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| - | {{Team:Purdue/Content|title=Biomaker bench|content= | + | {{Team:Purdue/Content|title=Biomaker Bench |
| - | The biomaker bench page explains what the biomaker bench is and what we’ve done to continue it this year. This page will contain equal amounts of pictures and text.
| + | ''Creating a Community Lab Space''|content= |
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| + | <html> |
| - | Executive Summary 4
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| - | A1. Business Identification 4
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| - | A2. Mission, Goals and Objectives 4
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| - | A3. Keys to Success: 5
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| - | A. Company Summary 6
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| - | B1. Industry History 6
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| - | B2. Legal Form of Ownership 7
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| - | B3. Location and Facilities 8
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| - | B4: Management Structure 9
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| - | Peter Mercado 9
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| - | Amanda Short 10
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| - | Robert Evans 10
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| - | Gordon Showalter 10
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| - | Jim Nolan 11
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| - | Curtis Servaas 11
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| - | Elizabeth Caldwell 11
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| - | Advisory Board 12
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| - | B5. Products and Service 12
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| - | B. Market Analysis 13
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| - | C1: Target Market 13
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| - | C2: Industry Analysis 14
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| - | C3: Competitive Analysis 14
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| - | C. Market Strategy 15
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| - | D1: Four P’s – Marketing Mix 15
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| - | Product 15
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| - | Price 16
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| - | Place 16
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| - | Promotion 16
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| - | D2: Price List- 16
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| - | D3: Selling Strategy 17
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| - | D4: Sales Forecast 17
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| - | D. Implementation Strategy 18
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| - | E1. Overall Strategy- 18
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| - | E2. Implementation- 19
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| - | E3. Control Plan 19
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| - | E. Financial Statements and Projections 20
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| - | F1. Revenue and Cost Estimate- 20
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| - | F2. Forecasted Profit and Loss Statement 21
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| - | F3. Forecasted Balance Sheet- 22
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| - | G1. Financial Projections 23
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| - | G1a- Breakeven Point- 23
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| - | G1b-Financial Position 24
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| - | G1c-Capital/Investment Needs 25
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| - | References 25
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| + | <h2 class="purdue-collapsable">About Us</h2> |
| - | Executive Summary
| + | <div class="purdue-container purdue-hidden"> |
| - | A1. Business Identification
| + | <div style="margin-left: 1cm;"> |
| - | The Biomaker Bench is a non-profit opportunity established to promote innovative education and discovery. The organization’s efforts are focused within the Indianapolis metropolitan area and other life-science hubs (ex: Warsaw) to coordinate, facilitate and provide tailored and low-cost science, technology, engineering and mathematics (STEM) K-12 outreach while promoting life-science based entrepreneurship and innovation. Indiana has been repeatedly ranked a top-five national setting for Life Science Sectors. Innovative community engagement is needed to maximize the potential of Indiana’s students, workforce, citizens, corporations and academic institutions. | + | <p>The Biomaker Bench started as a human practices initiative for the 2012 Purdue iGEM Teams project. While trying to organize teachers, students and community members around the state the team realized there was a need for a central body to coordinate these kinds of efforts in a sustainable and continuous manner. Thus was born the Biomaker Bench.</p> |
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| - | (BioCrossroads, 2013)
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| - | The mission, objectives, products and services and phases for implementation outlined in this plan are set to inform and promote on the public and private sector on the purpose, intent and strategic goals of this non-profit organization. This plan also seeks to inform potential donors, volunteers and recipient organization of the projected offerings and forecasted financial requirements for operation.
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| - | A2. Mission, Goals and Objectives
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| - | Mission: To simplify and provide innovative outreach efforts in STEM education for Indiana k-12 students. To educate and equip communities with the milieu and resources needed to develop life-science based discoveries in order to enrich the lives of citizens as scientists.
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| - | Goals:
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| - | By 2020, through strategic partnerships and initiatives in Central Indiana:
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| - | • Increase high school student preparedness for college-level STEM courses.
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| - | • Increase women and minority resident interest and participation in STEM.
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| - | • Increase community college and university enrollment and graduation rates from STEM programs.
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| - | • Increase the amount of young life-science professionals in Indiana.
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| - | • Provide a physical space that contains the equipment necessary to conduct innovative research.
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| - | Objectives:
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| - | Engage the community. Make science fun. Illustrate that STEM education can take place anywhere. Motivate students to seek STEM related courses and careers.
| + | |
| - | A3. Keys to Success:
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| - | 1. Establish strong network connections and collaborations within biotech and life sciences industry and academic institutions and public education systems.
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| - | 2. Form strategic partnerships with local, regional and national non-profit agencies and private foundations.
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| - | 3. Support the entrepreneurial efforts of additional small businesses and non-profit agencies within Central Indiana and with alignment to the Biotech and Life Sciences industries.
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| - | A. Company Summary
| + | <p>The Biomaker Bench is a non-profit opportunity established to promote innovative education and discovery. The organization’s efforts are focused within the Indianapolis metropolitan area and other life-science hubs (ex: Warsaw, IN) to coordinate, facilitate and provide tailored and low-cost science, technology, engineering and mathematics (STEM) K-12 outreach while promoting life-science based entrepreneurship and innovation. Indiana has been repeatedly ranked a top-five national setting for Life Science Sectors. Innovative community engagement is needed to maximize the potential of Indiana’s students, workforce, citizens, corporations and academic institutions.</p> |
| - | B1. Industry History
| + | |
| - | DIY Biotech and community biolabs are quickly developing across the nation, and the world. These are places with the aim to make science accessible to everyone, where the movement, initiatives and laboratory literally grow from the community. DIY Biotech goals are relatively straight forward: 1. Increase science literacy, 2. Local place to learn through a hands-on approach. There are additional and strategic benefits to formal programming with STEM outreach and education in the community. This is where CICSL would engage and coordinate local efforts, to promote public good within the state of Indiana educational and economic goals, for public and private sector guarantors and beneficiaries.
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| - | “[STEM] jobs provide tremendous financial opportunity for Indiana students, as the average STEM occupation salary is $74,958, compared to an average of $45,563 for all jobs. The education level required for these jobs, however, is also much higher: 90% of STEM-related jobs will require training beyond a high school diploma, compared to just 55% of all jobs in Indiana. STEM jobs also are going unfilled – there are two job openings for every 1 person applying to STEM occupations, but there are on average 3.6 people applying to every job opening in other fields” (Change The Equation, 2012).
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| - | “Of students who go to college, only 56.4% of students graduate with a bachelor’s degree within 6 years of matriculation and only 38% of the 18-24 year old age group go to college. Of those college attendees, only 11.9% of majors are in STEM fields. In addition, of the students who do go to college, 64% require remediation costing the state $16,225,502 each year “(Change The Equation, 2012).
| + | </div> |
| | + | </div> |
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| - | For 2013, the Indiana Department of Education reported more than 128,000 K-12 students enrolled in incorporated Marion County schools. For the Central Indiana region in which Biomaker Bench plans to cover, these student enrollment totals expand to more than 280,000 K-12 students. The areas in Central Indiana include the surrounding counties of Boone, Hamilton, Hancock, Hendricks, Johnson, Madison, Morgan, Shelby and Tippecanoe. (Indiana Department of Education, 2013)
| + | <h2 class="purdue-collapsable">Mission</h2> |
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| + | <div class="purdue-container purdue-hidden"> |
| - | B2. Legal Form of Ownership
| + | <div style="margin-left: 1cm;"> |
| - | Biomaker Bench will incorporate as a 501(c) 3 non-profit entity, with the intent to serve the public good through charitable outreach and education services while promoting innovation and entrepreneurship. The articles of incorporation will be prepared via the pro bono services of experienced corporate attorney whom has volunteered time for the cause. The organization will also apply for a Federal Employee Identification Number (EIN), file any state and local exemption paperwork, apply for a non-profit mailing permit and file the Certificate of Assumed Business Name.
| + | To simplify and provide innovative outreach efforts in STEM education for Indiana k-12 students. To educate and equip communities with the milieu and resources needed to develop life science based discoveries in order to enrich the lives of citizens as scientists. |
| - | The legal organizers will consist of Peter Mercado, Amanda Short, Gordon Showalter, James Nolan, Curtis SerVaas and Robert Evans.
| + | </div> |
| - | Legal Name: Biomaker Bench, Inc.
| + | </div> |
| - | DBA: Central Indiana Community STEM Labs, CISCL, Biomaker Bench
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| - | B3. Location and Facilities
| + | <h2 class="purdue-collapsable">Goals</h2> |
| - | Indianapolis Metropolitan area
| + | <div class="purdue-container purdue-hidden"> |
| - | During the Start-up Phase, which will be tentatively the first six months after incorporation, the business will not require a physical location. Operations, program development, fund-raising and establishing connections with Advisory Board members will be the primary goals and work will be conducted virtually. Focus will be on developing an online community of existing life-science professionals and retires who can coordinate for outreach activities in their own areas. While also collaborating to develop an archive of fun innovative DIY projects and outreach activities. During the next time period, the Launch Phase during months six through the first year of incorporation, mobile delivery services to local schools and community centers will begin. At that time primary public centers for community outreach will be identified in Northwest and Southeast quadrants of Marion County. These centers may be neighborhood community centers, such as the John H. Boner Center, Ivy Tech Community College, or private holdings such as small businesses donating period space for use. As the business approaches a phase with increased outreach efforts and services in years 1 to 2, the Implementation Phase will require the rental of a small office space with meeting and open workspace in central Indiana. At this time a vehicle, such as van or SUV, for transport of materials mobile delivery of services may also be required to expand and provide services. Moving into year 2 and beyond, space will be obtained with low rent and utility fees via a current offer from the city of Noblesville and Noblesville Schools System to develop and launch a physical operation for Biomaker Bench, the first community bio-lab in the state of Indiana.
| + | <div style="margin-left: 1cm;"> |
| - | B4: Management Structure
| + | By 2020, through strategic partnerships and initiatives in Central Indiana: |
| - | In the initial start-up and launch phases, Biomaker Bench will operate with a general collaborative and team structure, with Peter serving as project leader. As the business approaches implementation phase, it will require the assumption of more formal structure. At that time, the roles of CEO, COO, Core Biotech and disseminating branches will be determined.
| + | <ul> |
| | + | <li>Increase high school student preparedness for college-level STEM courses.</li> |
| | + | <li>Increase women and minority resident interest and participation in STEM.</li> |
| | + | <li>Increase community college and university enrollment and graduation rates from STEM programs.</li> |
| | + | <li>Increase the amount of young life-science professionals in Indiana.</li> |
| | + | <li>Provide a physical space that contains the equipment necessary to conduct innovative research.</li> |
| | + | </ul> |
| | + | </div> |
| | + | </div> |
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| - | Peter Mercado – Co-founder, Project Leader, Spokesman
| + | <h2 class="purdue-collapsable">Objectives</h2> |
| - | Peter’s role will be to oversee the primary interactions and connections within the business and academic communities and uphold financial accountability. He will serve as a spokesman for Biomaker Bench. His role will include interactions and communication with members of the Advisory Board as well as release of information to the general public. He will facilitate, lead and approve strategic planning along with the other members of the organizational management team. Peter is a full time student in Biochemistry at Purdue University and completing a Certificate in Entrepreneurship. Peter has worked for and conducted research on contract for Eli Lilly, the IU Simon Cancer Research Center, Brown University and the Purdue Technology Commercialization Center. In addition, Peter has served as the Treasurer for the Purdue International Genetically Engineered Machine Team (IGEM) and was responsible for fundraising over $40,000 in his two consecutive terms.
| + | <div class="purdue-container purdue-hidden"> |
| - | Amanda Short – Co-founder, Operations, Finance, HR
| + | <div style="margin-left: 1cm;"> |
| - | Amanda’s role within the organization will be to oversee the primary operations of the organization. Her management will include managerial accounting, infrastructure such as web-based platforms and facilities, and oversight of Human Resources and strategic projects.
| + | <p>Engage the community. Make science fun. Illustrate that STEM education can take place anywhere. Motivate students to seek STEM related courses and careers.</p> |
| - | Amanda is a full time student in the Krannert School of Management at Purdue University and is completing a degree in management and certificates in Entrepreneurship and Innovation. Amanda has served as an Executive Director for the 2013 Doster Leadership Conference where her efforts contributed to grants resulting in $18,000 of the total $65,000 raised, also completing an internship with Capia IP, a company which secures intellectual property across a variety of industries.
| + | <b>Keys to Success:</b> |
| - | Robert Evans – Co-founder, Core Biotech, EH&S Officer
| + | <ol type="1"> |
| - | Robert’s role within the organization will be to ensure the development of courses and activities in alignment with the defined organization objectives. His role will include facilitation of workshops, training of volunteers and oversight of a rigorous healthy and safety compliance and Chemical Hygiene Plan. Robert is a biotechnologist with five years of industry experience working full-time as a discovery researcher on contract assignment at the Indianapolis-based headquarters of a Fortune 500 company. He is also a part-time biochemistry major at Purdue University.
| + | <li>Establish strong network connections and collaborations within biotech and life sciences industry and academic institutions and public education systems.</li> |
| - | Gordon Showalter – Co-founder, Core Biotech, Curriculum Development
| + | <li>Form strategic partnerships with local, regional and national non-profit agencies and private foundations.</li> |
| - | Gordon’s role within the organization will be to ensure the development of courses and activities in alignment with the defined organization objectives. His role will also include facilitation of workshops, training of volunteers, arranging seminars and guest lecturers and interactions with guest researchers. Gordon is a Biological Engineering student at Purdue University, with undergraduate research and teaching experience in the fields of phage genomics, pasting cell rheology in food sciences and biomarker profiling of cancer cells.
| + | <li>Support the entrepreneurial efforts of additional small businesses and non-profit agencies within Central Indiana and with alignment to the Biotech and Life Sciences industries.</li> |
| - | Jim Nolan – Co-founder, Chief Technology Officer
| + | </ol> |
| - | Jim’s role within the organization will be to ensure technology available, systems, software as well as laboratory-based will meet the needs to support education and outreach efforts, communicate effectively , align with defined organization objectives and remain scalable for future growth. Jim will work with all members of the team to identify and analyze current and future needs, as well as explore innovative solutions within the marketplace. Jim is currently in his junior years at Purdue University, completing his degree in Biological Engineering. He has undergraduate experience in high-throughput assay development.
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| - | Curtis SerVaas – Co-founder, Network and Systems Communications and Applications Development
| + | </div> |
| - | Curtis’ role within the organization will be aligned with the development and maintenance of operational and public- facing technologies, such as developing the Biomaker Bench website and interactive applications for instruction. Curtis will analyze and advise Jim on the most effective technologies for use and develop, when applicable. Curtis is a currently a junior at Purdue University. He is experienced in web application development.
| + | </div> |
| - | Elizabeth Caldwell – Strategy Projects
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| - | Elizabeth’s role within the organization will be to actively recruit, screen and develop and facilitate a training program for outreach volunteers. She will also participate in the evaluation and development of course curriculum and strategic initiatives. Additionally, her role will involve the coordination and planning of large events and projects requiring additional levels or resource and planning beyond routine offerings. Elizabeth has over five years of healthcare system experience and over six years of industry protein biochemistry R&D experience within a Fortune 500 company, as well as project management, human resources and Six Sigma Green Belt project leader certifications. She recently completed her B.S. in Business Management at WGU and is continuing her studies there within their MBA program. Elizabeth also serves as a multi-year steering team member for R&D Outreach and Education and parent and family advocacy networks with her current full-time employer.
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| - | Advisory Board – Industry, Government, Academics and Non-profit and Area Leaders
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| - | The advisory board will include rotating members, serving minimum two year terms, but no more than five, from area biotech and life sciences industries, government agencies, academic institutions, non-profit groups and area leaders from private foundations. Some members of these areas have been identified at this time, while other confirmations are still on-going.
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| - | Industry – Dow AgroSciences, Eli Lilly, Roche Diagnostics
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| - | Government – Marion County Health Department, Indiana Dept. of Education
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| - | Academics – Purdue University, Ivy Tech Community College, WGU Indiana, Indiana University
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| - | Non-Profits and Area Leaders – Lumina Foundation, Hoosier Association of Science Teachers, Science Education Foundation of Indiana, Inc., Starfish Initiative, iSTEM Indiana.
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| - | B5. Products and Service
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| - | Biomaker Bench offers a non-traditional classroom for K-12 STEM education, allowing students to interact through hands-on experiments to absorb and understand the discrete information learning in traditional classroom setting. “STEM education aims to develop a student’s ability to think logically, solve problems, innovate in both academic and real-world contexts, engage in inquiry, collaborate with peers, and self-motivate.“(Indiana Department of Education, 2012)
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| - | 1.) Initially, Biomaker Bench will serve as an aggregate resource coordination and facilitation service for area STEM outreach efforts and youth areas requesting services within the community.
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| - | 2.) Biomaker Bench will begin offering developed activity kits and trained volunteers to facilitate K-12 outreach efforts within the community. Activity kits are relevant to K-12, transportable, cost-effective, are safe for general use and time efficient.
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| - | 3.) Biomaker Bench will provide interactive and educational STEM activities for all ages as large public events, such as festivals, expos and fairs.
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| - | 4.) Biomaker Bench will offer community engagement activities geared toward adults – college students, recent graduates, industry professionals and biotech hobbyists. These will typically be sponsored events at public and private venues within the metropolitan area.
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| - | 5.) Biomaker Bench will offer workshops with guided and themed curriculum.
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| - | 6.) Biomaker Bench will offer open community workspace within the biolab.
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| - | B. Market Analysis
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| - | C1: Target Market
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| - | The target market for Biomaker Bench includes organization providing STEM outreach services and those requesting service. The target market then extends to all K-12 students in Central Indiana counties of Marion, Boone, Hamilton, Hancock, Hendricks, Johnson, Madison, Morgan, Shelby and Tippecanoe. Biomaker Bench anticipates growing to meet the demands of the larger community of college students, recent college grads, industry professionals, biotech hobbyists, and the biotech-curious adult learner in these same geographic areas.
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| - | C2: Industry Analysis
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| - | The DIYBiotech and community lab movements have taken hold and grown substantially, globally, in the last four years. There are community labs or bio-hacker spaces throughout the U.S., primarily on East and West coasts and forming in large metropolitan areas near college campuses. Globally, these community biolabs have formed in Germany, Australia, South Korea and Russia, just to name a few. This is a movement centered with a globally agreed, vetted by the U.N., common code of ethics. According to Ellen Jorgensen, Ph.D. and co-founder of Brooklyn, NY based Genspace, biotechnology is “the most powerful, fastest growing technology sector…poised to touch every aspect of our daily lives”. (TED Conferences, LLC, 2012)
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| - | C3: Competitive Analysis
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| - | There are currently no direct competitors in this market. The nearest community biolab in the region is the Chicago area and STEM education and outreach on a non-profit basis is underserved in metropolitan area. As it relates to fees for service STEM workshops or events, there are no direct competitors either for the K-12 market. The Children’s Museum of Indianapolis is the largest provider of fee for service fun and educational exhibits in the metropolitan area, but their programming would not be in direct competition with age groups or content to reach the target market. To the southwest of Indianapolis, Bloomington is home to Wonderlab, which represents a closer model with mobile delivery of science activity kits. To the northeast of Indianapolis, Sciencelab is located in Ft. Wayne and presents a similar style of programming. Area companies and academic institution, as well as some private foundations, have science outreach programs staffed with employee volunteers that visit schools and contribute to activity kit lessons at public events. However, no such entity as a coordinator of services for STEM outreach delivery, tailored event programming, community biolab and workshops exists within Central Indiana.
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| | | | |
| - | C. Market Strategy
| + | <h2 class="purdue-collapsable">Industry at a Glance</h2> |
| - | D1: Four P’s – Marketing Mix
| + | <div class="purdue-container purdue-hidden"> |
| - | Product – Variety: Core activities are developed for students K-12 and based on topics within biotechnology, health sciences, agriculture and engineering. Community events are tailored programming hosted at neighborhood centers, festivals, expos and fairs. Adult-targeted events may be organized through Meet-up.com and hosted at parks, cafes, pubs and other venues.
| + | <div style="margin-left: 1cm;"> |
| - | Quality: To ensure validity, uniformity and value of messages industry and academic facilitators and developers will be involved in the establishment, review and delivery of programming.
| + | <p>The DIYBiotech and community lab movements have taken hold and grown substantially, globally, in the last four years. There are community labs or bio-hacker spaces throughout the U.S., primarily on East and West coasts and forming in large metropolitan areas near college campuses. Globally, these community biolabs have formed in Germany, Australia, South Korea and Russia, just to name a few. This is a movement centered with a globally agreed, vetted by the U.N., common code of ethics. According to Ellen Jorgensen, Ph.D. and co-founder of Brooklyn, NY based Genspace, biotechnology is “the most powerful, fastest growing technology sector…poised to touch every aspect of our daily lives”. (TED Conferences, LLC, 2012)</p> |
| - | Price – Some products are free to the general public, with services funded through defrayed costs via grants and corporate sponsorship. Workshops and Biomaker Bench lab use are paid for through membership or per diem fees.
| + | </div> |
| - | Place – Service will be offered and located via mobile delivery, originating from NW Indianapolis. Services will also be provided via community centers and festivals, at schools by invitation, and tentatively in Noblesville as location for the open-space community lab. Supply and inventory consists of donated materials and equipment from industry partners and sponsors, as well as items purchased wholesale, through eBay or created by Biomaker Bench. Transportation to and from locations may require the purchase of a company vehicle which will additionally serve as a promotional tool (custom-wrapped for advertisement); otherwise personal vehicles will be utilized.
| + | </div> |
| - | Promotion – The primary means of promotion will be through direct marketing approaches. Biomaker Bench will utilize communication directly with customers and potential sponsors. Techniques utilized will be email, interactive customer websites, promotional mailers, and custom-wrapped vehicles, social media sites such as DIYbio.org, Facebook, Twitter and Meetup.com. Direct selling to potential sponsors will become part of a public relations campaign with face-to-face interactions and grassroots/community marketing
| + | |
| - | D2: Price List-
| + | |
| - | Product/Service Fee
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| - | Outreach activities, mobile delivery to schools and community centers Free, funded through corporate sponsorships, grants and donations
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| - | Large community outreach events, festivals, expos Free, funded through corporate sponsorships, grants and donations
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| - | Per diem lab activities and workshops $10-50 per individual, variable cost per offering or course expense
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| - | Biomaker Bench Membership, includes open wet lab workspace and science advisory group $100 monthly, or $1,000 annually per individual; $150 monthly, or $1200 annually per family
| + | |
| | | | |
| - | D3: Selling Strategy
| + | <h2 class="purdue-collapsable">Current Momentum</h2> |
| - | The selling strategy focuses on approaches to solicit sponsors, recruit qualified volunteers for participation in outreach activities, garner interest from local schools and youth groups for services, and attract interest from paying customers. To both solicit sponsors and qualified volunteers, it will be important to engage the right members of corporations and academic institutions as members of the Advisory Board. These individuals will help support and facilitate communications with area leaders and promote corporate responsibility within the community. In order to garner interest from local schools and youth groups and services, it is important to increase visibility at local and city-wide public events and festivals. Opportunities to network at conferences and among teachers within professional organizations will be a primary point of contact. As far as generation of paying customers, this is not a plan thought to be feasible without have gained a local brand recognition. After 1 to 2 years of launch, public interaction and direct-selling tactics should be such that launch of workshops and the Biomaker Bench will allow for a market share to have been developed for this unmet and unknown need within the Indianapolis metropolitan area.
| + | <div class="purdue-container purdue-hidden"> |
| - | D4: Sales Forecast
| + | <div style="margin-left: 1cm;"> |
| - | Target Goal
| + | <p>As of now the Biomaker Bench is in the process of establishing its legal identify as a 501c3 status non-profit organization. In addition, it is focused on developing an online community for Midwestern DIY makers. Once established we hope to collaborate with extensive institutions like Biocrossroads to reach and coordinate outreach endeavors with the Indiana life science industry.</p> |
| - | Start-up Phase
| + | </div> |
| - | (0 to 6 months) No Sales Projected; Secure funding for incorporation and initial infrastructure costs
| + | </div> |
| - | Launch Phase
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| - | (6 months to year 1) No Sales Projected; Funding and donated materials received should cover 20 local outreach events at schools and community centers, including one large event/festival
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| - | Implementation Phase
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| - | (year 1 through year 2) Funding and donated materials received to cover 50 outreach events at schools and community centers, and 5 large events. Begin offering bi-weekly workshops open to the public for fee
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| - | New Development Phase
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| - | (year 2 through year 3) Funding and donated materials received to cover 75 outreach events at schools and community centers, and 10 large events. Begin weekly workshops open to the public for fee, memberships to Biomaker Bench
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| | | | |
| - | D. Implementation Strategy
| + | </html> |
| - | E1. Overall Strategy-
| + | |
| - | The overall strategy for Biomaker Bench is to spend six months in an initial start-up phase, focusing primarily on structuring, building networks within industry, academics and the community, developing curriculum and activities and establishing infrastructure via communications and web interface. Within the launch phase the focus will shift to delivery of services to the community and strengthen tactics in overall marketing. The implementation phase will incorporate more involvement in higher level educational programming and include workshops, beginning the first offerings targeted to generate revenue to cover expenses within the organization. Moving into the development phase, the launch of the community biolab Biomaker Bench will provide a first of its kind resource within Indiana, and one of only two in the Midwest. The laboratory will be the largest opportunity to generate revenue to cover expenses for the organization, but will require extensive start-up engagement and overhead maintenance.
| + | |
| - | E2. Implementation-
| + | |
| - | Target Goal
| + | |
| - | Start-up Phase
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| - | (0 to 6 months) Microryza funding and angel funding sought to cover initial filing for 501c3 status and Articles of Incorporation, attorney and accounting fees, and promotions ($4,500)
| + | |
| - | Launch Phase
| + | |
| - | (6 months to year 1) Expenses and/or donated materials received to cover 20 local outreach events at schools and community centers, including one large event/festival ($4,500)
| + | |
| - | Implementation Phase
| + | |
| - | (year 1 through year 2) Expenses and materials to cover 50 outreach events at schools and community centers, 5 large events and begin offering bi-weekly workshops open to the public for fee ($17,000)
| + | |
| - | New Development Phase
| + | |
| - | (year 2 through year 3) Expenses and materials to cover 75 outreach events at schools and community centers, 10 large events, weekly workshops open to the public for fee, memberships to Biomaker Bench ($25,000)
| + | |
| | | | |
| - | E3. Control Plan
| + | }} |
| - | In order to ensure successful progression into each phase of the implementation plan, the organizational management team and Advisory Board will review criteria against strategic goals prior to moving into the next phase.
| + | |
| - | Start-up to Launch Phase Stage-Gate:
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| - | • Advisory Board has formed
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| - | • Budget and project plans have been approved for next phase
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| - | • Activity offerings have been reviewed and successfully evaluated by educational advisors
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| - | • Website launched
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| - | Launch to Implementation Phase Stage-Gate:
| + | |
| - | • Budget and project plans have been approved for next phase
| + | |
| - | • Office and workspace identified
| + | |
| - | • Funds for 6 months of overhead in rental space are secured
| + | |
| - | • Curriculum and staff have been developed and approved for bi-weekly workshops
| + | |
| - | Implementation to Development Phase Stage-Gate:
| + | |
| - | • Budget and project plans have been approved for next phase
| + | |
| - | • Space for biology lab has been secured and renovated
| + | |
| - | • Biology lab has been approved for operation pending any Biological Safety, Chemical Hygiene and Health Department code requirements and special licensing
| + | |
| - | • Company vehicle has been obtained
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| - | • Curriculum and staff have been developed and approved for Biomaker Bench
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| - | E. Financial Statements and Projections
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| - | Biomaker Bench will operate at a loss during most of its first year and into the second year of operation. It is not until the successful launch of Biomaker Bench’s community biolab in the Development Phase, after year 2, that the business can expect to operate at a level generate revenue and cover expenses.
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| - | F1. Revenue and Cost Estimate-
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| - | The revenue and cost estimates are projected through the first three phases, Start-up, Launch and Implementation in years 1 and 2.
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| - | | + | |
| - |
| + | |
| - | Expanded model through Development Phase (YR 3)
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| - | | + | |
| - | | + | |
| - | F2. Forecasted Profit and Loss Statement
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| - | The Implementation Phase (Year 2) represents the first full year of operation in which Biomaker Bench is poised to return a profit (or loss). In this case, the profit yield at the end of the fiscal year is intended to be re-invested into the non-profit organization as capital expense for the remodeling and launch of Biomaker Bench’s community biolab in Development Phase.
| + | |
| - | | + | |
| - | | + | |
| - |
| + | |
| - | | + | |
| - | | + | |
| - | F3. Forecasted Balance Sheet-
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| - |
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| - | G1. Financial Projections
| + | |
| - | (1-2 pages)- Summarize the financial projections and the assumption used in estimating the projections in section F.
| + | |
| - | G1a- Breakeven Point-
| + | |
| - | The breakeven point for Biomaker Bench will not arrive until the community biolab has been launched and is operational. At that time, a more significant source of revenue will be at hand. However, operating expenses related to continued delivery of outreach services through regular practice and increased offerings at Biomaker Bench will require additional expenses and salaries. The cost of a workshop is $50, per diem lab activities are a $10 daily rate and memberships range from $100-$150 monthly to $1,000-$1,200 annual costs. The cost for these goods and services averages to just over $50 per unit ($53.08). Per the break-even analysis, each month must result in sales of at least $2,456 in order to cover costs.
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| - | | + | |
| - |
| + | |
| - | (Harvard Business School Publishing, 2007)
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| - | G1b-Financial Position
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| - | Biomaker Bench will generate revenue throughout the first fiscal year in order cover expenses. However, net profit will not be substantial to facilitate growth of business opportunities. Growth during the second year business will be contingent on sustained donations and grants as well as beginning and increasing workshop for fee offerings. At the end of the second fiscal year, economic profit and net income should allow for significant investment in the business through the launch of Biomaker Bench’s community boilable. This investment will allow for sustained economic profit and provide a self-sustaining means of support the growing non-profit organization.
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| - | G1c-Capital/Investment Needs
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| - | Initial start-up costs require grants and donations for coverage during incorporation and through the first six months of services launch. The primary expense will be the filing fees associated with incorporation.
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| - |
| + | |
| - | This estimation for needs is primarily mirrored throughout the second half of the first year, into the launch of services. The additional expenses incurred, not captured in the table above are those payments for legal counsel.
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| - | References
| + | |
| - | BioCrossroads. (2013) Exceptional Results. Retrieved from Web: http://www.biocrossroads.com/Newsroom/IN-Life-Sciences-Sector/Exceptional-Results.aspx
| + | |
| - | Harvard Business School Publishing. (2007). Break-even Analysis Tool. Retrieved from Web: http://hbsp.harvard.edu/multimedia/flashtools/breakeven/
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| - | Indiana Department of Education. (2012). Indiana’s Science, Technology, Engineering, and Mathematics (STEM) Initiative Plan. Retrieved from Web: http://www.doe.in.gov/sites/default/files/ccr/indiana-framework-stem-education.pdf
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| - | Indiana Department of Education. (2013). Corporation Enrollment by Grade Level – 2013. Retrieved from Web: http://www.doe.in.gov/improvement/accountability/find-school-and-corporation-data-reports
| + | |
| - | TED Conferences, LLC. (2012). Ellen Jorgensen: Biohacking – you can do it, too. Filmed June 2012. Posted January 2013. Retrieved from Web: http://www.ted/com/talks/ellen_jorgensen_biohacking_you_can_do_it_too.html}}
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