I . PROJECT SUMMARY
This section should present the project and transaction which are offered to financial investors clearly and succinctly—in no more than one or two paragraphs on each of the points listed below.

A. Business Description
Paragraph explaining the project and the essential characteristics of the product, technology or service on which it is based.

B. Strategy
Summary of the opportunity at hand and the strategy that will be developed to penetrate the market rapidly.

C. Market and Ambitions
Broad description of the market—its size, expected growth, etc., and the types of clients targeted. This should include estimates of sales—in both volume and value terms—and market share.

D. Competitive Positioning
Presentation of the company’s competitive strengths and weaknesses, along with current and potential competitors.

E. Financial Outlook
Summary of key figures highlighting the company's sales and earnings growth potential. 

F. Management Team
Description of the founders and other members of the management team and their experience, underlining their main strengths and weaknesses.

G. Funding Sought
This first section concludes with a description of the proposal to financial investors, including the amount sought and anything pertaining to the proposed financing arrangement.

II. THE SECTOR, THE COMPANY AND ITS PRODUCT OR SERVICE OFFER
This section should describe the sector in which the business operates, or will operate, the products or services offered and the opportunities the business has identified.

A. Sector
The current and future situation of the market, including products and recent developments, players, trends and factors which could bear upon the sector's positive or negative growth. All sources of data used to describe market trends should be identified. 

B. Company and Product or Service Offer
Description of the company’s sector, and the technological developments that underpin its offer.

Presentation of what the company will sell :

• description of the products or services and applications targeted by each product or service
• points of differentiation from existing offers on the market
• stage of development of the product or service
• patents, or generally any items which will protect the business in its market
• future technological developments and planned R&D policy.

III. THE MARKET
This section should convince the reader that the business is in a buoyant market with significant growth potential.

A. Customers
Presentation of target customers and the factors determining purchase decisions: price, quality, service, personal contacts, etc.

Draw up:

• a list of potential customers who have already expressed an interest in the product or service, and indicate why they are interested;
• a list of potential customers who have not already expressed an interest in the product or service, with the reasons for their interest.

B. Market Size and Trends
What size is the market at present? This must be determined from any available market studies, competitors’ sales statistics or discussions with distributors. 

What has the growth of the market been these last few years, and what is it expected to be in the years to come ?

C. Competition
Realistic evaluation of the strengths and weaknesses of competitors' products and services. List the companies offering them, and compare competing products and services on the basis of price, performance, maintenance, etc. Present the growth expected in competitive offers. Include competitors' market shares. 

D. Market Share and Sales Forecast
An estimate of the company’s market share and sales—in dollars and in euros—for the three coming years, plus the medium-term trend, based on the data already presented in the business plan.

IV. SALES & MARKETING
Description of the marketing strategy required to achieve the sales targets.

A. Global Marketing Strategy
Description of the strategy to be deployed in France and internationally. This should include, among other things:

• What types of customers will be targeted with top priority? And then later what further types? How are they going to be reached ?
• What aspects of the company's offer - quality, sales, price, maintenance and repair - will be highlighted to facilitate sales?
• Will the product or service initially be marketed internationally, or only domestically, and why? How does the company envisage its international development? Etc.

B. Pricing Policy
What is the company's pricing strategy and positioning? 

C. Sales
Description of the distribution channels to be utilized. Will the company have its own sales force? Distributors? Assemblers? What margins should be ceded to these intermediaries? How rapidly will the sales force be put in place?

D. Maintenance and Repair
Descriptions of the guarantees that will be offered to customers and how maintenance will be provided.

E. Marketing
What marketing tools will be employed, and for what budgets? What steps will the company take to increase its reputation? Trade shows? Ads in the specialized press? Direct mail campaigns? etc.

V. RESEARCH & DEVELOPMENT
Identification of the developments necessary to get to a marketable offer, and any foreseeable, subsequent developments.

A. State of Development
The present state of the offer, and what it will take to get it to market. Briefly describe the skills or know-how that the company has or will acquire to ensure these developments. 

B. Problems and Risks
Do any design and development problems remain? What steps are planned to resolve them? What are the possible consequences for the project? What is the expected date for the launch of the product on the market? 

C. Product Improvement and New Products
What future developments are planned to improve or complement the existing offer? 

D. Budget
What budget will be spent on these developments?

E. Intellectual Property Rights
What problems, if any, has the company encountered with regard to intellectual property rights, and what solutions are planned?

VI. PRODUCTION
The equipment and human resources required for production.

A. Means of Production
The equipment and other means required to launch the product and accommodate the ensuing increase in volumes.

B. Strategy
Presentation of the manufacturing process and options taken—outsourcing, procurement, quality control, etc. 

C. Environmental Constraints
What authorizations, if any, will be required to begin production (administrative, for example)?

VII. MANAGEMENT TEAM

A. Organization and Management Team
Present an organizational chart. Describe the precise roles and responsibilities of each member of the management team, including a brief description of each person’s career highlights, emphasizing those achievements that demonstrate their ability to make this project succeed. Each member’s resume should be included as an appendix.

B. Compensation and Benefits
What levels of compensation and benefits are planned for the members of the management team?

C. Equity Incentives
What mechanisms exist or are planned to involve the project’s key staff in the company’s equity (stock options, etc.)?

D. Current Shareholders
The most recent list of the company’s shareholders, and other holders of the company’s securities (bonds, etc.).

E. Outside Advisors
List the company’s outside advisors (legal, patents, accounting, etc.) and the banks with which it is in contact.

VIII. TIMETABLE
Presentation of the timetable for the project’s different stages. Include items such as:

• company’s founding (for a recent company);
• timetable for technical developments;
• product introduction;
• creation of the sales force;
• start of production;
• reception of first orders;
• first sales and deliveries, etc.

IX. RISKS
List the main problems and risks that the company may encounter. Include a description of all risks related to the sector, the company and its employees.

X. FINANCIAL STATEMENTS
Presentation of the following for at least the next three years:

• pro forma income statements
• pro forma balance sheets
• pro-forma cash flow statements

Also include a monthly cash flow forecast for the first year, and a breakeven analysis which indicates the level of sales required to cover all costs.

XI. TRANSACTION PROPOSED TO INVESTORS
Indicate the amount sought and any particular characteristics of the transaction that is planned, such as the financing arrangements, valuation, etc.

Business plans should be sent to the appropriate contact in your nearest office.

Paris
dchampenois@innovacom.com

San Francisco
aymerik@innovacomvc.com

Stockholm
bruno@innovacomvc.com