREDOFRPPXQLW\IRUNQRZOHGJHWRROVDQGSUREOHPVROYLQJ'HYHORSHGRYHUWKHODVW\HDUVWKHRSHQVRXUFHFRPPXQLW\QRZQXPEHUVLQWKHPLOOLRQVRIVRIWZDUHDUFKLWHFWVDQDO\VWVGHVLJQHUVDQGSURJUDPPHUV7KHFRPPXQLW\DOVRH[WHQGVWRNH\XQLYHUVLWLHVDQGIDFLOLWDWHVDFFHVVWROHDGLQJHGJHUHVHDUFK7KHUHDUHH[WHQVLYHIDFLOLWLHVIRUFROODERUDWLRQf

    $PDGHXV,7*URXSKDVRSHQHGRQHRILWVFRUHWHFKQRORJ\IUDPHZRUNVp$PDGHXV$5,$v7HPSODWHVqWRWKHRSHQVRXUFHFRPPXQLW\7KLVDSSOLFDWLRQIUDPHZRUNZULWWHQLQ-DYD6FULSWLVVHWWRUHYROXWLRQLVHWKHZD\WKHWUDYHOLQGXVWU\EXLOGVQHZXVHULQWHUIDFHV

    GUDVWLFDOO\HDVLQJWKHFKDOOHQJHVDVVRFLDWHGZLWKGHYHORSPHQWRIWUDYHOPRELOHDSSV7KLUGSDUW\GHYHORSHUVQRZKDYHWKHPHDQVWRSURSRVHDQGEXLOGDGYDQFHVWR$PDGHXVoVHOOLQJLQWHUIDFHRSHQLQJXSDUDIWRIQHZLGHDV$VWKHIUDPHZRUNLVDOUHDG\XVHGLQNH\$PDGHXV,7*URXSSURGXFWVWKHFRPSDQ\KDVDORQJWHUPFRPPLWPHQWWRLQYHVWLQJLQDQGPDLQWDLQLQJ$5,$v7HPSODWHV

    *LW+XELVDVRFLDOQHWZRUNIRURSHQVRXUFHSURJUDPPHUV,WLVEDVHGDURXQGWKHp*LWq

    WKHH[WUHPHO\IDVWHIFLHQWGLVWULEXWHGYHUVLRQFRQWUROV\VWHPIRUWKHFROODERUDWLYHGHYHORSPHQWRIVRIWZDUHFUHDWHGE\/LQXV7RUYDOGV,WVXSSRUWVFRGHUHSRVLWRULHVLVVXHWUDFNLQJFROODERUDWLRQPDQDJHPHQWFRGHUHYLHZVDQGVRRQ0RUHWKDQWZRPLOOLRQVRIWZDUHGHYHORSHUVDUHOLQNHGWKURXJK*LW+XE

    RSHQVWDFNvLVDJOREDOFRPPXQLW\RIWHFKQRORJLVWVGHYHORSHUVUHVHDUFKHUVFRUSRUDWLRQVDQGFORXGFRPSXWLQJH[SHUWVRULJLQDOO\VHWXSXQGHUWKHDHJLVRIWKH861DWLRQDODHURQDXWLFV6SDFH$GPLQLVWUDWLRQ1$6$,WFXUUHQWO\LQYROYHVPRUHWKDQSHRSOHIURPPRUHWKDQRUJDQLVDWLRQV,WLVEDVHGDURXQGDPDVVLYHO\VFDODEOHpFORXGqRSHUDWLQJV\VWHP

    LLL0RRUHoV/DZQDPHGDIWHU,QWHOFRIRXQGHU*RUGRQ(0RRUHFRPHVIURPDVWDWHPHQWE\0RRUHWKDWWKHQXPEHURIWUDQVLVWRUVFRQWDLQHGLQDVWDWHRIWKHDUWLQWHJUDWHGFLUFXLWZRXOGGRXEOHHYHU\WZR\HDUV7KLVFRUUHVSRQGVURXJKO\WRDGRXEOLQJRISURFHVVLQJSHUIRUPDQFHHYHU\PRQWKV

  • 7/31/2019 Open for Business 17092012

    12/24

    /LPLWLQJUHVWULFWHGGHSHQGHQFLHV7KHRSHQVRXUFHFRPPXQLW\DYRLGVGHSHQGHQF\RQVLQJOHVRXUFHVDQGVKDUSO\OLPLWVWKHSRWHQWLDORIUHVWULFWHGSULFLQJSRZHU)RUH[DPSOHLQWHUPVRIVXSSRUWIRUWKH/LQXVRSHUDWLQJV\VWHPFRPSHWLWLRQLVEDVHGRQTXDOLW\RIFXVWRPHUVHUYLFHDQGDGGLWLRQDOPDQDJHPHQWIDFLOLWLHVUDWKHUWKDQRQDFFHVVWRWKHLQGLYLGXDOV\VWHPUHOHDVHV7KHSXUFKDVHUKDVPRUHIUHHGRPUHJDUGLQJZKHQWRXSJUDGHWRDQHZUHOHDVHf

    /RZHUWRWDOFRVWRIRZQHUVKLS2SHQ6RXUFH6RIWZDUHLVJHQHUDOO\IUHHWRREWDLQUDWKHUWKDQEHLQJVXEMHFWWRWKHOLFHQFHIHHQRUPDOO\FKDUJHGIRUDFFHVVWRSURSULHWDU\VRIWZDUH+RZHYHUWKLVLVQRWWKHFRUUHFWEDVLVRQZKLFKWRFRPSDUHFRVWV,WLVPRUHDSSURSULDWHWRFRQVLGHUWKHWRWDOFRVWRIRZQHUVKLS7&2RYHUWKHOLIHWLPHRIXVHRIWKHVRIWZDUH7KH/RQGRQ6FKRRORI(FRQRPLFV/6(SXEOLVKHGDUHSRUWRQ7&2IRUWKH8QLWHG.LQJGRP&DELQHW2IFHLQ7KLVUHSRUWIRXQGWKDWp7KHKLJKHVWVFRUHIRUVWUDWHJLFGULYHUVZDVIRUUHGXFHGYHQGRUORFNLQ$FORVHVHFRQGZDVYDOXHIRUPRQH\q7KHUHSRUWEDVHGRQDVXUYH\RIRUJDQLVDWLRQVIRXQGWKDW7&2ZDVRIWHQORZHURYHUDOOZLWKRSHQVRXUFHVRIWZDUH+RZHYHUEDVHGRQDPRGHORIYHOLIHF\FOHSKDVHV6HDUFKIRUDVROXWLRQ$FTXLVLWLRQ,QWHJUDWLRQ8VHDQG5HWLUHPHQWVWUXFWXUHGLQWRVHSDUDWHDUHDVRIFRVWDQDO\VLVVKRXOGUHDOO\EHFDUULHGRXWRQDFDVHE\FDVHEDVLV,QVRIDUDVJHQHUDOLVDWLRQLVSRVVLEOHLQGXVWU\ORUHLVWKDWD7&2VDYLQJRIDURXQGLVDFKLHYDEOH

    )XOOYLVLELOLW\RIDQGFRQGHQFHLQWKHVRXUFHFRGH7KHUHUHPDLQVQREURDGDJUHHPHQWLQFRPSXWHUVHFXULW\FLUFOHVDVWRZKHWKHURSHQYLVLELOLW\RIVRXUFHFRGHFRQWULEXWHVWRRUGHWUDFWVIURPV\VWHPVHFXULW\$FFHVVWRWKHFRGHLVFOHDUO\KHOSIXOWRDQDWWDFNHUEXWLQWKHVDPHZD\H[WHQVLYHSXEOLFUHYLHZDQGFRUUHFWLRQRIWKHFRGHFDQPLQLPLVHWKHDYHQXHVIRUDWWDFNDQGRIIHUPRUHUDSLGLGHQWLFDWLRQDQGEORFNLQJRIVXFFHVVIXODWWDFNV7KHVHLVVXHVDUHGLVFXVVHGLQVRPHGHSWKLQWKHSDSHU6HFXULW\LQ2SHQYHUVXV&ORVHG6\VWHPV7KH'DQFHRI%ROW]PDQQ&RDVH

    0D\$OSKD([FKDQJH,PSURYHV3HUIRUPDQFH5HGXFHV&RVWE\0LJUDWLQJWR5HG+DW(QWHUSULVH/LQX[

    $OSKD([FKDQJHKDVEHHQDEOHWRNHHSLWVSRVLWLRQDVRQHRIWKHIDVWHVWWUDGLQJSODWIRUPVLQ&DQDGDWKURXJKWKHXVHRI5HG+DWWHFKQRORJ\$OSKDKDVVHHQGUDPDWLFLPSURYHPHQWVLQSHUIRUPDQFHSOXVFRVWVDYLQJVDQGHQKDQFHGVWDIISURGXFWLYLW\

    p7KHFRPELQDWLRQRI5HG+DW(QWHUSULVH/LQX[DQG+3VHUYHUVUHDOO\H[FHOVIRUWKHW\SHRIZRUNORDGVZHGRq$OHNVDQGDU6LPLFKHDGRILQIUDVWUXFWXUH$OSKD([FKDQJH

    6RIWZDUH5HG+DW(QWHUSULVH/LQX[+DUGZDUH+33UR/LDQW6HUYHUV

    %HQHWV$OSKDKDVVHHQGUDPDWLFLPSURYHPHQWVLQSHUIRUPDQFHSOXVFRVWVDYLQJVDQGHQKDQFHGVWDIISURGXFWLYLW\

    /21'21)HEUXDU\1RYHOOWRGD\DQQRXQFHG686(/LQX[(QWHUSULVH6HUYHUZLOOEHXVHGWRVXSSRUWWKH/RQGRQ6WRFN([FKDQJHoVQHZWUDGLQJSODWIRUP7KH/LQX[V\VWHPZLOOKHOSWKH([FKDQJHWRHIIHFWLYHO\PDQDJHWKHKLJKYROXPHRIWUDIFSDVVLQJWKURXJKLWVV\VWHPVLQUHFRUGEUHDNLQJWLPH7KHGHSOR\PHQWZKLFKZHQWOLYHWRGD\ZLOOKHOSLPSURYHWKHSHUIRUPDQFHRIWKH([FKDQJHoV8.FDVKPDUNHWV

    7KHQHZ0LOOHQQLXP([FKDQJHV\VWHPZLOOSURYLGHWKH([FKDQJHZLWKDKLJKSHUIRUPDQFHVHFXUHJUHHQDQGLQWHURSHUDEOHSODWIRUPFDSDEOHRIPDNLQJLQWHOOLJHQWXVHRIYLUWXDODQGSK\VLFDOHQYLURQPHQWV

    686(/LQX[(QWHUSULVH6HUYHUZLOOKHOSWRLQFUHDVHWKH0LOOHQQLXP([FKDQJHV\VWHPoVFDSDFLW\WRFRSHZLWKKLJKYROXPHWUDGLQJ686(/LQX[(QWHUSULVH6HUYHULVDKLJKO\UHOLDEOHVFDODEOHDQGVHFXUHVHUYHURSHUDWLQJV\VWHPEXLOWWRSRZHUERWKSK\VLFDODQG

    YLUWXDOPLVVLRQFULWLFDOZRUNORDGV:LWKWKLVIRXQGDWLRQHQWHUSULVHVFDQHIFLHQWO\GHOLYHUEXVLQHVVVHUYLFHVHQDEOHVHFXUHQHWZRUNVDQGPDQDJHKHWHURJHQHRXV,7UHVRXUFHV0LOOHQQLXP([FKDQJHLVDOVREHLQJEDFNHGE\1RYHOOoVZRUOGFODVVVXSSRUWDQGVHUYLFHV

  • 7/31/2019 Open for Business 17092012

    13/24

    DQG0RRUHE\5RVV$QGHUVRQ3URIHVVRURI&RPSXWHU6HFXULW\DW&DPEULGJH8QLYHUVLW\,QVRIDUDVDFRQVHQVXVH[LVWVLWLVWKDWLQSXUHVHFXULW\WHUPVWKHUHLVOLWWOHGLIIHUHQFHEHWZHHQRSHQDQGSURSULHWDU\FRGH$UHSRUWE\WKH&RPPXQLFDWLRQVDQG(OHFWURQLF6HFXULW\*URXS&(6*RIWKH8.*RYHUQPHQW&RPPXQLFDWLRQV+HDGTXDUWHUV*&+4SXEOLVKHGLQ'HFHPEHUFRQFOXGHGWKDWp2SHQVRXUFHDVDFDWHJRU\LVQRPRUHRUOHVVVHFXUHWKDQFORVHGSURSULHWDU\VRIWZDUHq7UXVWLQpVHFXULW\E\REVFXULW\qWKRXJKGRHVVHHPPLVSODFHGLQWKHSURSULHWDU\ZRUOGDVWKHFRGHLVQRW

    REVFXUHWRLQVLGHUV)XUWKHUPRUHIXOOYLVLELOLW\RIFRGHKHOSVWRHQVXUHWKDWQRpEDFNGRRUVqRUVXUSULVHVDUHKLGGHQDZD\f

    $GYDQWDJHVWRWKHHQGFRQVXPHUV

    *UHDWHUFKRLFHDQGGHSWKRIVHUYLFHV2SHQVRXUFHDVVHHQDERYHERWKHQDEOHVJUHDWHUDVZHOODVIDVWHULQQRYDWLRQDQGDGGLWLRQDOO\PDNHVLWSRVVLEOHWRGHOLYHUVHUYLFHVWKDWZRXOGQRWEH

    QDQFLDOO\YLDEOHXQGHUWKHHFRQRPLFPRGHORISURSULHWDU\VRIWZDUH 'HPRFUDWLVDWLRQRIVHUYLFHV)XQFWLRQDOLW\WKDWZRXOGRWKHUZLVHRQO\EHYLDEOHWRSURYLGHRQDOLPLWHGVFDOHRUDWDKLJKSULFHSRLQWsDVLWZRXOGEHVXSSRUWHGHLWKHUE\SURSULHWDU\VRIWZDUHRUE\PDQXDODFWLYLW\sFDQEHRIIHUHGZLGHO\ZKHQVXSSRUWHGE\RSHQVRXUFHVRIWZDUH%\SURYLGLQJDQRSHUDWLQJPRGHOZLWKRXWYROXPHUHODWHGOLFHQFHIHHVRSHQVROXWLRQVDUHPRUHIHDVLEO\VFDODEOHsKHQFHVHUYLFHVWKDWSUHYLRXVO\FRXOGRQO\EHRIIHUHGWRWRSHQGFRQVXPHUVFDQEHPDGHDYDLODEOHWRDEURDGHUSRSXODWLRQ7KLVLQWXUQDOORZV\HWJUHDWHUFKRLFHPRUHLQIRUPHGGHFLVLRQPDNLQJDQGDEHWWHUFRQVXPHUH[SHULHQFH

    6LPSO\SXWPDQ\RIWKHVHUYLFHVEDVHGRQRSHQVRXUFHsIURPVHDUFKHQJLQHVWRVRFLDOPHGLDWRKROLGD\SODQQLQJsZRXOGHLWKHUQHYHUKDYHEHHQGHYHORSHGRUFRXOGQRWIHDVLEO\EHRSHUDWHGKDGWKH\QRWEHHQGHYHORSHGRQRSHQVRXUFH

    *RYHUQDQFHDQGDXGLW

    7KHFKDOOHQJHRIWLJKWO\FRXSOHGV\VWHPV7KHODVW\HDUVKDYHVHHQWKHJOREDOHFRQRP\EHFRPHHYHUPRUHLQWHUFRQQHFWHGDQGHIFLHQW2UJDQLVDWLRQVKDYHEHHQHQFRXUDJHGWRUXQOHDQEHFRPHDWWHUWRWDNHRXWVWRFNDQGWRRSHUDWHnMXVWLQWLPHo2XWVRXUFLQJDQGIRFXVLQJRQO\RQFRUHFRPSHWHQFLHVKDVEHFRPHDPDQWUDWUDGLQJRIIFRVWUHGXFWLRQDJDLQVWUHGXFHGYLVLELOLW\DQGFRQWURO0XFKFDSLWDOSUHYLRXVO\WLHGXSLQVWRFNRUnZRUNLQSURJUHVVoKDVEHHQOLEHUDWHGIRUPRUHHIIHFWLYHLQYHVWPHQW,QWHUPVRIFRPSHWLWLYHQHVVDOORIWKLVPDNHVDEVROXWHVHQVHDQGLVLQGHHGHVVHQWLDOIRUHFRQRPLFVXFFHVV+RZHYHULWKDVEHFRPHFOHDUWKDWWKHUHLVDJKRVWKRYHULQJDWWKLVSDUWLFXODUIHDVW5XQQLQJOHDQPDNHVH[FHOOHQWEXVLQHVVVHQVHEXWLWFRQWDLQVDQLPSOLFLWDVVXPSWLRQWKDWWKHNH\V\VWHPVPXVWEHVHFXUHDQGUHOLDEOH7KH:RUOG(FRQRPLF)RUXPJLYHVSULGHRISODFHWRULVNVIURP,7V\VWHPVRQLWVPDSRIWKHJOREDOULVNODQGVFDSHsVHH)LJXUH7ZR

    p7KHGLIIHUHQFHVEHWZHHQ266DQGSURSULHWDU\VRIWZDUHDUHQRWDPDMRUIDFWRULQHLWKHULPSURYLQJRUGHJUDGLQJWKHYXOQHUDELOLW\RIDQDWLRQoV,7LQIUDVWUXFWXUHq

    5HSRUWp$QDO\VLVRIWKHLPSDFWRI2SHQ6RXUFH6RIWZDUHqs4LQHWL42FWREHU

  • 7/31/2019 Open for Business 17092012

    14/24

    )LJXUH7ZRWKHJOREDOULVNODQGVFDSHWHFKQRORJLFDOULVNV

    :LWKJUDWHIXODFNQRZOHGJHPHQWWRWKH:RUOG(FRQRPLF)RUXP

    7KHQHZFKDOOHQJHRIDXGLWLQWKHFORXG,QRUGHUWRDVVHVVWKHLQWHJULW\RI,7V\VWHPVDXGLWRUVWUDGLWLRQDOO\UHO\XSRQWZRYLWDOFKDUDFWHULVWLFV7KHVHDUHFRQWURODQGYLVLELOLW\,QFORXGRSHUDWLRQHOHPHQWVRIWKHVHPRYHWRWKHFORXGSURYLGHUGHSHQGHQWRQWKHPRGHORIFORXGDGRSWHGVHHFKDUWLQVHFWLRQ7KHVHDUHHODERUDWHGLQWKHUHSRUW&ORXG&RPSXWLQJ6\QRSVLVDQG5HFRPPHQGDWLRQVSXEOLVKHGLQ)HEUXDU\E\WKH861DWLRQDO,QVWLWXWHRI6WDQGDUGV

    p&RQWUROWKHDELOLW\WRGHFLGHZLWKKLJKFRQGHQFHZKRDQGZKDWLVDOORZHGWRDFFHVV

    FRQVXPHUGDWDDQGSURJUDPVDQGWKHDELOLW\WRSHUIRUPDFWLRQVVXFKDVHUDVLQJGDWDRUGLVFRQQHFWLQJDQHWZRUNZLWKKLJKFRQGHQFHERWKWKDWWKHDFWLRQVKDYHEHHQWDNHQDQGWKDWQRDGGLWLRQDODFWLRQVZHUHWDNHQWKDWZRXOGVXEYHUWWKHFRQVXPHUoVLQWHQWHJDFRQVXPHUUHTXHVWWRHUDVHDGDWDREMHFWVKRXOGQRWEHVXEYHUWHGE\WKHVLOHQWJHQHUDWLRQRIDFRS\

    9LVLELOLW\WKHDELOLW\WRPRQLWRUZLWKKLJKFRQGHQFHWKHVWDWXVRIDFRQVXPHUoVGDWDDQGSURJUDPVDQGKRZFRQVXPHUGDWDDQGSURJUDPVDUHEHLQJDFFHVVHGE\RWKHUVq

    ,7GHYHORSPHQWLQJHQHUDODQGFORXGFRPSXWLQJLQSDUWLFXODUVKRXOGEHKLJKRQWKHDJHQGDRIFRUSRUDWHDXGLWFRPPLWWHHV7KH.30*$XGLW,QVWLWXWH5HSRUWLGHQWLHGp,75LVNDQG(PHUJLQJ7HFKQRORJLHVqDVWKHVHFRQGKLJKHVWFRQFHUQIRUDXGLWFRPPLWWHHVEHKLQGp*RYHUQDQFH3URFHVVHV&RQWUROVDQG5LVN0DQDJHPHQWq

    p,75LVNqKDGEHHQUDQNHGVL[WKLQ

  • 7/31/2019 Open for Business 17092012

    15/24

    2OGPRGHOVPD\EHREVROHVFHQW,QWKHZRUOGRIWKHZKROO\RZQHGFRUSRUDWHGDWDFHQWUHSULRUWRYLUWXDOLVDWLRQFRQWUROZDVFOHDUDQGUHWDLQHGIXOO\ZLWKLQWKHRUJDQLVDWLRQLWVHOI9LVLELOLW\ZDVVWUDLJKWIRUZDUGSDUWLFXODUSK\VLFDOPDFKLQHVUDQZHOOGHQHGDSSOLFDWLRQVGDWDZDVVWRUHGLQZHOOXQGHUVWRRGPXOWLSO\UHGXQGDQWGDWDEDVHVDJDLQLQZHOOGHQHGORFDWLRQVRQVSHFLFKDUGZDUH,WZDVSRVVLEOHOLWHUDOO\WRDXGLWSK\VLFDOO\0XFKRIWKLVFKDQJHVZLWKWKHDGYHQWRIWKHFORXG0DQ\UHVSRQVLELOLWLHVQRZPRYHHLWKHUZKROO\RUSDUWLDOO\WRWKHFORXGSURYLGHULQFOXGLQJDUHDV

    VXFKDVVHFXULW\SROLF\DVVHWPDQDJHPHQWKXPDQUHVRXUFHVHFXULW\SK\VLFDODQGHQYLURQPHQWDOVHFXULW\DFFHVVFRQWUROVFRQJXUDWLRQPDQDJHPHQWEXVLQHVVFRQWLQXLW\PDQDJHPHQWVHFXULW\LQFLGHQWPDQDJHPHQWOHJDOFRPSOLDQFHHWF3DUWLFXODUDSSOLFDWLRQVDUHQRORQJHUWLHGWRVSHFLFKDUGZDUHRUHYHQVSHFLFORFDWLRQV7KLVPD\EHFRPHHVSHFLDOO\SUREOHPDWLFLIVD\XQGHUIDLOXUHUHFRYHU\FRQGLWLRQVGDWDVHWVDUHPRYHGDFURVVMXULVGLFWLRQDOERXQGDULHVIRUH[DPSOHRXWRI(XURSHDQ(FRQRPLF$UHDWRORFDWLRQVQRWFRYHUHGE\p(886DJUHHG6DIH+DUERUqSULQFLSOHV

    1HZDSSURDFKHVDUHUHTXLUHG,QWKHZRUOGRIWKHFORXGDXGLWZLOOQHHGWRUHO\IDUPRUHRQDVVHVVPHQWRIWKHVWDWHGSROLFLHVDQGFRQWUROVIRUH[DPSOHLQDFFRUGDQFHZLWKWKH,62VHULHVVWDQGDUGVSOXVVSRWFKHFNVFDUULHGRXWE\WKHFORXGSURYLGHUVoRZQDXGLWRUV7KHp66$(qLYUHSRUWIURPWKHFORXGSURYLGHUoVDXGLWRUVZLOOEHSDUWLFXODUO\LPSRUWDQW3XEOLFFORXGSURYLGHUVLQJHQHUDOZLOOQRWDFFHSWUHTXHVWVIRUWKLUGSDUW\DXGLW7KHUHZLOOQHHGWREHH[WHQVLYHFRRSHUDWLRQEHWZHHQWKHDXGLWRUVHPSOR\HGE\WKRVHFRQWUDFWLQJVHUYLFHVRXWWRWKHFORXGDQGWKHDXGLWRUVIRUWKHFORXGSURYLGHUV7KHFRQWUDFWXDOVHUYLFHOHYHODJUHHPHQWVDUHFRPSOH[DQGPXVWIRFXVRQKRZWRFRSHLIWKLQJVJRZURQJIRUH[DPSOHKRZDQGKRZTXLFNO\ZLOODSSOLFDWLRQVDQGGDWDEHUHWULHYHGLIWKHFORXGSURYLGHUZHUHWRJRLQWROLTXLGDWLRQf7KHVHGHYHORSPHQWVDUHQRWRSWLRQDO7KH\DUHIXQGDPHQWDOWRHQVXULQJWKHFRQWLQXHGLQWHJULW\RINH\V\VWHPV

    7KHUROHRISURIHVVLRQDOERGLHV,WZLOOEHLPSRUWDQWIRUWKHDFFRXQWLQJSURIHVVLRQDQGRYHUVLJKWERGLHVVXFKDVWKH8.)LQDQFLDO5HSRUWLQJ&RXQFLOWRGHPRQVWUDWHKRZWKHQHFHVVDU\DXGLWDQGULVNPDQDJHPHQWDVVHVVPHQWVFDQQRZEHDSSURSULDWHO\FDUULHGRXWDQGWUXVWIRVWHUHG"7KLVZLOOEHFKDOOHQJLQJZKHQNH\EXVLQHVVSURFHVVHVDUHGHOLYHUHGWKURXJKFORXGVROXWLRQVWKDWDUHQRWQHFHVVDULO\ORFNHGWRVSHFLFKDUGZDUHRUWRJHRJUDSKLFDOORFDWLRQV

    7KH(XURSHDQ'DWD3URWHFWLRQ'LUHFWLYH7KHUHLVDZHOOGHYHORSHGOHJDOIUDPHZRUNLQWKH(XURSHDQ8QLRQ(8ZLWKUHVSHFWWRWKHSURWHFWLRQRISHUVRQDOSULYDF\7UDQVIHURISHUVRQDOGDWDWRFRXQWULHVRXWVLGHWKH(8(($LVVXEMHFWWRUHJXODWLRQ7KHPDLQSULQFLSOHLVWKDWVXFKGDWDVKRXOGRQO\EHWUDQVIHUUHGWRMXULVGLFWLRQVWKDWSURYLGHVXLWDEOHOHYHOVRIFRPSDUDEOHSURWHFWLRQ0DQ\MXULVGLFWLRQVDUHUHJDUGHGDVQRWRIIHULQJDGHTXDWHSURWHFWLRQ,WVKRXOGEHQRWHGWKDWQHZGUDIW(XURSHDQ'DWD3URWHFWLRQ

    5HJXODWLRQLVFXUUHQWO\EHLQJSUHSDUHG7KHUHDUHDOVRFRQFHUQVDERXWDFFHVVE\*RYHUQPHQWVWRVXFKGDWDXQGHUQDWLRQDOOHJLVODWLRQVXFKDVWKH863DWULRW$FW

    4XLFNWDNH

    0DMRUDQGGHPRQVWUDWHGEHQHWVDFFUXHWRDOOVWDNHKROGHUVIURPDPLJUDWLRQWRRSHQV\VWHPV

    .H\DGYDQWDJHVIRUHQWHUSULVHFXVWRPHUVRIWKHPRYHWRRSHQV\VWHPVW\SLFDOO\LQFOXGHDFFHVVWRJUHDWHULQQRYDWLRQLPSURYHGVXSSOLHUUHVSRQVLYHQHVVDQGHQKDQFHGV\VWHPDFFHVVLELOLW\

    .H\DGYDQWDJHVIRUSURYLGHUVLQFOXGHORZHUWRWDOFRVWRIRZQHUVKLSGUDZLQJRQDEURDGHUSRRORIKLJKO\VNLOOHGDQGPRWLYDWHGVWDIITXLFNHUDFFHVVWRQHZWHFKQRORJ\GHYHORSPHQWVDFFHVVWRDJOREDOFRPPXQLW\IRUSUREOHPVROYLQJUHGXFLQJPRQRSRO\GHSHQGHQFLHVDQGIXOOFRQGHQFHLQWKHYLVLEOHVRXUFHFRGH

    +RZHYHUWKHQDOPRYHWRFORXGFRPSXWLQJZLOOGHPDQGQHZDSSURDFKHVLQULVNPDQDJHPHQWDQGDXGLWDQGFORVHFROODERUDWLRQEHWZHHQWKHDXGLWRUVRIVHUYLFHXVHUVDQGWKRVHRIWKHVHUYLFHSURYLGHUV7KHUHDUHVLJQLFDQWFKDOOHQJHVDORQJWKHZD\DVKLJKOLJKWHGLQWKHQH[WFKDSWHUf

    LY6WDWHPHQWRQ6WDQGDUGVIRU$WWHVWDWLRQ(QJDJHPHQWV1RKDVUHFHQWO\UHSODFHGWKH6WDWHPHQWRQ$XGLWLQJ6WDQGDUGV1R6$67KHVHDUHZLGHO\UHFRJQLVHGDXGLWLQJVWDQGDUGVGHYHORSHGE\WKH$PHULFDQ,QVWLWXWHRI&HUWLHG3XEOLF$FFRXQWDQWV$,&3$$VHUYLFHDXGLWRUoVH[DPLQDWLRQSHUIRUPHGLQDFFRUGDQFHZLWK66$(RU6$6LVZLGHO\UHFRJQLVHGEHFDXVHLWUHSUHVHQWVWKDWDVHUYLFHRUJDQLVDWLRQKDVEHHQWKURXJKDQLQGHSWKDXGLWRIWKHLUFRQWUROREMHFWLYHVDQGFRQWURODFWLYLWLHVZKLFKRIWHQLQFOXGHFRQWUROVRYHULQIRUPDWLRQWHFKQRORJ\DQGUHODWHGSURFHVVHV

  • 7/31/2019 Open for Business 17092012

    16/24

    /HVVRQVIURPWKHWUDQVLWLRQIURPFORVHGWRRSHQV\VWHPV

    $VWKHSDWKDZD\IURPGHSHQGHQF\RQSURSULHWDU\V\VWHPVEHFRPHVHYHUPRUHZHOOZRUQLWLVKHOSIXOWRGRFXPHQWWKHpOHVVRQVOHDUQWqE\WKRVHZKRKDYHDOUHDG\PDGHRUDUHGHHSO\HQJDJHGLQWKDWWUDQVLWLRQ7KHUHLVQRYDOXHLQUHYLVLWLQJSLWIDOOVDOUHDG\H[SORUHG

    0DLQWDLQLQJDFRPPRQGHYHORSPHQWVXSSRUWWHDPDFURVVH[LVWLQJDQGUHSODFHPHQWV\VWHPVWKHNH\UHDVRQVIRUPDLQWDLQLQJFRPPRQWHDPVDUH

    DOORZLQJWKHVWDIIWKDWKDYHEHHQUHVSRQVLEOHIRUVXSSRUWLQJWKHROGV\VWHPVWREHWUDLQHGLQWKHQHZSURJUDPPLQJODQJXDJHVPHWKRGRORJLHVDQGWRROVHWVWKXVGHPRQVWUDWLQJFRPPLWPHQWWRDYRLGLQJWKHPEHFRPLQJDpVWUDQGHGDVVHWqDVWKHROGV\VWHPVDUHSURJUHVVLYHO\UHWLUHG

    PDLQWDLQLQJWKHpLQVWLWXWLRQDOPHPRU\qRIZK\SDUWLFXODUGHVLJQDQGLPSOHPHQWDWLRQFKRLFHVZHUHPDGHWKHVHPD\VWLOOEHUHOHYDQWWRWKHQHZGHYHORSPHQWV

    JLYLQJGHYHORSPHQWWHDPVDUROHLQVXSSRUWDVZHOOWKXVHQVXULQJWKDWWKH\DUHIXOO\DZDUHRIDQGOLYHZLWKWKHFRQVHTXHQFHVRILPSOHPHQWDWLRQGHIHFWV

    $FFHSWLQJWKHFKDOOHQJHRIWKHWDVNDQGEHLQJUHDOLVWLFDERXWWKHFRVWVPDQSRZHUDQGWLPHVFDOHUHTXLUHGWKLVLVDPDMRUXQGHUWDNLQJ2IWHQWKLVUHSUHVHQWVDVLJQLFDQWEXVLQHVVFKDQJHQRWVLPSO\DQ,7FKDQJHsVHHJXUHWKUHHRYHUOHDI1HZV\VWHPVPXVWEHGHYHORSHGZKLOVWPDLQWDLQLQJKLJKOHYHOVRIVHUYLFHWRFXVWRPHUVWKURXJKWKHH[LVWLQJV\VWHPV,QWKHZRUGVRI+HQU\.LVVLQJHUpfWKHXUJHQWRIWHQIRUFHVRXWWKHLPSRUWDQWq(YHU\RQHZDVEXV\EHIRUHQRZWKHUHDUHORWVRIH[WUDFKDQJHUHODWHGWDVNVDVZHOO(PRWLRQVULVHDVZRUNORDGVLQFUHDVHDQGSHRSOHDUHLQH[RUDEO\VXFNHGLQWRWKHLPSHUDWLYHVRIGD\WRGD\EXVLQHVVUDWKHUWKDQIXOO\DGGUHVVLQJWKHFKDQJH

    5HFRJQLVLQJWKDWLWLVPRUHWKDQUHSOLFDWLQJH[LVWLQJIXQFWLRQVDFDUHIXODQDO\VLVLVUHTXLUHGWR

    ZHHGRXWUHTXLUHPHQWVWKDWDUHVLPSO\QRORQJHUUHOHYDQW

    FDUU\RXWQHHGHGUDWLRQDOLVDWLRQDQGVLPSOLFDWLRQRIUHTXLUHPHQWVFKDQJHVWKDWKDYH

    DFFXPXODWHGLQWKHROGV\VWHPRYHU\HDUVDQG

    LQFOXGHQHZIHDWXUHVDQGFDSDELOLWLHVWRVXSSRUWDQWLFLSDWHGFXVWRPHU

    'HVSLWHWKHEHVWRILQWHQWLRQVWRPLQLPLVHFKDQJHLWPD\VLPSO\QRWEHSRVVLEOHWRIUHH]HDOOQHZGHYHORSPHQWUHTXLUHPHQWVIRUWKHGXUDWLRQRIWKHFKDQJHSURJUDPPH6RPHGHJUHHRIUHYLVLRQGXULQJWKHGHYHORSPHQWSURFHVVPD\EHLQHYLWDEOH

    6LJQLFDQWFKDQJHVLQRSHUDWLRQDOSURFHGXUHVZLOOQHHGWREHSODQQHGDQGWHVWHGLQFOXGLQJ

    (QVXULQJGDWDLQWHJULW\GXULQJUROOEDFNUHFRYHU\:KHUHHOHPHQWVUHTXLUHGDVSDUWRIDVSHFLFWUDQVDFWLRQDUHGLVWULEXWHGDFURVVPXOWLSOHGDWDEDVHVZKHWKHURQVSHFLHGVHUYHUVRUZLWKLQDFORXGVSHFLDOPHDVXUHVDUHUHTXLUHGWRHQVXUHGDWDLQWHJULW\LVPDLQWDLQHGLIWKHWUDQVDFWLRQLVDERUWHGRUVRPHHOHPHQWLVVXEMHFWWRIDLOXUH7KLVFDQ

    UHSUHVHQWDVLJQLFDQWFKDOOHQJHIRUH[DPSOHLQUROOLQJEDFNVXFKDV\VWHPWRDNQRZQSULRUVWDWH7KHWUDGLWLRQDOGDWDEDVHSURSHUWLHVRIpDWRPLFLW\qpFRQVLVWHQF\qpLVRODWLRQqDQGpGXUDELOLW\q$&,'DOOQHHGFDUHIXODWWHQWLRQLQWKHFRQWH[WRIPDLQWDLQLQJLQWHJULW\LQWKHSUHVHQFHRIDERUWHGRUIDLOHGWUDQVDFWLRQV

    p6HHLQJWKHZRRGIRUWKHWUHHVqLQIDXOWPDQDJHPHQW,QGLVWULEXWHGRUFORXGEDVHGV\VWHPVDVLQJOHLQLWLDOIDLOXUHFDQOHDGWRDUDSLGO\EUDQFKLQJWUHHRIVXEVHTXHQWHUURUVDQGDODUPV([SHUWV\VWHPWHFKQLTXHVPD\EHUHTXLUHGWRLVRODWHUDSLGO\WKHURRWFDXVHRWKHUZLVHKLGGHQLQWKHQRLVHRIFDVFDGLQJIDLOXUHV

  • 7/31/2019 Open for Business 17092012

    17/24

    )LJXUH7KUHHZKDWLVWKHPRVWDSSURSULDWHEXGJHWVSOLWEHWZHHQpWHFKQRORJ\qVSHQGDQGpSHRSOHqVSHQGLQPDMRUEXVLQHVVFKDQJH"

    4XLFNWDNH

    :KLOVWYHU\PXFKZRUWKZKLOHWKHSDWKWRRSHQV\VWHPVLVFKDOOHQJLQJ,WLVLPSRUWDQWWROHDUQIURPWKHH[SHULHQFHRIRWKHUVDQGVRWRQDYLJDWHDURXQGWKHNQRZQSLWIDOOV

    'RQoWVHSDUDWHRXWVXSSRUWIRUWKHFXUUHQWV\VWHPVIURPGHYHORSPHQWRIWKHQHZ

    %HUHDOLVWLFDWWKHRXWVHWDERXWFRVWVPDQSRZHUDQGWLPHVFDOHsLWLVQHLWKHUTXLFNQRUHDV\

    2QO\WUDQVIHUZKDW\RXUHDOO\QHHGDQGDEVROXWHO\PLQLPLVHQHZGHYHORSPHQWGXULQJWKHWUDQVIHU

    (QVXUHWKDW\RXURSHUDWLRQDOSURFHGXUHVUHHFWWKHH[WUDZRUNUHTXLUHGLQERWKGDWDLQWHJULW\GXULQJUROOEDFNUHFRYHU\DQGLQPDQDJLQJIDXOWWUHHV

  • 7/31/2019 Open for Business 17092012

    18/24

    :KDWPLJKWWKHIXWXUHRI266DQGFORXGFRPSXWLQJKROG"

    7KHSK\VLFLVW1LHOV%RKUSRLQWHGRXWWKDWp3UHGLFWLRQLVYHU\GLIFXOWHVSHFLDOO\DERXWWKHIXWXUHq8QGHWHUUHGLWLVSRVVLEOHWRGRVRPHIRUZDUGSURMHFWLRQEDVHGRQZRUNDOUHDG\LQSURJUHVVWRGD\

    8ELTXLW\RUHIFLHQF\"7KHFXUUHQWVWUXFWXUHVRIFORXGFRPSXWLQJSURYLGHLPPHQVHXWLOLW\7KH\KDYHIRXUNH\WHFKQLFDOFKDUDFWHULVWLFVZHOOGHVFULEHGLQWKHSDSHU&ORXG&RPSXWLQJ7HFKQRORJLHVIURPWKH,QWHOOLJHQW6\VWHPV5HVHDUFK&HQWUHDWWKH8QLYHUVLW\RI8OVWHU

    PXOWLWHQDQF\sUHVRXUFHSRROLQJDOORZVPDQ\FXVWRPHUVWRGUDZG\QDPLFDOO\RQUHVRXUFHVIURPDFHQWUDOSRRO

    PDVVLYHVFDODELOLW\sXVHUVFDQVHOISURYLVLRQUHVRXUFHVVXFKDVVHUYHURUVWRUDJHFDSDELOLW\ZLWKLQWKHERXQGVRIDFRQWUDFWDVGHPDQGUHTXLUHV

    UDSLGHODVWLFLW\sXVHUVFDQYHU\TXLFNO\LQFUHDVHRUGHFUHDVHWKHDOORFDWHGUHVRXUFHV

    PHDVXUHGVHUYLFHsWKHXVHURQO\SD\VIRUWKHUHVRXUFHVDFWXDOO\FRQVXPHG

    6XFKGLVWULEXWHGSDUDOOHOFRPSXWLQJKDVEHHQPDGHSRVVLEOHE\PRGHOVVXFKDV0DS5HGXFHZKLFK

    KLGHWKLVFRPSOH[LW\DQGWKHQHHGWRPDQDJHV\QFKURQLVDWLRQGDWDPRWLRQDQGFRPPXQLFDWLRQEHKLQGDVLPSOHLQWHUIDFH7KH\XQGHUSLQWKH266VXFKDV+DGRRSY6XFKXELTXLW\FDQPDVNYHU\VXEVWDQWLDOLQHIFLHQF\7KLVLVGHVFULEHGFRPSUHKHQVLYHO\LQWKHSDSHUp7KHVHYHQGHDGO\VLQVRIFORXGFRPSXWLQJUHVHDUFKq,WVHHPVOLNHO\WKDWQHZDQGPRUHHIFLHQWDSSURDFKHVZLOOEHUHTXLUHGEHIRUHYHU\KLJKSHUIRUPDQFHWUDQVDFWLRQSURFHVVLQJV\VWHPVFDQGUDZRQHLWKHUSULYDWHRUSXEOLFFORXGUHVRXUFHV(YHQIRUDFRQYHQWLRQDO266VRIWZDUHVWDFNVXFKDV/$03YLWKHUHLVVXEVWDQWLDOFRVWRIFRPSOH[LW\DQGLQHIFLHQF\7KLVLVVXPPHGXSLQDFDUWRRQIURPWKHZHEFRPLF[NFG

    $QHZDSSURDFKZLOOEHUHTXLUHGIRUYHU\KLJKSHUIRUPDQFHFORXGSURFHVVLQJ6XFKZRUNLVDOUHDG\LQSURJUHVV2QHH[DPSOHLVUHVHDUFKRQWKHFORXGRSHUDWLQJV\VWHPp3URMHFW0LUDJHq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

    Y7KH$SDFKH+DGRRSVRIWZDUHOLEUDU\LVDIUDPHZRUNWKDWDOORZVIRUWKHGLVWULEXWHGSURFHVVLQJRIODUJHGDWDVHWVDFURVVFOXVWHUVRIFRPSXWHUVXVLQJDVLPSOHSURJUDPPLQJPRGHO,WLVGHVLJQHGWRVFDOHXSIURPVLQJOHVHUYHUVWRWKRXVDQGVRIPDFKLQHVHDFKRIIHULQJORFDOFRPSXWDWLRQDQGVWRUDJH5DWKHUWKDQUHO\RQKDUGZDUHWRGHOLYHUKLJKDYDLODELOLW\WKHOLEUDU\LWVHOILVGHVLJQHGWRGHWHFWDQGKDQGOHIDLOXUHVDWWKHDSSOLFDWLRQOD\HUVRGHOLYHULQJDKLJKO\DYDLODEOHVHUYLFHRQWRSRIDFOXVWHURIFRPSXWHUVHDFKRIZKLFKPD\EHSURQHWRIDLOXUHV

    YL6RIWZDUH6WDFNLVDWHUPRIDUWIRUH[DPSOHDW\SLFDOFORXGFRPSXWLQJVWDFNZRXOGEH/LQX[RSHUDWLQJ6\VWHP$SDFKHZHEVHUYHU0\64/RSHQVRXUFHGDWDEDVHDQG3+3VFULSWLQJODQJXDJHsNQRZQFROORTXLDOO\DVp/$03q

  • 7/31/2019 Open for Business 17092012

    19/24

    +\EULGFORXGDGHVLUDEOHRSWLRQIRUPDQ\RUJDQLVDWLRQVZRXOGEHWRRSHUDWHWKHLUDSSOLFDWLRQVWKURXJKDSULYDWHFORXGIXOO\XQGHUWKHLURZQFRQWUROEXWZLWKWKHRSWLRQWRGUDZRQWKHVHUYLFHVRIDSXEOLFFORXGXQGHURYHUORDGRUSDUWLDOIDLOXUHFRQGLWLRQV7RROVWRIDFLOLWDWHWKLVDUHQRZEHFRPLQJDYDLODEOH2QHH[DPSOHLVWKHpY&ORXG&RQQHFWRUqIURP90ZDUH

    )HGHUDWLRQEHWZHHQFORXGVDNH\LQWHUHVWIRUWKRVHXVLQJHLWKHUSXEOLFRUSULYDWHFORXGVZLOOEHLQWHURSHUDELOLW\EHWZHHQGLIIHUHQWFORXGSURYLGHUVDQGSRUWDELOLW\RIGDWDDQGDSSOLFDWLRQV

    EHWZHHQFORXGSURYLGHUV$WSUHVHQWWKLVLVYHU\FKDOOHQJLQJ&RPPRQLQWHUIDFHV$3,VKDYH\HWWREHSURSHUO\GHQHG7KH(XURSHDQ&RPPLVVLRQUHSRUW$GYDQFHVLQ&ORXGV5HVHDUFKLQ)XWXUH&ORXG&RPSXWLQJKDVVRPHWUHQFKDQWREVHUYDWLRQVLQWKLVDUHD

    1HXWUDOLW\WKHIXWXUHORRNVOLNHO\WRHQWDLODQLQH[RUDEOHVKLIWWRDSSOLFDWLRQVWKDWDUHpRSHUDWLQJV\VWHPVQHXWUDOqDQGWKXVQRWORFNHGWRDQ\VSHFLFRSHUDWLQJV\VWHPRUEURZVHU)LJXUHRYHUOHDIVKRZVDSURMHFWLRQE\-RH%DJXOH\&KLHI7HFKQRORJLVWDW90ZDUH,WLVFRQWDLQHGLQWKHUHSRUW7KHIXWXUHRIFRPSXWLQJLQGLVSHQVDEOHRUXQVXVWDLQDEOH"

    )LJXUH)RXUJUDSKVKRZLQJKRZWKHQXPEHURI:LQGRZVVSHFLFDSSOLFDWLRQVEHLQJGHYHORSHGKDVGHFUHDVHGLQIDYRXURI26QHXWUDODSSV

    4XLFNWDNH

    7KHVWRU\RI266LVYHU\PXFKRQHRIFRQWLQXLQJDQGUDSLGGHYHORSPHQW5HVHDUFKLVLQSURJUHVVWR

    0LQLPLVHWKHHIFLHQF\SHQDOW\WKDWFRPHVZLWKWKHXELTXLW\RIFXUUHQWJHQHUDWLRQV\VWHPV

    (QVXUHWKDWLWLVERWKSRVVLEOHDQGHFRQRPLFWRRSHUDWHDK\EULGSDUWO\SULYDWHSDUWO\SXEOLFFORXGVROXWLRQ

    'HYHORSLQWHURSHUDELOLW\EHWZHHQSXEOLFFORXGSURYLGHUVHQVXULQJSRUWDELOLW\RIERWKDSSOLFDWLRQVDQGGDWD

  • 7/31/2019 Open for Business 17092012

    20/24

    &RQFOXVLRQV

    7KLVZKLWHSDSHUKDVVRXJKWWRSODFHWKH\HDUVRIGHYHORSPHQWRIRSHQVRXUFH6RIWZDUHDQGRSHQV\VWHPVLQWRLWVKLVWRULFDOFRQWH[W7KHVHGHYHORSPHQWVKDYHQRZUHDFKHGWKHSRLQWRIPDWXULW\ZKHUHWKH\DUHDSSURSULDWHIRUXVHLQHYHQKLJKO\GHPDQGLQJEXVLQHVVFULWLFDODSSOLFDWLRQV7KHUHDOEHQHWVKDYHEHHQGHPRQVWUDWHG7KHQH[WVWDJHDWUDQVLWLRQWR

    YLUWXDOLVDWLRQDQGWKHQFHRQZDUGVWRERWKSULYDWHDQGSXEOLFFORXGFRPSXWLQJORRPVIRUPDQ\RUJDQLVDWLRQV+HUHWKHUHDUHVWLOOFKDOOHQJHVWREHRYHUFRPHIRUKLJKYROXPHEXVLQHVVFULWLFDODSSOLFDWLRQV,WZLOOEHLPSRUWDQWWRPLQLPLVHWKHLQHIFLHQFLHVLQKHUHQWLQWKHFXUUHQWRSHQVRXUFHVRIWZDUHVWDFNVVXFKDV/$03YLLEHIRUHWKLVWUDQVLWLRQFDQEHPDGHDQGDQDOWUDQFKHRIEHQHWVIRUDOOVWDNHKROGHUVUHOHDVHG+RZHYHUSURPLVLQJOLQHVRIUHVHDUFKH[LVWDQGLWLVFOHDUWKDWWKHVHFKDOOHQJHVFDQDQGZLOOEHRYHUFRPH

    YLL/LQX[RSHUDWLQJ6\VWHP$SDFKHZHEVHUYHU0\64/RSHQVRXUFHGDWDEDVHDQG3+3VFULSWLQJODQJXDJHsNQRZQFROORTXLDOO\DVp/$03q

  • 7/31/2019 Open for Business 17092012

    21/24

    5HIHUHQFHV

    L *18LVDQRSHQVRXUFHRSHUDWLQJV\VWHP

    LL 7UDQVPLVVLRQ&RQWURO3URWRFRO,QWHUQHW3URWRFRO

    LLL 0RRUHoV/DZQDPHGDIWHU,QWHOFRIRXQGHU*RUGRQ(0RRUHFRPHVIURPDVWDWHPHQWE\0RRUHWKDWWKHQXPEHURIWUDQVLVWRUVFRQWDLQHGLQDVWDWHRIWKHDUWLQWHJUDWHGFLUFXLWZRXOGGRXEOHHYHU\WZR\HDUV7KLVFRUUHVSRQGVURXJKO\WRDGRXEOLQJRISURFHVVLQJSHUIRUPDQFHHYHU\PRQWKV

    LY 6WDWHPHQWRQ6WDQGDUGVIRU$WWHVWDWLRQ(QJDJHPHQWV1RKDVUHFHQWO\UHSODFHGWKH6WDWHPHQWRQ$XGLWLQJ6WDQGDUGV1R6$67KHVHDUHZLGHO\UHFRJQLVHGDXGLWLQJVWDQGDUGVGHYHORSHGE\WKH$PHULFDQ,QVWLWXWHRI&HUWLHG3XEOLF$FFRXQWDQWV$,&3$$VHUYLFHDXGLWRUoVH[DPLQDWLRQSHUIRUPHGLQDFFRUGDQFHZLWK66$(RU6$6LVZLGHO\UHFRJQLVHGEHFDXVHLWUHSUHVHQWVWKDWDVHUYLFHRUJDQLVDWLRQKDVEHHQWKURXJKDQLQGHSWKDXGLWRIWKHLUFRQWUROREMHFWLYHVDQGFRQWURODFWLYLWLHVZKLFKRIWHQLQFOXGHFRQWUROVRYHULQIRUPDWLRQWHFKQRORJ\DQGUHODWHGSURFHVVHV

    Y 7KH$SDFKH+DGRRSVRIWZDUHOLEUDU\LVDIUDPHZRUNWKDWDOORZVIRUWKHGLVWULEXWHGSURFHVVLQJ

    RIODUJHGDWDVHWVDFURVVFOXVWHUVRIFRPSXWHUVXVLQJDVLPSOHSURJUDPPLQJPRGHO,WLVGHVLJQHGWRVFDOHXSIURPVLQJOHVHUYHUVWRWKRXVDQGVRIPDFKLQHVHDFKRIIHULQJORFDOFRPSXWDWLRQDQGVWRUDJH5DWKHUWKDQUHO\RQKDUGZDUHWRGHOLYHUKLJKDYDLODELOLW\WKHOLEUDU\LWVHOILVGHVLJQHGWRGHWHFWDQGKDQGOHIDLOXUHVDWWKHDSSOLFDWLRQOD\HUVRGHOLYHULQJDKLJKO\DYDLODEOHVHUYLFHRQWRSRIDFOXVWHURIFRPSXWHUVHDFKRIZKLFKPD\EHSURQHWRIDLOXUHV

    YL 6RIWZDUH6WDFNLVDWHUPRIDUWIRUH[DPSOHDW\SLFDOFORXGFRPSXWLQJVWDFNZRXOGEH/LQX[RSHUDWLQJ6\VWHP$SDFKHZHEVHUYHU0\64/RSHQVRXUFHGDWDEDVHDQG3+3VFULSWLQJODQJXDJHsNQRZQFROORTXLDOO\DVp/$03q

    YLL /LQX[RSHUDWLQJ6\VWHP$SDFKHZHEVHUYHU0\64/RSHQVRXUFHGDWDEDVHDQG3+3VFULSWLQJODQJXDJHsNQRZQFROORTXLDOO\DVp/$03q

    6HH2SHQ6RXUFH,QLWLDWLYHDWKWWSRSHQVRXUFHRUJRVU

    6RXUFH8.+RXVHVRI3DUOLDPHQW3RVWQRWH6HHKWWSZZZSDUOLDPHQWXNEXVLQHVVSXEOLFDWLRQVUHVHDUFKEULHQJSDSHUV326731

    26,5HIHUHQFH0RGHO7KH,620RGHORI$UFKLWHFWXUHIRU2SHQ6\VWHPV,QWHUFRQQHFWLRQ+XEHUW=LPPHUPDQQ,(((7UDQVDFWLRQVRQ&RPPXQLFDWLRQV9RO&RP1R$SULO

    )RUDKLVWRU\RI8QL[VHHKWWSZZZOHYHQH]FRPXQL[

    )RUDGHVFULSWLRQRI/LQX[VHHKWWSHQZLNLSHGLDRUJZLNL/LQX[

    )RUWKHIXOOWH[WIURPWKH*RRJOHEORJSOHDVHVHHKWWSJRRJOHEORJEORJVSRWFRXNPHDQLQJRIRSHQKWPO

    7RGRZQORDGWKH,(7)DFWOHJRWRKWWSZZZWKHLHWRUJIDFWOHVLWFORXGFRPSXWLQJSDJH

    FIP *DUWQHUUHVHDUFKTXRWHGLQ&RPSXWHU:HHNO\6HHKWWSZZZFRPSXWHUZHHNO\FRPQHZV*OREDO,7RXWVRXUFLQJVSHQGWRH[FHHGEQLQ

    6RXUFH$SDFKH6RIWZDUH)RXQGDWLRQ6HHKWWSKWWSGDSDFKHRUJ

    6HHKWWSZZZ]GQHWFRPEORJRSHQVRXUFHUHGKDWRSHQVRXUFHLVGULYLQJLQQRYDWLRQDQGWKHLQIRUPDWLRQHFRQRP\EXWEDWWOHLVQRWRYHU

    6HHKWWSLQGLJREOXHFRXNVWUDWHJLFFRQVXOWLQJEORJRSHQVRXUFHVUHVSRQVLYHQHVV

    6HHKWWSGUXSDORUJ

    6HHKWWSKDGRRSDSDFKHRUJ

    6HHKWWSMTXHU\FRP

  • 7/31/2019 Open for Business 17092012

    22/24

    6HHKWWSZZZDPDGHXVFRPDPDGHXV[KWPO

    6HHKWWSVJLWKXEFRPIHDWXUHVFRPPXQLW\

    6HHKWWSZZZRSHQVWDFNRUJ

    KWWSZZZVXVHFRPFRPSDQ\SUHVVQRYHOOGHOLYHUVOLQX[VHUYHUV\VWHPWRORQGRQ

    VWRFNH[FKDQJH6KDLNK0DKDDQG&RUQIRUG7RQ\7RWDOFRVWRIRZQHUVKLSRIRSHQVRXUFHVRIWZDUHDUHSRUWIRUWKH8.&DELQHW2IFHVXSSRUWHGE\2SHQ)RUXP(XURSH8.&DELQHW2IFH/RQGRQ8.6HHKWWSHSULQWVOVHDFXN

    $QGHUVRQ5-6HFXULW\LQRSHQYHUVXVFORVHGV\VWHPVWKH'DQFHRI%ROW]PDQQ&RDVHDQG0RRUH3UHVHQWHGDW2SHQ6RXUFH6RIWZDUH(FRQRPLFV6HHZZZFOFDPDFXNaUMD3DSHUVWRXORXVHSGI

    8.&DELQHW2IFHs2SHQ6RXUFH6RIWZDUH6HFXULW\'HFHPEHU

    3HHOLQJ1LFDQG6DWFKHOO-XOLDQ$QDO\VLVRIWKH,PSDFWRI2SHQ6RXUFH6RIWZDUH6HHZZZFDELQHWRIFHJRYXNPHGLD4LQHWL4B266BUHSSGI

    6RXUFH:RUOG(FRQRPLF)RUXP*OREDO5LVNV6HHKWWSZZZZHIRUXPRUJUHSRUWVJOREDOULVNVVHYHQWKHGLWLRQ

    %DGJHU0/*UDQFH73DWW&RUQHU59RDV-00D\&ORXG&RPSXWLQJ6\QRSVLVDQG5HFRPPHQGDWLRQV6HHKWWSZZZQLVWJRYPDQXVFULSWSXEOLFDWLRQVHDUFKFIP"SXEBLG

    ,V*RYHUQDQFHNHHSLQJSDFH"&KDOOHQJHVDQG3ULRULWLHVVKDSLQJWKH$XGLW&RPPLWWHH$JHQGD$YDLODEOHIURPZZZNSPJFRP*OREDOHQ,VVXHV$QG,QVLJKWV$UWLFOHV3XEOLFDWLRQV'RFXPHQWVNSPJDXGLWFRPPLWWHHLVVXHVFRQIHUHQFHSGI

    6HHKWWSZZZMXVWLFHJRYDUFKLYHOOKLJKOLJKWVKWP

    &DUOLQ6HDQDQG&XUUDQ.HYLQ-XQH&ORXG&RPSXWLQJ7HFKQRORJLHV-RXUQDORI&ORXG&RPSXWLQJDQG6HUYLFHVVFLHQFH9RO1RKWWSLDHVMRXUQDOFRPRQOLQHLQGH[SKS,-&/26(5

    DUWLFOHYLHZ1RUWKHUQ,UHODQG&8.SGI'($1-(7$/0DS5HGXFH6LPSOLHG'DWD3URFHVVLQJRQ/DUJH&OXVWHUV,Q3URF26',S

    6FKZDU]NRSI0DOWH0XUUD\'HUHN+DQG6WHYHQ7KHVHYHQGHDGO\VLQVRIFORXGFRPSXWLQJUHVHDUFK3URFHHGLQJVRIWKHWK:RUNVKRSRQ+RW7RSLFVLQ&ORXG&RPSXWLQJ+RW&ORXGDW86(1,;6HHKWWSZZZFOFDPDFXNaPVSXE

    6HHKWWSZZZ[NFGFRP

    6HHKWWSZZZRSHQPLUDJHRUJ

    0DGKDYDSHGG\$QLO0RUWLHU5LFKDUG&URZFURIW-RQ+DQG6WHYHQ0XOWLVFDOHQRW0XOWLFRUH(IFLHQW+HWHURJHQRXV&ORXG&RPSXWLQJ3URFHHGLQJVRI9LVLRQV6HHZZZFOFDP

    DFXNaMDFRXWRUL]HQVSGI

    6HHKWWSZZZYPZDUHFRPSURGXFWVGDWDFHQWHUYLUWXDOL]DWLRQYFORXGFRQQHFWRURYHUYLHZKWPO

    7KHUHSRUWFDQEHGRZQORDGHGIURPFRUGLVHXURSDHXISLFWVVDLGRFVIXWXUHFFPD\QDOUHSRUWH[SHUWVSGI

    6HHZZZFOFDPDFXNaDFUSXEVUDHQJIXWXUHFRPSXWLQJSGI

  • 7/31/2019 Open for Business 17092012

    23/24

  • 7/31/2019 Open for Business 17092012

    24/24