I.D. Verification Technology Business Plan

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Bionex Corporation

Company Summary

Bionex, Inc. is in the business of developing and marketing proprietary biometric technology used for transaction- and identity-verification in an array of environments. The company has pioneered the design of Exigency, an identification process that eradicates the need for image databases and other non-automated methods of identification such as personal identification numbers, passwords, tokens and smart chips, all of which are subject to loss or theft.

2.1 Start-up Summary

The key elements in the Start-up plan for Bionex Corporation are:

  1. Legal expenses for filing all patent applications.
  2. Six month payroll for 5 employees, including benefits and payroll taxes.
  3. One year rental expenses for office space in Manhattan.
  4. The establishment of a Corporate Identity.
  5. The creation of a product catalog, color brochure, and interactive web site.

We need estimated start-up expenses as shown below. We plan to raise sufficient funding to cover start-up and initial operation costs. Our founder has invested in the company and we are seeking additionalo private investment. The funds will be used to complete our patent process and initiate prototype development. The start-up capital required will also cover expenses associated with the continuation of operations in the first year. We will raise the capital by selling shares in the company. Our business plan calls for this infusion of cash in Year 1.

Id verification technology business plan, company summary chart image

Start-up Funding
Start-up Expenses to Fund $450,000
Start-up Assets to Fund $111,877
Total Funding Required $561,877
Assets
Non-cash Assets from Start-up $0
Cash Requirements from Start-up $111,877
Additional Cash Raised $0
Cash Balance on Starting Date $111,877
Total Assets $111,877
Liabilities and Capital
Liabilities
Current Borrowing $0
Long-term Liabilities $0
Accounts Payable (Outstanding Bills) $11,877
Other Current Liabilities (interest-free) $0
Total Liabilities $11,877
Capital
Planned Investment
Personal Investment $50,000
Private Investor $500,000
Other $0
Additional Investment Requirement $0
Total Planned Investment $550,000
Loss at Start-up (Start-up Expenses) ($450,000)
Total Capital $100,000
Total Capital and Liabilities $111,877
Total Funding $561,877
Start-up
Requirements
Start-up Expenses
Salaries $280,000
Rent $50,000
Legal Fees $50,000
Consultants $30,000
Computers $10,000
Travel $10,000
Office Supplies and Furniture $9,500
Insurance $6,000
Stationary, Brochure, and Catalog $3,000
Utilities $1,500
Total Start-up Expenses $450,000
Start-up Assets
Cash Required $111,877
Other Current Assets $0
Long-term Assets $0
Total Assets $111,877
Total Requirements $561,877

2.2 Company Ownership

Bionex Corporation is a privately held New York “C” Corporation. Its principal founder controls 51% the business. The balance of the shares will be sold to raise start-up capital and future investment.

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