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Transcript of MemoPen
~Successful business men or computer engineers will invest in this product. Samsung, Apple, or BIC are some industries that will invest in the MemoPen. We will need one or two investors. Their cut will be 30%, and they will need to contribute 500K.
~In order to support this initiative, the investors need to have a Bachelors or Masters in computer engineering technology or business. Some classes the investors need to have taken in college are math, computer science, engineering, and/or arts and science. Colleges offering education in these fields are: Cornell, Yale, UC Berkeley, MIT, USC, Stanford, and California Institution of Technology. ~"Computer Science | Michigan Technological University." Computer Science | Michigan Technological University. N.p., n.d. Web. 5 Apr. 2013. <http://www.cs.mtu.edu>.
~"Department of Computer Science, Cornell University." Department of Computer Science, Cornell University. N.p., n.d. Web. 5 Apr. 2013. <http://www.cs.cornell.edu>.
~"On Campus & Online College Degree Programs | DeVry University." On Campus & Online College Degree Programs | DeVry University. N.p., n.d. Web. 5 Apr. 2013. <http://www.devry.edu>.
~"Take Free Online Courses. Earn College Credit. Research Schools, Degrees & Careers." Take Free Online Courses. Earn College Credit. Research Schools, Degrees & Careers. N.p., n.d. Web. 5 Apr. 2013. <http://education-portal.com>.
"Amazon.com: Online Shopping for Electronics, Apparel, Computers, Books, DVDs & more." Amazon.com: Online Shopping for Electronics, Apparel, Computers, Books, DVDs & more. N.p., n.d. Web. 6 Apr. 2013. <http://www.amazon.com>.
"Crystalline USB Pen." Swarovski Crystal. N.p., n.d. Web. 6 Apr. 2013. <http:/http://www.swarovski.com/Web_US/en/5003496/product/Crystalline_USB_Pen,_Silver_Night.html>.
"Custom USB Flash Drives personalized with your logo by LogoTech." Custom USB Flash Drives personalized with your logo by LogoTech. N.p., n.d. Web. 6 Apr. 2013. <http://www.logotech.com>.
"Fortune 500 2012: Annual ranking of America's largest corporations from Fortune Magazine." CNNMoney - Business, financial and personal finance news. N.p., n.d. Web. 6 Apr. 2013. <http://money.cnn.com/magazines/fortune/fortune500/>.
"Promotional Pens, Bic Pens and other Personalized Logo Pens From Parker, Uniball, Papermate and More - The Pen Guy." Promotional Pens, Bic Pens and other Personalized Logo Pens From Parker, Uniball, Papermate and More - The Pen Guy. N.p., n.d. Web. 6 Apr. 2013. <http://www.thepenguy.com>.
"Things Remembered." Things Remembered. N.p., n.d. Web. 6 Apr. 2013. <http://www.thingsremembered.com>. Our product, the MemoPen is an invention to help writers save valuable time and provide convenience for many people around the world. We are improving the USB pen, so our product can be small, fast, and easy to use .The MemoPen has two modes: the pen mode, and the MemoPen mode. The pen mode functions regularly, like any other pen, coming in colors of your choice. In MemoPen mode, you simply press a button on the top, write the title of your paper, wait for couple of seconds for the MemoPen to save the title on the USB, and finish your paper with no hurry. Press the button on top of the pen again and your paper will be saved onto the MemoPen! A similar product is the Smart Pen. It records 100 hours of lectures and conversations when written on a special paper and allows them to be played back at another time. The Smart Pen will be a competitor of the MemoPen, as will other USB pens; however, the MemoPen is a better product because it is more practical and can store any writing on any paper. The MemoPen is a futuristic product that will be appealing to journalists, teachers, students, authors, businessmen, or anyone who enjoys writing. With the MemoPen, you no longer have to retype a long document onto your computer!!Our plan to open the MemoPen to other markets is advertise, endorse, and use good customer reviews and ratings to convince the other marketers to invest in our product. In order to target our audience, the product itself will have to stand out, including the advertisements and designs. For example, when creating the advertisement for our product, we will include bold propositions, a vivid product description, a quick but detailed how-to, and a small design blueprint. The MemoPen will benefit the future because it is convenient, saves time, easy to use, and portable. Our company predicts that it will take approximately five years to make an impact in the use of technology with our new invention. Every other month, we will analyze reviews that the consumers have written about our product and discuss them in order to see how we can further improve our product. From there on, we can fix the misconceptions and release each improved MemoPen into the market by the end of the year. Each time we analyze the reviews, we will continue to quickly and efficiently make improvements to the product. Our company will follow the design models of other USB pens, while refining each detail. We will include the aspects of all different people: adults, businessmen, and children. We will leave out excess materials on the pen in order to make the design as sleek and accessible as possible. Some Fortune 500 companies that are able to invest in our product are Staples, Apple, Wal-Mart, Best Buy, Dell, and Microsoft. A new product that will be designed specifically with the customer's interest in mind. MemoPen
-comes in navy blue, brown, white, forest green, black, or heather gray
-charms sold separately
-cases available in gray, tan, or black MemoPen
-comes in pink, white, aqua, sky blue, red, purple, and yellow
-charms sold separately
-cases comes in several colors and patterns (zebra, stripes, polka dots, etc.)
-stickers included with each pen
-2 types of sticker packs: boys' and girls'
-Boys' stickers: cars, rockets, stars
-Girls' stickers: hearts, stars, happy faces ~The projected cost of manufacturing the MemoPen is $33.60. The average decent pen costs less that 12 cents to manufacture and a 4GB flash drive costs $3.50 to manufacture (the flash drive will cost one third less than the retail price of the product, depending on the brand). The wiring and installation price is estimated to be $30.
~It will cost approximately $97,808.75 to have the materials we need shipped to our company.
~Travel cases for the pen will cost $2 to make, kids’ cases cost $5 to make, and a regular adult case costs $10 – with an additional $2 for an inscription.
~ The smart pen (a pen that records lectures when written on a special paper and plays them back to you later) costs $170. We estimate that they sell 100,000 units a year and make $10,000,000 every year.
~MemoPen is projected to bring in $1,000,000 its first year in the market, and $15,000,000 a year after 10 years in stores.
~The MemoPen is a good investment because it will be popular among students, teachers, various businessmen, and journalists, and it is cheap compared to other products of its kind.
~The MemoPen company will cost $300,000 to start because of stocking and manufacturing the product, advertising, and paying employees. It will cost $800,000 to pay employees and keep the machines running.
~A patent for the MemoPen will cost $1,000 the first year, $565 in three and a half years, $1,425 in seven and a half years, and $2,365 in eleven and a half years.
~This product will cost $50-$75 depending on if the pen has upgrades, and the cases will cost $5-$20 depending on the type of case. This is based on the manufacturing cost and projected income of our product.