NovOculi

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Eye Surgery Equipment Maker Business Plan

Management Summary

NovOculi's Management Team is undoubtedly one of its strengths. Among its five principals, NovOculi, Inc. boasts three MBAs, a Chemistry PhD, and two MDs in the field of ophthalmology, all with stellar records within their fields. NovOculi's consultants are impressive as well, with consultation being provided by the highly successful entrepreneur and technology development expert, Jim Sheldon, the highly reputable and internationally known chairman of Stanford ophthalmology, Dr. Mark Blumenkranz, and an Intellectual Property guru, Trygve Laegrid.

8.1 Management Team

Principals:

Daniel Burnett: Currently an MD/MBA student at Duke University applying for a residency in ophthalmology, Mr. Burnett has a long history of biomedical device design and testing and has spent a total of 10 months at the Food and Drug Administration (FDA). In addition to currently pursuing an MD/MBA, Mr. Burnett also has invented a myringotomy tube insertion device (patent pending) and has created a magnetic nerve stimulation device (patent pending). 

Terry Kim, MD: An ophthalmologist at the Duke University Eye Center, Dr. Kim has been performing LASIK laser surgery vision correction for the last five years. Dr. Kim has been profiled on the Discovery channel and has performed LASIK surgery on many high-profile figures, such as NBA-bound players on the Duke men's basketball team.

Joseph Walker: A current MBA candidate at the Fuqua School of Business, Mr. Walker has detailed knowledge of the venture capital and start-up process derived from his experience at The Aurora Funds, Inc., a southeastern venture capital firm. Mr. Walker plans to pursue a career in venture capital and entrepreneurship.

Andy Rubinson: Currently attending MIT Sloan, in the New Product and Venture Development Track, Mr. Rubinson spent six years working for the Department of Defense at Boeing Space Systems where he helped improve product design and development and manufacturing processes for Delta Rockets and the International Space Station. He then spent two years assigned to Andersen Consulting's (now Accenture) High Tech and Electronics Market Unit during which time he obtained experience in Product and Processes Development, Integrated Materials and Manufacturing, Procurement, and Manufacturing Strategy and Operations.

Joseph Hewitt: Currently pursuing a PhD in Chemistry at Duke University, Mr. Hewitt has research/teaching experience in both UV/Vis and Fluorescence spectroscopy. His dissertation research involves the application of Capillary Electrophoresis and Fluorescence Lifetime spectroscopy to characterize and study a class of environmental molecules called Humic Substances. As part of this research he has had extensive experience with both lasers and fluorescent dyes, making him a valuable addition to the management team.

Consultants:

James E. Sheldon: Mr. Sheldon's background includes over twenty-five years experience in business, law, and education. For twelve years, he was one of two principals in The Synertech Group, Inc., a North Carolina-based venture development firm. Two public companies, Embrex and EnSys, resulted from Synertech's efforts. Prior to founding Synertech, Mr. Sheldon was a principal in, or consultant to, several high technology start-up companies in the Research Triangle area.

Mark Blumenkranz, MD: Dr. Blumenkranz is Professor and Chairman of the Department of Ophthalmology at Stanford University. Dr. Blumenkranz is the author of more than 100 peer-reviewed publications and book chapters and was instrumental in developing the successful laser vision correction program at Stanford. He currently serves as a principal investigator on a number of clinical research trials at Stanford evaluating the effects of laser and pharmacologic agents on eye disease. Dr. Blumenkranz is an associate examiner for the American Board of Ophthalmology and a member of the Retina, Vitreous, Macula, and Gonin Societies. He has served on the Editorial Board of the journals Retina, Graefe's Archives for Ophthalmology, and Ophthalmology. He is a past recipient of the Research to prevent Blindness Special Manpower Award, the Heed Award, the Rosenthal Award in Visual Sciences, and the American Academy of Ophthalmology Senior Honor Award.

Trygve Laegrid, PhD: Dr. Laegrid is currently pursuing an Executive MBA at the MIT Sloan School of Management. After obtaining a PhD in condensed matter physics, Dr. Laegrid became involved in licensing, valuation and management of intellectual property. He is currently the Manager for Intellectual Property and Commercialization for Statoil Industrial Development.

8.2 Management Team Gaps

An experienced CEO is actively being sought. The founders of the company will conduct the search. The desired profile is for a CEO experienced in the medical device arena, ideally who was part of a previous successful start-up venture.

The company will search for design engineers and consultants.

8.3 Personnel Plan

The Personnel Plan chronicles the growth of the organization to approximately 77 employees in the first 5 years. Each year may require a few additional people besides those indicated, based on the growth of the company in accordance with the Business Plan.

Personnel Plan
Year 1 Year 2 Year 3 Year 4 Year 5
Research Engineer $60,000 $120,000 $240,000 $400,000 $400,000
CFO $16,000 $100,000 $110,000 $121,000 $133,100
CEO $30,000 $125,000 $137,500 $151,250 $166,375
Administrative $6,000 $48,000 $52,800 $116,160 $255,552
Sales/Marketing $24,000 $180,000 $360,000 $865,000 $4,130,000
Total People 9 14 24 44 77
Total Payroll $136,000 $573,000 $900,300 $1,653,410 $5,085,027