CROWDBASE€¦ · BUSINESS PLAN PREPARED BY: FRANCIS LEYE 7th February, 2015 08062603114,...

SOLUTIONS LIMITEDRC: 1234481

BUSINESS PLAN

PREPARED BY:FRANCIS LEYE

7th February, 201508062603114, 08133315771

[email protected]©MMXV

CROWDBASE

TABLE OF CONTENTSCover PageTable of Contents1.0 Executive Summary...................................................................................................41.1 Objectives..........................................................................................................................................61.2 Mission................................................................................................................................................62.0 Company Summary....................................................................................................72.1 Company Ownership....................................................................................................................72.2 Company History............................................................................................................................72.3 Company Locations.......................................................................................................................83.0 Products and Services...............................................................................................93.1 Product/Service Description.....................................................................................................93.2 Competitive Comparison.............................................................................................................93.3 Sales Literature................................................................................................................................103.4 Packaging and Distribution........................................................................................................103.5 Promotion..........................................................................................................................................103.6 Sourcing..............................................................................................................................................113.7 Technology........................................................................................................................................113.8 Future Products and Services...................................................................................................114.0 Market Analysis Summary.......................................................................................124.1 Market Segmentation....................................................................................................................12Chart: Market Analysis (Pie).............................................................................................................13Table: Market Analysis........................................................................................................................134.2 Industry Analysis............................................................................................................................134.2.1 Industry Participants.................................................................................................................144.2.2 Distribution Pattern ..................................................................................................................144.2.3 Competition and Buying Patterns........................................................................................144.2.4 Main Competitors........................................................................................................................154.3 SWOT Analysis ................................................................................................................................165.0 Market Summary.........................................................................................................175.1 Market Trends .................................................................................................................................175.2 Marketing Strategy.........................................................................................................................185.3 Sales Strategy....................................................................................................................................185.3.1 Sales Forecast................................................................................................................................18Table: Sales Forecast.............................................................................................................................19Chart: Sales by Year (USD$)...............................................................................................................195.3 Milestones..........................................................................................................................................20Table: Milestones....................................................................................................................................20

6.0 Management Summary .............................................................................................216.1 Management Team and Human Resource............................................................................216.2 Personnel Plan..................................................................................................................................21Table: Personnel......................................................................................................................................217.0 Financial Plan Summary ...........................................................................................227.1 Important Assumptions...............................................................................................................22Table: General Assumptions..............................................................................................................227.2 Break-even Analysis.......................................................................................................................22Table 1: Break-even Analysis.............................................................................................................22Chart: Break-even Analysis.................................................................................................................237.3 Projected Profit and Loss..............................................................................................................23Chart: Profit Monthly.............................................................................................................................23Chart: Profit Yearly.................................................................................................................................24Table: Profit and Loss............................................................................................................................247.4 Projected Cash Flow.......................................................................................................................25Table: Cash Flow......................................................................................................................................25Chart: Cash.................................................................................................................................................267.5 Projected Balance Sheet................................................................................................................27Table: Balance Sheet..............................................................................................................................27APPENDIX VI: CROWDPENNY WEBSITE..............................................................................................28APPENDIX VII: INITIAL MANAGEMENT TEAM..................................................................................29

1.0 EXECUTIVE SUMMARY

Crowdbase Solutions Limited (“CSL”, “CrowdPenny”, or the “Company”) is a socialenterprise offering Information and Telecommunication Technology (ICT) Products andService. CSL is registered as a Private Limited Liability Company with Registration No:RC1234482 in 2015. The company does business as (DBA) CrowdPenny. SIL is located inAbuja FCT, Nigeria. CrowdPenny is a Top 5 Best Startup of the Year in Nigeria, in theNigeriaCom Series Entrepreneurs Hub organized by Informa Media UK, Disrupt Africa, andWennovation Hub. NigeriaCom Series is the national series of the AfricaCom and WorldComSeries. The company’s vision is to become the most engaging ICT business enterprisecreating innovative products and services that meets the need of its customers.

The company sees great opportunities in the absense of reliable funding sources forentrepreneurs, SMEs, and individuals especially in Africa. The company also sees prospectsin the poor sustainability of available funding sources or the huge demands that come withaccessing them. It has identified a vicious problem circle faced by most entrepreneursincluding financial support, business growth resources, poor financial cum social inclusion,huge payback conditions, and lengthy timing. Thus, there is little or no incentivization forentrepreneurs, ventures, or creative individuals to become proactive towards ideating tosolve issues that belittles the society. Global problems like poverty, underdevelopment,private sector development, infrastructural development, and so on, have persisted due tothe challenge of finance.

Crowdbase Solutions Limited proposes to expand its market and social impact bydeveloping a unique online crowdfunding platform to help entrepreneurs and individualsaccess financial support from a pool of micro-contributions to help them start or expandtheir venture. It will achieve this by developing and offering its unique model called“Penny-funding” aimed at meeting the buying pattern of its primary target market. Themodel is intended to revolutionize, socialize, and familiarize crowfunding solutions to thelifestyle of its African market.

CSL’s brand service is called CrowdPenny (see Appendix I) an online crowfunding platformthat helps members access financial support from peer-to-peer “micro-contributions”.CrowdPenny model is a hybrid of the donation model and the equity model. On theplatform, beneficiaries do not pay returns (no perks, loans, paybacks) whatsoever insteadinvestor may or may not receive shares in a specific corporate vehicle. As a major brand, itwill provide premium funding service using farmiliar African-context funding approaches(family-lifestyle) to meet the market needs.

CrowdPenny will be the only known crowdfunding platform in Nigeria, with a few brandsspringing up from various parts of Africa like SliceBiz from Ghana, M-Chaga from Kenya,and Thunadafund from Zimbabwe, etc. GogoAfrika never survived. CrowdPenny will be theonly first such model in Africa and indeed globally set to transform the funding landscapeworldwide. Our target markets are entrepreneurs, small businesses, and creativeindividuals.

CrowdPenny seeks an startup capital of USD165,000 (USD1 = NGN200) in either debt,quasi-equity or equity (including mezzanine). This capital will fund the development, setup,and launch of the CrowdPenny brand service as well as meet all go-to-market strategies.This startup plan will result in projected sales revenue of over $250,000 in the first year ofoperation and above $840,000 by Year 3. Service will be ready in two months after fundingand operations by the third month. With available 10.5% founder’s equity to invest in the

business, we hope to provide attractive and timely Return-On-Investment for investors(ROI) as well as meet mutual win-win goals for all parties.

This startup plan will require an office operational facility house its activities. An estimated(100ftX100ft, 30mX30m) will be adequate for at startup. Office space rental per annum atWuse II, or environs will cost $10,000 while furnishing the office will cost an additional$30,000. The target market are currently served through traditional banking services witha few private sector players like Angel Capitals, Venture Capitals, Microfinance Banks,Loans, etc. Our five major crowdfunding competitors in the global space are Indiegogo,Kickstarter, Fundable, GoFundMe, and Startup.co. All five do not exist in Africa and makeuse of models that are different from CrowdPenny’s.

CrowdPenny is managed by a team of business-conscious people with huge industryexperience and track record. The company is founded by Amb. Francis Leye while Francisand Mrs. Gloria Uwade make up the board of directors. Francis is a computer scientist andbusiness/social enterprenuer with 14years industry involvment in management while Gloriais an administrator and business manager with 10years industry experties. Themanagement is made up of people with a combined over 28years industry practice in Webdevelopment, Programming, Marketing, Finance, etc. Our personnel deficiencies arebusiness incubators, financial accountant, and social media marketers, which CrowdPennyhopes to fill as part of its startup plan. Additional manpower will also be engaged toaugment efforts.

CrowdPenny is currently funded by owner’s equities and family member’s support.However, the company is currently exploring other investment platforms. SIL is projectedto break-even in the 14th month after startup at price $171,428.6 and 171,428.6 units ofproducts (please refer to our financial analysis).

Key milestones we have accomplished include our service development, initial marketsurvey, a ready team, business plan, and definition of go-to-market plan. Howerver, a fewimportant milestones we are after and their timeline includes:

-Website Upgrade (1 months);-Team Setup (1months);-Market Validation;-Press Conference and brand launch (1 week);-Marketing and Kick-off (1 week)

1.1 Objectives

The objectives of CrowdPenny are:

To startup and grow a crowdfunding platform in Nigeria to serve African entrepreneursand businesses and scale globally;

To create an online platform that will help members access financial support through apool of “micro-contributions made available by members;

To incentivize creative people and small business owners (including women and youths)to create disruptive products and services by providing required growth resources;

To take control of 49% of crowdfunding market share in Nigeria, 35% in Africa, and atleast 5% of the global market through strong sales channels;

To boost financial and social inclusion for people of low social class to help solve globalproblems like poverty, underdevelopment, and so on.

1.2 Mission

CrowdPenny's mission is:

To simplify and dymystify the access to funding challenge for entrepreneurs and businessowners by offering a unique and effective crowdfunding model that helps individuals toaccess financial support to start, grow, or scale their ventures anywhere. We will achievethis through:

Innovativeness: To create the most innovative model approach in the market; Integrity: To remain committed to the highest standards that attracts customer’s trust; Quality: To create the best products and services that will add value to users. Community: To make funding a social process through sharing, caring, and networking.

2.0 Company Summary

Crowdbase Solutions Limited, a Private Limited Liability Company was registered on the 7th

January, 2015 and does business as (DBA) CrowdPenny. CrowdPenny is building areputation in offering the most innovative, effective, and unique ICT products and servicesto Nigerians, Africans, and the larger world. The business is an integrated Information andCommunication Technology products and services solutions provider with headquarter inAbuja FCT, Nigeria. A surging growth in demand for a reliable funding platform forindividuals to access financial support is the rationale behind our quest to offer this service.

2.1 Company Ownership

Crowdbase Solutions Limited was founded by Amb. Francis Leye. The board consists ofFrancis Leye and Gloria Uwade. Amb. Francis is a Peace Ambassador, veteran ComputerAnalyst, season business expert, and social entrepreneur with over 14years businessmanagement experience while Mrs. Gloria Uwade is an experience business administratorwith over 10years of business development experience and experties. The company has aone million ordinary share capital and owned 50:50 percentage. In the near future, Gloriawill be relieved of 400,000 of her share capital to accommodate more investors.

2.2 Company History

After graduating from school, Francis worked lightly in both government, non-governmental, and private sectors. But the desire to ideate solutions to the problems of theworld kept resonating in him. He left being an employee to an employer of labour. Francis’first company, Stanop International Limited, a food and beverage production company wasregistered in 2010 and grew from 2staff to over 30 staff in three years including BrandAmbassadors (Mobile Marketers), Production, and Management Staff. SIL is the namebehind products like Oyoyo Honey Yoghurt, Keva Water, etc. Stanop International Limitedis a recipient of the Federal Government of Nigeria’s Youth Enterprise with Innovation inNigeria (YouWiN) grant of 2013.

However, with high passion and affinity for his profession, Francis started a secondcompany, Crowdbase Solutions Limited, a full-fledged Information and CommunicationsTechnology company offering the most innovative products and services solutions to newmarket audience. The company was incorporated in January, 2015 with the CorporateAffairs Commission (CAC). In less than six months of its formation, the company wasnamed Top Five Best Startup of the Year in the NigeriaCom Series Entrepreneurs Hubsorganized by Informa Media UK, Wennovation Hub, and Disrupt Africa.

Our services are borne from the innate desire of the founder to contribute to societaldevelopment through private sector growth of entrepreneurs and individuals that willpioneer poverty reduction, employment generation, infrastruture development, and so on.The company will engage in training and re-training of its manpower in various waysincluding in-house developments, exchange programs, seminars, etc. The founder havegraced trainings like Sterling Bank Meet the Executive, Market Access (yearly businesstraining by Etisalat, Pan African University, Ministry of Trade and Investment, Small andMedium Enterprise Development Agency), etc. Francis also won Best Business Idea inNigeria (2014) in the T100NiBi Competition organized by NiBi Incubation Foundation andBoxOffice.

The Teami. Founder & Project Leader: Amb. Francis Leye, Founder & CEO:-A veteran Computer and ICT expert with over 14years of industry experience;-A Diploma in Computer Science holder;-A social enterprenuer and a United Nations’ Peace Ambassador involved with 5-starorganizations like Youth Federation for World Peace, Teachers, etc;-A vibrant and experienced enterprenuer, CEO of Stanop International Limited, recipient ofNigerian Government’s Youth Enterprise with Innovation in Nigeria (YouWiN) business grant2013 ($45,000 in grant); In charge of overall running of the company; incharge of fundraising

ii. Team Members:b. Cyprian C Obidi, IT Officer (ITO)-A highly motivated Computer Science graduate with 8years of industry experience;-An ardent website developer with many projects in portfolio;-A Software Developer and Database Manager; skills in SQL, PHP, C language, ete;-Has worked with social ventures like Health Africa;-In charge of the website and other IT-related activities

c. Gloria Uwade, Business Development Officer (BDO)-An experience business manager with 12years of industry expertise;-A Diploma in Public Administration and Business Administration holder;-Spent many years in social ventures like Carpenter’s Foundation (Int’l NGO) etc;-In charge of business relationships and finance

d. Barrister Chiowa Uchenna, Chief Legal Officer (CLO)-Barrister-at-Law; Holder of LLB-Solicitor of the Supreme Court of Nigeria;-Intellectual Property (IP) Law and Business Law;-In charge legal activities of the company

e. Patrick Samali, Chief Operating Officer (COO)-Has over 6years industry experience in ICT including government projects-Has a Bachelors Degree in Science (B.Sc) in Computer Science-In charge of Research and Development as well as company operations.

2.3 Company LocationCrowdbase Solutions Limited’s registered office is Block 3, Flat 2, Police Barracks, CityGate, Airport Road, Abuja FCT. Its operational International Headquarter will be situated inAbuja Nigeria, the nation’s capital. The company will rent office space for the shortestperiod untill it can procur and built its own office facility. A location in the heart of the citysuburb with access to major government roads, markets, and perfect for quick customeraccess will be the most suitable location.

In future, when scaling, the company hopes to get an office presence in every continent ofthe world to enable operational efficiency. The company will also consider having morethan one national office as the need may arise. The offices will form various business hubsand a network of people, processes, and purpose. The various national, regional, orcontinental offices will enable on-site or off-site monitoring and follow-up of beneficiaries ofour services.

3.0 Products and Services

CrowdPenny is an ICT product and service solutions provider. SIL continuously developproducts that meet the business and livelihood needs of its customers. CSL will consistentlymake impact in the investment industry with its unique products and services. Our basicService-as-a-Product (SaaP) is called CrowdPenny. CrowdPenny is a crowdfunding platformthat uses it own unique and effective model to achieve its service offering. The modelwhich is known as “Penny funding” has the following features:

A huge financial purse made from a pool of member’s “micro-contributions;” Commitment of little amounts by members to support other members. This

amounts are in the region of pennies and cents ($0.01 and $0.1 for instance); Members are involved in the funding decision-making process by assessing and

voting other’s projects.

3.1 Product/Service Description

CrowdPenny is an online crowdfunding platform that lets people meet, network, an accessfinancial support to help them start, expand or scale their ventures. CrowdPenny isprovided in the form of Software-as-a-Service (SaaS) to enable us carry out the company’sBusiness-to-Consumer (B2C) services. In simple terms, CrowdPenny is a website whereanyone with a business or creative idea can access financial support using broadbandinternet connection over a mobile device or computer to gain funding support to succeedeasily without having to pay back the funds.

CrowdPenny is offered at a yearly access fee of $10. While 10% ($1) of that fee is meantas an Administration Fee and 90% ($9) is the Commitment Fee that makes up the purse orpool of micro-contributions. To access this purse, a prospect will register on theCrowdPenny website, subscribe to a membership plan (and pay the access fee), andsubmit a campaign or fundraiser for assessment. Successful campaigns are published livefor voting. After campaigns get pass vote, CrowdPenny then takes from the purse to fundthe business. Beneficiaries are followed up by our Business Incubation Team to ensure thepositive use of funds. The upgraded plan will go for $15 per annum for additional features.

CrowdPenny will have a mobile app and online store components. The app called PennyAppwill enable the public and members access CrowdPenny on their mobile devices from thecomfort of their homes, office, or anywhere they may be. The later component,PennyStore, the online store will be an e-commerce site where members from CrowdPennycan sell the products and services they develop from the funding received fromCrowdPenny. This component will provide access to market for beneficiaries.

3.2 Competitive Comparison

Our competitive comparison is borne from an awareness that we play and drift in the ICTsector, financial services (investment) sub-sector, and crowdfunding industry wheredorminant players exist all over the international market space. As a relatively newentrant, this spurs us towards new business approaches and technologies that will give usan edge. Unlike other players, we consider offering model services that meets customerdesire without huge demands on them. To us, satisfaction comes before profitabilityknowing that the former drives the later. We offer both service products as well as valuesindirectly to our customers, including efficiency, trust, quality, branding, satisfaction, etc.

CrowdPenny is guided by the principle that one satisfied customer is the key to a millionothers.

Unlike competitors, CrowdPenny spends resource developing its own unique products andservices that meets the need for taste, value, etc. The “Penny-funding” model is ours. Ourpricing is also in tune to the value of the service we offer. Also, other players sell theirproducts and services and charge the consumer for both separately. CrowdPenny bills thecustomer on all components as a whole. We also serve the unserved or under-servedmarkets unlike competitors.

CrowdPenny will be available as a subscription service that will be offered for $10 annually.The industry has varying pricing strategies. Currently, GoFundMe has the lowest marketrates to access funding on their platform (2.9% + $0.30). With the advent of CrowdPenny,CrowdPenny will be the market’s cheapest platform with a rate of 2.5% + $1. Indiegogotakes commission rates up to 9%. CrowdPenny will be the only hybrid platform that doesnot require payback, perks, or stakes. Unlike CrowdPenny, other competitors require one,some, or all of the above demands.

3.3 Sales Literature

CSL deploys the use of both online and offline methods to send out its message includinghandbills, TV, radio, marketing brochures, advertorials, jingles, billboards, print media, andsocial media marketing channels. While trying to pass its unique message across,CrowdPenny will ensure to sell alongside its organizational values rather than selling thevalues of the service alone. We will ensure to build a people-loved company in the now andfuture.

3.4 Packaging and Distribution

CrowdPenny service will be made available as a subscription service and sold through ourwebsite platform. Service will be used only on the CrowdPenny website. Subscription willbe made available and accessible once payment is confirmed and it is offered on “as is”basis. The PennyApp will be available through various mobile stores and delivered to usermobile phones when downloaded. The app will be offered as a freemium. The PennyStorewill also be accessed online. It will be a stand alone website with links to and from theCrowdPenny website.

3.5 Promotion

CrowdPenny will promote three of its key features with the aim to gain more members:

a) Business Model – CrowdPenny’s business model is first in local and internationalsetting. The model is first to incorporate the users in both the funding and decision-making process. Nigeria which serves as the business hub in Africa through CrowdPennywill contribute to societal and private sector development. The funds are generated bymembers and they also decide who gets what.

b) Inclusion – Financial and social inclusion is the current concern of the InternationalCommunity. CrowdPenny brings together people of any social or financial standing to bepart of the transformation taking place through the CrowdPenny Universe. CrowdPennydemocratizes and socializes the funding process by creating a community of individualswho come together to share, care, and network.

c) Accessibility Cost – CrowdPenny makes it easy for anyone to get the resources theyrequire to succeed at the least commitment. $10 is a small amount for almost anyonewith a business or idea. This meager fee qualifies one to access thousands of dollars infunding. Registration to become a member is totally free. The commission fee of 2.5% ismade from the money raised on the platform. Technically, members only spend $10accessibility cost on the platform to make their dreams come true.

CrowdPenny will carry out massive promotions on TV, radio, billboards, and print mediasuch as campaigns, raffles, promos, among others. The key message to customers will bethat they now have a choice and can choose the home-based platform created for them inmind rather than go after foreign-based providers who may not be reliable. Besides,CrowdPenny is the only $10 crowdfunding platform for individuals globally.

3.6 Sourcing

The key supplies for CrowdPenny are sourced directly from the market on a cash-and-carrybasis. These will include equipments, machines, etc like computers, office furnitures,printers, scanners, storage devices, etc. Most other components of our service will beoutsourced on a turn key basis like the PennyApp development, payment billing andprocessing. The last part of our sourcing will be achieved through partnerships andsponsors e.g. marketing services like advertisements, business accelerations, etc.

3.7 Technology

CrowdPenny develops its own copyright-able or patentable technologies for its services orproducts. This is because we create service products never in the market and solutions.CrowdPenny uses parallel crowdfundings technologies with a twist so as to get an edgeover competitors and the competition. All CSL services have their unique trade secrets wellpreserved. All technological processes are achieved online on the CrowdPenny website.

3.8 Future Products and Services

In the future, CSL will introduce the PennyApp and PennyStore as our growth andexpansion component to the CrowdPenny service. These two will make the service moreeffective. The company will also introduce the following other unique products andservices: BarterTrader, Signator App, Devloop, Welgiva, etc. CSL is in business tounderstand its consumer’s needs and their pattern of buying so as to develop the solutionsthat satisfy these needs. Where the market becomes challenging to add future products,CSL will concentrate on its immidiate solutions as much as posssible.

4.0 Market Analysis Summary

The dramatic proliferation of CrowdFunding Platforms (CFPs) is due to not just technologicaldevelopments but also, in part, to the aftermath of the recession. Banks, Venture Capitals(VCs), Microfinance, and other institutions are still loath to lend to pre-revenue businesses.Angel investors are inundated and reject 99% of the applications they receive and demand abig slice of equity from the 1% in which they are interested. “Friends and Family” are wary andhave little if any spare cash.

The continued financial depression and lack of growth plans on both sides of the Atlantic aremaking the difficulties of funding more acute. However, life is also tough for high-streetinvestors as banks continue to offer unattractive rates of interest to savers. At the same time,the development of the internet and social networks has reduced degrees of separation fromsix to fewer than two, and considerably increased potential marketing reach for newbusinesses. Crowdfunding may offer a potential escape from both of these key issues.

At the time of writing, CFPs may not be covered by the Financial Services CompensationScheme. In short, this means that investors may not be protected if the business or venture inwhich they have invested via the CFP fails, unless effective protections similar to theregulatory ones have been built in contractually.

Whilst debate rages about the degree of regulation required for CFPs in the world today(especially with the possibility of savers being permitted to ‘wrap’ crowdfunding products intotheir ISA allowances in the near future) there can be little doubt the sector is likely to becomemore regulated rather than less. Investors will become increasingly alive to this issue asstories of failed CFP investments materialise and spread. This chapter takes a look at issuesand trends that demand critical look in the process of builing CrowdPenny crowdfundingplatform in a highly engaging market.

4.1 Market Segmentation

CrowdPenny have identified segments of its market that it plans to reach with its services:

Entrepreneurs: A key market segment made of people including project owners, NGOs,community developers, and business people. Made up of up to 3.5million target people.

Small Business Owners: This will make up the largest chunk of our target market. Thismakes up over 4.5million members. This will consist of MSMEs at all levels (ideation,startup, scale). They make up everyone trying to start or grow up.

Creative Individuals: These are our target market that makes up about 2million peopleincluding inventors, product developers, writers, authors, musicians, etc.

Chart: Market Analysis (Pie)

Table: Market Analysis

Market Analysis

2016 2017 2018 2019 2020Potential Customers Growth CAGREntrepreneurs 10% 30,000 150,000 200,000 500,000 950,000 10.00%Small Business Owners 10% 40,000 150,000 250,000 600,000 1,050,000 10.00%Creative Individuals 10% 30,000 100,000 200,000 400,000 800,000 10.00%Total 10.00% 100,000 350,000 650,000 1,500,000 2,800,000 10.00%

4.2 Industry Analysis

CrowdPenny is a stakeholder in the “Alternative Finance” market alongside other keymarkets to which consumers or target market are currently been served. Other businessesin this industry include:

1. Crowdfunding: Over 2,000 crowdfunding platforms exists worldwide serving the financialneeds of businesses and individuals that require their services. They operate through theuse of various business models including equity-based (CrowdCube, Fundable andVentureGiant), Reward-based (Kickstarter and Crowdfunder), Loan-based (Buzzbnk andFundingCircle). Hybrid methods also exist. CrowdPenny uses the Donation-based Modelwith a mix of Equity-base model as a continnum. These categories of players have raisedcapital for businesses in millions of dollars and have a solid base. But they all do not existin Africa, or maybe partially.

2. Banks/Microfinance: Banks serve as the key financial service provider globally. But theincompetencies of financial institutions to provide financial inclusive solutions for mostentrepreneurs, ventures, or individuals, have led to the distrust of individuals on suchinstitutions to be able to meet the needs of the populace. These institutions exist in everycity of the world. Unfortunately, people in the urban areas cannot access them; talk less ofthose in rural areas. Loans, Line of Credit (LoC), Drafts, Financing, Mobile Banking, etc aresome key functions of these financial institutions.

Microfinance banks are supposed to be MSME’s closest friend but are infact the most naïveof them all as they fear the livelihood of their investments. Thus, Financial Institutions as awhole creates a void in the funding pathway. However, AB Microfinance, one of the keyMFB in Nigeria having the World Bank as a shareholder have indicated interest to partnerCrowdPenny as at the time of preparation of this plan.

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Market Analysis







Entrepreneurs

Small Business Owners

Creative Individuals

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Market Analysis







Entrepreneurs

Small Business Owners

Creative Individuals

3. Private Equities: Private equities are the main stay for business financing and perhapsthe future of entrepreneurship. This includes Venture Capitals (Disrupt Africa, V4C,FastLaunch), Angel Investors (Lagos Business Investor Network), Private Investors (AlikoDangote), and others. They are other businesses that fall under this industry to whichconsumers may be served. These include thrift societies, cooperatives, associations, etc.More Platforms are evolving as the business landscape is continually becoming morelucreative and rewarding.

4. Unofficial Players: This is a crucial part of the funding circle for businesses which worksin trust or “sempe fidelis” or “ceteris paribus” (utmost good faith). This part ischaracterized by contributions, micro-borrowing, or free will giving from family members,friends, colleagues or close acquintances usually with little or no payback or interets. InAfrica and Nigeria, this has been the main investment approach espeially startups at ideastages or pre-seed stage of most businesses. Funding of this kind ranges from a fewhundreds to few thousands of dollars.

4.2.1 Industry Participants

1. Direct industry participants: These are direct players in the crowdfunding industry andcontribute towards the attainment of online or crowdfunding business. Our directparticipants include Domain Hosting Companies (ipage), Web Development (CejmartIsland), Gateway/Payment Processors (PayPal, SimplePay), Financial Institutions (Banks,Microfinance like GTBank, Fortis), Online Security (advertSAFE, COMMODO), PrivateEquities (VCs, Angel Investors), Business Developers (Incubators, Accelerators, Mentors),Mobile Billing (Telecom operators), Business Services (Business Plan, Legal, IPs).

2. Indirect industry participants: These include all other players in the ICT or onlinebusiness but who are not directly involved in crowdfunding or alternative financing or peer-to-peer lending industry. Example Online Banking, Credit or Debit card issuance andprocessing, Consultancy, other non-financial service providers online and offline includingSocial Media Sites like BellaNaija, LindaIkeji, etc.

4.2.2 Distribution Patterns

CrowdPenny uses the distribution pattern: Company to end users. Our business modeldoes not accommodate middle men in the form of wholesalers, distributors, or warehousingas in the case of a manufacturing company. We sell directly to our customers eliminatingany bottlenecks associated with long chains and thus enable us to monitor theeffectiveness of our solution. The company’s distribution pattern is to support the buyingpattern of its target market which is predominantly online users or small-scale consumers.

End consumers access our services directly from the platform “as is” and reach back to usin case of any issues. CrowdPenny will only permit the promotion of its service throughthird parties or partners platforms but buying will NEVER be allowed through them.

4.2.3 Competition and Buying Patterns

Ease of Accessibility is critical to success: Users consider many factors relating to theirneeds before englisting for a service. Consumers are readily disposed to subscribing toservices they perceive as “easy” and beneficial to them. They will go for competitor’s

services they find more valuable. Thus, CrowdPenny will offer an unbeatable platform inthe industry.

Price sensitiveness is relevant to volume sales: CrowdPenny’s users will consider priceof service before quality or value. The company will charge moderate price that willaccommodate all classes of users, as one successful subscription is key to additionalcustomer conversions. So, CrowdPenny will balance between price (not too low to drainprofit and not to high to pursue customers) which will be more accommodatingcompared to competitors’.

Quality of service matters: If the price isn't too high and the service is good,CrowdPenny will have growth through repeat subscriptions or referral memberships.This factor will be important in pulling traction and building membership base towardsbuilding a strong brand against future competitions.

Strengths and weaknesses of competitors:Competition in this market takes two forms. First, there is the social entrepreneurship.These typically work to create social impact and benefit from the results. Their strength isin their emotional component as most people believe in their cause. However, theirweakness is that they cannot meet the needs of serious business ventures. In addition,they do not have the power to pull in large amounts for investments. Example is 234Giveand Kiva.

On the other hand, there is business entrepreneur. This category is purely business forbusiness. They are out to make profit and make sure they do so for any unit of servicethey offer. With huge patronage, they have a large network and huge financial capacity.The advantages these companies have include established reputations, extensiveknowledge of the industry, and key personnel and management. But their weakness is thatthey concentrate on a few markets. Examples include Kickstarter, Indiegogo, etc.

CrowdPenny’s Disadvantages: SIL is new in the market and will take some time for customers to build trust and

confidence in the brand; Crowdfunding concept is relatively new in our target market; It takes some trust to build a finance-oriented business especially an online type.

Recurring revenue will depend upon successful subscriptions and recurrings; The crowdfunding business demands adequate knowledge on IPs, legal, certifications,

etc. Poor initial know-how will affect CrowdPenny’s market impact.

Closely Related Competitor:Fundable: UK-based Company is one closest competitor even though it uses a totallydifferent business model from ours. Fundable uses the equity model but does pre-evaluation of campaigns before matching them with investors. They also charge one of thelowest industry commissions of 3.5% + monthly fee. Fundable is well known andestablished. However, their monthly fees are outrageous compared to CrowdPenny thatdoes not charge monthly fee at all. They also do not have a presence in Africa.

4.2.4 Main Competitors

-CFPs: CrowdPenny’s immediate business landscape has the following main competitorsKickstarter, Indiegogo, Fundable, Microgiving.com, Startup.co, GoFundMe, Crowdfunder,VentureGiant, PeerBackers, and thousands others. To compete successfully, CrowdPennywill make use of a different business model; its own defined model.

-Investment Platforms/Private Equity: These are parallel markets providing financial orinvestment services to entrepreneurs, businesses, and individuals. They include VCs, AngelInvestors, Banks, Microfinance, Individual lenders, Loan providers, etc. CrowdPenny willprovide a more dependable service to these providers in other to draw traffic way fromthem.

Main Competitor’s Strengths: Knowledge of Market, Established International presence,Years in Business, Traction, Financial Capacity, Partnership Network, Staff strength,Investment Portfolio, high volume turnover, and Credibility Status.

Main Competitor’s Weaknesses: No local Presence, No distribution network, Rigid BusinessModel, Huge Accessibility Cost, Poor Financial and Social Inclusion, Sector or Class-oriented, Lack of repeated market study, aggressive pricing, accessibility by ruralconsumers, old sales approach.

4.3 SWOT Analysis

STRENGTH WEAKNESSESQuality Service at low priceStrong business knowledgeGood assets sourcingCheap Service technologiesNo production is involved (no heavy equipment)Ease of business startupUnique Business Model (First globally)Lesser Legislations involved

Relative Newness to marketWeak customer relationsPoor credibility statusPoor geographical spreadPoor user knowledge of serviceNo concrete distribution networkLack of adequate fundingModel not fully tested on target market

OPPORTUNITIES THREATSAvailability of local/international marketsUnreliable current channels of solutionsNo environmental hazards involvedNew Service offeringNew technologySpace for Social Impact on private sector dev.No local or immidiate competitor

Need for Competitive speedLack of right manpowerCompetitive substitute ServiceCertifications and Standard complianceGovernment legislations on financial servicesBig brand competitorsConsumer choice for other options

5.0 Market Summary

Less than a quarter of adults in Africa have access to formal financial services. Lacking afinancial infrastructure that includes a place to save money securely, safe and efficientmeans of transferring money, and access to credit and insurance, the majority of people onthe continent are often barred from making productive investments in their families andbusinesses.

Lack of access to finance is a key constraint on the growth of small and mediumenterprises in Sub-Saharan Africa, and thus also an important limitation on employment,economic growth and shared prosperity. African financial systems have improved in thepast two decades but still lag behind other developing economies, hampering the positiveeffects of current record financial inflows. Supporting microfinance institutions, mobilefinancial services, micro-insurance, credit bureaus, collateral registries, securities markets,and financing to micro, small and medium entrepreneurs aims to combat the sad story.

The emergence of CFPs is an indication of not enough been down by the above institutionsor may be crowdfunding could be a better cushioning effect to the problem of access tofinance. CrowdPenny will make undeniable contribution to this market space through highlyuseful crowdfunding services.

5.1 Market Trends

Global crowdfunding experienced accelerated growth in 2014, expanding by 167 percent toreach $16.2 billion raised, up from $6.1 billion in 2013. In 2015, the industry is set to morethan double once again, on its way to raising $34.4 billion, Massolution’s CrowdfundingIndustry Report reveals. The strong growth in 2014 was due in part to the rise of Asia as amajor crowdfunding region. Asian crowdfunding volumes grew by 320 percent, to $3.4billion raised. That puts the region slightly ahead of Europe ($3.26 billion) as the second-biggest region by crowdfunding volume. North America continued to lead the world incrowdfunding volumes, growing by 145 percent and raising a total of $9.46 billion.

The research information collected on 1250 active crowdfunding platforms (CFPs) acrossthe world, including high-quality data submitted by 463 CFPs to the Crowdfunding IndustrySurvey, shows that while rewards- and equity-based campaigns typically got the mostheadlines, it’s lending-based crowdfunding that dominates the industry: in 2014, it raised$11.08 billion dollars. Part of that is explained by the strong growth of crowd-based lendingin Asia: “Surprises materializing from this year’s research included the astounding growthin the P2P and P2B lending market in Asia, stemming largely from the Chinese market.”

Business and entrepreneurship remained as the most popular crowdfunding category,collecting $6.7 billion in 2014, which represents 41.3 percent of total crowdfunding volume.Social causes ($3.06 billion), films and performing arts ($1.97), real estate ($1.01 billion),and music and recording arts ($736 million) rounded out the top five categories.

In Africa, crowdfunding is young but factors fuelling its growth include the rapid rise of themiddle class and the adoption of mobile technology. Despite practical obstacles such as lowinternet penetration, crowdfunding platforms in the region have found innovative ways ofcombating this, such as utilising SMS messages to promote projects, thus reaching the 500million Africans actively using mobile phones.

There are a number of crowdfunding platforms with a focus on investments in Africa suchas Homestrings, Venture Capital for Africa, Thundafund, Jumpstart Africa and SliceBiz.Homestrings, one of the most sophisticated and well-established platforms, targets theAfrican diaspora as well as foreign sponsors to provide infrastructure investmentopportunities in Africa. Through an interactive web portal, Homestrings provides investorswith vetted opportunities in African projects across a range of sectors including real estate,financial services, telecoms and small-tomedium sized enterprises. The Homestringsplatform has a geographical reach spanning 13 African counties and between its launch in2011 and February 2013, Homestrings mobilised approximately $25m in funds through arange of products, projects, funds, bonds and public private.

5.2 Marketing Strategy

The target market encompasses every venture or individual consumer of financial productsor services globally. However, the primary target market for CrowdPenny includeentrepreneurs, small business owners, and creative individuals in Nigeria and Africa whosedecision to join CrowdPenny has a great effect on the success of their ideas, ventures,dreams, and life. The company will expand market share and generate brand loyaltythrough competitive pricing, consistent quality and emphasis on the benefits of our service.CrowdPenny will seek to register on any available CFP associations or governing bodies anduse their available resources to grow our business.

As an online business, CrowdPenny will leverage online marketing channels including socialmedia markets and partner’s online presence like websites and blog to draw users to thesite. The company will market its services through various advertisement platforms like TV,Radio, Electronic Billboards, and print. We will also carry out periodic Press Conferences.

5.3 Sales Strategy

The proposed sales strategy is to build an emotional component leading to long-termrelationship with users through unparallel and superior services offer. The approach is:Sell-the-solution-not-the-company. Indices show that over 97million Nigerians alone goonline daily. CrowdPenny sales strategies will include

-Referral Marketing-Online Marketing-Subscription Marketing

Methods by which CrowdPenny will reach customers will depend on results ofmarketing/sales research. The company will use trade or social media methods, specialinterest magazines, direct mail, SMS, and web-based communication.

5.3.1 Sales Forecast

The following charts and table below shows CrowdPenny’s expected sales forecast for threeyears and for the twelve months of the first year of operation. CrowdPenny will have activesales period all year round. The following projections are made as a result of the followingasssumptions,

Assumptions:-Base on price of $10 per unit Penny Normal subscription; $15 for per unit Penny Premiumupgrades subscription. All exchange rate are calculated at 200NGN=1USD.

-Market Penetration @ 0.01 annually and Consumer Conversion rate of 30% (50k visits and15k sign ups monthly).-Salary structures remain constant for next one business year;-Percieved market/business risks remain within limit of 5%, taxes are <25%.-Based on market shares: 49% Nigeria, 35% Africa, and 5% Global.

Projections:CrowdPenny’s product will come as a subscription service and will be sold for $10 per unitservice. All things been equal, expected subscription in the first year is estimated at90,000units of PennyNormal Subscriptions (that is, 7,500units per month or 375units/day(20days) plus, 10,000 units of PennyPremium upgrade subscriptions. 100,000 in total.

Table: Sales Forecast

Sales ForecastFY 2016 FY 2017 FY 2018

SalesNumber of Subscriptions (Units) 100,000 350,000 650,000PennyNormal $1,000,000 $3,200,000 $6,000,000PennyPremium $150,000 $450,000 $750,000Total Sales $1,250,000 $3,650,000 $6,750,000

Direct Cost of Sales (DCoS) FY 2016 FY 2017 FY 2018PennyNormal $900,000 $2,880,000 $5,400,000PennyPremium $90,000 $270,000 $450,000Miscellaneous Administrative Costs $10,000 $30,000 $60,000Subtotal Direct Cost of Sales $1,000,000 $3,180,000 $5,910,000

Total Sales Profit Forecast (Sales –DCoS) $ 250,000 $470,000 $ 840,000

Chart: Sales Monthly (Qty)

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Chart: Sales by Year (USD$)

5.3 Milestones

The accompanying table shows specific milestones, with responsibilities assigned, dates,and budgets. We are focusing on a few key milestones that should be accomplished.

Table: Milestones

Milestones

Milestone Start Date End Date Budget Manager Department

Raise Capital 1/7/2015 1/10/2015 $165,000 Francis Leye ManagementOffice Setup/Networking 1/11/2015 10/8/2015 $50,000 Ebuka Obidi ITMarket Validation/Marketing 10/8/2015 30/10/2015 $90,000 Gloria Uwade BITModel Testing 1/11/2015 30/11/2015 $20,000 Femi Alan R&DPress Conference/Launch 1/12/2015 7/12/2015 $5,000 Patrick Salami MarketingFirst Customers 5/1/2016 ------- ------ Green Isaac MarketingTotal $330,000

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5.3 Milestones


Table: Milestones

Milestones



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5.3 Milestones


Table: Milestones

Milestones



Year 1

Year 2

Year 3

6.0 Management Summary

Co-owners, Francis Leye and Gloria Uwade, currently manage the daily operations ofCrowdPenny. Francis is responsible for overall company decisions, while Gloria managesdaily business processes. Francis and Gloria have a combined 18years of experienceworking in ICT and business management. They have successfully managed StanopInternational Limited for over five years and have worked many years with othercompanies.

6.1 Management Team and Human Resources

With the start of business activities, the management team of CrowdPenny will becomprised of a Business Development Officer (BDO) as General Manager, IT Officer (ITO),Chief Marketing Officer (CMO), Chief Operations Officer (COO), Chief Legal Officer (CLO),Business Incubation Officer (BIO), and Chief Financial Officer (CFO). These individuals willhead various departments. There will be a Secretary who oversees the secretarial duties.

For additional human resources, we will have Legal Department (2), Research &Development (3), Marketing Department (5), Business Development Department (3),Business Incubation Department (5), and IT Department (3). There will be at least 5 ofSocial Media Specialist for temporal marketing at a stipend. The cost of staff salaries forthe first year is estimated at $103,500

6.2 Personnel Plan

The personnel plan for CrowdPenny will include:

Founder/CEO (1), Management Department (8 full time staff), Legal Department (2 full time staff), Research & Development (3 full time staff), Marketing Department (5 full time staff), Business Development Department (3 full time staff), Business Incubation Department (5 full time staff), IT Department (3 full time staff), Social Media Specialist (5 part time staff)

Table: Personnel

Personnel PlanFY 2016 FY 2017 FY 2018

CEO (1) $6,000 $6,000 $8,000Management Dept (8 staff) $31,000 $33,000 $35,000Legal Dept (2 staff) $7,000 $8,000 $10,000Research & Development (3 staff) $9,000 $10,000 $15,000Marketing Dept (5 staff) $15,000 $20,000 $28,000Business Development Dept (3 staff) $9,000 $12,000 $14,000Business Incubation Dept (5 staff) $15,000 $25,000 $25,000IT Dept (3 staff) $9,000 $10,000 $12,000Social Media Specialist (5 staff) $2,500 $3,000 $5,000

Total People 35 35 35Total Payroll $103,500 $127,000 $152,000

7.0 Financial Plan Summary

This section provides information about the financial information of CrowdPenny as relatingto its business and activities. All financial information is projected. In this section,CrowdPenny considers the financial viability of its service since it is for this purpose that itseeks funding to start up.

7.1 Important Assumptions

This section of the plan provides projected assumptions for industry factors. See tablebelow for additional information. The following assumptions are been taken intoconsideration:

- Current interest rates remain stable for three consecutive business years;- Long-term interest rates remain constant for three business years;- All forms of taxation add up at an average rate of 25.28% for three business years.-Percieved market or business risks are assummed to remains within the limit of 5%.

Table: General Assumptions

General AssumptionsYear 1 Year 2 Year 3

Plan Month 1 2 3Current Interest Rate 10.00% 10.00% 10.00%Long-term Interest Rate 10.00% 10.00% 10.00%Tax Rate (VAT, PAYE, etc) 25.42% 25.00% 25.42%Other 0 0 0

7.2 Break-even Analysis

The break-even point in sales dollars is $171,428.6. Since 1unit of CrowdPenny servicesubscription will be sold for $10, break-even point in units is 171,428.6 units. It isprojected that CrowdPenny will break-even in the 14th month (1year and 2months).

Note: Formula used is Fixed Cost / (Sale Price per Unit - Unit Variable Cost)

Table 1: Break-even AnalysisBreak-even AnalysisFixed Cost $120000Sales Price per unit $10

Unit Variable Cost $9.3

Break-even point (Units) 171,428.6

Chart: Break-even Analysis

7.3 Projected Profit and Loss

The following table and charts are the projected profit and loss for the first twelve monthsand the next three years.

Chart: Profit Monthly

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Break-even Analysis

Chart: Profit Yearly

Table: Profit and LossPro Forma Profit and Loss

FY 2016 FY 2017 FY 2018Sales (A) $1,250,000 $3,650,000 $6,750,000Direct Cost of Sales (B) $990,000 $3,150,000 $5,850,000Other Administrative Expenses (C) $10,000 $30,000 $60,000Total Cost of Sales (D) $1,000,000 $3,180,000 $5,910,000

Gross Margin (E) $250,000 $470,000 $840,000Gross Margin % (F) 20.00% 12.88% 12.44%

Expenses (G)Payroll (H) $103,500 $127,000 $152,000Sales and Marketing and Other Expenses (I) $6,000 $8,000 $10,000Depreciation (J) $9,600 $9,600 $9,600Leased Equipment (K) $0 $0 $0Utilities/Setup (L) $30,600 $30,600 $30,600Insurance (M) $9,600 $9,600 $9,600Rent (N) $10,000 $10,000 $10,000Payroll Taxes (O) $5,175 $6,350 $7,600Other (P) $1,000 $3,000 $5,000

Total Operating Expenses (Q) $174,875 $204,150 $234,400

Profit Before Interest and Taxes (R) $1,075,125 $3,445,850 $6,515,600EBITDA (S) $1,084,725 $3,455,450 $6,525,200Interest Expense (T) $4,760 $3,405 $1,715Taxes Incurred (U) $54,236 $54,236 $54,236

Net Profit (V) $1,016,129 $3,388,209 $6,459,649Net Profit/Sales (W) 0.81% 0.93% 0.96%

KEY: E =(A-D); F=(E/A)X100; Q=(H+I+J+K+L+M+N+O+P); R=(A-Q); S=(R+J); V=R-(T+U); W=(V/A)

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7.4 Projected Cash Flow

The following table and chart are the projected cash flow for three years.

Table: Cash Flow

Pro Forma Cash Flow

FY 2016 FY 2017 FY 2018Cash Received

Cash from OperationsCash Sales $1,250,000 $3,650,000 $6,750,000Cash from Receivables $105,000 $200,000 $350,000Subtotal Cash from Operations $1,355,000 $3,650,000 $7,100,000

Additional Cash ReceivedSales Tax, VAT, HST/GST Received $0 $0 $0New Current Borrowing $0 $0 $0New Other Liabilities (interest-free) $0 $0 $0New Long-term Liabilities $0 $0 $0Sales of Other Current Assets $0 $0 $0Sales of Long-term Assets $0 $0 $0New Investment Received $0 $0 $0Subtotal Cash Received (A) $1,355,000 $3,650,000 $7,100,000

Expenditures FY 2016 FY 2017 FY 2018

Expenditures from OperationsCash Spending $1,000,000 $3,180,000 $5,910,000Bill Payments $40,000 $40,000 $40,000Subtotal Spent on Operations (D) $1,040,000 $3,220,000 $5,950,000

Additional Cash SpentSales Tax, VAT, HST/GST Paid Out $0 $0 $0Principal Repayment of Current Borrowing $54,236 $54,236 $54,236Other Liabilities Principal Repayment $0 $0 $0Long-term Liabilities Principal Repayment $13,750 $13,750 $13,750Purchase Other Current Assets $2,000 $3,000 $5,000Purchase Long-term Assets $15,000 $20,000 $25,000Dividends $0 $0 $0Subtotal Cash Spent (B) $84,986 $90,986 $97,986

Net Cash Flow (A-B) = C $1,270,014 $2,768,584 $7,002,014Cash Balance (A-D) $315,000 $430,000 $1,150,000

Chart: Cash

Net Cash Flow

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7.5 Projected Balance Sheet

The following table shows the projected balance sheet for three years.

Table: Balance Sheet

Pro Forma Balance Sheet

FY 2016 FY 2017 FY 2018Assets

Current AssetsCash $315,000 $430,000 $1,150,000Accounts Receivable $105,000 $200,000 $350,000Inventory $0 $0 $0Other Current Assets $5,000 $5,000 $5,000Total Current Assets $325,000 $535,000 $1,505,000

Long-term AssetsLong-term Assets $15,000 $20,000 $25,000Accumulated Depreciation $9,600 $9,600 $9,600Total Long-term Assets $24,600 $29,600 $34,600Total Assets $349,600 $564,600 $1,539,600

Liabilities and Capital FY 2016 FY 2017 FY 2018

Current LiabilitiesAccounts Payable $40,000 $90,000 $120,000Current Borrowing $165,000 $165,000 $165,000Other Current Liabilities $2,000 $3,000 $5,000Subtotal Current Liabilities $207,000 $258,000 $290,000

Long-term Liabilities $13,750 $13,750 $13,750Total Liabilities $220,750 $271,750 $303,750

Paid-in Capital $0 $0 $0Retained Earnings $0 $0 $0Earnings $0 $0 $0Total Capital $0 $0 $0Total Liabilities and Capital $220,750 $271,750 $303,750

Net Worth $128,850 $292,850 $1,235,850

APPENDIX I:CROWDPENNY WEBSITE

DESKTOP VIEW

MOBILE VIEW

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DESKTOP VIEW

MOBILE VIEW

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DESKTOP VIEW

MOBILE VIEW

APPENDIX II:INITIAL MANAGEMENT TEAM

CROWDBASE€¦ · BUSINESS PLAN PREPARED BY: FRANCIS LEYE 7th February, 2015 08062603114,...

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