Fornax labs building tomorrow: business plan

Abstract

Fornax Labs aims to promote ideation, creativity and innovation among the people We provide TinkerLabs equipped with prototyping machines; aggregate associated equipment and services Product Packages differ in target audience, production capability and flexibility Targets are educational institutes, corporates, incubators, defence forces and research organisations Need exists because innovation and creativity are increasingly being valued in the industry and academia; entrepreneurship and entrepreneurship being encouraged Innovation Labs provide best infrastructure for a dreamer to transform his/her ideas into reality and realise their full potential Surveyed students, teachers, Corporates and suppliers in Delhi NCR, Ahmedabad and Chennai. Suppliers in contact also from Taiwan, S. Korea and China Major competition will be from workshop companies and equipment manufacturers Aggregation gives us the unique advantage of benefiting from each competitors individual pros while cancelling their disadvantages Stakeholder Engagement during the process of Lab establishment and support post-sales are our key USPs and form the basis of our marketing strategy By being in touch with needs of each stakeholder we can provide them best suited product Key revenue streams are lab establishment, training, consumables and prototyping/NPD Key cost drivers are Goods and Equipment, Marketing, Knowledge Development and Human Resources Turn profitable in 3 years and incur minor losses in first two years for building competitive advantage Can pivot to operating a design house or a network of mobile innovation labs High flexibility systems provide us with multiple possible uses and hence multiple possible pivots at each stage