An entrepreneur approached us to develop a business plan for a new technology project in a developing country. They had a radical new process that would revolutionise their industry. It would cut costs of production, massively reduce pollution and make lots of money by using and licensing the technologies involved. In addition, the principals of the new venture had a profit margin of almost 22% in the first year, rising to over 40% in 5 years. What could go wrong?
We asked these business men [they were all male] about independent studies demonstrating the principles and effectiveness of the new technology, because the profitability of their project relied on this developmental ‘leap forward’ in order to make the project such a success. This was the centre-piece and key to the whole venture, so this had to be a technology that was patented.
It’s vital that when considering the development of a business plan by professionals, that you expect that details will require some verification. Any International investor is going to require verification of ownership, title etc. So make sure that these matters are already properly in order before approaching the expert creators of your winning business plan.