Our biggest savings of the year
RQM Technologies is a privately owned start-up company, located in Bolingbrook, IL, a western suburb of Chicago.
RQM Technologies was formed as a company committed to developing next-generation remote Personal Locator Devices in order to immediately locate and aid in the timely rescue of:
- missing children
- the active elderly (including Alzheimer’s patients)
- soldiers in the field and at sea, mariners lost at sea
- and even pets
while also serving the business arena, as a way to better manage the logistics of:
- outside personnel
- fleet vehicles
- valuable parcels
- and deliveries
The company’s management philosophy is based on responsibility and mutual respect, while encouraging ownership of responsibilities to help foster personal and professional growth. RQM Technologies focuses on productivity for growth and profitability, and respect for its customers and employees to increase repeat and referral business while minimizing employee turnover. Additionally, the company encourages employees to have fun by allowing creative independence and providing professional challenges that are realistic, attainable and rewarding.
2.1 Start-up Summary
Our plan begins with a two month start-up period during which we will focus primarily on setting up our offices and developing our system designs, but also including significant initial marketing work. Our start-up expenses for these first months will be used for further product development, legal costs, payroll, marketing and typical expenses associated with opening our first office. The founders will provide the first round financing to launch the company, initiate a small production run of our Personal Locator Device(s), and initiate further product development, while marketing and pre-selling our devices.
In addition, we will need another investor/partner to provide funds to cover the cash necessary to see us through our first year in business, as we begin to make and sell our products. We plan to fund future growth from sales revenues.
Initially, we will be leasing a relatively small office space for administrative functions and an electronics bench lab in order to keep our first year expenses to a minimum, as we continue product development while marketing and pre-selling our Personal Locator Device(s) prior to production. We will consider a larger office space only when we have outgrown our current facility, dependent on sales, budgets and personnel needs.
We have identified the following equipment needed for opening our first office:
- Engineering lab equipment.
- Software and hardware development tools.
- Office furniture for three (sales and administrative) workstations.
- Dell Computer Systems – three desktop computers, two laptop computers, laser printer, color printer, digital camera, scanner, GPS cell phones and a broadband internet connection.
- Telephone system, and two GPS cell phones.
- Copier and fax machine.
- Additional costs for assorted professional service providers’ fees including business, development, legal and accounting providers.
- Professional website development and maintenance.
- Two leased company vehicles and associated costs.
Details of our start-up requirements can be found in the Start-up tables, below.
|Start-up Expenses to Fund||$100,700|
|Start-up Assets to Fund||$349,300|
|Total Funding Required||$450,000|
|Non-cash Assets from Start-up||$0|
|Cash Requirements from Start-up||$349,300|
|Additional Cash Raised||$0|
|Cash Balance on Starting Date||$349,300|
|Liabilities and Capital|
|Accounts Payable (Outstanding Bills)||$0|
|Other Current Liabilities (interest-free)||$0|
|Additional Investment Requirement||$0|
|Total Planned Investment||$450,000|
|Loss at Start-up (Start-up Expenses)||($100,700)|
|Total Capital and Liabilities||$349,300|
|Research and Development||$3,500|
|Company Vehicles & Associated Expenses||$2,800|
|Total Start-up Expenses||$100,700|
|Other Current Assets||$0|
2.2 Company Ownership
RQM Technologies is owned and operated by its founders, Steven M. Bloome and Andrew F. Siska. We are currently in search of an investor/partner(s) who will bring more to RQM Technologies than just financing. The ideal Investor/Partner(s) we are seeking should bring expertise in the areas of legal, financial, and international regulatory issues, as a portion of our target market(s) will be international in scope in the near future. The Investor/Partner(s) will receive an equity position in the company and sit on the Board of Directors.
More details on the company’s founding partners may be found below, in the Management Summary.