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‘Not Knots’ Untangling America. Megan Chambers Caroline Case. What Is The Product? .
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‘Not Knots’ Untangling America Megan Chambers Caroline Case
What Is The Product? Our invention, the Not Knots technology, solves one of the most annoying problems in America-tangled headphones, Christmas lights, and just about every other cord known to humankind. It also makes it easier to unroll garden hoses, extension cords, and more.
Electroactive Polymer Technology Electroactive polymers (EAPs) change shape when charged with electric voltage. By integrating these polymers into headphones and other cords, we can create headphones and Christmas lights that won’t tangle and garden hoses that roll out at the push of a button. We will not personally be responsible for the creation of these individual products. Instead, we will sell the developed technology to other companies.
Success? We will have success with this product as we will be providing improvement to the many cords that we need in this modern world, between chargers for cell phones, eReaders, and tablets, as well as headphones and extension cords. The use of EAPs is expected to be a 3.4 billion dollar market by 2017. nope
What sets us apart from others? There are other companies manufacturing goods to keep wires, especially headphones, from tangling. Our company and technology is different from these other companies and goods because ours is more convenient, less bulky, and more eco-friendly. The other cases use lots of plastic for the product, as well as for packaging, while ours can be used by any company and doesn’t require separate packaging.
How will it be produced?The Factors of Production and the Want-Satisfaction Chain
Land We need land to create a factory and warehouse for our products, and we are looking at various industrial real estate properties right now. The one we are most considering is 949 Seahawk Circle, selling 34,108 square feet of land for $2,495,000. This is a large fee, however industrial property is much more expensive than residential property.
Labor Factory Workers: • 10 workers • 8am-5pm • $9 an hour Factory Managers: • 4 managers • 8am-5pm • $12 an hour Company owners: Megan and Caroline • Paid through company profit
Capital We will need a fairly large factory to create our technology, which is, once sold, capital for other companies. Purchasing the land and materials for our factory will require a large amount of monetary capital, approximately 6 million dollars. Salary Costs: 10*9*255=$22,950 4*9*255=$9,180 Annual salary cost:$32,130
Entrepreneurship We will be the two responsible for creating this technology and figuring out how to incorporate it, which will require lots of creative and critical thinking. We are taking an entrepreneurial risk by putting so much money into the creation of this company and our technology. However, we believe that our success will make taking this risk pay off.
How will it be sold? We will be marketing our technology to other businesses, especially those that manufacture headphones, charger cords, extension cords, Christmas lights, and other similar products.
to whom will it be sold? The technology will be sold as capital for companies that manufacture various types of cords. We will be specifically marketing the technology to companies like Apple, Microsoft,RIM, LG, Motorola, and Pantech.
How much will it cost? • We will sell the technology for use to other companies for a royalty on every product they sell that incorporates our technology. Royalties will vary based on the product, but will generally be set at about 10% of the product’s profit.
What type of company are we? Our company, Not Knots Inc., is a corporation. The amount of investment we need to create this business is too large for us to handle on our own. There is certainly a desire nationwide for our technology. Tangled wires are a nuisance that occur in every household across the country, and the companies we will be marketing to will want to be able to one-up its competitors with the convenience of their cords.
Regulations we must follow • Fair Labor Standards Act of 1938: All of our workers will be paid at least minimum wage and for overtime • Occupational Safety and Health Act of 1970: We will ensure our workers are safe and protected while they perform their duties in the factory • Consumer Product Safety Improvement Act of 2008: We will make sure our product is 100% safe for consumer use and will never sell anything that has not been approved to be sold by law
Economic Freedoms • The freedom to own property is crucial to our success, as we need to own land on which to build the factory to manufacture our technology • The freedom to make a profit is incredibly important, otherwise this business would have no purpose. We would not create this technology if we would only go into debt because of it. • The freedom to compete is also important to us, as there are other companies creating technology like this that also want to make profits.
Economic Freedoms (Cont.) • The freedoms to make choices about what to produce, buy, and sell, are the heart of our company. Without these freedoms, our technology may never be created, as we would be commanded as to what to make and sell.
Advertising • As we are marketing to electronics companies and not directly to the consumers, we would not place an ad for our technology in a magazine. • We will send the ad on the next slide along with with a business proposal to the aforementioned companies
Advertisement Set yourself apart from the millions of other cords on this planet; headphones, chargers for tablets, phones, eReaders, cords for gaming consoles, televisions, and extension cords- the list goes on and on. With Not Knots technology, you can offer your customers cords that will never tangle and will unroll with ease. Imagine their delight at never struggling with a hopeless mass of tangled cords ever again! Make Not Knots a member of your technological family, and set yourself apart from the other tech giants as we work to untangle America.
