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I.D. Verification Technology Business Plan

Bionex Corporation

This sample business plan can be edited directly in Business Plan Pro software.

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Executive Summary

Bionex, Inc. is a biometric security company providing solutions to remedy Identity Theft and Credit Fraud. Bionex, Inc. differentiates itself by using our (patent pending) Exigency Process. This approach processes and expresses the details of someone's finger as a unique algorithm, rather than matching it against a stored image on a database. This process will eliminate the need to store images of millions of individual fingerprints on a database, reduce operating costs, and maximize system-wide efficiency. Our process will allow for seamless integration of biometric security into existing systems, and enable secure virtual transactions.

The market opportunity for our technology is tremendous and subject to a high growth trend. The biometric identification market is projected to exceed $4.04 billion within two years for several reasons. Credit and identity fraud cost banks and government over $47 billion last year alone. In addition, new legislation in the health care industry and rising security concerns attributed to terrorism will expand the need for biometric devices in the Healthcare and Transportation sectors. Bionex will offer several biometric solutions designed to compliment our Exigency Process and facilitate biometric accuracy and security in any environment.

Potential competitors include the Biometric Access Corporation (BAC), Bio Pay, Identix, Pay by Touch and Touch Credit. Recent exits from this market include Bioconx and Infineon which failed largely due to over-reliance on the image enrollment system. Bionex, Inc. enjoys several key competitive advantages over the competition, including:

1. Our solutions are not application- or system-intrusive, meaning our products can seamlessly integrate into any existing platform.
2. Our products protect user privacy and eliminate the need for a government or corporate-based database system.
3. Our technology is a licensable design that can be integrated into OEM systems and products.

The marketing plan for Bionex is designed to attract new customers and capture new markets. Through strategic contacts, we will gain positive national exposure in Wired and Business Week Magazine, and positive national systems reviews from ZDNET, and CNET. Bionex aims to attract banking and financial licensing contracts by implementing complimentary testing, upgrades and POS systems. Bionex will initiate retail distribution contracts through valuable our contacts with CompUSA, BestBuy, and J&R Computer.

Our management team has extensive experience in technology development, sales, marketing, finance and customer service. Senior executives have industry specific expertise in fraud control, transaction processing, and POS payment systems.  Our company is run by a Finance Major well-experienced in the biometric and financial services sectors. He is a proven entrepreneur and is joined by a team of seasoned veterans from virtually every discipline in the technology and financial services sectors.

The company projects huge sales in year three with a large net profit. Bionex expects to quadruple sales to hugex4 in revenue by year five. This company is potentially profitable in year one assuming no problems with credit card licensing agreements and retail distribution contracts.

A capital investment in the next six month period would enable Bionex Inc. to make, ahead of plan, operational improvements to scale for expected growth.

1.1 Mission

At Bionex, Inc. our main priority is to provide customers and business partners with unparalleled security and reliability. Our security solutions address three primary areas of data security:

• Protection - Bionex's security systems authorize only users who can be positively identified via their fingerprint alone. Our Exigency Process ensures that there is no data available for potential loss or theft.


• Privacy - Our Exigency Process converts fingerprints into complex mathematical algorithms which exist only for fractions of a second.


• Flexibility - Our solutions are developed to operate over any mix of network and system infrastructures, enabling seamless integration into existing systems.

1.2 Keys to Success

1. All patent applications complete and approved.
2. Obtain initial private investment capital to fully fund start up development and prototype manufacture.
3. Receive implementation contract for a financial institution or government branch.
4. Steady Research and Development funding, to maintain a broad and diverse product line.
5. Emphasis on marketing campaigns, in order to reach untapped markets, and new customers.

1.3 Objectives

1. Receive capital injection during the first year.
2. Generate huge sales by third year of operation.
3. To make BioXert verification systems widely used transactional tokens by year five.
4. To make the BioVert device the number one selling biometric device by year five.
5. To expand internationally, licensing and distributing products and solutions worldwide by year six.