Innovation Venture in the UAE - Holographic Industries - Case Study Example

Business Plan: Holographic Industries, PJSC “The Virtual Holographic Viewer” BY YOU YOUR SCHOOL INFO HERE TABLE OF CONTENTS 0 Introduction 1 Evaluating the product 2.0 Competitor analysis and potential, comparable products 3.0 Uniqueness of the proposition 4.0 Appeal to society and consumers 5.0 Legal and environmental analysis 5.1 PEST Analysis 5.2 SWOT Analysis 6.0 Supply chain and potential partners 7.0 Financials 7.1 Indicative pricing and revenue equivalent to USD 7.2 An explanation of financial projections 8.0 Growth strategies 9.0 Risk and exit strategies References 1.0 Market needs With economic, industry and infrastructure development in the United Arab Emirates comes a new demand for luxury retail products. In Dubai, growth in the luxury retail sector commands a whopping 30 percent of the entire Middle Eastern luxury market (Coldwell Banker 2014). In Abu Dhabi, the luxury sector outpaces China, London and Japan in terms of the holistic value of the luxury sector, with an annual growth rate of between nine and 10 percent. According to a managing director of IPSOS, what is causing luxury sector growth in the GCC region is innovation in luxury products. “Everything that is new is prized in the Middle East region. Luxury is a symbol of the future” (Pivac 2014, p.1). Concurrently, the UAE boasts the 6th largest per capita income levels compared to the rest of the world which fuels a booming luxury sector with ample growth in luxury product consumption. High presence of the mega-rich and consumers with very high disposable incomes in the UAE, consisting of domestic, expatriate and tourist segments are fuelling a luxury brand-conscious consumer culture that is providing retail companies with substantial revenues (Euromonitor International 2015). Such high demand for lavish and opulent retail merchandise has made the luxury sector in the UAE estimated to be worth, annually, between $6 and $10 billion. The largest segment providing generous revenues to luxury product marketers in the UAE is the 25 to 40-year old markets that have increasing purchasing power. 1.1 Evaluating the product Holographic Industries, PJSC will be marketing and distributing its disruptive innovation, the Virtual Holographic Viewer, to capture the high demand for opulence and innovation in the luxury consumer segments. A disruptive innovation is a product that displaces an established market, ensuring that established companies begin to quickly lose their market share and can even cause competitive industries to go bankrupt. This displacement, in high demand markets, builds rapid and substantial net wealth for the pioneer. The Virtual Holographic Viewer is a revolutionary product capable of projecting holographic images by illuminating an object with light from an internal laser. Patterns on film or other objects become illuminated with coherent light, providing the final protuberance of a three-dimensional image. The radical personal viewer will not only transform existing media content into 3D images which can be projected onto virtually any surface, but will also maintain capabilities of the user to download their own, personal content (i.e. videos or movies) into the device using standard USB ports which are simultaneously transformed to projected three-dimensional experiences. Never in the established consumer electronics market has there been a device capable of transforming two-dimensional content into 3D format; until the Holographic Industries product. Figure 1: The Personal Virtual Holographic Viewer In the United Arab Emirates, innovation is the most primary driver of growth in the luxury sector. Even the UAE government recognizes the need for innovation as an economic growth driver, with the Cabinet agreeing that 2015 would be the “year of innovation” in the UAE, creating legislation and policies to facilitate innovation to improve national prosperity (The National 2014). Hence, if innovation is a demand requirement in the UAE luxury sector, and with no other product on the market capable of this radical consumer benefit, the need for such a device is substantial and could provide significant revenue opportunities by targeting not only domestic, wealthy consumers, but foreign nationals, foreign business expatriates and tourists who would be attracted by this revolutionary product. 2.0 Competitor analysis and potential, comparable products As indicated, no other potential competitor in the consumer electronics industry in the UAE boasts the development and launch of such a revolutionary, holographic technology product; at least in the near future. However, Sony and Sharp, manufacturers of 3D televisions, do have the resources, expertise and capabilities to begin development of this technology in order to compete. Sony and Sharp maintain an internal scientific understanding of stereoscopic display to produce moving, 3D pictures and ubiquitous computing necessary to facilitate the projection of three-dimensional images. Both competitors have produced photodiodes that receive signals from coherent light (namely laser technologies) and passive polarization filters that produce 3D imagery. Hitachi has also unveiled its knowledge of these technologies at the 2011 CEATEC Exhibition, the Combined Exhibition of Advanced Technologies. However, these 3D televisions require development of the DVB 3D-TV standard, which requires development by external broadcasting companies to offer 3D-capable programming over existing HD networks. The UAE is not a country that has adapted to this standard. In fact, the slow pace of development of the DVB-3D-TV standard has dramatically increased demand for 3D television consumption throughout the world (Walters 2014). Consumers are unwilling to spend between $8,000 and $18,000 USD for these sets until programming appears and broadcasters are unwilling to devote the expenditure for the DVB 3D-TV standard until more sets are sold to justify the investment (Walters). Hence, 3D televisions, as potential competitive substitutes, maintain a rather bleak future in the short-term. The slow pace of innovation in 3D projection technology has also been complicated by potential competitors such as Sony, Hitachi and Sharp to continue to launch televisions that require 3D active glasses which are considered painful to the eye for consumers over long-term usage and a burden. In an empirical study of 433 disparate consumer demographics, 18 percent reported eyestrain and headaches after watching a single, 80-minute animated film shown in 3D format (Read and Bohr 2014). In yet another study conducted by UC Berkeley, partially funded by the company Samsung, it was found that consumers should maintain a viewing distance of nine feet from the 3D television to avoid instances of eye fatigue (Burden 2014). Our holographic viewing device is founded on a new and radical technology known as microscopic integral imaging display. In the viewer itself, a miniscule HD screen analyses different perspective ratios of an image which, together, combine to create a 3D image which has been filtered through an innovative optical lens for direct transmission into the viewer’s eye. The technology is freeform optics technology allowing the user to see be free of eyestrain and the impact of nausea often reported when wearing active 3D glasses. Fortunately for Holographic Industries PJSC, similar technologies are in the infancy stage at the University of Arizona in the United States, but are nowhere near practical development in a consumer electronics product. Hence, there is absolutely no competitive threat in the UAE and will likely remain so for many years to come as up-and-coming university and industry researchers explore more efficient and beneficial 3D technologies. 3.0 Uniqueness of the proposition The main innovation making our value proposition most unique is that users can not only transform 2D content directly to projected 3D viewing, but upload their own media content for this radical transformation. The viewer not only transcends traditional 3D stereoscopic technologies common in expensive 3D televisions, but does not require the user to maintain dependence on bulky and burdensome viewers (which do not project images) and broadcasters to develop 3D capable programming systems. They are, instead, in control of their own viewing content when and where they deem appropriate. Rather than simply superimposing a three-dimensional image on a 2D reality, the device transforms all media content uploaded (or downloaded via the Internet) into mobile and crystal-clear three-dimensional experiences. In a study conducted by Holographic Industries PJSC, using a sample of 580 consumers of varying age demographics and health conditions, absolutely no participants experienced any fatigue, eye strain or nausea common with competing substitute 3D products. This focus on real-world testing of the device illustrates the radical benefit for consumers for improving the 3D viewing experience without the burden of potential health issues associated with 3D television viewing. These aspects underpin our value proposition and why this product, with a luxury consumer segment driven by innovation as consumption incentive, will be attractive to the high-end buyer throughout the UAE. 4.0 Appeal to society and consumers According to a recent study conducted by Kauppinen-Raisanen, et al. (2014), nostalgia is driving consumption behaviors of the luxury consumer. This is supported also by Atwal and Bryson (2014) who assert that a sense of nostalgia, when combined with a sense of modernity and innovation, fuels more luxury consumption activity in the high-end market. This has been a recurring consumption incentive since 2010, showing that consumers seek high-end retail products with nostalgic appeal which gives the buyer a sense of escapism and a return to more carefree periods in their lives (Dyes 2010). With ample evidence that nostalgia is driving many aspects of luxury intention to buy retail products, this device maintains a substantial appeal for user-generated content that can be regularly uploaded into the device. Home movies, social experiences recorded on mobile devices and other camera technologies, can provide consumers with unparalleled experiences by making 2D lifestyle histories come to life in three-dimensional extravagance. This is a main marketing point for disparate demographics of luxury consumers, allowing the business to utilize promotional tools focusing on the nostalgic aspects of the holographic device. Additionally, Vora (2014) indicates that Dubai, as a major commercial centre, is quite adept at exploiting what is referred to as colonial nostalgia that draws more expatriate luxury consumers to luxury shopping malls and districts, hence the benefit to broader international society (tourists and expatriates) is the ability to experience nostalgic socially-based pleasure in a way never experienced before in the luxury consumer electronics industry. This device also has implications for many in broader society, not just the consumer, as it can be utilized in university classrooms, for industry presentations and seminars, government and a broad spectrum of individuals in need of innovative projection technology. The device can facilitate a new type of knowledge transfer throughout the UAE and revolutionize how teaching is conducted for students of youth and adult varieties. 5.0 Legal and environmental analysis This section of the business plan utilizes the PEST Analysis and SWOT analysis models to identify what constitutes potential business success, opportunities and threats both at the micro and macro-level. 5.1 PEST Analysis Political factors The government of the UAE maintains diplomatic relationships with over 60 different developed countries throughout the world, which has increased its political weight. The UAE is a major partner in the Gulf Cooperation Council, an organization that works with other GCC members to facilitate improved trade and tourism which benefits all member nations. This organization also provides legislation that facilitates more investment in international joint ventures, ensures cooperation throughout the private sector, and seeks to develop a common currency, which has had tremendous advantages for European countries economically. The UAE government is instrumental in creating business policies that open new supply chain opportunities, provide support for partnership in business, and facilitates a more favorable economic environment. The government has also established Free Trade Zones in Dubai, Abu Dhabi, Sharjah and Ajman, which provide 100% tax free exemption on imports and exports. This is monumental advantages for ensuring an international supply chain and reducing costs of raw material procurement. Economic Factors Wealth is based primarily on the gas and oil industries, which have been proven sustainable over the long-term, leading to greater GDP and currency valuation compared to other nations. Growth in consumer incomes in the luxury sector is underpinned largely by these industries, with the inclusion of the science and technology sector. Greater government investment in infrastructure and job creation underpins a stable economy to establish a business presence. Social In the UAE, under Islamic ideology, women are deemed as equals compared to male counterparts, hence opening the possibility to sell the product to both demographics successfully. In a recent study conducted by Sobh, Belk and Gressel (2014), it was found that women consumers maintain attributes of conspicuous consumption which drives luxury consumption growth. Conspicuous consumption is purchasing upscale and high-end products in order to reflect that they have achieved high social status and wealth. Hence, the luxury market appears ideal for gaining consumer interest in the device due to its high price structure and capability to outperform any other 3D technology in the consumer marketplace. Technological A high quality telecommunications infrastructure in the UAE provides luxury consumers with Internet capabilities, mobile device availability, and cameras by which to document their lifestyle experiences. With the holographic viewing device capable of uploading and downloading information, consumers are virtually unlimited in the type of 2D imagery they can convert to 3D, projected technologies. There are no deficiencies in the telecommunications industry in the UAE which support incentive for countless volumes of consumers to seek purchase of this revolutionary product. 5.2 SWOT Analysis Strengths A well-developed internal research and development team consisting of technical and scientific experts routinely working on new product developments A matrix organizational structure facilitating special projects and functional divisional activity. A superior marketing plan based on contemporary marketing theory and consumption behaviors of modern consumers in the UAE. A well-developed UAE infrastructure for effective retailing and commercial transport. Weaknesses No brand recognition as a new company. An inability to block new market entrants with the resources and capabilities to being attempts to replicate the product after launch. Limited knowledge of UAE consumer demography. Poor political ties with influential government representatives. Opportunities Establishment of joint ventures to expand beyond the UAE Utilize corporate social responsibility as a selling tool to gain more consumer interest. Diversification – Expanding the business in new areas outside of the consumer electronics industry. Establish licensing agreements with other business entities, both domestic and international, to develop similar holographic technology as a revenue growth strategy. Threats New market entrants Rising costs along the global supply chain. Changing consumer attitude and values in the luxury sector. Reduced foreign investment in the UAE as a developed and stable economy leading to less high-end expatriate consumers and drops in local tourism throughout the UAE. Precious metals value declines as a result of market and investor behaviors. 6.0 Supply chain and potential partners To successfully manufacture the product, the supply chain must extend beyond the UAE which increases the price of procurement on the many scientific and precious metal components required to achieve 3D projection technology. The internal elements required to achieve microscopic integral imaging are gold and platinum. Whilst these metals are utilized in small volume in each unit, only .47 grams of platinum and .89 grams of gold per unit, to produce these products will require procurement of these expensive precious metals. In today’s market, Gold is priced at $1209.72 per ounce, and platinum at $1154 (USD) per ounce (Goldline 2015). In recent years, both of these metals were approximately 39 percent higher and are constantly influenced by changing market prices and conditions, with gold recently exceeding $1800/ounce. Gold is often extracted in nations with considerable militaristic and political conflict, causing problems with creating a sustainable procurement methodology. Hence, the business may have to purchase more gold than required during a specific period of production to ensure non-disruption. This increases the short-term costs of procurement and raises the inventory holding costs to the company. However, gold and platinum do represent a capital asset that can be easily divested in the event of over-abundance of inventory. However, for the standardized components of the device (i.e. microchips, plastics, resins, etc.) common in standard television units, there is a vast supply chain throughout the world and hail largely from developing nations. This has significant procurement advantages for Holographic Industries as these economies have significant deflated currency value compared to the UAE. For instance, a main supplier of microchips in India, Microchip Technology Inc., maintains a 17:1 currency exchange rate (UAE Exchange 2015). The majority of standardized products will be procured from India which maintains a favorable economic environment for substantially reducing expenditures in the procurement process. International procurement is more favorable for Holographic Industries as the current UAE legislation imposes zero taxation on imported products (Borderfree UK 2015). To facilitate a more responsive and flexible vendor network for raw materials, Holographic Industries will seek the development of strategic alliances with its primary vendors of standardized components. Strategic alliances within the procurement network allow a firm to share labor and capital-based resources with the vendor, improving training in the event that production needs change at Holographic Industries. These alliances also build important B2B relationships which underpin more willingness to be responsive to the fluctuating production needs of the company, especially prevalent in the event that new product enhancements are constructed by the research and development department. This will create resource efficiency, responsiveness, close any performance gaps, and increase effective resource utilization along the procurement network. 7.0 Financials This revolutionary new device in consumer electronics maintains significant revenue opportunities and immediate economic growth for Holographic Industries PJSC. Because it maintains very little threat of substitutes (understanding that 3D television demand has decreased in recent years), this product is revolutionary in terms of providing luxury consumers with a superior personal viewing experience. This section outlines financial projections for the business and provides a balance sheet based on expected sales and expenditures of the product. This section is divided according to cost versus intake. 7.1 Indicative pricing and revenue equivalent to USD Based on all costs of procurement, both fixed and variable, the unit must maintain a selling price of 31,000 Dirham to ensure a profit margin of 30 percent. All figures are based on this 31,000 Dirham selling price in the UAE, targeting the luxury consumer both foreign and domestic. To put into perspective, 31,000 Dirham, to the average consumer, is not equivalent to a USD in terms of consumer expenditure. In the UAE, 12 eggs costs approximately 17 dirham and monthly rent for a 900 sq ft apartment is 8,226 dirham. Hence, in perspective, in equivalent USD, purchase of the device would be approximately $6000 to the typical American luxury consumer. For ease of analysis, all calculations in the financial documents will be in USD. The UAE luxury market consists of approximately two million potential buyers. However, not all consumers (of course) in this sector will be attracted to the device. It is not until the business has been in operation and gained familiarity with the UAE luxury consumer that segmenting according to demographics, geographics or psychographic characteristics can be more solidly determined. However, due to the revolutionary capability of this device, its lack of competitive presence, growth in innovation as a consumption driver, and trends in conspicuous consumption in the UAE, we estimate Year One sales of 7,000 units (583 per month) which Holographic Industries believes is a rational and conservative estimate, considering that the UAE represents a whopping 30 percent of the entire Mid-East luxury market, equivalent to $49 million USD. Pro Forma Balance Sheet as of : December 31, 2016 ASSETS LIABILITIES Current Assets Current Liabilities Cash  2,500,000 Accounts payable  600,000 Accounts receivable 1,200,000 Short-term notes 210,000 (less doubtful accounts) 0 Current portion of long-term notes 0 Inventory 1,300,000 Interest payable 200,000 Temporary investment 0 Taxes payable 1,300,000 Prepaid expenses 80,000 Accrued expenses 600,000 Total Current Assets  5,080,000 Total Current Liabilities 2,910,000 Fixed Assets Long-term Liabilities Long-term investments  800,000 Mortgage 400,000 Land 1,200,000 Other long-term liabilities 450,000 Buildings 300,000 Total Long-Term Liabilities 850,000 (less accumulated depreciation) 6,000 Plant and equipment 2,500,000 Shareholders Equity (less accumulated depreciation) 30,000 Capital stock 3,250,000 Furniture and fixtures 70,000 Paid in Capital 400,000 (less accumulated depreciation) 4,000 Retained earnings 130,000 Total Net Fixed Assets 4,838,000 Total Shareholders Equity 2,378,000   TOTAL ASSETS  9,918,000 TOTAL LIABILITIES & EQUITY 9,918,000 7.2 An explanation of financial projections Fixed costs for the business include: Amortization of various capital assets (i.e. building and land). Insurance Interest expense Salaries and other wages Utilities Rent Property Taxes Depreciation Variable costs include: Raw materials Production supplies Staff labor wages Credit fees Freight movements of finished product Commissions The business’ initial investments will be underpinned by the issuance of an IPO in the UAE stock exchange in accordance with compliance to regulations in the securities market. Based on preliminary valuation of the company, based on its current assets and liabilities, is $2,000,000. The initial IPO based on findings from the basket of underwriters undertaking the valuation process of Holographic Industries, considering all debt and opportunities for rapid revenue growth, will be 50 Dirham under the current valuation structure. It is estimated that the company will issue approximately 250,000 shares of stock, which underpins the $3,500,000 USD stock liabilities as listed on the projected Pro Forma Balance Sheet for year ending December 31, 2016. Using public relations and media opportunities, as well as assistance from the various international underwriters assigned valuation responsibility, the business will procure relevant institutional investors to procure common stock shares at a 50 Dirham per share. Shareholder investment will require establishment of a Board of Directors in accordance with UAE law, with at least one representative consisting of a UAE domestic national to represent the business. The company will begin producing quarterly earnings and outlook reports and exploit this media opportunity in order to build more shareholder interest in the firm to raise the required capital needed for extensive R&D systems and ensure more asset improvement. Concurrent with these financial projections, the business will recognize the role of the viewer and Holographic Industries’ success as assisting in UAE sustainability. The business will procure land and construct new production and warehousing facilities in the UAE, in accordance with environmental policy in the country. Emphasis on reducing the firm’s carbon footprint, recycling, waste and CSR related to philanthropic urban development will underpin part of the firm’s marketing strategy to gain consumer attention and give the firm a reputation for environmentally-responsible business. It has been estimated that firms with this type of eco-reliable reputation have greater shareholder interest and brand reputation, an important conception in a market with little brand recognition. In fact, a recent study by Oh and Yoon (2014) found growth in a trend called ethical consumption, with a real-world sample of consumers indicating more favorable attitudes toward companies with a strong CSR focus over that of less-transparent firms. Hence, having a sustainability focus in facilities and management ideology maintains many marketing advantages for Holographic Industries and ensuring sustainability for the UAE and its populace. 8.0 Growth strategies Future growth strategies determined by the business were formulated using the Ansoff Matrix, a strategic planning framework developed by Igor Ansoff. During Year One and Year Two of operations, the business will focus on market development, which is achieving growth using existing products (in this case the viewer) to existing UAE markets. This will be accomplished with significant capital and labor investment in the promotional function of marketing to build brand recognition and brand trust. Using main concepts such as the firm’s focus on CSR and sustainability, and its pioneering product benefits, the firm will position itself in the market as a market innovator. Promotion, pre-launch of the holographic viewer, will be inclusive of intensive television advertising on relevant UAE stations catering to luxury-minded consumers, billboards, print advertising in scientific and lifestyle magazines, and publications catering to university educators and administrators. After Year Two, Holographic Industries will seek growth in other markets, market development strategy, through acquisition of various potential rivals. By acquiring established brand names in foreign nations, the business can co-brand as a market entry strategy in Year Three, having acquired enough capital and shareholder interest to ensure expansion in a cost-effective manner. It is anticipated that this product will still be revolutionary by Year Three, based on the slow pace of competitive technological development, allowing the firm to leverage this pioneering product in markets with high luxury segment availability such as Japan and China. In China, the luxury segment is estimated to be worth $27 billion annually to luxury product marketers. In fact, China, in 2012, surpassed all other nations in the luxury consumer category, outpacing major nations such as Russia, the United States, Italy and Japan. Hence, in Year Three, the company will begin an aggressive market entry strategy consisting of a blend of pre-entry promotional materials, conduct market research into what drives consumer preferences in the luxury sector for 2019, and pursue acquisition of established consumer electronic brands to facilitate more consumer knowledge about Holographic Industries and its potential benefit as a lifestyle contributor in a nation where innovation also drives luxury consumption behaviors. It is estimated that by 2018, the firm will have achieved the equivalent of $108 million in revenues and, combined with capital procured through common stock shareholders, will sustain a positive credit rating to facilitate rapid international expansion. 9.0 Risk and exit strategy The primary risk to the business is that potential new market entrants can deconstruct the product and gain unique insight into how they, themselves, can begin replicating the product to compete with this revolutionary technology. Therefore, the company will aggressively pursue patent protections and trademark protections to limit this capability over the long-term. Whilst these are not failsafes, it can slow the process of competitive replication and ensure a longer life cycle for this product. A major, secondary risk to the business is changing in luxury consumption behaviors that could underpin price-sensitivity in the future. Therefore, the business must conduct regular market research using large samples (i.e. focus groups and surveys) of real-world UAE luxury consumers to identify their perceptions of luxury, their views about the Holographic Viewer (post-launch) and identify social trends that could underpin a more effective promotional strategy in the marketing function of business operations. This real-time data from existing UAE consumers will determine direction for research and development, how to promote the product effectively and with the largest consumer appeal, and determine how to achieve growth within the UAE market. Exit, in the event that the product is not successful in the UAE (which is highly improbable), will require a strategy to insulate the business from economic disaster. This will entail a management buyout approach, allowing managers of the business an opportunity to purchase the company at a fair, valuated market price. Executives of the business can pool their existing resources (made available through stock options, generous salaries, and other investment methods) to make the purchase. This agreement for buyout will consist of a 60 percent “buy-in” period with managers committing to complete the additional 40 percent purchase over an extended period of time. The business will conduct a transition analysis strategy that transfers ownership to the executive team which is underpinned by lending institution support to cover the difference not feasible for executives to manage when making the initial 60 percent purchase. The seller, too, will finance the purchase on agreement for an amortized repayment schedule, which will facilitate ease of purchase for highly-compensated, high-asset executives. 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