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4 June 2015
Les Allan, Partner at Los Angeles Investment Company
LLC 800 Wilshire Drive
Los Angeles, CA 90017
Dear Mr. Allan,
Thank you for your interest in our ParkIt mobile application. We are having great
success in planning its operations and are pleased to present you with this business
plan. As you may know, we are seeking potential investors to help us turn this idea into
a reality.
The purpose of the ParkIt app is to ease the stress of Los Angeles drivers and to cut
down on the time it takes for them to find a parking spot. This will be done using maps
and drones in order to pinpoint parking spots. Our service will be available for both
Apple and Android devices.
This application is perfectly suited to current technologies and needs. Due to the
increase in mobile phone use as well as the need for drivers in the city to find parking,
we believe that this app would be very successful and well received. ParkIt is the
application that Los Angeles drivers have been looking for.
Please let us know if you have any further questions. We look forward to meeting with
you and value your consideration of our business.
Sincerely,
Alexa Dickinson Justin Deng Alyssa Scott
Rachel Saranow Alicia Lei Meng Ji
Enclosure: ParkIt Business Plan
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ParkIt Business Plan
Presented By:
Justin Deng
Alexa Dickinson
Meng Ji
Alicia Lei
Rachel Saranow
Alyssa Scott
For:
Writing 107B
Tuesday & Thursday
9:30AM
3
Table of Contents
Executive Summary…………………………………………………………………………..…5
1.0 Introduction……………………………………………………………………………....7-11
1.1 Our Purpose 7
1.2 Industry 8
1.3 Product 8
1.4 Profitability 10
1.5 Conclusion 11
2.0 Market Analysis……………………………………………………………………….12-17
2.1 Overview 12
2.2 Target Market 12
2.3 Demographics 13
2.4 Market Share and Growth Potential 14
2.5 Competitor Profiles and Analysis 15
2.6 Main Areas of Focus 17
2.7 Conclusion 17
3.0 Marketing Strategy………………………………………………………..…………18-23
3.1 Overview 18
3.2 Target Market Audience 18
3.3 Visuals 19
3.4 Marketing Methods 19
3.5 Marketing Goals and Future Development 22
3.6 Competitors 22
3.7 Risk Assessment 23
3.8 Conclusion 23
4.0 Management………………………………………………………………..…………24-29
4.1 Management Introduction 24
4.2 Employees 24
4.3 Communication 26
4.4 Board of Directors 27
4.5 Compensation 27
4.6 Work Environment 28
4.7 Conclusion 29
5.0 Financials……………………………………………………………………….………30-36
5.1 Outline 30
5.2 Application Development Costs 30
5.3 Drone Costs 32
5.4 Operating Costs 32
4
5.5 Revenues 34
5.6 Projected Income Statement 35
5.7 Growth Potential & Outlook 36
6.0 Environmental Responsibility……………………………………………..……37-40
6.1 Introduction 37
6.2 Climate Change 37
6.3 The Role of Transportation in Air Pollution (Greenhouse Gases) 38
6.4 Company Eco-Friendly Practices 40
6.5 Conclusion 40
7.0 Social Responsibility……………………………………………………………..…41-43
7.1 Introduction 41
7.2 Local Economic Benefits 41
7.3 Philanthropy 42
7.4 Carpooling Campaign 43
7.5 Conclusion 43
Final Remarks…………………………………………………………………………………...44
Appendix…………………………………………………………………………………………..45
References……………………………………………………….………………………………..54
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Executive Summary
Los Angeles is rated as one of the most congested traffic cities in United States. Every
American commuter spends an average of 38 hours a year stuck in traffic. With the
excessive amount of cars driving around cities every day, people often waste
unnecessary time and money in finding parking spots in cities such as LA. Our business
plan is a phones app named ParkIt, which will aid frustrated drivers in finding parking
spots more conveniently. The advantage of ParkIt compared to other parking apps is
that we are able to display specific available parking spots on our app. Our intention is
to help busy people save time and eliminate frustrations in finding parking spots in
congested cities.
The market we are targeting is Los Angeles County, home to millions of drivers and
smartphone users of all ages. As Los Angeles is home to many tourist attractions,
businesses, and commercial entities, ParkIt has the ability to thrive in a market that has
only been covered by generic parking smartphone applications. ParkIt will be the first
smartphone application of its kind to use drones in combination with GPS, which
combined with our marketing strategies and sustainability campaigns will allow us to
reach our goal of attaining 30% of the market share in the near future.
Our marketing strategies include gaining the attention of our target audience in areas
often frequented, both in location and within the cyberspace. Some techniques include
poster and radio advertisements. In addition, ParkIt will establish a presence on popular
social media sites such as Facebook and Twitter, and incorporate the company image
into the daily lives of our users. We aim to appeal to potential users through identifying
an issue with parking within Los Angeles and offering ParkIt as a superlative
solution.
The management sections describes how the work will be distributed among principals,
staff, and interns. It also discusses the impact of the founders and that their involvement
through the company directly and through their positions on the Board of Directors will
help the application stay true to their original vision. The section also details how the
culture and communication of the company will promote openness and collaboration
through weekly meetings and incentives. Both staff and interns will be motivated and
encouraged to grow individually, which will in turn expand the success of ParkIt as a
whole.
Costs for ParkIt will be comparable to that of other contemporary software or
technology startups. We can expect to incur costs of $155,000 to develop the application
within the first year, which will drive down our profits in tandem with rent, wage,
advertising, and other operating expenses. However, the future looks bright with
ensuing periods of positive profits after the first year; revenue will grow steadily every
year and costs are expected to scale just as well. Together with a competent team
working within an ethical financial framework, ParkIt will be able to operate efficiently
and effectively to generate steady returns and go public, or be purchased by a larger firm
such as Google or Facebook.
6
Our business will incorporate being environmentally friendly into our core values and
will make conscious efforts to help make a positive impact on the environment. ParkIt
will help combat global climate change and decrease greenhouse gas emissions because
the application will help users reduce the amount of time spent searching for available
parking spaces, thus saving gas. Continuing the sustainability values throughout ParkIt
into our administrative efforts will also be a goal of ours. We will ensure that
headquarters is run as environmentally conscious as possible.
At ParkIt, we will give back to our users and help make Los Angeles a better place to live.
Making a positive impact on our community is something we hold in high regard.
Through stimulating the local economy by promoting local businesses, donating to
causes intended to benefit our purpose and community, and advocating for users to
embrace carpooling, we hope to change Los Angeles for the better. Being a proponent
for making a beneficial impact on the city will attract customers to our socially conscious
business.
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1.0 Introduction
1.1 Our Purpose
Figure 1-1 – Downtown LA
Source: https://kwdowntownla.wordpress.com/2011/04/17/huge-announcement-for-downtown-la/
With the rising economy development nowadays, Los Angeles has become the most
congested city in the United States, ahead of San Francisco, Honolulu, New York and
Seattle1. As a result, the tremendous amount of traffic flow indicates that at some point,
these cars will arrive at their destination in the downtown Los Angeles area. That is, it
will be very difficult for every drivers to find available parking spots in Los Angeles
during rush hours when the traffic is congested. Many drivers in Los Angeles claim that
they had to circle around blocks for more than twenty minutes every time in finding
parking spots, wasting all the gasoline and their valuable time. On the other hand, some
other research indicates that a surprising amount of traffic is not caused by people who
are on their way somewhere. Rather, it is caused by those who have already arrived.
Streets are clogged, in part, by divers searching for a place to park2. City drivers needs
an app that can help them to find the best parking spot and also to avoid cause of traffic
congestion.
1 Dan Weikel, “California Commute As economy improves, L.A. rise in traffic congestion rankings”. Los
Angeles Times. Oct 28, 2014
2 Donald Shoup, “Gone Parkin’”. The New York Times.
http://www.nytimes.com/2007/03/29/opinion/29shoup.html?_r=0.March 29,2007
8
Driving a long way to work in traffic and circling around blocks to find parking spot is
not something that any LA drivers would prefer. Introducing our mobile phone app,
ParkIt is developed to help desperate drivers to find the closest available parking spots
in the shortest time. In the demonstrations of our app procedures, users are provided
with clear overviews of parking availabilities in LA City, including street parking,
garages, lots, and parking construction. Users have various options to choose from in
searching for the most convenient location to park their car. The purpose of our app is
to reduce our customer’s unnecessary wastes of time and gasoline and to reduce the
congestion level in Los Angeles City.
1.2 Industry
With the diversified
development in the usages
of mobile phone business
and its applications,
various things can be
simply done through
phone apps. Nowadays,
many companies and local
businesses have
cooperated with smart
phone app developers to
expand their market
profitability. Through the
mobile positioning
system, people can easily
locate themselves in the
surrounding regions and
search for useful
resources nearby. App users are able
to communicate with other users and
local businesses to see the best deals.
There is a growing number of
consumers who uses mobile apps to access local contents. Research indicates that
approximately 77 million smartphone owners relied on apps to visit local content3 as
shown in Figure 1-3.
1.3 Product
We will be specializing in the development of a smart phone application known as
ParkIt. Similar to most map apps, which calculates the fastest route for drivers to get
from point A to point B, ParkIt can help users to navigate to the nearest available
parking spot, using the wisdom of the crowds. Our app mainly employs the mobile
3 Natalie Wuchenich, “Mobile Growth Highlights Importance of Comprehensive Local Strategy”.
http://searchengineland.com/mobile-growth-highlights-importance-of-comprehensive-local-strategy-
153617.April 1, 2014
Figure 1-3 - http://searchengineland.com/mobile-growth-highlights-
importance-of-comprehensive-local-strategy-153617
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phone positioning system to detect user locations and connect them with nearby
resources. Find available parking spots using ParkIt is analyzed in three ways.
1. Drones will be
used to detect
available open
parking spots.
Using the
drone, we will
be able to have
a high-
resolution
overlook of the
city area. The
small,
lightweight
drones may look like simple
model airplanes, but they
can survey landscapes with
thousands of digital images that can be stitched together into 3-D maps4.
They are guided by GPS and are inherently safe. Users can search for parking
spot information transmitted by drones.
2. Through cooperation with local businesses, we are able to provide parking
spot information to ParkIt users. As we explained in the previous sections,
the growing industry of smartphone apps attracts many businesses to begin
cooperation with app developers. Through the contract, both parties are able
to expand their
market and increase
profitability. In our
case, ParkIt is all
about connecting
our app users to the
locality. We will be
displaying
information of local
businesses’ in our
app in exchange for
4 Brian Handwerk, “5 Surprising Drone Uses”.
http://news.nationalgeographic.com/news/2013/12/131202-drone-uav-uas-amazon-octocopter-bezos-
science-aircraft-unmanned-robot/. December 2, 2013
Figure 1-4: Drones
Source:http://www.telegraph.co.uk/technology/news/1
1279235/Which-drone-should-you-buy.html
Figure 1-6 - https://ww.deluxe.com/blog/tag/online-directories/
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the availability in nearby parking spots as depicted in Figure 1-6. If a
customer is planning to go to a restaurant, but he is worried about parking.
He can use ParkIt to check parking availability of that restaurant’s parking lot.
3. Another way of displaying parking availability on ParkIt is through
interactions between our app users. ParkIt will provide encouragements and
rewards to users for alerting each other to open parking spots. The
interactions between users will become an increasingly expanding network,
which will secure our app market.
1.3.1 Product Pricing
Our objective is to develop a convenient smartphone application that helps people to
save time on finding parking spots. The free application will be made available for
everyone to download. Customers may have multiple free try outs to testify the
practicality of ParkIt. After the free try outs, users need to pay a charge for continuing
using ParkIt and more specific additional charges regarding searching for the wanted
parking spots. For example, users can pay extra to make a deal with lot owners to
reserve a parking spot or internal app users can alert available spots to other ParkIt
users in exchange for ParkIt credits.
1.4 Profitability
The profitability of ParkIt is depended on our marketing strategies, based on the
pricing of our product, the more users we attracts the more profit we will earn. Thus
our portability strategies include attracting attentions of all LA drivers. We will be
advertising ParkIt through poster, radio, and popular social media sites. Most
importantly, ParkIt will be highly recommended to customers in local business
stores. Research of app users of Internet Yellow Pages Sites (IYP) such as Yelp, show
that their users demonstrated they were highly attractive to advertisers5. Figure 1-7
indicates the profitability of ads displayed in apps. Since ParkIt carries the same
nature, will we attract advertisement sponsors to increase our profitability.
5 Natalie Wuchenich, “Mobile Growth Highlights Importance of Comprehensive Local Strategy”.
http://searchengineland.com/mobile-growth-highlights-importance-of-comprehensive-local-strategy-
153617. April 1, 2013.
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Figure 1-7 - http://searchengineland.com
1.5 Conclusion
ParkIt will have many advantages over other competitors. So far our application is the
most convenient and fast parking-spot-finding app that will help users to save a lot of
time and gasoline, reduces drivers circling in finding spots. ParkIt can link users to the
closest and best parking spots they prefer. Also the advantageous evolution of the
smartphone app industry indicates a good prospects of our app. Our cooperation with
other successful companies, the source will attract more customers to support ParkIt.
We expect the business to be very successful.
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2.0 Market Analysis
2.1 Overview
ParkIt was designed for the market of Los Angeles, a city known for its transportation
flaws and high magnitude of residents. Los Angeles is unique in that many of its
residents utilize personal vehicles when traveling within the city regardless of its hectic
nature. Transportation is such a big part of the city that its residents have even acquired
stereotypes regarding how they speak about the highways, driving routes, and parking
difficulties. ParkIt has the ability to break through some of these troubles by giving users
the affordance of arriving at their destination with ease and confidence that they will
have a place to park; and based on the demographics, potential growth, and competition
in our market, our team at ParkIt expects to see our business flourish in Los Angeles
County.
2.2 Target Market
At this point in time, ParkIt aims to help
those located within Los Angeles County,
an area spanning over 4,000 square
miles6 as can be seen in Figure 2-1;
however, we plan to expand our business
to a larger population in the future. Due to
its great amount of businesses,
commercial property, and tourist
attractions, Los Angeles’ high volume of
people and vehicles make it the ideal
location for ParkIt. An application such as
ParkIt aims to aid drivers in finding
available parking in even the most
congested areas of Los Angeles, including
everyone from tourists traveling to see
Hollywood Boulevard to a father
commuting to work in Beverly Hills. As
shown in Figure 2-2, over 70% of the
millions of Los Angeles employees rely on
some form of motor vehicle to get to work,
and those employees are in
need of reliable parking
environments. With such a fast-
paced city as Los Angeles, many
of its inhabitants are on tight
schedules and have places to be, creating our target market for our business.
6 “State and County QuickFacts,” United States Census Bureau website,
http://quickfacts.census.gov/qfd/states/06/06037.html.
Figure 2-1. Map of Los Angeles County
Source:www.losangelesalmanac.com/images/mapHighways.GIF
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Figure 2-2. Breakdown of Los Angeles Employees Most Used Modes of Transportation to Work
Source: www.CLRsearch.com
2.3 Demographics
The demographics of Los Angeles vividly show its promise as the home for a business
such as ParkIt. As of 2014, Los Angeles County is home to just over 10 million
residents7, and as of 2008, over 7.5 million of those residents have some form of
registered vehicle8. Also, as can be seen in Figure 2-3, over 85% of all Los Angeles
households claimed to have at least one vehicle to their name9, and used that vehicle as
a means of transportation to work10.
Additionally, according to the 2014 Census from the United States Census Bureau, the
United States has a population of about 318.9 million people, and of that population,
about 45.3% of them use smartphones11. Applying these numbers to our market, 45.3%
of Los Angeles County’s 10 million residents use smartphones12, resulting in over 4.5
million potential ParkIt customers.
7 “State and County QuickFacts,” United States Census Bureau website,
http://quickfacts.census.gov/qfd/states/06/06037.html.
8 “Vehicle Registrations,” Los Angeles Almanac website, http://www.laalmanac.com/transport/tr02.htm
9 “Los Angeles Number of Vehicles Per Household”, CLSearch.com, http://www.clrsearch.com/Los-
Angeles-Demographics/CA/Number-of-Vehicles-per-Household
10 “Principal Means of Transportation to Work,” Los Angeles Almanac website,
http://www.laalmanac.com/transport/tr19.htm
11 United States Census Bureau website, http://www.census.gov/.
12 “State and County QuickFacts,” United States Census Bureau website,
http://quickfacts.census.gov/qfd/states/06/06037.html.
14
Figure 2-3. Breakdown of Vehicles per Household in Los Angeles compared to the State and Nation
Source: www.CLRsearch.com
This percentage demonstrates that Los Angeles County has the ability to produce
millions of ParkIt customers, as approximately half of the county owns a smartphone
while about 75% of it owns a vehicle. These numbers in conjunction with Los Angeles’
world-renowned sites and businesses would allow ParkIt to thrive and make a difference
in the transportation realm.
2.4 Market Share and Growth Potential
Although there are a few competitors in our market, our team here at ParkIt is confident
in our product and in our ability to succeed. The world of smartphones is constantly
changing and advancing, and our application speaks to this technological advancement
through our modern use of drones and GPS. As shown in Figure 2-4, the number of
smartphone users is ever increasing, with a projected 220 million users by 201813. With
this potential increase, ParkIt aims to attain a 30% market share, as with an increase in
smartphone users comes an increase in potential ParkIt customers.
13 “Number of smartphone users in the U.S.” Statista website,
www.statista.com/statistics/201182/forecast-of-smartphone-users-in-the-us/
15
Figure 2-4. Growth of Smartphone Usage In the United States
Source: www.statista.com/statistics/201182/forecast-of-smartphone-users-in-the-us/
ParkIt is unique in that unlike our competitors, we aid customers in finding street
parking, a market that has yet to be touched by other applications. Due to this defining
factor, as well as our effective marketing strategies and sustainability campaigns, ParkIt
has the potential to change the entire parking application industry.
2.5 Competitor Profiles and Analysis
In the parking application industry, there are three main competitors: ParkMe, LA
Express Park, and Parker.
2.5.1 ParkMe
ParkMe is one of the biggest competitors in the market, getting its start in 2011. Rather
than focusing on just one’s geographical location, users are able to look at specific
parking options based on landmarks such as Dodger Stadium and UCLA. ParkMe is
available to iPhone, Android, and Windows phone users, with the addition of being able
to reserve spaces from your computer as well. However, ParkMe is only open to those
wishing to park in parking garages.
16
Figure 2-5. ParkMe Logo
Source: https://blog.parkme.com/wpcontent/uploads/2012/03/ParkM
e-Logo-BLUE-FINAL1.jpg
2.5.2 LA Express Park
LA Express Park is a federally funded program supported by
multiple smartphone applications: Parker, ParkMe, and
ParkMobile. Focusing on specifically Downtown Los Angeles, this
initiative has aided the city in reducing air pollution, decreasing
the traffic congestion, and promoting other modes of
transportation14.
Figure 2-6. LA Express Park Logo
Source: http://www.laexpresspark.org/wp-content/uploads/2012/04/logo_laxp_500.png
2.5.3 Parker
Parker, a parking application designed for iPhones and a select
number of Android devices by Streetline, gives its users the ability to
find “real time” and “static locations” to park, while giving them the
opportunity to filter their options by preference of what kind of space
they would like to park in, such as ones with certain payment types or
charging stations15.
Figure 2-7. Parker Logo
Source:http://cdn2.ubergizmo.com/wpcontent/uploads/2010/12/parker-
streetline-app.jpeg
2.5.4 Analysis
While each of our competitors brings a credible product to the market, ParkIt stands
uniquely apart from the rest. Our biggest competitor is LA Express Park, as it is the most
technologically advanced of the competition due to its use of parking space vehicle
sensors and parking meters16. However, ParkIt is still distinctive due to its use of drone
technology, allowing users to locate not only empty parking garage spaces or metered
spaces, but free street parking as well. Additionally, with ParkIt’s carpool and other
sustainability initiatives, it will be able to compete with LA Express Park’s downtown
focused campaigns.
14 “What is LA Express Park?” LA Express Park Website, http://www.laexpresspark.org/about-la-
expresspark/
15 “Parker by Streetline,” Streetline website, http://www.streetline.com/find-parking/parker-mobile/
16 “What is LA Express Park?” LA Express Park Website, http://www.laexpresspark.org/about-la-
expresspark/
17
Parker and ParkMe are very similar in that they target mainly those who wish to park in
parking garages, which in Los Angeles can be very expensive. ParkIt has the ability to
help users find free street parking as well, something that neither of these applications
has been able to offer. Both of these applications are utilized by LA Express Park, so it is
important for ParkIt’s success to continue with its trend of encompassing unique
characteristics.
2.6 Main Areas of Focus
While ParkIt benefits those who wish to find parking anywhere within Los Angeles
County, we are well aware that certain parts of Los Angeles require more attention when
it comes to parking than others. For example, areas such as Santa Monica and LA Live
attract huge volumes of tourists and residents, as well as the employees who work at
these popular locations. We plan to direct much focus to the following high volume
areas:
 Santa Monica and Venice Beach
 Hollywood
 LA Live
 Westwood
2.7 Conclusion
Los Angeles is famous for its world-renowned tourist attractions, businesses, and
driving difficulties, allowing a smartphone application such as ParkIt to rise among the
rest and excel in its market. The demographics of the county, as well as the rising
number in smartphone users give the ParkIt team the utmost confidence that this
application will continue to be successful with the growing market. We believe that our
unique technical capabilities make our application stand out amongst ParkIt’s
competitors, and should allow it to succeed for years to come.
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3.0 Marketing Strategy
3.1 Overview
ParkIt is a mobile application that will assist drivers with mobile phones to find parking
by tracking available spots in the surrounding area. Because mobile phones are so
widely used and there are an abundance of applications on the market, the marketing
strategy for apps must be carefully thought out to ensure its success. This section will
detail the several marketing strategies that ParkIt will implement.
3.2 Target Market Audience
Given the intended use of ParkIt, our target audience is drivers who use smartphones
within Los Angeles County. The app will be available for both iOS and Android users.
More specifically, it focuses on drivers who opt for looking for free or inexpensive
parking as opposed to those who demand immediate parking regardless of prices.
Driving around in search for a parking spot not only increases level of stress, but can
account up to 30% of traffic and congestion on streets17. ParkIt will appeal to this
audience by allowing the chance for a reduction in the time and energy spent cruising
for a parking spot as well as congestion.
3.2.1 Location
Studies have shown that the majority of Los Angeles commuters drive18. And so it is not
surprising that one of LA’s ever-present issues is parking19. With such a dense
population that has so many drivers, there is not much that can be done to help the
parking situation. Creating new curb parking is difficult and changing parking signs will
not be the best way for drivers to find parking. About 66% of residents in LA use
smartphones20 and that figure is increasing annually. In other words, in a county were
driving is abundant but parking is limited and smartphones are highly used, LA is an
ideal location for a mobile app that assists drivers in finding parking.
17 Donald Shoup, “Cruising for Parking.” Access. Spring 2007.
http://shoup.bol.ucla.edu/CruisingForParkingAccess.pdf accessed May 2015.
18 Lindsay William-Ross, “Well, Duh: Census Analysis Reveals the Majority of L.A. Commuters are
Drivers,” LAist, August 5, 2011,
http://laist.com/2011/08/05/well_duh_census_analysis_reveals_mo.php, accessed May 2015
19 Laura J. Nelson, “L.A. officials seek to ease parking problems,” LA Times, October 8, 2014,
http://www.latimes.com/local/la-me-parking-problems-20141009-story.html, accessed May 2015
20 Marti Trewe, “What city has the highest smartphone adoption rate? Not NYC or SF,” The American
Genius, October 18, 2013 http://agbeat.com/tech-news/city-highest-smartphone-adoption-rate-nyc-sf/
Accessed May 2015
19
3.3 Visuals
Our company image will include its logo, app icon, among other
visuals useful for different advertising methods. ParkIt believes in
recurring exposure of our image so that it can be remembered by
users and potential users.
Figure 3-1: ParkIt app icons
3.4 Marketing Methods
ParkIt will use a variety of methods to promote and advertise its app. Because our target
audience consists of not just drivers, but those who use smartphones, we will capture
their attention in areas where they often visit. This includes both physical and virtual
spaces such as downtown Los Angeles and social media websites. With these marketing
methods, ParkIt will be incorporated into the everyday lives of our target audience.
3.4.1 Social Media
About 75% of smartphone users use
their phone for social media21. Having a
presence on social media will allow for
ParkIt to reach a wide range of audience
and increase the chances of new users
through sharing—the very nature of
social media websites. It is a way for the
team and users of the app to connect by
allowing the chance for users to directly
communicate with team members
whether it be suggesting improvements
or providing other feedback. Studies
have shown that users often delete apps
that did not work properly or had
technical issues4. Social media
encourages activity between ParkIt and
its users so that any adjustments to the
app can be made immediately to ensure
its continual usability.
Figure 3-2: Popular Smartphone Features, Source:
www.pewresearch.org
3.4.1.1. Facebook
By creating a Facebook page, ParkIt is not only raising awareness but it is also
establishing an identity. When users “like” the Facebook page, it will appear on their
21 Monica Anderson, “6 facts about Americans and their smartphones,” Pew Research Center, April 1,
2015, http://www.pewresearch.org/fact-tank/2015/04/01/6-facts-about-americans-and-their-
smartphones/, accessed May 2015
20
friends’ news feeds, increasing awareness of ParkIt. Users will be able to comment on
the page, and our team will be able to respond to specific individuals. Doing so creates a
personal touch and trust between the user and our team22, building a reputation that
shows our team’s concern with the satisfaction of our users. Through consistent
updating related to software and discounts, among others, we will be able to remind our
users that ParkIt is constantly improving and better catering to their needs.
3.4.1.2 Twitter
Similar to Facebook, Twitter is a social media platform that is even quicker in terms of
interaction. This simple social media platform places more emphasis on live feed and
updates. For that reason, users who are often on Twitter and follow the ParkIt Twitter
page will be able to be aware of immediate updates and changes. If users are satisfied
with our app, they can easily mention the ParkIt handle on their own tweets which will
notify our team without the need for private messaging. Doing so also spreads
awareness by appearing on the feed of their followers. Twitter is also a personalized
form of social media interaction between the ParkIt team and its users.
3.4.2 News Websites
ParkIt will create advertisements on news websites in addition to social media
marketing. Since about 55% of smartphone users use their phone for catching up with
the news2, establishing a presence on these websites is another method of capturing the
attention of our target audience. Because our audience is a broad range of individuals, it
is difficult to determine behaviors when it comes to reading the news. Thus, we have
decided to place our ad on the front page and headlining articles where it will be seen by
anyone who first visits the website. For convenience, the advertisement will include a
QR code so that users can easily locate ParkIt in the app store.
Figure 3-3: News website advertisement
6 Priya Wiswanathan, “8 Ways in which Social Networks can Help with Marketing.”
http://mobiledevices.about.com/od/additionalresources/tp/8-Ways-In-Which-Social-Networks-Can-
Help-With-Mobile-Marketing.htm, accessed May 25, 2015
21
3.4.3 Posters
Aside from the marketing in cyberspace, ParkIt will also place posters in areas of the Los
Angeles county where parking is the most difficult to find. According to Southern
California Public Radio, the worst place to find parking is in downtown Los Angeles,
followed by regions in West LA23. This is no surprise because downtown LA contains
many areas and neighborhoods frequented by residents and visitors. Some of these
areas include Chinatown, Bunker Hill, Historic Downtown, Little Tokyo, among others.
Likewise, there are neighborhoods in West LA such as Westwood and Santa Monica
which constantly experience a high volume of visitors.
Figure 3-4: Map of downtown LA, Source: www.downtownLA.com
Posters will be placed in public areas, on streets where curb parking is available and
around public parking lots. These forms of advertisement will include short phrases to
highlight the ability of ParkIt to bring convenience into an everyday part of drivers’ lives.
Just like the advertisement placed on news websites, a QR code will be available for
quick installation. Please refer to the Appendix for more poster visuals. Moreover, our
team will work with businesses to help us in promoting our application: Those who
agree to place our posters in or outside of their business will appear on the interactive
map in the ParkIt app so users will be able to see which businesses are close to which
parking spots. By doing so, not only will our posters be exposed to a variety of potential
users, but it will also gain legitimacy through the support of these establishments.
23 “Parking in LA: Where is it worst?” Evie Liu and Chris Keller, Southern California Public Radio, June
25, 2014, http://projects.scpr.org/charts/sentiments-la-parking/ accessed May 2015
22
3.4.4 Radio
ParkIt aims to make the lives of drivers with smartphones easier. Because the app will
be needed when drivers are within their mobile vehicles, we will work with radio
stations to spread awareness about our app. About 80% of adults listen to radio in their
cars, and a large part of the population also listens to the radio while at work; in just 7
days, a radio reaches about 228 million Americans24. To better increase our chances, we
will choose some of the most listened to radio stations in LA which include KISS-FM
102.7, KBIG-FM 104.3, KPWR-FM 105.9, KAMP-FM 97.1 and KRTH-FM 101.125. As
mentioned above, radio listeners also listen to the radio outside of their private
transportation. Some choose to listen to the radio on their smartphones or on their
personal computers: just like social media, the radio reaches a wide range of audience.
3.5 Marketing Goals and Future Development
Our app’s marketing plan will raise awareness, increase app usage, and benefit the users
of ParkIt. We intend to make drivers’ lives easier and reduce congestion at the same
time. With established presence on social media and in the LA county area, ParkIt will
be a name well known by drivers and smartphone users. ParkIt will not just be a trend;
in modern day, mobile applications are customer service products26. There are four
areas that contribute to the intention to adopt mobile applications: perceived
usefulness, perceived ease of use, perceived enjoyment, and social needs27. Our
marketing strategies aim to fulfill each of these areas by acknowledging there is an issue
when it comes to locating a parking spot and making potential users aware that the app
easy to use.
In the future, ParkIt would like to expand to other metropolitan areas where parking is
difficult to find. Some of these include San Francisco and New York. Other areas of
potential presence include neighborhoods of density in population where private
transportation is often needed, such as college towns.
3.6 Competitors
Mobile parking apps are not new to the Los Angeles County, but what separates ParkIt
from these is that its focus is placed on free to inexpensive parking. Other apps only
function to search for parking garages and lots with the cheapest flat or hourly rates
within the vicinity. The information provided does not take into account street parking.
24 Kim T. Gordon, “4 Keys to Radio Advertising,” Entrepreneur, April 12, 2007,
http://www.entrepreneur.com/article/177002 accessed May 2015
25 Lee Margulies, “Top 40 radio station KIIS-FM again plants itself at top of ratings.” LA Times,
November 25, 2013 http://articles.latimes.com/2013/nov/25/entertainment/la-et-ms-arbitron-ratings-
20131126 accessed May 2015
26 Gene Marks, “Your Business Checklist: A Website, A Phone Number, A Mobile App,” Forbes, May 7,
2012, http://www.forbes.com/sites/quickerbettertech/2012/05/07/your-business-checklist-a-website-a-
phone-number-a-mobile-app/, accessed May 2015
27 Masoodul Hassan, Rehana Kouser, Syed S. Abbas, Mahummad Azeem, 2014 “Consumer Attitudes and
Intentions to Adopt Smartphone Apps: Case of Business Students.” 8(3):763-779.
23
On the other hand, ParkIt considers curb parking in addition to public parking lots and
garages. We are able to offer more features and services to our users when compared to
our competitors.
In addition, a main feature of ParkIt is the drones we intend on using to help users
locate parking spaces. It allows our app to provide real time information so that
decisions can be made with the knowledge of which areas should not be visited in search
for parking and at the same time where parking is available. In other words, the drone
aids in saving time and effort. The ParkIt app is the first of its kind given its strategy in
helping users locate parking. Due to this, it has the potential to create the market and
competitors for this kind of app.
3.7 Risk Assessment
Start-ups are always accompanied by risks of failure when compared to older
companies. Inherent risks lie within the marketplace: The app market is vast and is
growing every day and apps often get overlooked. ParkIt faces the risk of not being able
to be incorporated into the app marketplace with a strong presence regardless of all
marketing strategies. We will, however, constantly do our best to cater to our users’
needs and make the app experience as enjoyable as possible. Another risk lies in the fact
that some apps are part of trends and usage does not last long. Other risks include
potential unexpected costs hindering marketing activities and the possibility that
businesses or radio stations will not work with our advertising strategy which will
require other means of advertising. In addition, social media marketing comes with the
risk of users giving bad reviews, discouraging other potential users from testing out the
app. We will remain consistent with updates and always stay connected with users so
that our presence once established will remain. ParkIt consists of creative team
members constantly working to control for these risks mentioned above.
3.8 Conclusion
Although luck and timing can be a determinant of success, marketing strategies are
crucial in a constantly developing field. Our plans mentioned above remain up-to-date
with this fast-paced technological world when it comes to communicating and
advertising. We are confident that ParkIt’s marketing techniques will establish and
maintain a beneficial reputation within the Los Angeles County which will contribute to
our plans to expand in similar areas in the future.
24
4.0 Management
4.1 Management Introduction
The ParkIt team is dedicated to the promotion and expansion of our mobile application.
The individual skills possessed by staff members combined with the collaborative nature
of a small startup will create an environment that will allow our product to thrive.
4.2 Employees
4.2.1 Principals
The principals of ParkIt consist of four of the six founders. Their vision for the project as
well as their individual skill-sets will help them to guide the application to great success.
All four upper management principals will work full time.
4.2.1.1 CEO
The CEO of ParkIt has a background in business management and administration, as
this will allow them to focus on the big picture to make sure that the company stays true
to its core values. She will oversee employees, ensure productivity in day-to-day
operations, and act as the primary liaison between the board and the employees.
Though the operations of the company will be primarily collaborative, the CEO will
oversee all other employees in order to ensure efficiency and satisfaction of both
employees and customers.
4.2.1.2 Financial Manager
The Financial Manager is responsible for all financial operations of ParkIt. With prior
knowledge of Economics and Accounting, he will oversee the company payroll and
budget and will be attuned to opportunities to maximize profit. The Financial Manager
will also work with the CEO to determine opportunities for financial growth as well as
monetary employee incentives.
4.2.1.3 Marketing Director
The Marketing Director is in charge of making our product well known in the
community. She will use knowledge of the area as well as the market in order to come up
with marketing strategies that will best target potential-users. She will also be in charge
of analyzing the market and combatting threats from any competing mobile
applications. The Marketing Director will also be the sole employee to interact with the
media, as the Small Business Administration recommends that “it’s good business to
have one point of contact for all media relations.”28
28 “Managing Employees,” U.S. Small Business administration, n.d.,
https://www.sba.gov/content/managing-employees, accessed May 2015.
25
4.2.1.4 Product Manager
The Product Manager founded the idea of ParkIt and will be able to best align the vision
for the app with its execution. She will be in charge of facilitating cooperation between
the marketing side of the company and the engineering side of the company in order to
make sure that the product and its values remain consistent. She will also be the head
innovator for incorporating customer feedback into the design of the application.
4.2.2 Other Staff
4.2.2.1 Technical Engineers
ParkIt will hire two Technical Engineers to work part time in developing and testing the
application. They will work under the Product Manager to ensure that the app that is
being created matches what the founders had envisioned. In addition to creating the
technology for the app, they will be in charge of testing it and creating updates as
needed to ensure customer satisfaction.
4.2.3 Interns
ParkIt will have a paid internship program that will last one calendar year. The interns
will work 20 hours a week and will be recruited from nearby universities by the
Marketing Director. They will each work closely with a principal, assisting them and
taking on projects as needed. If these interns excel in their role, they will be offered a full
time position as the company continues to grow. According the InternMatch, “a
recruiter will $20,000-$35,000 to hire an engineer [or] you could hire four interns for
the same amount.”29 The internship program will allow ParkIt to hire from within and
will potentially save money that would otherwise have to be spent on securing full-time
employees. All interns will be enrolled college students.
4.2.3.1 Accounting Intern
Since the Financial Manager has to oversee many important aspects of the company, the
accounting intern will act as their assistant. This experience will take some of the stress
off of the Financial Manager while providing the college student with a valuable work
experience.
4.2.3.2 Marketing Intern
The Marketing Intern will be a student who comes from a Communication, Journalism,
or Media background and will help the Marketing Director execute and formulate their
marketing strategy. They will be in charge of updating and setting up social media sites
and will represent the ParkIt brand at college events.
29 Jenny Xie, “How to Turn Interns into Full-Time Employees,” Internmatch, 2015,
https://www.internmatch.com/guides/how-to-turn-interns-into-full-time-employees, accessed May 2015
26
4.2.3.3 Engineering Intern
The Engineering Intern will assist the part time engineers by helping to test and
troubleshoot the app. This experience will also allow them to pitch their own ideas for
development to the engineering team and product manager, as their perspective could
bring in new and valuable ideas.
4.3 Communication
Figure 2-1. Chain of Command
4.3.1 Chain of Command
Each employee will report to and be assessed by the person directly above them, as
shown on Figure 2-1. While they will report to only the people above them, collaboration
is encouraged among all employees.
4.3.2 Meetings
Since the company is starting off so small, the CEO will
push to create a strong sense of unity and togetherness
among the employees. This will be facilitated by bi-weekly
meetings, which will be held Monday mornings and
Friday afternoons. The Monday meeting will serve as a
platform for all employees to speak openly about what
they want to see change or progress that week (see Figure
2-2). They will set goals that the CEO can then track. On
Figure 2-2: Setting Goals
https://studentsuccess.unc.edu/files/2012/10/iStock_000009376848Small3.jpg
27
Fridays, employees will meet again to reflect on their goals and to discuss the progress
that has been made by themselves and others. These meetings will provide a positive
outlet for employees to support each other as well as a space to pitch new ideas.
4.4 Board of Directors
The Board of Directors will initially be made up of the six original founders. This will
provide a balanced representation of the company, as each of the four principals run a
different aspect, and thus will have different perspectives. As apart of the board, the two
non-principal founders will be able to act as advisors. All six founders have the best
interest of the product in mind. The CEO will be the main liaison between the company
and the board, as Venture Beat reports that it is important for one board member to be
“loyal to the company only.”30
4.4.1 Meetings
The Board of Directors will meet monthly in order to track the progress of the company,
as reported by the CEO. They will then vote on any issues, identify weaknesses in the
company, and come up with strategies for expansion. All Board decisions will be
communicated back to the company through the CEO in the following employee
meeting.
4.5 Compensation
4.5.1 Payment Schedule
Employees will be paid bi-weekly through direct deposit, regardless of whether they are
being paid a salary or hourly wages.
4.5.2 Sick Days
Each employee will be given ten sick days per year. These sick days will be un-paid and
employees do not need to use all of them. They will be determined by days missed, not
hours worked. For example, if an employee took a sick day during a half-day at work, it
would still count as a whole sick day.
4.5.3 Vacation Days
Employees will receive all government holidays off. In addition, each employee
(excluding interns) is allowed ten days of paid vacation. Interns will receive the same
days off as their school calendar with the exception of summer break (i.e. they would
receive unpaid break for their school’s winter break, spring break, and any school
holidays). Initial vacation days may be provided as incentive, as decided by the CEO.
30 Eran Laniando, “5 Huge Mistakes Startups Make When Choosing Board Members,” Venture Beat
News, Feb 2013, http://venturebeat.com/2013/02/10/5-huge-mistakes-startups-make-when-choosing-
board-members/, Accessed May 2015.
28
4.5.4 Additional Compensation
4.5.4.1 Performance Based Compensation
High performing employees will be eligible to receive additional pay, as determined by
the CEO. This increase in pay could be temporary or permanent, as judged by the
consistency of the employee’s growth and success.
4.5.4.2 Benefits
Each full time employee will receive full health care benefits in addition to their salary.
4.6 Work Environment
The work environment at ParkIt will encourage employees to collaborate by
incorporating many opportunities for communication and support.
4.6.1 Customer Service
Providing the customers with the ideal parking product will be the main focus of each
employee. This strong focus will allow operations to adapt to the market while still
following the company’s vision and goals. Employees will be have access to customer
reviews which they will be able to discuss at bi-weekly meetings. This will allow for the
employees to focus on the customer in addition to their assigned tasks.
4.6.2 Company Culture
The founders, Board of Directors, and employees
of ParkIt are all below the age of 30. They will be a
good fit for the mobile app market, as technology
is primarily targeted towards youth. Because of
this, the company will fit the demands of its
employees and market by adhering to a more
casual set of workplace standards. The dress code,
while hip, will not be strictly business casual.
There also will not be cubicles, but desks and
workspaces to promote collaboration and
satisfaction (see figure 2-3). Music will also be
played to increase productivity and add a youthful
liveliness to each workday. Figure 2-3. Open Desk Space
Source:
http://upload.evocdn.co.uk/officereality/uploads/a
sset_image/2_1396_l.jpg
29
4.6.3 Outstanding Behavior
4.6.3.1 Growth Incentives
Employees will be rewarded for exceptional progress or innovations with extra vacation
days, temporary or permanent increase in pay, and recognition at Board meetings.
Incentives will be determined on a case-by-case basis by the CEO.
4.6.3.2 Strike System
Behavior that does not meet the company standards will be tracked using a strike
system. A strike will be earned for any of the following behaviors: unapproved sick or
vacation day, inappropriate outfit or behavior, being over 10 minutes late, acting
disrespectfully to other employees, not meeting deadlines. Each offense will be further
outlined in an employee manual. A strike for another employee can be suggested by
anyone, but will be assigned solely by the CEO. One strike will result in a warning, given
from the employee’s direct superior. Two strikes will result in the loss of a vacation day
(or sick day in the case of an intern). Once an employee has accrued three strikes, they
will meet with the CEO and Board of Directors in order to discuss their violations of
policy. The Board will decide whether further action is necessary as well as what these
actions will be.
4.7 Conclusion
Given the strong vision of the principals and the dedication of all employees, ParkIt will
be a thriving workplace full of passion and dedication. The work environment and
incentives will motivate employees to grow and work together in order to expand the
application.
30
5.0 Financials
5.1 Outline
The goal of this section is to elucidate the expenses we reasonably expect ParkIt to incur
and the revenues we anticipate through continuing operations. We start by providing a
clear framework through which our business will proceed with all financial matters. We
then discuss the individual cost drivers and their related costs, as well as revenue
projections for a period of three years after starting up. Finally, we end with a
discussion on growth and the possibility of merging with the current industry giants.
5.1.1 Internal Controls
At ParkIt, we firmly believe in operating ethically and with moral integrity—both in
dealing with clients/customers and in how our team interacts with each other. As such,
bylaws and policies will be implemented to safeguard our assets, ensure our employees
work responsibly, and operate efficiently and effectively31. For example, a few core
internal control principles designed to maintain the integrity of financial information
are listed in Figure 5-1 below:
Figure 5-1: Internal Control Measures
5.2 Application Development Costs
Development of a mobile application takes much more than hiring a few developers. A
development team “will almost always include one or more designers, who create all of
the visual content to be coded into the project. Account managers, along with acting like
a liaison for clients, work with product managers or producers to coordinate the
31 "Financial Accounting." Internal Controls. University of Washington. Web. 28 May 2015.
31
completion of different tasks. Product managers…are responsible for the overall vision
of the app.”32 We assume that ParkIt will be a large application with many integrated
features. A large high-quality application would require the following basic steps and
talents33 listed below. Figure 5-2 provides an estimate of these development costs:
Wireframing – This process builds the foundation of how the application will
be designed and function. A User Experience Specialist is needed to determine
the elements on the screens to make navigation easier.
Screen Design and Programming – Design and programming of the front-
end of the application. Two developers will be needed for compatibility with both
iOS and Android operating systems.
Server-Side/Database Design & Programming – Writing of the server-side
(back-end) code and connecting the app screens to the server-side application
and database. The programmer would need to have experience writing
maintainable code with security and performance.
Quality Assurance – The Specialist and Tester needs to look for functionality
and design issues.
Deployment – This step requires that an experienced Programmer and
Specialist install the application and create a reliable server environment with
redundancy and backups. Release of the application to the app store is usually
simple.
Figure 5-2: Cost Estimates
Source: http://www.comentum.com/mobile-app-development-cost.html
32 Mary Hurd. "What Does It Cost to Develop an App?" Fueled. Fueled, 24 Feb. 2015. Web. 28 May 2015.
33 Bernard Kohan, and Joseph Montanez. "Apple IPhone IOS App Development, Android Apps Cost
Estimate / Average Pricing." Comentum. Comentum 360. Web. 28 May 2015.
32
We expect our application to fall within the “Large Enterprise” category and we expect
to serve both Android and iOS markets. The data above is presented using research from
2015. Thus, we can reasonably rely on this information. Ryan Matzner of Fueled, a New
York City development shop that works with both startups and high profile enterprises,
says “it’s basically 120 hours of work per week, times an average of 8 or 10 weeks. You
have two developers working full time, and then you have a designer and art director
working half-time, and then you have a product manager and an account manager
coordinating. That’s where you get 120 hours from. You’re likely looking at around
$150k…”34 Accounting for unexpected delays and expenditures and adding in costs for
putting the application out to the mobile Android and Apple stores, we arrive at a
conservative estimate of $155,000 in development costs.
5.3 Drone Costs
The X8-M drone (Figure 5-3) Figure 5-3: ParkIt Drone
by 3DR “is the perfect tool
for creating high-
resolution visual-spectrum
aerial maps.”35 The drone
would fit our needs
perfectly as a tool to patrol
a fixed area and update our
application about the
availability of open parking
spaces. The drone is listed
on the 3DR website at
$5,400. This cost will be
capitalized as an asset on
ParkIt’s balance sheet as it
will provide future
economic benefits through
its use. On startup, we have determined that it would be prudent to acquire two drones
for the sake of maintenance concerns and area coverage. In regards to the accounting,
the drones will be depreciated on a straight-line basis based on their useful lives.
5.4 Operating Costs
Operating costs are the costs ParkIt will expect to incur after the initial start-up has
completed. In other words, these are the normal operating expenses we should
encounter in any given fiscal year-end cycle. Cost drivers include maintenance of the
ParkIt drone, advertising, and employee compensation. Other facilitative and
administrative expenses such as rent for office space and income taxes will also be
considered.
34 Mary Hurd, "What Does It Cost to Develop an App?" Fueled. Fueled, 24 Feb. 2015. Web. 28 May 2015.
35 "X8-M - 3DRobotics Inc." X8-M - 3DRobotics Inc. 3DR. Web. 28 May 2015.
33
5.4.1 Operating Cost Drivers
A visual of annual expected operating expenses is shown below (Figure 5-4). A
discussion on the derivation for some of these expenses are included subsequently.
Figure 5-4: Cost Allocation
5.4.2 Wages & Salaries
Making up the bulk of our annual expenses, wages will be paid out competitively and
timely based on the following computations:
Part Time Programmers (x2): $35,000/Year (x2) = $70,000
Part-Time Interns (x3): $20,000/Year (x3) = $60,000
Upper Management (x4): $40,000/Year (x4) = $160,000
Total: $290,000
The salary of upper management (founders) is flexible, but research indicates that
startup founders pay themselves an average of $50,000 per year36. Given this, our
estimate is not unreasonable, and it can grow with injections from angel investors and
equity distributions.
36 Alyson Shontell, "Most Startup Founders Pay Themselves This Totally Reasonable Salary." Inc.com.
Inc, 29 May 2014. Web. 28 May 2015.
34
5.4.3 Utilities & Upkeep
Our estimate of $50,000 includes all costs related to maintaining the core functionality
of our application. This entails all server costs, general bandwidth and energy costs, and
update costs of our drone’s software. These costs represent overhead not directly related
to our application or drones.
5.4.4 Drone Maintenance
Drone maintenance includes the cost of spare parts, batteries, and repair. A healthy
inventory of parts will be kept on-hand to ensure short repair cycles and downtime.
Having two drones allows us discretion here—it gives us the option of using both to
cover a smaller area each, or using one when the other is in repair.
5.5 Revenues
Revenues will be based on the demographics and statistics provided in the marketing
section. Estimates of revenue will be based on conservative parameters and assumptions
designed to mimic worst-case scenarios. Of the 4,500,000 souls who inhabit Los
Angeles and own cellular devices, we can reasonably expect 80% of that population to
drive cars. Of these people, we assume that 5% will download our application. A further
10% of this population can be expected to pay the $0.99 premium twice a month. On top
of this, we can assume that we start with 3 small clients/businesses willing to pay
$5,000 a year for our services, and 2 larger businesses willing to pay $8,000. A
visualization based on our assumptions is displayed below in figure 5-5:
Figure 5-5: Revenue Derivation
35
5.6 Projected Income Statement
Having derived all our necessary estimates, we can now present our pro forma income
statements for the next 3 fiscal years (Figure 5-6).
Figure 5-6: 3-Year Income Statement
Notes to the Income Statement:
*Advertising expenses will be decreased yearly due to diminishing marginal returns, word-of-mouth
dispersion, and a general decrease in need.
**Utilities & upkeep costs are expected to increase annually as we expand server requirements and
energy usage.
***Development expenses for the first year are all application development costs not able to be
capitalized on the balance sheet37. Thus, they are expensed as incurred. These costs represent the
portion of development that do not add value to the application (Testing, discovery, etc.)
37 "Overview: Capitalization of Software Development Costs." Fingate. Stanford University. Web. 28 May
2015.
36
5.6.1 Tax Considerations
As is usual in this industry, in year 1 we can expect to generate negative profits, or a net
operating loss (NOL). However, this comes with its benefits; under U.S. generally
accepted accounting principles, operating losses in one year offer tax benefits for future
years38. The NOL can offset future tax expenses for up to 20 profitable fiscal periods.
Projections of pre-tax income for the two subsequent years put us in the 15% tax
bracket39. Calculating the appropriate amount of tax expense and deducting the deferred
tax asset from the NOL will give us our actually-realizable lower tax expense. Following
the principles of conservatism, these tax numbers do not include tax deductions and
credits that startups enjoy within the first few years of operations, which will increase
our net income even more.
5.7 Growth Potential & Outlook
It is pertinent to recognize the potential to expand to other counties, cities, or even
states. Costs for expansion would include the logistics of moving capital and setting up
in a new location, but the initial application costs and R&D expenses have already been
incurred. Ultimately, the potential for gains far out-scales the growth in costs as we tap
into new markets and an endless supply of drivers who need parking.
Figure 5-7: Stock Market Indexes
In terms of non-current financial goals,
ParkIt is receptive to the idea of an IPO
and eventually going public. The funds
would go towards expansion and
improvement of our technologies. Outside
of a successful initial public offering, an
alternative best-case scenario would be an
offer to be purchased by tech giants such
as Google, Inc. or Facebook, Inc.
Source:
http://www.davemanuel.com/2009/08/18/in-
which-months-does-the-stock-market-typically-
perform-the-best/
38 Scott Drenkard and Richard Borean. "Corporate Net Operating Loss Carryforward and Carryback
Provisions by State." Tax Foundation. Tax Foundation, 6 Nov. 2014. Web. 28 May 2015.
39 "Rate Schedule 2001-2014." Rate Schedule 2001-2014. Tax Policy Center. Web. 28 May 2015.
37
6.0 Environmental Responsibility
6.1 Introduction
Operating as a mobile application company results in the bulk of our practices being
held in the digital world, which minimizes the physical effect of our business on the
environment. Unlike a company that produces a
physical product and is thus responsible for the
environmental impact of their materials during the
production process, ParkIt’s effect on the
environment will not be as physically prominent.
Moreover, our digital business will not hinder our
promise to minimize all environmental impacts our
business could have on our surroundings and will
strive to work with the environment rather than
against it, as seen in Figure 6-1. We will incorporate
environmental responsibility into all sectors of our
business and advocate for taking steps toward
solving current environmental issues. Furthermore,
according to a Nielsen study, 55% of consumers are
willing to pay additional money for products
and services from companies devoted to
making a positive environmental and social
impact on the world.40 As a result, we will use
these findings to our advantage in our
company’s operations.
6.2 Climate Change
Over the past few decades, attention has been focused on the intensifying global
warming issue that the planet is currently struggling with. The exponentially increasing
human population has resulted in the rapid release of greenhouse gases (GHGs) through
various activities like transportation that involve the burning of fossil fuels (i.e. coal and
oil). Once these gasses are emitted as a byproduct of combustion, they are released into
the atmosphere where they gather and do not disperse. This layer of gas traps heat
inside the atmosphere rather than allowing it to naturally escape into space, as seen in
Figure 6-2. Once the heat is unable to escape from our atmosphere, the gasses create a
greenhouse effect on our planet and cause our global temperature to rise. Increasing
heat levels will have adverse effects on the planet’s climate in immeasurable ways. The
ParkIt application will help combat global climate change through its mission to reduce
time spent looking for parking spaces and thus reducing greenhouse gas emissions.
40 The Nielsen Company, “Doing Well By Doing Good” (PDF file), downloaded from Nielsen website,
http://www.nielsen.com/content/dam/corporate/us/en/reports-downloads/2014%20Reports/global-
corporate-social-responsibility-report-june-2014.pdf, accessed May 2015.
Figure 6-1. Business Industry
Coexisting With a Healthy Planet
Source:
http://www5.cbia.com/green/article/bank-
of-america-earmarks-50-billion-for-
environmental-business/
38
Figure 6-2. Explanation of Greenhouse Effect
Source: http://thehigherlearning.com/2014/10/13/nasa-confirms-that-huge-methane-cloud-in-u-s-
southwest-is-real-deal/
6.3 The Role of Transportation in Air Pollution (Greenhouse
Gases)
The human population is increasing at an alarming rate, which can be seen in the
population of Los Angeles. Recently the Los Angeles population reached ten million
people, making it more populous than even some countries.41 With the growing number
of people, the amount of cars on the road will increase as well. In the United States, the
transportation industry is the second largest producer of greenhouse gas emissions,
following only the electricity industry.42 Due to the growing demands for transportation,
this industry has shown the greatest increase in greenhouse gas emissions from 1990 to
2012.43 According to the U.S. Environmental Protection Agency (EPA), one strategy to
decrease the amount of fossil fuel emissions being released is to simply decrease the
amount of time spent engaging in transportation-related activities that result in
41
Brenda Gazzar, “Los Angeles County First in the Nation to 10 Million People,” Los Angeles Daily News,
December 12, 2013
42
United States Environmental Protection Agency, “Transportation and Climate,” EPA website,
http://www.epa.gov/otaq/climate/basicinfo.htm, accessed May 2015.
43
United States EPA, “Fast Facts U.S. Transportation Sector Greenhouse Gas Emissions 1990-2012” (PDF
File), downloaded from EPA website, http://www.epa.gov/otaq/climate/documents/420f15002.pdf,
accessed May 2015.
39
greenhouse gas emissions.44 Vehicles are the number one source of greenhouse gas
emissions in comparison to all other modes of transportation according to the EPA’s
findings, as seen in Figure 6-3. If we can reduce the amount of time spent traveling in
cars and thus emitting greenhouse gases, it will be better for the environment because
the greenhouse effect will not be contributing to global warming as heavily. Our
application will strive to put this strategy into effect.
Figure 6-3. Share of U.S. Transportation Sector GHG Emissions by Source
Source: http://www.epa.gov/otaq/climate/documents/420f15002.pdf
6.3.1 ParkIt’s Role in Reducing Greenhouse Gas Emissions
Our application functions to eliminate superfluous time consumers spend scouring Los
Angeles streets to find parking by alerting them as to where the nearest available
parking spot is. By shortening the amount of time consumers spend in their cars looking
for available parking spaces, we will positively impact the environment through our
devotion to reducing greenhouse gas emissions. Decreasing the amount of time
consumers spend in the car will limit their vehicle’s greenhouse gas emissions because
they will not have to waste gas driving around aimlessly looking for a parking space that
may or may not be available in the first place. A study in 2011, found that 28% of Los
Angeles drivers spend 11 to 20 minutes looking for parking spaces, which in turn would
release about 730 tons of carbon dioxide.45 Combining this information with the new
Los Angeles population of 10 million residents, we can approximate that the volume of
carbon dioxide emissions would be even higher. If ParkIt can help reduce that number
in any way, we will be assured that our company will have helped make positive progress
in preserving the environment.
44
United States Environmental Protection Agency, “Transportation and Climate.”
45 Emma Beck, “Smartphone Apps Put Parking Spots at Your Fingertips,” USA Today, March 3, 2013.
http://www.usatoday.com/story/news/nation/2013/03/03/mobile-parking-application/1946323/,
accessed May 2015.
62%
22%
2%
4%
8%
2%
Light Duty Vehicles
Medium- and Heavy-
Duty Trucks
Rail
Other
Aircraft
40
6.4 Company Eco-Friendly Practices
Besides making sure that our product promotes a sustainable environment, our
administrative side will ensure that our headquarters incorporates the same values. We
will make energy saving substitutions inside the facility and instill green behaviors in
our faculty and staff members. Promoting sustainability throughout all sectors of our
business will show our customers our devotion to being an environmentally friendly
company.
6.4.1 Green Headquarters
Our headquarters in Los Angeles will be an environmentally friendly space and make a
conscious effort to conserve energy and natural resources. All staff will be required to
attend a meeting upon being hired teaching them how to be environmentally conscious
while at work. Some of the green practices that will be put into effect are minimizing the
time the lights are on, turning computers off when not being used rather than just being
put to sleep, and enforcing a recycling program. Through these sustainable practices,
ParkIt will minimize our environmental impact.
6.5 Conclusion
By promoting a sustainable environment in our application itself and in our
administrative practices, we hope to convey our environmental values to the public.
Running an environmentally conscious company will lead ParkIt to leaving less of a
burden on the planet and will create a positive name for our company in the minds of
consumers.
41
7.0 Social Responsibility
7.1 Introduction
Giving back to the community is an important value that we will incorporate into our
business. We hope that ParkIt will improve the lives of our target Los Angeles audience
through several avenues such as promotion of local business activity, donation to
relevant charities, and advocating for community member cooperation. The data
collecting company, Nielsen, has released data saying that consumers are willing to
reward companies that take their audience into account and work towards giving back
to society, as seen in Figure 7-1.46 Thus, we will strive to make ParkIt as socially
responsible as possible.
Figure 7-1. Change in Percentage of Consumers Willing To Spend More On Socially Responsible
Companies
Source: http://www.nielsen.com/content/dam/corporate/us/en/reports-
downloads/2013%20Reports/Nielsen-Global-Report-Consumers-Who-Care-August-2013.pdf
7.2 Local Economic Benefits
In order to promote the local Los Angeles economy, we will give businesses the option to
place their name on our map that shows where the available parking spaces are. After
paying a fee, the businesses will be able to promote themselves, while we will benefit
from earning a profit from their payment. In order for a small-sized company to have
their name on our map, they will be charged $5,000 a year; and a medium-sized
company will be charged $8,000. Giving businesses the opportunity to reach our
audience will help them bring in revenue and stay profitable.
46
The Nielsen Company, “Doing Well By Doing Good” (PDF file), downloaded from Nielsen website,
http://www.nielsen.com/content/dam/corporate/us/en/reports-downloads/2013%20Reports/Nielsen-
Global-Report-Consumers-Who-Care-August-2013.pdf, accessed May 2015.
42%
43%
44%
45%
46%
47%
48%
49%
50%
51%
2011 2013
42
7.3. Philanthropy
Organizations that work on improving communities and their members are especially
important to us. Through money donations, we will strive to give to organizations that
seek to make Los Angeles a better community to live in. Once ParkIt begins making a
profit after the first year in business, we will begin donating 5% of our net profit to two
projects; one of which is making scientific strides to improve roads and the other is
working on beautifying Los Angeles and helping the environment. Both transportation
and environmental sectors of life are key factors of ParkIt’s core societal values.
7.3.1 Road Improvement
Scientific strides are being made by Henk Jonkers at the Delft University of Technology
to create concrete that has the ability to eradicate cracks that form in the road over time
by infusing bacteria into the cement mixture.47 We want to donate to his project because
maintaining road quality would improve the lives of our customers who would use roads
in conjunction with ParkIt.
7.3.2 City Plants
By planting trees throughout Los Angeles, City Plants works towards making the city a
better place to live and improving the
environment.48 Increasing the amount of trees in
Los Angeles will make it a more aesthetically
pleasing place to live and will naturally help purify
the air. We would like to see this organization
expand and plant many more trees throughout the
city. Locals will enjoy the added nature and the
environment will benefit from the addition of trees
in a major metropolitan city.
Figure 7-2. City Plants Logo Exhibits Its Goals
Source:
http://www.cityplants.org/index.php/about-
us-1/about-city-plants
47
Mary Beth Griggs, “This Futuristic Concrete Heals Itself With Built-In Bacteria,” Popular Science, May
20, 2015, http://www.popsci.com/futuristic-concrete-heals-itself-built-bacteria-0, accessed May 2015.
48
City Plants Company, “About City Plants,” City Plants website,
http://www.cityplants.org/index.php/about-us-1/about-city-plants, accessed May 2015.
43
7.4 Carpooling Campaign
One issue relating to ParkIt’s function and values is carpooling. If more people
carpooled to their destination, this would reduce the vehicles on the road and would
save gas, as seen in Figure 7-3. 49Not only would carpooling help reduce greenhouse gas
emissions because less gas would be consumed, but ParkIt would benefit from people
still needing to use cars. ParkIt will incorporate this concept into the application to
promote a sense of community amongst Los Angeles locals by advocating for people to
drive together and to promote an environmentally friendly choice.
Carpool Statistics
Percent of Americans who carpool 10%
Percent of traffic that would die down if everyone
carpooled once a week
20%
Total amount of gas saved yearly by carpooling 85 million gallons
Total amount of miles of avoided traffic every year by
carpooling
56,000 miles
Figure 7-3. Statistics Concerning Carpooling And Its Benefits
Source: http://www.statisticbrain.com/carpool-statistics/
7.4.1 Carpoolworld Partnership
In order to promote users to carpool together, we will partner with Carpoolworld API,
which is an application program interface that acts as an add-on to any application.
Adding this enhancement to ParkIt would not cost our company any money, and would
allow users to coordinate with people in the surrounding area to carpool to a similar
destination together.50 In ParkIt’s interface, there will be an option to use this feature.
7.5 Conclusion
ParkIt values several different aspects of society that will make living in Los Angeles a
better place and will improve the lives of our users. Giving back to our community
ensures customers will take pride in using ParkIt and society will benefit as a result of
our business.
49
“Carpool Statistics,” 2014 Statistic Brain Research Institute, http://www.statisticbrain.com/carpool-
statistics/, accessed May 2015.
50
Candice McMillan, “Carpoolworld API: Need a Ride to Work? There’s an App for that,”
ProgrammableWeb, June 3, 2013, http://www.programmableweb.com/news/carpoolworld-api-need-
ride-to-work-theres-app/2013/06/03, accessed May 2015.
44
Final Remarks
The executive team at ParkIt has created a thorough plan to ensure our mobile
application’s success among Los Angeles users once we gain the necessary funding. After
doing extensive research on our audience, competition, and marketing options, we have
found a way to make our application stand out above the rest. We used this information
to create strategies designed to attract Los Angeles locals and establish our application
as a major utility for smartphone users.
Shortly after we begin designing ParkIt’s interface, we will focus our attention on
advertising in Los Angeles in order to gain users. Marketing ParkIt to the Los Angeles
area is key to our success and future growth, so it will be a high priority for us. Although
this will be one of our main initial goals, we will also be working to partner with local
companies to advertise on our map, so we will have more capital to devote to attracting
more users.
People in Los Angeles have been struggling to effectively find parking on a day-to-day
basis, but with ParkIt their struggles will subside. Finding available parking has been
growing tougher with the increasing Los Angeles population, but our application will
work to combat this amount of time spent by drivers each day and in return, develop a
significant amount of users. In the following years after creating a strong user
community, we will expand ParkIt to other major metropolitan cities to make ParkIt a
popular smart phone tool that will help drivers all over the country.
ParkIt will be a successful business venture based on our analysis of the usefulness of a
parking tool in Los Angeles and of competition from existing parking applications. We
have coalesced the most successful elements of existing parking applications into our
own and used our research to ensure ParkIt’s success. Once we have the necessary
funding, parking in Los Angeles and future areas will no longer be a hassle.
45
Appendix
Sample Poster A
46
Sample Poster B
47
User Interface Screens
Loading Menu
Vacancy Locator In-App Purchase
48
Meng Ji
6527 El Greco Rd, apt. 7
Goleta, CA 93117
M: (626)500-6765
meng@umail.ucsb.edu
Objective
Licensed Real Estate salesperson seeking a fulfilling position an an established realty company
that allows me to utilize my negotiation skills and experience.
Education
University of California, Santa Barbara
Bachelor of Arts: Global Studies
Graduation: June 2016
Experience
International Students Orientation Staff
Office of International Students and Scholars, UCSB (2013-2014)
 organized group meetings
 cooperate with colleagues to conduct events
 translate and presents power point to all new coming international students
lifeguard
Rosemead Park, City of Rosemead (2012-213)
 followed professional procedures of lifeguard
 prevent violation of pool rules.
 practiced First Aid and CPR
Skill Highlights
 Experience in handling Real Estate
transaction
 Business Communication
 Bilingual ( fluent Chinese)
 Proficient in Microsoft Office
Leadership
External Representative, UCSB Chinese Student Association (2013-2014)
 organize weekly group meeting
 plan and conduct annual events
 attend weekly meetings of International Student's Union (ICON) in LA
Swim Team Captian, San Gabriel High Swim Team (2011-2012)
 lead daily practice
 responsible for competition arrangement
49
Alyssa Scott
arscott1@sbcglobal.net
818.309.6850
EDUCATION
University of California, Santa Barbara, Santa Barbara, CA September 2013 – June 2017
● Bachelor of Arts in Communication, Minor in Education and Jewish Studies
WORK EXPERIENCE
Business Development Intern, Santa Barbara Hillel, CA October 2014 – Present
● Process donations using an online donation software, manage outreach activities to donors
● Assist in data entry, social media management, event planning/coordinating/staffing
● Provide staff support for special projects as needed
Sales Representative: Justice, Thousand Oaks, CA July 2014 – September 2014
● Responsible for selling products, merchandise, and services in a retail setting
● Responsible for all forms of payment transactions
● Determine seasonal trends and adjust displays as needed
Camp Counselor: Camp JCA Shalom, Malibu, CA June 2013 - August 2013
● Responsible for the health and safety of 15 middle-school aged children 24 hours/day
● Required understanding of child development, first aid, programming, leadership
LEADERSHIP AND CAMPUS INVOLVEMENT
Sigma Alpha Epsilon Pi April 2014 – Present
● Current President for 2015-2016 term
● Philanthropy Chair for 2015-2016 term
● Pledge Class President of Spring 2014 class
Santa Barbara Hillel 2014 - Present
● Vice President of Communications 2015-2016
● Social Programming Activity Chair 2014-2015
Brawerman Fellow 2013 - Present
● 4-year college scholarship and leadership development program
● 1 of 4 high school seniors chosen from the Los Angeles are for this fellowship, based on academic strength, a deep
commitment to leadership, community service and Jewish engagement
Bnai Brith Girls-BBYO, Echad BBG #2462 2011 - 2013
● Board positions: Vice President, Vice President of Membership and Recruitment, Treasurer
● Marketing Chair for the entire Pacific Western Region for the 2012-2013 term
SKILLS
● Microsoft Office: Word, PowerPoint, Excel, Outlook
● Familiar with donor management software such as Little Green Light
● Experience in marketing and communication
50
ALICIA LEI
6521 Cordoba Rd. #14 Goleta, CA 93117 | 415-609-6488 | zleialicia@gmail.com
EDUCATION
University of California, Santa Barbara (UCSB) Expected Graduation Date: June 2016
Bachelor of Arts in Economics/Accounting, and Sociology
Cumulative GPA: 3.XX | Accounting GPA: 3.XX | Dean’s Honors List: Fall 2013, Spring 2014, Fall 2014
Relevant Coursework: Corporate Taxation, Income Taxation
Member: Accounting Association
Awards: UCEAP Economics Scholarship, Accounting Association Junior Scholastic Award
EXPERIENCE
Economics Department, UC Santa Barbara, Teaching Assistant/Tutor June 2014 – Present
 Lead undergraduate accounting discussion sections to assist students in learning course objectives
 Maintain weekly office hours to provide clarification on classroom concepts and coursework
 Prepare handouts and review material to support students’ understanding and success
 Work with professor and other teaching assistants to proctor students during examinations
Economics Department, UC Santa Barbara, Grader/Reader April 2014 – Present
 Grade assignments, projects, and examinations for assigned course in a fair and timely manner
 Input students’ scores onto Excel spreadsheet to properly organize and maintain information
Cantrell, Harris & Associates, San Francisco, CA, Accountant Assistant/Receptionist Intern Summer 2012
 Processed invoices and checks through company’s records using electronic software
 Arranged invoices and bills for filing while achieving proper documentation procedures
 Observed financial statements for various properties managed by the company
 Scheduled meetings with maintenance companies for property tours and other services
PROJECTS
The Great GASB, PwC Tax Challenge – Case Competition Fall 2013
 Conducted research on current impacts of fuel efficient vehicles on government funds
 Collaborated with 3 fellow students to develop a series of proposals to aid lost tax revenue
 Organized ideas into PowerPoint to present to public accounting professionals
COMMUNITY INVOLVEMENT
Volunteer Income Tax Assistance, UC Santa Barbara, Secretary, Site Coordinator 2015 Tax Season
 Provided quality reviews on completed returns to ensure completeness and accuracy of preparations
 Communicated information to volunteers regarding club certification requirements and services
 Scheduled locations to provide tax services and all appointments for prospective clients
Volunteer Income Tax Assistance, UC Santa Barbara, Preparer 2014 Tax Season
 Interviewed clients to determine filing status, potential claims, deductions, and credits
 Prepared and submitted income tax returns using electronic filing software provided by the IRS
 Explained step-by-step the return preparation process to taxpayers and addressed concerns
SKILLS
 Computer: Microsoft Office, Adobe Photoshop, Adobe Lightroom, and Sony Vegas
51
Alexa Dickinson
6525 Picasso Rd
Goleta, CA 93117
425-681-2671
dickinson.alexa@gmail.com
EDUCATION
University of California, Santa Barbara June 2017
Bachelor of Arts, Communication
Cumulative GPA: 3.XX, Honors Program
Deans list Spring and Fall 2014
EXPERIENCE
Career Peer, Career Services at UCSB September 2014-Present
 Work with outreach team to promote services on campus
 Advise students in initial steps of career planning
 Conduct workshops for groups of 10-30 students
 Assist in the recruiting, interviewing, and hiring process for this position
 Create marketing strategies to inform students of events
Vice President of Organization, Kappa Kappa Gamma January 2015-Present
 Conduct weekly reports and surveys to track membership satisfaction
 Create goals to improve the chapter’s public relations on campus
 Communicate frequently with chapter, officers, advisors, and community members
 Maintain online calendar system for 140 members with 100% registration rate
 Track and create leadership plans for 18 officers
 Manage a yearly calendar with over 20 events per month
Recording Secretary, Kappa Kappa Gamma January 2014-December 2014
 Updated and improved attendance and online communication systems
 Managed and tracked attendance for over 50 events per quarter
 Prepared thorough minutes for all council and chapter meetings
 Presented and updated the chapter bylaws and standing rules
Campus Aide, Pacific Science Center June 2014-August 2014
 Managed inventory for over 25 different programs
 Ran and coordinated an after-care service for 10-30 children
 Acted as an assistant for over 15 teachers simultaneously
SKILLS
 Computer skills: familiar with Microsoft Excel, Adobe InDesign, and Photoshop
 Limited Proficiency in Spanish
52
Justin Deng
6750 El Colegio Road, Apt. # 215 Dengjustin94@gmail.com
Goleta, CA 93117 (510)-755-9130
EDUCATION
University of California, Santa Barbara (UCSB) Graduation Year: 2016
Bachelor of Arts, Economics & Accounting CPA Eligible Upon Graduation
Strategic Business Certificate Program:
 Accounting Ethics: Ethical Management
Technology Management Program:
 Business Strategy: Leadership & Management Principles
Yonsei University: Seoul, South Korea - Summer UCEAP June 2014 – Aug. 2014
 Finance: Investment Management
EXPERIENCE
Residence Hall Peer Review Board, UCSB Oct. 2013 – March 2014
 Collaborated with other members in a team to review conduct cases
 Listened to and questioned peers involved in cases to ascertain the relevant facts
 Informed students about university safety policies and administered sanctions
St. Vincent de Paul Society Food Bank, Fremont 2009 – 2013
 Assisted in serving food to the local community
 Connected with visitors and regular guests on a weekly basis
 Worked diligently to ensure that all of the guests’ needs were met quickly
Projects
EY 2014 Case Competition: Beam Abroad, UCSB Feb. 2014
 Determined as a team that an intangible-asset model was the best method of
accounting for cap and trade programs
 Discussed with and sought feedback from an assigned mentor
 Won first place at UCSB (Beam Team) and advanced to present at nationals in
San Francisco
PwC 2013 Case Competition: xTax, UCSB Nov. 2013
 Analyzed the issues of a city’s revenue problem in a team environment
 Developed potential solutions and alternative projects to remedy an unbalanced
budget
 Presented ideas professionally in front of a panel of PwC judges
Membership
Management Consulting Group, UCSB April 2015 – Present
Accounting Association, UCSB Sept. 2012 – Present
INTERESTS & ATTRIBUTES
 Comfortable with Microsoft Excel, Word, and PowerPoint
 Programming Experience: Java, Python
 Aviation and watch enthusiast, reading a good book, having meaningful and thoughtful
conversations about life and current events, watching movies, and learning about others
53
Rachel Saranow
6591 Cordoba Road, Unit #4
Isla Vista, California, 93117, United States
(818)-438-7122
rlsaranow@gmail.com
EDUCATION
University of California, Santa Barbara, California
Economics/Math Major, Bachelor of Arts Degree, June 2017
• Honors Program
• Current GPA: 3.XX
• National Society of Collegiate Scholars Member
WORK EXPERIENCE
THE COFFEE BEAN & TEA LEAF, Goleta, California
Barista, May 2014 - October 2014
• Interacted and engaged with customers to provide information on menu items
• Prepared hot and cold beverages, such as coffee, espresso drinks, blended coffees,
or teas
• Processed customer payments and tendered change
• Helped create a thriving team environment
SELF-EMPLOYED, Calabasas, California
Freelance Photographer, June 2013 - August 2013
• Take photographs of individuals, families, and small groups on location
• Work with clients to select best photographs, and edit for final printing
AWARDS AND HONORS
• California Scholarship Federation, 2009 - 2013
• AP Scholar with Honor Award, 2013
ADDITIONAL SKILLS
• Eager to learn
• Ability to communicate with others well
• Team player
• Friendly
• Pays attention to detail
• Ability to perform math operations
• Strong sense of accountability and motivation to get work done
• Proficient with Microsoft Word, Excel, PowerPoint, and Adobe Photoshop
54
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1990-2012” (PDF File), downloaded from EPA website,
http://www.epa.gov/otaq/climate/documents/420f15002.pdf, accessed May
2015.
What city has the highest smartphone adoption rate? Not NYC or SF.”
http://agbeat.com/tech-news/city-highest-smartphone-adoption-rate-nyc-sf/
Accessed May 25, 2015
William-Ross. “Well, Duh: Census Analysis Reveals the Majority of L.A. Commuters are
Drivers.” August 5, 2011. LAist.
http://laist.com/2011/08/05/well_duh_census_analysis_reveals_mo.php
Accessed May 25, 2015

ParkIt_FinalReport

  • 1.
  • 2.
    1 4 June 2015 LesAllan, Partner at Los Angeles Investment Company LLC 800 Wilshire Drive Los Angeles, CA 90017 Dear Mr. Allan, Thank you for your interest in our ParkIt mobile application. We are having great success in planning its operations and are pleased to present you with this business plan. As you may know, we are seeking potential investors to help us turn this idea into a reality. The purpose of the ParkIt app is to ease the stress of Los Angeles drivers and to cut down on the time it takes for them to find a parking spot. This will be done using maps and drones in order to pinpoint parking spots. Our service will be available for both Apple and Android devices. This application is perfectly suited to current technologies and needs. Due to the increase in mobile phone use as well as the need for drivers in the city to find parking, we believe that this app would be very successful and well received. ParkIt is the application that Los Angeles drivers have been looking for. Please let us know if you have any further questions. We look forward to meeting with you and value your consideration of our business. Sincerely, Alexa Dickinson Justin Deng Alyssa Scott Rachel Saranow Alicia Lei Meng Ji Enclosure: ParkIt Business Plan
  • 3.
    2 ParkIt Business Plan PresentedBy: Justin Deng Alexa Dickinson Meng Ji Alicia Lei Rachel Saranow Alyssa Scott For: Writing 107B Tuesday & Thursday 9:30AM
  • 4.
    3 Table of Contents ExecutiveSummary…………………………………………………………………………..…5 1.0 Introduction……………………………………………………………………………....7-11 1.1 Our Purpose 7 1.2 Industry 8 1.3 Product 8 1.4 Profitability 10 1.5 Conclusion 11 2.0 Market Analysis……………………………………………………………………….12-17 2.1 Overview 12 2.2 Target Market 12 2.3 Demographics 13 2.4 Market Share and Growth Potential 14 2.5 Competitor Profiles and Analysis 15 2.6 Main Areas of Focus 17 2.7 Conclusion 17 3.0 Marketing Strategy………………………………………………………..…………18-23 3.1 Overview 18 3.2 Target Market Audience 18 3.3 Visuals 19 3.4 Marketing Methods 19 3.5 Marketing Goals and Future Development 22 3.6 Competitors 22 3.7 Risk Assessment 23 3.8 Conclusion 23 4.0 Management………………………………………………………………..…………24-29 4.1 Management Introduction 24 4.2 Employees 24 4.3 Communication 26 4.4 Board of Directors 27 4.5 Compensation 27 4.6 Work Environment 28 4.7 Conclusion 29 5.0 Financials……………………………………………………………………….………30-36 5.1 Outline 30 5.2 Application Development Costs 30 5.3 Drone Costs 32 5.4 Operating Costs 32
  • 5.
    4 5.5 Revenues 34 5.6Projected Income Statement 35 5.7 Growth Potential & Outlook 36 6.0 Environmental Responsibility……………………………………………..……37-40 6.1 Introduction 37 6.2 Climate Change 37 6.3 The Role of Transportation in Air Pollution (Greenhouse Gases) 38 6.4 Company Eco-Friendly Practices 40 6.5 Conclusion 40 7.0 Social Responsibility……………………………………………………………..…41-43 7.1 Introduction 41 7.2 Local Economic Benefits 41 7.3 Philanthropy 42 7.4 Carpooling Campaign 43 7.5 Conclusion 43 Final Remarks…………………………………………………………………………………...44 Appendix…………………………………………………………………………………………..45 References……………………………………………………….………………………………..54
  • 6.
    5 Executive Summary Los Angelesis rated as one of the most congested traffic cities in United States. Every American commuter spends an average of 38 hours a year stuck in traffic. With the excessive amount of cars driving around cities every day, people often waste unnecessary time and money in finding parking spots in cities such as LA. Our business plan is a phones app named ParkIt, which will aid frustrated drivers in finding parking spots more conveniently. The advantage of ParkIt compared to other parking apps is that we are able to display specific available parking spots on our app. Our intention is to help busy people save time and eliminate frustrations in finding parking spots in congested cities. The market we are targeting is Los Angeles County, home to millions of drivers and smartphone users of all ages. As Los Angeles is home to many tourist attractions, businesses, and commercial entities, ParkIt has the ability to thrive in a market that has only been covered by generic parking smartphone applications. ParkIt will be the first smartphone application of its kind to use drones in combination with GPS, which combined with our marketing strategies and sustainability campaigns will allow us to reach our goal of attaining 30% of the market share in the near future. Our marketing strategies include gaining the attention of our target audience in areas often frequented, both in location and within the cyberspace. Some techniques include poster and radio advertisements. In addition, ParkIt will establish a presence on popular social media sites such as Facebook and Twitter, and incorporate the company image into the daily lives of our users. We aim to appeal to potential users through identifying an issue with parking within Los Angeles and offering ParkIt as a superlative solution. The management sections describes how the work will be distributed among principals, staff, and interns. It also discusses the impact of the founders and that their involvement through the company directly and through their positions on the Board of Directors will help the application stay true to their original vision. The section also details how the culture and communication of the company will promote openness and collaboration through weekly meetings and incentives. Both staff and interns will be motivated and encouraged to grow individually, which will in turn expand the success of ParkIt as a whole. Costs for ParkIt will be comparable to that of other contemporary software or technology startups. We can expect to incur costs of $155,000 to develop the application within the first year, which will drive down our profits in tandem with rent, wage, advertising, and other operating expenses. However, the future looks bright with ensuing periods of positive profits after the first year; revenue will grow steadily every year and costs are expected to scale just as well. Together with a competent team working within an ethical financial framework, ParkIt will be able to operate efficiently and effectively to generate steady returns and go public, or be purchased by a larger firm such as Google or Facebook.
  • 7.
    6 Our business willincorporate being environmentally friendly into our core values and will make conscious efforts to help make a positive impact on the environment. ParkIt will help combat global climate change and decrease greenhouse gas emissions because the application will help users reduce the amount of time spent searching for available parking spaces, thus saving gas. Continuing the sustainability values throughout ParkIt into our administrative efforts will also be a goal of ours. We will ensure that headquarters is run as environmentally conscious as possible. At ParkIt, we will give back to our users and help make Los Angeles a better place to live. Making a positive impact on our community is something we hold in high regard. Through stimulating the local economy by promoting local businesses, donating to causes intended to benefit our purpose and community, and advocating for users to embrace carpooling, we hope to change Los Angeles for the better. Being a proponent for making a beneficial impact on the city will attract customers to our socially conscious business.
  • 8.
    7 1.0 Introduction 1.1 OurPurpose Figure 1-1 – Downtown LA Source: https://kwdowntownla.wordpress.com/2011/04/17/huge-announcement-for-downtown-la/ With the rising economy development nowadays, Los Angeles has become the most congested city in the United States, ahead of San Francisco, Honolulu, New York and Seattle1. As a result, the tremendous amount of traffic flow indicates that at some point, these cars will arrive at their destination in the downtown Los Angeles area. That is, it will be very difficult for every drivers to find available parking spots in Los Angeles during rush hours when the traffic is congested. Many drivers in Los Angeles claim that they had to circle around blocks for more than twenty minutes every time in finding parking spots, wasting all the gasoline and their valuable time. On the other hand, some other research indicates that a surprising amount of traffic is not caused by people who are on their way somewhere. Rather, it is caused by those who have already arrived. Streets are clogged, in part, by divers searching for a place to park2. City drivers needs an app that can help them to find the best parking spot and also to avoid cause of traffic congestion. 1 Dan Weikel, “California Commute As economy improves, L.A. rise in traffic congestion rankings”. Los Angeles Times. Oct 28, 2014 2 Donald Shoup, “Gone Parkin’”. The New York Times. http://www.nytimes.com/2007/03/29/opinion/29shoup.html?_r=0.March 29,2007
  • 9.
    8 Driving a longway to work in traffic and circling around blocks to find parking spot is not something that any LA drivers would prefer. Introducing our mobile phone app, ParkIt is developed to help desperate drivers to find the closest available parking spots in the shortest time. In the demonstrations of our app procedures, users are provided with clear overviews of parking availabilities in LA City, including street parking, garages, lots, and parking construction. Users have various options to choose from in searching for the most convenient location to park their car. The purpose of our app is to reduce our customer’s unnecessary wastes of time and gasoline and to reduce the congestion level in Los Angeles City. 1.2 Industry With the diversified development in the usages of mobile phone business and its applications, various things can be simply done through phone apps. Nowadays, many companies and local businesses have cooperated with smart phone app developers to expand their market profitability. Through the mobile positioning system, people can easily locate themselves in the surrounding regions and search for useful resources nearby. App users are able to communicate with other users and local businesses to see the best deals. There is a growing number of consumers who uses mobile apps to access local contents. Research indicates that approximately 77 million smartphone owners relied on apps to visit local content3 as shown in Figure 1-3. 1.3 Product We will be specializing in the development of a smart phone application known as ParkIt. Similar to most map apps, which calculates the fastest route for drivers to get from point A to point B, ParkIt can help users to navigate to the nearest available parking spot, using the wisdom of the crowds. Our app mainly employs the mobile 3 Natalie Wuchenich, “Mobile Growth Highlights Importance of Comprehensive Local Strategy”. http://searchengineland.com/mobile-growth-highlights-importance-of-comprehensive-local-strategy- 153617.April 1, 2014 Figure 1-3 - http://searchengineland.com/mobile-growth-highlights- importance-of-comprehensive-local-strategy-153617
  • 10.
    9 phone positioning systemto detect user locations and connect them with nearby resources. Find available parking spots using ParkIt is analyzed in three ways. 1. Drones will be used to detect available open parking spots. Using the drone, we will be able to have a high- resolution overlook of the city area. The small, lightweight drones may look like simple model airplanes, but they can survey landscapes with thousands of digital images that can be stitched together into 3-D maps4. They are guided by GPS and are inherently safe. Users can search for parking spot information transmitted by drones. 2. Through cooperation with local businesses, we are able to provide parking spot information to ParkIt users. As we explained in the previous sections, the growing industry of smartphone apps attracts many businesses to begin cooperation with app developers. Through the contract, both parties are able to expand their market and increase profitability. In our case, ParkIt is all about connecting our app users to the locality. We will be displaying information of local businesses’ in our app in exchange for 4 Brian Handwerk, “5 Surprising Drone Uses”. http://news.nationalgeographic.com/news/2013/12/131202-drone-uav-uas-amazon-octocopter-bezos- science-aircraft-unmanned-robot/. December 2, 2013 Figure 1-4: Drones Source:http://www.telegraph.co.uk/technology/news/1 1279235/Which-drone-should-you-buy.html Figure 1-6 - https://ww.deluxe.com/blog/tag/online-directories/
  • 11.
    10 the availability innearby parking spots as depicted in Figure 1-6. If a customer is planning to go to a restaurant, but he is worried about parking. He can use ParkIt to check parking availability of that restaurant’s parking lot. 3. Another way of displaying parking availability on ParkIt is through interactions between our app users. ParkIt will provide encouragements and rewards to users for alerting each other to open parking spots. The interactions between users will become an increasingly expanding network, which will secure our app market. 1.3.1 Product Pricing Our objective is to develop a convenient smartphone application that helps people to save time on finding parking spots. The free application will be made available for everyone to download. Customers may have multiple free try outs to testify the practicality of ParkIt. After the free try outs, users need to pay a charge for continuing using ParkIt and more specific additional charges regarding searching for the wanted parking spots. For example, users can pay extra to make a deal with lot owners to reserve a parking spot or internal app users can alert available spots to other ParkIt users in exchange for ParkIt credits. 1.4 Profitability The profitability of ParkIt is depended on our marketing strategies, based on the pricing of our product, the more users we attracts the more profit we will earn. Thus our portability strategies include attracting attentions of all LA drivers. We will be advertising ParkIt through poster, radio, and popular social media sites. Most importantly, ParkIt will be highly recommended to customers in local business stores. Research of app users of Internet Yellow Pages Sites (IYP) such as Yelp, show that their users demonstrated they were highly attractive to advertisers5. Figure 1-7 indicates the profitability of ads displayed in apps. Since ParkIt carries the same nature, will we attract advertisement sponsors to increase our profitability. 5 Natalie Wuchenich, “Mobile Growth Highlights Importance of Comprehensive Local Strategy”. http://searchengineland.com/mobile-growth-highlights-importance-of-comprehensive-local-strategy- 153617. April 1, 2013.
  • 12.
    11 Figure 1-7 -http://searchengineland.com 1.5 Conclusion ParkIt will have many advantages over other competitors. So far our application is the most convenient and fast parking-spot-finding app that will help users to save a lot of time and gasoline, reduces drivers circling in finding spots. ParkIt can link users to the closest and best parking spots they prefer. Also the advantageous evolution of the smartphone app industry indicates a good prospects of our app. Our cooperation with other successful companies, the source will attract more customers to support ParkIt. We expect the business to be very successful.
  • 13.
    12 2.0 Market Analysis 2.1Overview ParkIt was designed for the market of Los Angeles, a city known for its transportation flaws and high magnitude of residents. Los Angeles is unique in that many of its residents utilize personal vehicles when traveling within the city regardless of its hectic nature. Transportation is such a big part of the city that its residents have even acquired stereotypes regarding how they speak about the highways, driving routes, and parking difficulties. ParkIt has the ability to break through some of these troubles by giving users the affordance of arriving at their destination with ease and confidence that they will have a place to park; and based on the demographics, potential growth, and competition in our market, our team at ParkIt expects to see our business flourish in Los Angeles County. 2.2 Target Market At this point in time, ParkIt aims to help those located within Los Angeles County, an area spanning over 4,000 square miles6 as can be seen in Figure 2-1; however, we plan to expand our business to a larger population in the future. Due to its great amount of businesses, commercial property, and tourist attractions, Los Angeles’ high volume of people and vehicles make it the ideal location for ParkIt. An application such as ParkIt aims to aid drivers in finding available parking in even the most congested areas of Los Angeles, including everyone from tourists traveling to see Hollywood Boulevard to a father commuting to work in Beverly Hills. As shown in Figure 2-2, over 70% of the millions of Los Angeles employees rely on some form of motor vehicle to get to work, and those employees are in need of reliable parking environments. With such a fast- paced city as Los Angeles, many of its inhabitants are on tight schedules and have places to be, creating our target market for our business. 6 “State and County QuickFacts,” United States Census Bureau website, http://quickfacts.census.gov/qfd/states/06/06037.html. Figure 2-1. Map of Los Angeles County Source:www.losangelesalmanac.com/images/mapHighways.GIF
  • 14.
    13 Figure 2-2. Breakdownof Los Angeles Employees Most Used Modes of Transportation to Work Source: www.CLRsearch.com 2.3 Demographics The demographics of Los Angeles vividly show its promise as the home for a business such as ParkIt. As of 2014, Los Angeles County is home to just over 10 million residents7, and as of 2008, over 7.5 million of those residents have some form of registered vehicle8. Also, as can be seen in Figure 2-3, over 85% of all Los Angeles households claimed to have at least one vehicle to their name9, and used that vehicle as a means of transportation to work10. Additionally, according to the 2014 Census from the United States Census Bureau, the United States has a population of about 318.9 million people, and of that population, about 45.3% of them use smartphones11. Applying these numbers to our market, 45.3% of Los Angeles County’s 10 million residents use smartphones12, resulting in over 4.5 million potential ParkIt customers. 7 “State and County QuickFacts,” United States Census Bureau website, http://quickfacts.census.gov/qfd/states/06/06037.html. 8 “Vehicle Registrations,” Los Angeles Almanac website, http://www.laalmanac.com/transport/tr02.htm 9 “Los Angeles Number of Vehicles Per Household”, CLSearch.com, http://www.clrsearch.com/Los- Angeles-Demographics/CA/Number-of-Vehicles-per-Household 10 “Principal Means of Transportation to Work,” Los Angeles Almanac website, http://www.laalmanac.com/transport/tr19.htm 11 United States Census Bureau website, http://www.census.gov/. 12 “State and County QuickFacts,” United States Census Bureau website, http://quickfacts.census.gov/qfd/states/06/06037.html.
  • 15.
    14 Figure 2-3. Breakdownof Vehicles per Household in Los Angeles compared to the State and Nation Source: www.CLRsearch.com This percentage demonstrates that Los Angeles County has the ability to produce millions of ParkIt customers, as approximately half of the county owns a smartphone while about 75% of it owns a vehicle. These numbers in conjunction with Los Angeles’ world-renowned sites and businesses would allow ParkIt to thrive and make a difference in the transportation realm. 2.4 Market Share and Growth Potential Although there are a few competitors in our market, our team here at ParkIt is confident in our product and in our ability to succeed. The world of smartphones is constantly changing and advancing, and our application speaks to this technological advancement through our modern use of drones and GPS. As shown in Figure 2-4, the number of smartphone users is ever increasing, with a projected 220 million users by 201813. With this potential increase, ParkIt aims to attain a 30% market share, as with an increase in smartphone users comes an increase in potential ParkIt customers. 13 “Number of smartphone users in the U.S.” Statista website, www.statista.com/statistics/201182/forecast-of-smartphone-users-in-the-us/
  • 16.
    15 Figure 2-4. Growthof Smartphone Usage In the United States Source: www.statista.com/statistics/201182/forecast-of-smartphone-users-in-the-us/ ParkIt is unique in that unlike our competitors, we aid customers in finding street parking, a market that has yet to be touched by other applications. Due to this defining factor, as well as our effective marketing strategies and sustainability campaigns, ParkIt has the potential to change the entire parking application industry. 2.5 Competitor Profiles and Analysis In the parking application industry, there are three main competitors: ParkMe, LA Express Park, and Parker. 2.5.1 ParkMe ParkMe is one of the biggest competitors in the market, getting its start in 2011. Rather than focusing on just one’s geographical location, users are able to look at specific parking options based on landmarks such as Dodger Stadium and UCLA. ParkMe is available to iPhone, Android, and Windows phone users, with the addition of being able to reserve spaces from your computer as well. However, ParkMe is only open to those wishing to park in parking garages.
  • 17.
    16 Figure 2-5. ParkMeLogo Source: https://blog.parkme.com/wpcontent/uploads/2012/03/ParkM e-Logo-BLUE-FINAL1.jpg 2.5.2 LA Express Park LA Express Park is a federally funded program supported by multiple smartphone applications: Parker, ParkMe, and ParkMobile. Focusing on specifically Downtown Los Angeles, this initiative has aided the city in reducing air pollution, decreasing the traffic congestion, and promoting other modes of transportation14. Figure 2-6. LA Express Park Logo Source: http://www.laexpresspark.org/wp-content/uploads/2012/04/logo_laxp_500.png 2.5.3 Parker Parker, a parking application designed for iPhones and a select number of Android devices by Streetline, gives its users the ability to find “real time” and “static locations” to park, while giving them the opportunity to filter their options by preference of what kind of space they would like to park in, such as ones with certain payment types or charging stations15. Figure 2-7. Parker Logo Source:http://cdn2.ubergizmo.com/wpcontent/uploads/2010/12/parker- streetline-app.jpeg 2.5.4 Analysis While each of our competitors brings a credible product to the market, ParkIt stands uniquely apart from the rest. Our biggest competitor is LA Express Park, as it is the most technologically advanced of the competition due to its use of parking space vehicle sensors and parking meters16. However, ParkIt is still distinctive due to its use of drone technology, allowing users to locate not only empty parking garage spaces or metered spaces, but free street parking as well. Additionally, with ParkIt’s carpool and other sustainability initiatives, it will be able to compete with LA Express Park’s downtown focused campaigns. 14 “What is LA Express Park?” LA Express Park Website, http://www.laexpresspark.org/about-la- expresspark/ 15 “Parker by Streetline,” Streetline website, http://www.streetline.com/find-parking/parker-mobile/ 16 “What is LA Express Park?” LA Express Park Website, http://www.laexpresspark.org/about-la- expresspark/
  • 18.
    17 Parker and ParkMeare very similar in that they target mainly those who wish to park in parking garages, which in Los Angeles can be very expensive. ParkIt has the ability to help users find free street parking as well, something that neither of these applications has been able to offer. Both of these applications are utilized by LA Express Park, so it is important for ParkIt’s success to continue with its trend of encompassing unique characteristics. 2.6 Main Areas of Focus While ParkIt benefits those who wish to find parking anywhere within Los Angeles County, we are well aware that certain parts of Los Angeles require more attention when it comes to parking than others. For example, areas such as Santa Monica and LA Live attract huge volumes of tourists and residents, as well as the employees who work at these popular locations. We plan to direct much focus to the following high volume areas:  Santa Monica and Venice Beach  Hollywood  LA Live  Westwood 2.7 Conclusion Los Angeles is famous for its world-renowned tourist attractions, businesses, and driving difficulties, allowing a smartphone application such as ParkIt to rise among the rest and excel in its market. The demographics of the county, as well as the rising number in smartphone users give the ParkIt team the utmost confidence that this application will continue to be successful with the growing market. We believe that our unique technical capabilities make our application stand out amongst ParkIt’s competitors, and should allow it to succeed for years to come.
  • 19.
    18 3.0 Marketing Strategy 3.1Overview ParkIt is a mobile application that will assist drivers with mobile phones to find parking by tracking available spots in the surrounding area. Because mobile phones are so widely used and there are an abundance of applications on the market, the marketing strategy for apps must be carefully thought out to ensure its success. This section will detail the several marketing strategies that ParkIt will implement. 3.2 Target Market Audience Given the intended use of ParkIt, our target audience is drivers who use smartphones within Los Angeles County. The app will be available for both iOS and Android users. More specifically, it focuses on drivers who opt for looking for free or inexpensive parking as opposed to those who demand immediate parking regardless of prices. Driving around in search for a parking spot not only increases level of stress, but can account up to 30% of traffic and congestion on streets17. ParkIt will appeal to this audience by allowing the chance for a reduction in the time and energy spent cruising for a parking spot as well as congestion. 3.2.1 Location Studies have shown that the majority of Los Angeles commuters drive18. And so it is not surprising that one of LA’s ever-present issues is parking19. With such a dense population that has so many drivers, there is not much that can be done to help the parking situation. Creating new curb parking is difficult and changing parking signs will not be the best way for drivers to find parking. About 66% of residents in LA use smartphones20 and that figure is increasing annually. In other words, in a county were driving is abundant but parking is limited and smartphones are highly used, LA is an ideal location for a mobile app that assists drivers in finding parking. 17 Donald Shoup, “Cruising for Parking.” Access. Spring 2007. http://shoup.bol.ucla.edu/CruisingForParkingAccess.pdf accessed May 2015. 18 Lindsay William-Ross, “Well, Duh: Census Analysis Reveals the Majority of L.A. Commuters are Drivers,” LAist, August 5, 2011, http://laist.com/2011/08/05/well_duh_census_analysis_reveals_mo.php, accessed May 2015 19 Laura J. Nelson, “L.A. officials seek to ease parking problems,” LA Times, October 8, 2014, http://www.latimes.com/local/la-me-parking-problems-20141009-story.html, accessed May 2015 20 Marti Trewe, “What city has the highest smartphone adoption rate? Not NYC or SF,” The American Genius, October 18, 2013 http://agbeat.com/tech-news/city-highest-smartphone-adoption-rate-nyc-sf/ Accessed May 2015
  • 20.
    19 3.3 Visuals Our companyimage will include its logo, app icon, among other visuals useful for different advertising methods. ParkIt believes in recurring exposure of our image so that it can be remembered by users and potential users. Figure 3-1: ParkIt app icons 3.4 Marketing Methods ParkIt will use a variety of methods to promote and advertise its app. Because our target audience consists of not just drivers, but those who use smartphones, we will capture their attention in areas where they often visit. This includes both physical and virtual spaces such as downtown Los Angeles and social media websites. With these marketing methods, ParkIt will be incorporated into the everyday lives of our target audience. 3.4.1 Social Media About 75% of smartphone users use their phone for social media21. Having a presence on social media will allow for ParkIt to reach a wide range of audience and increase the chances of new users through sharing—the very nature of social media websites. It is a way for the team and users of the app to connect by allowing the chance for users to directly communicate with team members whether it be suggesting improvements or providing other feedback. Studies have shown that users often delete apps that did not work properly or had technical issues4. Social media encourages activity between ParkIt and its users so that any adjustments to the app can be made immediately to ensure its continual usability. Figure 3-2: Popular Smartphone Features, Source: www.pewresearch.org 3.4.1.1. Facebook By creating a Facebook page, ParkIt is not only raising awareness but it is also establishing an identity. When users “like” the Facebook page, it will appear on their 21 Monica Anderson, “6 facts about Americans and their smartphones,” Pew Research Center, April 1, 2015, http://www.pewresearch.org/fact-tank/2015/04/01/6-facts-about-americans-and-their- smartphones/, accessed May 2015
  • 21.
    20 friends’ news feeds,increasing awareness of ParkIt. Users will be able to comment on the page, and our team will be able to respond to specific individuals. Doing so creates a personal touch and trust between the user and our team22, building a reputation that shows our team’s concern with the satisfaction of our users. Through consistent updating related to software and discounts, among others, we will be able to remind our users that ParkIt is constantly improving and better catering to their needs. 3.4.1.2 Twitter Similar to Facebook, Twitter is a social media platform that is even quicker in terms of interaction. This simple social media platform places more emphasis on live feed and updates. For that reason, users who are often on Twitter and follow the ParkIt Twitter page will be able to be aware of immediate updates and changes. If users are satisfied with our app, they can easily mention the ParkIt handle on their own tweets which will notify our team without the need for private messaging. Doing so also spreads awareness by appearing on the feed of their followers. Twitter is also a personalized form of social media interaction between the ParkIt team and its users. 3.4.2 News Websites ParkIt will create advertisements on news websites in addition to social media marketing. Since about 55% of smartphone users use their phone for catching up with the news2, establishing a presence on these websites is another method of capturing the attention of our target audience. Because our audience is a broad range of individuals, it is difficult to determine behaviors when it comes to reading the news. Thus, we have decided to place our ad on the front page and headlining articles where it will be seen by anyone who first visits the website. For convenience, the advertisement will include a QR code so that users can easily locate ParkIt in the app store. Figure 3-3: News website advertisement 6 Priya Wiswanathan, “8 Ways in which Social Networks can Help with Marketing.” http://mobiledevices.about.com/od/additionalresources/tp/8-Ways-In-Which-Social-Networks-Can- Help-With-Mobile-Marketing.htm, accessed May 25, 2015
  • 22.
    21 3.4.3 Posters Aside fromthe marketing in cyberspace, ParkIt will also place posters in areas of the Los Angeles county where parking is the most difficult to find. According to Southern California Public Radio, the worst place to find parking is in downtown Los Angeles, followed by regions in West LA23. This is no surprise because downtown LA contains many areas and neighborhoods frequented by residents and visitors. Some of these areas include Chinatown, Bunker Hill, Historic Downtown, Little Tokyo, among others. Likewise, there are neighborhoods in West LA such as Westwood and Santa Monica which constantly experience a high volume of visitors. Figure 3-4: Map of downtown LA, Source: www.downtownLA.com Posters will be placed in public areas, on streets where curb parking is available and around public parking lots. These forms of advertisement will include short phrases to highlight the ability of ParkIt to bring convenience into an everyday part of drivers’ lives. Just like the advertisement placed on news websites, a QR code will be available for quick installation. Please refer to the Appendix for more poster visuals. Moreover, our team will work with businesses to help us in promoting our application: Those who agree to place our posters in or outside of their business will appear on the interactive map in the ParkIt app so users will be able to see which businesses are close to which parking spots. By doing so, not only will our posters be exposed to a variety of potential users, but it will also gain legitimacy through the support of these establishments. 23 “Parking in LA: Where is it worst?” Evie Liu and Chris Keller, Southern California Public Radio, June 25, 2014, http://projects.scpr.org/charts/sentiments-la-parking/ accessed May 2015
  • 23.
    22 3.4.4 Radio ParkIt aimsto make the lives of drivers with smartphones easier. Because the app will be needed when drivers are within their mobile vehicles, we will work with radio stations to spread awareness about our app. About 80% of adults listen to radio in their cars, and a large part of the population also listens to the radio while at work; in just 7 days, a radio reaches about 228 million Americans24. To better increase our chances, we will choose some of the most listened to radio stations in LA which include KISS-FM 102.7, KBIG-FM 104.3, KPWR-FM 105.9, KAMP-FM 97.1 and KRTH-FM 101.125. As mentioned above, radio listeners also listen to the radio outside of their private transportation. Some choose to listen to the radio on their smartphones or on their personal computers: just like social media, the radio reaches a wide range of audience. 3.5 Marketing Goals and Future Development Our app’s marketing plan will raise awareness, increase app usage, and benefit the users of ParkIt. We intend to make drivers’ lives easier and reduce congestion at the same time. With established presence on social media and in the LA county area, ParkIt will be a name well known by drivers and smartphone users. ParkIt will not just be a trend; in modern day, mobile applications are customer service products26. There are four areas that contribute to the intention to adopt mobile applications: perceived usefulness, perceived ease of use, perceived enjoyment, and social needs27. Our marketing strategies aim to fulfill each of these areas by acknowledging there is an issue when it comes to locating a parking spot and making potential users aware that the app easy to use. In the future, ParkIt would like to expand to other metropolitan areas where parking is difficult to find. Some of these include San Francisco and New York. Other areas of potential presence include neighborhoods of density in population where private transportation is often needed, such as college towns. 3.6 Competitors Mobile parking apps are not new to the Los Angeles County, but what separates ParkIt from these is that its focus is placed on free to inexpensive parking. Other apps only function to search for parking garages and lots with the cheapest flat or hourly rates within the vicinity. The information provided does not take into account street parking. 24 Kim T. Gordon, “4 Keys to Radio Advertising,” Entrepreneur, April 12, 2007, http://www.entrepreneur.com/article/177002 accessed May 2015 25 Lee Margulies, “Top 40 radio station KIIS-FM again plants itself at top of ratings.” LA Times, November 25, 2013 http://articles.latimes.com/2013/nov/25/entertainment/la-et-ms-arbitron-ratings- 20131126 accessed May 2015 26 Gene Marks, “Your Business Checklist: A Website, A Phone Number, A Mobile App,” Forbes, May 7, 2012, http://www.forbes.com/sites/quickerbettertech/2012/05/07/your-business-checklist-a-website-a- phone-number-a-mobile-app/, accessed May 2015 27 Masoodul Hassan, Rehana Kouser, Syed S. Abbas, Mahummad Azeem, 2014 “Consumer Attitudes and Intentions to Adopt Smartphone Apps: Case of Business Students.” 8(3):763-779.
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    23 On the otherhand, ParkIt considers curb parking in addition to public parking lots and garages. We are able to offer more features and services to our users when compared to our competitors. In addition, a main feature of ParkIt is the drones we intend on using to help users locate parking spaces. It allows our app to provide real time information so that decisions can be made with the knowledge of which areas should not be visited in search for parking and at the same time where parking is available. In other words, the drone aids in saving time and effort. The ParkIt app is the first of its kind given its strategy in helping users locate parking. Due to this, it has the potential to create the market and competitors for this kind of app. 3.7 Risk Assessment Start-ups are always accompanied by risks of failure when compared to older companies. Inherent risks lie within the marketplace: The app market is vast and is growing every day and apps often get overlooked. ParkIt faces the risk of not being able to be incorporated into the app marketplace with a strong presence regardless of all marketing strategies. We will, however, constantly do our best to cater to our users’ needs and make the app experience as enjoyable as possible. Another risk lies in the fact that some apps are part of trends and usage does not last long. Other risks include potential unexpected costs hindering marketing activities and the possibility that businesses or radio stations will not work with our advertising strategy which will require other means of advertising. In addition, social media marketing comes with the risk of users giving bad reviews, discouraging other potential users from testing out the app. We will remain consistent with updates and always stay connected with users so that our presence once established will remain. ParkIt consists of creative team members constantly working to control for these risks mentioned above. 3.8 Conclusion Although luck and timing can be a determinant of success, marketing strategies are crucial in a constantly developing field. Our plans mentioned above remain up-to-date with this fast-paced technological world when it comes to communicating and advertising. We are confident that ParkIt’s marketing techniques will establish and maintain a beneficial reputation within the Los Angeles County which will contribute to our plans to expand in similar areas in the future.
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    24 4.0 Management 4.1 ManagementIntroduction The ParkIt team is dedicated to the promotion and expansion of our mobile application. The individual skills possessed by staff members combined with the collaborative nature of a small startup will create an environment that will allow our product to thrive. 4.2 Employees 4.2.1 Principals The principals of ParkIt consist of four of the six founders. Their vision for the project as well as their individual skill-sets will help them to guide the application to great success. All four upper management principals will work full time. 4.2.1.1 CEO The CEO of ParkIt has a background in business management and administration, as this will allow them to focus on the big picture to make sure that the company stays true to its core values. She will oversee employees, ensure productivity in day-to-day operations, and act as the primary liaison between the board and the employees. Though the operations of the company will be primarily collaborative, the CEO will oversee all other employees in order to ensure efficiency and satisfaction of both employees and customers. 4.2.1.2 Financial Manager The Financial Manager is responsible for all financial operations of ParkIt. With prior knowledge of Economics and Accounting, he will oversee the company payroll and budget and will be attuned to opportunities to maximize profit. The Financial Manager will also work with the CEO to determine opportunities for financial growth as well as monetary employee incentives. 4.2.1.3 Marketing Director The Marketing Director is in charge of making our product well known in the community. She will use knowledge of the area as well as the market in order to come up with marketing strategies that will best target potential-users. She will also be in charge of analyzing the market and combatting threats from any competing mobile applications. The Marketing Director will also be the sole employee to interact with the media, as the Small Business Administration recommends that “it’s good business to have one point of contact for all media relations.”28 28 “Managing Employees,” U.S. Small Business administration, n.d., https://www.sba.gov/content/managing-employees, accessed May 2015.
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    25 4.2.1.4 Product Manager TheProduct Manager founded the idea of ParkIt and will be able to best align the vision for the app with its execution. She will be in charge of facilitating cooperation between the marketing side of the company and the engineering side of the company in order to make sure that the product and its values remain consistent. She will also be the head innovator for incorporating customer feedback into the design of the application. 4.2.2 Other Staff 4.2.2.1 Technical Engineers ParkIt will hire two Technical Engineers to work part time in developing and testing the application. They will work under the Product Manager to ensure that the app that is being created matches what the founders had envisioned. In addition to creating the technology for the app, they will be in charge of testing it and creating updates as needed to ensure customer satisfaction. 4.2.3 Interns ParkIt will have a paid internship program that will last one calendar year. The interns will work 20 hours a week and will be recruited from nearby universities by the Marketing Director. They will each work closely with a principal, assisting them and taking on projects as needed. If these interns excel in their role, they will be offered a full time position as the company continues to grow. According the InternMatch, “a recruiter will $20,000-$35,000 to hire an engineer [or] you could hire four interns for the same amount.”29 The internship program will allow ParkIt to hire from within and will potentially save money that would otherwise have to be spent on securing full-time employees. All interns will be enrolled college students. 4.2.3.1 Accounting Intern Since the Financial Manager has to oversee many important aspects of the company, the accounting intern will act as their assistant. This experience will take some of the stress off of the Financial Manager while providing the college student with a valuable work experience. 4.2.3.2 Marketing Intern The Marketing Intern will be a student who comes from a Communication, Journalism, or Media background and will help the Marketing Director execute and formulate their marketing strategy. They will be in charge of updating and setting up social media sites and will represent the ParkIt brand at college events. 29 Jenny Xie, “How to Turn Interns into Full-Time Employees,” Internmatch, 2015, https://www.internmatch.com/guides/how-to-turn-interns-into-full-time-employees, accessed May 2015
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    26 4.2.3.3 Engineering Intern TheEngineering Intern will assist the part time engineers by helping to test and troubleshoot the app. This experience will also allow them to pitch their own ideas for development to the engineering team and product manager, as their perspective could bring in new and valuable ideas. 4.3 Communication Figure 2-1. Chain of Command 4.3.1 Chain of Command Each employee will report to and be assessed by the person directly above them, as shown on Figure 2-1. While they will report to only the people above them, collaboration is encouraged among all employees. 4.3.2 Meetings Since the company is starting off so small, the CEO will push to create a strong sense of unity and togetherness among the employees. This will be facilitated by bi-weekly meetings, which will be held Monday mornings and Friday afternoons. The Monday meeting will serve as a platform for all employees to speak openly about what they want to see change or progress that week (see Figure 2-2). They will set goals that the CEO can then track. On Figure 2-2: Setting Goals https://studentsuccess.unc.edu/files/2012/10/iStock_000009376848Small3.jpg
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    27 Fridays, employees willmeet again to reflect on their goals and to discuss the progress that has been made by themselves and others. These meetings will provide a positive outlet for employees to support each other as well as a space to pitch new ideas. 4.4 Board of Directors The Board of Directors will initially be made up of the six original founders. This will provide a balanced representation of the company, as each of the four principals run a different aspect, and thus will have different perspectives. As apart of the board, the two non-principal founders will be able to act as advisors. All six founders have the best interest of the product in mind. The CEO will be the main liaison between the company and the board, as Venture Beat reports that it is important for one board member to be “loyal to the company only.”30 4.4.1 Meetings The Board of Directors will meet monthly in order to track the progress of the company, as reported by the CEO. They will then vote on any issues, identify weaknesses in the company, and come up with strategies for expansion. All Board decisions will be communicated back to the company through the CEO in the following employee meeting. 4.5 Compensation 4.5.1 Payment Schedule Employees will be paid bi-weekly through direct deposit, regardless of whether they are being paid a salary or hourly wages. 4.5.2 Sick Days Each employee will be given ten sick days per year. These sick days will be un-paid and employees do not need to use all of them. They will be determined by days missed, not hours worked. For example, if an employee took a sick day during a half-day at work, it would still count as a whole sick day. 4.5.3 Vacation Days Employees will receive all government holidays off. In addition, each employee (excluding interns) is allowed ten days of paid vacation. Interns will receive the same days off as their school calendar with the exception of summer break (i.e. they would receive unpaid break for their school’s winter break, spring break, and any school holidays). Initial vacation days may be provided as incentive, as decided by the CEO. 30 Eran Laniando, “5 Huge Mistakes Startups Make When Choosing Board Members,” Venture Beat News, Feb 2013, http://venturebeat.com/2013/02/10/5-huge-mistakes-startups-make-when-choosing- board-members/, Accessed May 2015.
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    28 4.5.4 Additional Compensation 4.5.4.1Performance Based Compensation High performing employees will be eligible to receive additional pay, as determined by the CEO. This increase in pay could be temporary or permanent, as judged by the consistency of the employee’s growth and success. 4.5.4.2 Benefits Each full time employee will receive full health care benefits in addition to their salary. 4.6 Work Environment The work environment at ParkIt will encourage employees to collaborate by incorporating many opportunities for communication and support. 4.6.1 Customer Service Providing the customers with the ideal parking product will be the main focus of each employee. This strong focus will allow operations to adapt to the market while still following the company’s vision and goals. Employees will be have access to customer reviews which they will be able to discuss at bi-weekly meetings. This will allow for the employees to focus on the customer in addition to their assigned tasks. 4.6.2 Company Culture The founders, Board of Directors, and employees of ParkIt are all below the age of 30. They will be a good fit for the mobile app market, as technology is primarily targeted towards youth. Because of this, the company will fit the demands of its employees and market by adhering to a more casual set of workplace standards. The dress code, while hip, will not be strictly business casual. There also will not be cubicles, but desks and workspaces to promote collaboration and satisfaction (see figure 2-3). Music will also be played to increase productivity and add a youthful liveliness to each workday. Figure 2-3. Open Desk Space Source: http://upload.evocdn.co.uk/officereality/uploads/a sset_image/2_1396_l.jpg
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    29 4.6.3 Outstanding Behavior 4.6.3.1Growth Incentives Employees will be rewarded for exceptional progress or innovations with extra vacation days, temporary or permanent increase in pay, and recognition at Board meetings. Incentives will be determined on a case-by-case basis by the CEO. 4.6.3.2 Strike System Behavior that does not meet the company standards will be tracked using a strike system. A strike will be earned for any of the following behaviors: unapproved sick or vacation day, inappropriate outfit or behavior, being over 10 minutes late, acting disrespectfully to other employees, not meeting deadlines. Each offense will be further outlined in an employee manual. A strike for another employee can be suggested by anyone, but will be assigned solely by the CEO. One strike will result in a warning, given from the employee’s direct superior. Two strikes will result in the loss of a vacation day (or sick day in the case of an intern). Once an employee has accrued three strikes, they will meet with the CEO and Board of Directors in order to discuss their violations of policy. The Board will decide whether further action is necessary as well as what these actions will be. 4.7 Conclusion Given the strong vision of the principals and the dedication of all employees, ParkIt will be a thriving workplace full of passion and dedication. The work environment and incentives will motivate employees to grow and work together in order to expand the application.
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    30 5.0 Financials 5.1 Outline Thegoal of this section is to elucidate the expenses we reasonably expect ParkIt to incur and the revenues we anticipate through continuing operations. We start by providing a clear framework through which our business will proceed with all financial matters. We then discuss the individual cost drivers and their related costs, as well as revenue projections for a period of three years after starting up. Finally, we end with a discussion on growth and the possibility of merging with the current industry giants. 5.1.1 Internal Controls At ParkIt, we firmly believe in operating ethically and with moral integrity—both in dealing with clients/customers and in how our team interacts with each other. As such, bylaws and policies will be implemented to safeguard our assets, ensure our employees work responsibly, and operate efficiently and effectively31. For example, a few core internal control principles designed to maintain the integrity of financial information are listed in Figure 5-1 below: Figure 5-1: Internal Control Measures 5.2 Application Development Costs Development of a mobile application takes much more than hiring a few developers. A development team “will almost always include one or more designers, who create all of the visual content to be coded into the project. Account managers, along with acting like a liaison for clients, work with product managers or producers to coordinate the 31 "Financial Accounting." Internal Controls. University of Washington. Web. 28 May 2015.
  • 32.
    31 completion of differenttasks. Product managers…are responsible for the overall vision of the app.”32 We assume that ParkIt will be a large application with many integrated features. A large high-quality application would require the following basic steps and talents33 listed below. Figure 5-2 provides an estimate of these development costs: Wireframing – This process builds the foundation of how the application will be designed and function. A User Experience Specialist is needed to determine the elements on the screens to make navigation easier. Screen Design and Programming – Design and programming of the front- end of the application. Two developers will be needed for compatibility with both iOS and Android operating systems. Server-Side/Database Design & Programming – Writing of the server-side (back-end) code and connecting the app screens to the server-side application and database. The programmer would need to have experience writing maintainable code with security and performance. Quality Assurance – The Specialist and Tester needs to look for functionality and design issues. Deployment – This step requires that an experienced Programmer and Specialist install the application and create a reliable server environment with redundancy and backups. Release of the application to the app store is usually simple. Figure 5-2: Cost Estimates Source: http://www.comentum.com/mobile-app-development-cost.html 32 Mary Hurd. "What Does It Cost to Develop an App?" Fueled. Fueled, 24 Feb. 2015. Web. 28 May 2015. 33 Bernard Kohan, and Joseph Montanez. "Apple IPhone IOS App Development, Android Apps Cost Estimate / Average Pricing." Comentum. Comentum 360. Web. 28 May 2015.
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    32 We expect ourapplication to fall within the “Large Enterprise” category and we expect to serve both Android and iOS markets. The data above is presented using research from 2015. Thus, we can reasonably rely on this information. Ryan Matzner of Fueled, a New York City development shop that works with both startups and high profile enterprises, says “it’s basically 120 hours of work per week, times an average of 8 or 10 weeks. You have two developers working full time, and then you have a designer and art director working half-time, and then you have a product manager and an account manager coordinating. That’s where you get 120 hours from. You’re likely looking at around $150k…”34 Accounting for unexpected delays and expenditures and adding in costs for putting the application out to the mobile Android and Apple stores, we arrive at a conservative estimate of $155,000 in development costs. 5.3 Drone Costs The X8-M drone (Figure 5-3) Figure 5-3: ParkIt Drone by 3DR “is the perfect tool for creating high- resolution visual-spectrum aerial maps.”35 The drone would fit our needs perfectly as a tool to patrol a fixed area and update our application about the availability of open parking spaces. The drone is listed on the 3DR website at $5,400. This cost will be capitalized as an asset on ParkIt’s balance sheet as it will provide future economic benefits through its use. On startup, we have determined that it would be prudent to acquire two drones for the sake of maintenance concerns and area coverage. In regards to the accounting, the drones will be depreciated on a straight-line basis based on their useful lives. 5.4 Operating Costs Operating costs are the costs ParkIt will expect to incur after the initial start-up has completed. In other words, these are the normal operating expenses we should encounter in any given fiscal year-end cycle. Cost drivers include maintenance of the ParkIt drone, advertising, and employee compensation. Other facilitative and administrative expenses such as rent for office space and income taxes will also be considered. 34 Mary Hurd, "What Does It Cost to Develop an App?" Fueled. Fueled, 24 Feb. 2015. Web. 28 May 2015. 35 "X8-M - 3DRobotics Inc." X8-M - 3DRobotics Inc. 3DR. Web. 28 May 2015.
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    33 5.4.1 Operating CostDrivers A visual of annual expected operating expenses is shown below (Figure 5-4). A discussion on the derivation for some of these expenses are included subsequently. Figure 5-4: Cost Allocation 5.4.2 Wages & Salaries Making up the bulk of our annual expenses, wages will be paid out competitively and timely based on the following computations: Part Time Programmers (x2): $35,000/Year (x2) = $70,000 Part-Time Interns (x3): $20,000/Year (x3) = $60,000 Upper Management (x4): $40,000/Year (x4) = $160,000 Total: $290,000 The salary of upper management (founders) is flexible, but research indicates that startup founders pay themselves an average of $50,000 per year36. Given this, our estimate is not unreasonable, and it can grow with injections from angel investors and equity distributions. 36 Alyson Shontell, "Most Startup Founders Pay Themselves This Totally Reasonable Salary." Inc.com. Inc, 29 May 2014. Web. 28 May 2015.
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    34 5.4.3 Utilities &Upkeep Our estimate of $50,000 includes all costs related to maintaining the core functionality of our application. This entails all server costs, general bandwidth and energy costs, and update costs of our drone’s software. These costs represent overhead not directly related to our application or drones. 5.4.4 Drone Maintenance Drone maintenance includes the cost of spare parts, batteries, and repair. A healthy inventory of parts will be kept on-hand to ensure short repair cycles and downtime. Having two drones allows us discretion here—it gives us the option of using both to cover a smaller area each, or using one when the other is in repair. 5.5 Revenues Revenues will be based on the demographics and statistics provided in the marketing section. Estimates of revenue will be based on conservative parameters and assumptions designed to mimic worst-case scenarios. Of the 4,500,000 souls who inhabit Los Angeles and own cellular devices, we can reasonably expect 80% of that population to drive cars. Of these people, we assume that 5% will download our application. A further 10% of this population can be expected to pay the $0.99 premium twice a month. On top of this, we can assume that we start with 3 small clients/businesses willing to pay $5,000 a year for our services, and 2 larger businesses willing to pay $8,000. A visualization based on our assumptions is displayed below in figure 5-5: Figure 5-5: Revenue Derivation
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    35 5.6 Projected IncomeStatement Having derived all our necessary estimates, we can now present our pro forma income statements for the next 3 fiscal years (Figure 5-6). Figure 5-6: 3-Year Income Statement Notes to the Income Statement: *Advertising expenses will be decreased yearly due to diminishing marginal returns, word-of-mouth dispersion, and a general decrease in need. **Utilities & upkeep costs are expected to increase annually as we expand server requirements and energy usage. ***Development expenses for the first year are all application development costs not able to be capitalized on the balance sheet37. Thus, they are expensed as incurred. These costs represent the portion of development that do not add value to the application (Testing, discovery, etc.) 37 "Overview: Capitalization of Software Development Costs." Fingate. Stanford University. Web. 28 May 2015.
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    36 5.6.1 Tax Considerations Asis usual in this industry, in year 1 we can expect to generate negative profits, or a net operating loss (NOL). However, this comes with its benefits; under U.S. generally accepted accounting principles, operating losses in one year offer tax benefits for future years38. The NOL can offset future tax expenses for up to 20 profitable fiscal periods. Projections of pre-tax income for the two subsequent years put us in the 15% tax bracket39. Calculating the appropriate amount of tax expense and deducting the deferred tax asset from the NOL will give us our actually-realizable lower tax expense. Following the principles of conservatism, these tax numbers do not include tax deductions and credits that startups enjoy within the first few years of operations, which will increase our net income even more. 5.7 Growth Potential & Outlook It is pertinent to recognize the potential to expand to other counties, cities, or even states. Costs for expansion would include the logistics of moving capital and setting up in a new location, but the initial application costs and R&D expenses have already been incurred. Ultimately, the potential for gains far out-scales the growth in costs as we tap into new markets and an endless supply of drivers who need parking. Figure 5-7: Stock Market Indexes In terms of non-current financial goals, ParkIt is receptive to the idea of an IPO and eventually going public. The funds would go towards expansion and improvement of our technologies. Outside of a successful initial public offering, an alternative best-case scenario would be an offer to be purchased by tech giants such as Google, Inc. or Facebook, Inc. Source: http://www.davemanuel.com/2009/08/18/in- which-months-does-the-stock-market-typically- perform-the-best/ 38 Scott Drenkard and Richard Borean. "Corporate Net Operating Loss Carryforward and Carryback Provisions by State." Tax Foundation. Tax Foundation, 6 Nov. 2014. Web. 28 May 2015. 39 "Rate Schedule 2001-2014." Rate Schedule 2001-2014. Tax Policy Center. Web. 28 May 2015.
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    37 6.0 Environmental Responsibility 6.1Introduction Operating as a mobile application company results in the bulk of our practices being held in the digital world, which minimizes the physical effect of our business on the environment. Unlike a company that produces a physical product and is thus responsible for the environmental impact of their materials during the production process, ParkIt’s effect on the environment will not be as physically prominent. Moreover, our digital business will not hinder our promise to minimize all environmental impacts our business could have on our surroundings and will strive to work with the environment rather than against it, as seen in Figure 6-1. We will incorporate environmental responsibility into all sectors of our business and advocate for taking steps toward solving current environmental issues. Furthermore, according to a Nielsen study, 55% of consumers are willing to pay additional money for products and services from companies devoted to making a positive environmental and social impact on the world.40 As a result, we will use these findings to our advantage in our company’s operations. 6.2 Climate Change Over the past few decades, attention has been focused on the intensifying global warming issue that the planet is currently struggling with. The exponentially increasing human population has resulted in the rapid release of greenhouse gases (GHGs) through various activities like transportation that involve the burning of fossil fuels (i.e. coal and oil). Once these gasses are emitted as a byproduct of combustion, they are released into the atmosphere where they gather and do not disperse. This layer of gas traps heat inside the atmosphere rather than allowing it to naturally escape into space, as seen in Figure 6-2. Once the heat is unable to escape from our atmosphere, the gasses create a greenhouse effect on our planet and cause our global temperature to rise. Increasing heat levels will have adverse effects on the planet’s climate in immeasurable ways. The ParkIt application will help combat global climate change through its mission to reduce time spent looking for parking spaces and thus reducing greenhouse gas emissions. 40 The Nielsen Company, “Doing Well By Doing Good” (PDF file), downloaded from Nielsen website, http://www.nielsen.com/content/dam/corporate/us/en/reports-downloads/2014%20Reports/global- corporate-social-responsibility-report-june-2014.pdf, accessed May 2015. Figure 6-1. Business Industry Coexisting With a Healthy Planet Source: http://www5.cbia.com/green/article/bank- of-america-earmarks-50-billion-for- environmental-business/
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    38 Figure 6-2. Explanationof Greenhouse Effect Source: http://thehigherlearning.com/2014/10/13/nasa-confirms-that-huge-methane-cloud-in-u-s- southwest-is-real-deal/ 6.3 The Role of Transportation in Air Pollution (Greenhouse Gases) The human population is increasing at an alarming rate, which can be seen in the population of Los Angeles. Recently the Los Angeles population reached ten million people, making it more populous than even some countries.41 With the growing number of people, the amount of cars on the road will increase as well. In the United States, the transportation industry is the second largest producer of greenhouse gas emissions, following only the electricity industry.42 Due to the growing demands for transportation, this industry has shown the greatest increase in greenhouse gas emissions from 1990 to 2012.43 According to the U.S. Environmental Protection Agency (EPA), one strategy to decrease the amount of fossil fuel emissions being released is to simply decrease the amount of time spent engaging in transportation-related activities that result in 41 Brenda Gazzar, “Los Angeles County First in the Nation to 10 Million People,” Los Angeles Daily News, December 12, 2013 42 United States Environmental Protection Agency, “Transportation and Climate,” EPA website, http://www.epa.gov/otaq/climate/basicinfo.htm, accessed May 2015. 43 United States EPA, “Fast Facts U.S. Transportation Sector Greenhouse Gas Emissions 1990-2012” (PDF File), downloaded from EPA website, http://www.epa.gov/otaq/climate/documents/420f15002.pdf, accessed May 2015.
  • 40.
    39 greenhouse gas emissions.44Vehicles are the number one source of greenhouse gas emissions in comparison to all other modes of transportation according to the EPA’s findings, as seen in Figure 6-3. If we can reduce the amount of time spent traveling in cars and thus emitting greenhouse gases, it will be better for the environment because the greenhouse effect will not be contributing to global warming as heavily. Our application will strive to put this strategy into effect. Figure 6-3. Share of U.S. Transportation Sector GHG Emissions by Source Source: http://www.epa.gov/otaq/climate/documents/420f15002.pdf 6.3.1 ParkIt’s Role in Reducing Greenhouse Gas Emissions Our application functions to eliminate superfluous time consumers spend scouring Los Angeles streets to find parking by alerting them as to where the nearest available parking spot is. By shortening the amount of time consumers spend in their cars looking for available parking spaces, we will positively impact the environment through our devotion to reducing greenhouse gas emissions. Decreasing the amount of time consumers spend in the car will limit their vehicle’s greenhouse gas emissions because they will not have to waste gas driving around aimlessly looking for a parking space that may or may not be available in the first place. A study in 2011, found that 28% of Los Angeles drivers spend 11 to 20 minutes looking for parking spaces, which in turn would release about 730 tons of carbon dioxide.45 Combining this information with the new Los Angeles population of 10 million residents, we can approximate that the volume of carbon dioxide emissions would be even higher. If ParkIt can help reduce that number in any way, we will be assured that our company will have helped make positive progress in preserving the environment. 44 United States Environmental Protection Agency, “Transportation and Climate.” 45 Emma Beck, “Smartphone Apps Put Parking Spots at Your Fingertips,” USA Today, March 3, 2013. http://www.usatoday.com/story/news/nation/2013/03/03/mobile-parking-application/1946323/, accessed May 2015. 62% 22% 2% 4% 8% 2% Light Duty Vehicles Medium- and Heavy- Duty Trucks Rail Other Aircraft
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    40 6.4 Company Eco-FriendlyPractices Besides making sure that our product promotes a sustainable environment, our administrative side will ensure that our headquarters incorporates the same values. We will make energy saving substitutions inside the facility and instill green behaviors in our faculty and staff members. Promoting sustainability throughout all sectors of our business will show our customers our devotion to being an environmentally friendly company. 6.4.1 Green Headquarters Our headquarters in Los Angeles will be an environmentally friendly space and make a conscious effort to conserve energy and natural resources. All staff will be required to attend a meeting upon being hired teaching them how to be environmentally conscious while at work. Some of the green practices that will be put into effect are minimizing the time the lights are on, turning computers off when not being used rather than just being put to sleep, and enforcing a recycling program. Through these sustainable practices, ParkIt will minimize our environmental impact. 6.5 Conclusion By promoting a sustainable environment in our application itself and in our administrative practices, we hope to convey our environmental values to the public. Running an environmentally conscious company will lead ParkIt to leaving less of a burden on the planet and will create a positive name for our company in the minds of consumers.
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    41 7.0 Social Responsibility 7.1Introduction Giving back to the community is an important value that we will incorporate into our business. We hope that ParkIt will improve the lives of our target Los Angeles audience through several avenues such as promotion of local business activity, donation to relevant charities, and advocating for community member cooperation. The data collecting company, Nielsen, has released data saying that consumers are willing to reward companies that take their audience into account and work towards giving back to society, as seen in Figure 7-1.46 Thus, we will strive to make ParkIt as socially responsible as possible. Figure 7-1. Change in Percentage of Consumers Willing To Spend More On Socially Responsible Companies Source: http://www.nielsen.com/content/dam/corporate/us/en/reports- downloads/2013%20Reports/Nielsen-Global-Report-Consumers-Who-Care-August-2013.pdf 7.2 Local Economic Benefits In order to promote the local Los Angeles economy, we will give businesses the option to place their name on our map that shows where the available parking spaces are. After paying a fee, the businesses will be able to promote themselves, while we will benefit from earning a profit from their payment. In order for a small-sized company to have their name on our map, they will be charged $5,000 a year; and a medium-sized company will be charged $8,000. Giving businesses the opportunity to reach our audience will help them bring in revenue and stay profitable. 46 The Nielsen Company, “Doing Well By Doing Good” (PDF file), downloaded from Nielsen website, http://www.nielsen.com/content/dam/corporate/us/en/reports-downloads/2013%20Reports/Nielsen- Global-Report-Consumers-Who-Care-August-2013.pdf, accessed May 2015. 42% 43% 44% 45% 46% 47% 48% 49% 50% 51% 2011 2013
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    42 7.3. Philanthropy Organizations thatwork on improving communities and their members are especially important to us. Through money donations, we will strive to give to organizations that seek to make Los Angeles a better community to live in. Once ParkIt begins making a profit after the first year in business, we will begin donating 5% of our net profit to two projects; one of which is making scientific strides to improve roads and the other is working on beautifying Los Angeles and helping the environment. Both transportation and environmental sectors of life are key factors of ParkIt’s core societal values. 7.3.1 Road Improvement Scientific strides are being made by Henk Jonkers at the Delft University of Technology to create concrete that has the ability to eradicate cracks that form in the road over time by infusing bacteria into the cement mixture.47 We want to donate to his project because maintaining road quality would improve the lives of our customers who would use roads in conjunction with ParkIt. 7.3.2 City Plants By planting trees throughout Los Angeles, City Plants works towards making the city a better place to live and improving the environment.48 Increasing the amount of trees in Los Angeles will make it a more aesthetically pleasing place to live and will naturally help purify the air. We would like to see this organization expand and plant many more trees throughout the city. Locals will enjoy the added nature and the environment will benefit from the addition of trees in a major metropolitan city. Figure 7-2. City Plants Logo Exhibits Its Goals Source: http://www.cityplants.org/index.php/about- us-1/about-city-plants 47 Mary Beth Griggs, “This Futuristic Concrete Heals Itself With Built-In Bacteria,” Popular Science, May 20, 2015, http://www.popsci.com/futuristic-concrete-heals-itself-built-bacteria-0, accessed May 2015. 48 City Plants Company, “About City Plants,” City Plants website, http://www.cityplants.org/index.php/about-us-1/about-city-plants, accessed May 2015.
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    43 7.4 Carpooling Campaign Oneissue relating to ParkIt’s function and values is carpooling. If more people carpooled to their destination, this would reduce the vehicles on the road and would save gas, as seen in Figure 7-3. 49Not only would carpooling help reduce greenhouse gas emissions because less gas would be consumed, but ParkIt would benefit from people still needing to use cars. ParkIt will incorporate this concept into the application to promote a sense of community amongst Los Angeles locals by advocating for people to drive together and to promote an environmentally friendly choice. Carpool Statistics Percent of Americans who carpool 10% Percent of traffic that would die down if everyone carpooled once a week 20% Total amount of gas saved yearly by carpooling 85 million gallons Total amount of miles of avoided traffic every year by carpooling 56,000 miles Figure 7-3. Statistics Concerning Carpooling And Its Benefits Source: http://www.statisticbrain.com/carpool-statistics/ 7.4.1 Carpoolworld Partnership In order to promote users to carpool together, we will partner with Carpoolworld API, which is an application program interface that acts as an add-on to any application. Adding this enhancement to ParkIt would not cost our company any money, and would allow users to coordinate with people in the surrounding area to carpool to a similar destination together.50 In ParkIt’s interface, there will be an option to use this feature. 7.5 Conclusion ParkIt values several different aspects of society that will make living in Los Angeles a better place and will improve the lives of our users. Giving back to our community ensures customers will take pride in using ParkIt and society will benefit as a result of our business. 49 “Carpool Statistics,” 2014 Statistic Brain Research Institute, http://www.statisticbrain.com/carpool- statistics/, accessed May 2015. 50 Candice McMillan, “Carpoolworld API: Need a Ride to Work? There’s an App for that,” ProgrammableWeb, June 3, 2013, http://www.programmableweb.com/news/carpoolworld-api-need- ride-to-work-theres-app/2013/06/03, accessed May 2015.
  • 45.
    44 Final Remarks The executiveteam at ParkIt has created a thorough plan to ensure our mobile application’s success among Los Angeles users once we gain the necessary funding. After doing extensive research on our audience, competition, and marketing options, we have found a way to make our application stand out above the rest. We used this information to create strategies designed to attract Los Angeles locals and establish our application as a major utility for smartphone users. Shortly after we begin designing ParkIt’s interface, we will focus our attention on advertising in Los Angeles in order to gain users. Marketing ParkIt to the Los Angeles area is key to our success and future growth, so it will be a high priority for us. Although this will be one of our main initial goals, we will also be working to partner with local companies to advertise on our map, so we will have more capital to devote to attracting more users. People in Los Angeles have been struggling to effectively find parking on a day-to-day basis, but with ParkIt their struggles will subside. Finding available parking has been growing tougher with the increasing Los Angeles population, but our application will work to combat this amount of time spent by drivers each day and in return, develop a significant amount of users. In the following years after creating a strong user community, we will expand ParkIt to other major metropolitan cities to make ParkIt a popular smart phone tool that will help drivers all over the country. ParkIt will be a successful business venture based on our analysis of the usefulness of a parking tool in Los Angeles and of competition from existing parking applications. We have coalesced the most successful elements of existing parking applications into our own and used our research to ensure ParkIt’s success. Once we have the necessary funding, parking in Los Angeles and future areas will no longer be a hassle.
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    47 User Interface Screens LoadingMenu Vacancy Locator In-App Purchase
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    48 Meng Ji 6527 ElGreco Rd, apt. 7 Goleta, CA 93117 M: (626)500-6765 meng@umail.ucsb.edu Objective Licensed Real Estate salesperson seeking a fulfilling position an an established realty company that allows me to utilize my negotiation skills and experience. Education University of California, Santa Barbara Bachelor of Arts: Global Studies Graduation: June 2016 Experience International Students Orientation Staff Office of International Students and Scholars, UCSB (2013-2014)  organized group meetings  cooperate with colleagues to conduct events  translate and presents power point to all new coming international students lifeguard Rosemead Park, City of Rosemead (2012-213)  followed professional procedures of lifeguard  prevent violation of pool rules.  practiced First Aid and CPR Skill Highlights  Experience in handling Real Estate transaction  Business Communication  Bilingual ( fluent Chinese)  Proficient in Microsoft Office Leadership External Representative, UCSB Chinese Student Association (2013-2014)  organize weekly group meeting  plan and conduct annual events  attend weekly meetings of International Student's Union (ICON) in LA Swim Team Captian, San Gabriel High Swim Team (2011-2012)  lead daily practice  responsible for competition arrangement
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    49 Alyssa Scott arscott1@sbcglobal.net 818.309.6850 EDUCATION University ofCalifornia, Santa Barbara, Santa Barbara, CA September 2013 – June 2017 ● Bachelor of Arts in Communication, Minor in Education and Jewish Studies WORK EXPERIENCE Business Development Intern, Santa Barbara Hillel, CA October 2014 – Present ● Process donations using an online donation software, manage outreach activities to donors ● Assist in data entry, social media management, event planning/coordinating/staffing ● Provide staff support for special projects as needed Sales Representative: Justice, Thousand Oaks, CA July 2014 – September 2014 ● Responsible for selling products, merchandise, and services in a retail setting ● Responsible for all forms of payment transactions ● Determine seasonal trends and adjust displays as needed Camp Counselor: Camp JCA Shalom, Malibu, CA June 2013 - August 2013 ● Responsible for the health and safety of 15 middle-school aged children 24 hours/day ● Required understanding of child development, first aid, programming, leadership LEADERSHIP AND CAMPUS INVOLVEMENT Sigma Alpha Epsilon Pi April 2014 – Present ● Current President for 2015-2016 term ● Philanthropy Chair for 2015-2016 term ● Pledge Class President of Spring 2014 class Santa Barbara Hillel 2014 - Present ● Vice President of Communications 2015-2016 ● Social Programming Activity Chair 2014-2015 Brawerman Fellow 2013 - Present ● 4-year college scholarship and leadership development program ● 1 of 4 high school seniors chosen from the Los Angeles are for this fellowship, based on academic strength, a deep commitment to leadership, community service and Jewish engagement Bnai Brith Girls-BBYO, Echad BBG #2462 2011 - 2013 ● Board positions: Vice President, Vice President of Membership and Recruitment, Treasurer ● Marketing Chair for the entire Pacific Western Region for the 2012-2013 term SKILLS ● Microsoft Office: Word, PowerPoint, Excel, Outlook ● Familiar with donor management software such as Little Green Light ● Experience in marketing and communication
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    50 ALICIA LEI 6521 CordobaRd. #14 Goleta, CA 93117 | 415-609-6488 | zleialicia@gmail.com EDUCATION University of California, Santa Barbara (UCSB) Expected Graduation Date: June 2016 Bachelor of Arts in Economics/Accounting, and Sociology Cumulative GPA: 3.XX | Accounting GPA: 3.XX | Dean’s Honors List: Fall 2013, Spring 2014, Fall 2014 Relevant Coursework: Corporate Taxation, Income Taxation Member: Accounting Association Awards: UCEAP Economics Scholarship, Accounting Association Junior Scholastic Award EXPERIENCE Economics Department, UC Santa Barbara, Teaching Assistant/Tutor June 2014 – Present  Lead undergraduate accounting discussion sections to assist students in learning course objectives  Maintain weekly office hours to provide clarification on classroom concepts and coursework  Prepare handouts and review material to support students’ understanding and success  Work with professor and other teaching assistants to proctor students during examinations Economics Department, UC Santa Barbara, Grader/Reader April 2014 – Present  Grade assignments, projects, and examinations for assigned course in a fair and timely manner  Input students’ scores onto Excel spreadsheet to properly organize and maintain information Cantrell, Harris & Associates, San Francisco, CA, Accountant Assistant/Receptionist Intern Summer 2012  Processed invoices and checks through company’s records using electronic software  Arranged invoices and bills for filing while achieving proper documentation procedures  Observed financial statements for various properties managed by the company  Scheduled meetings with maintenance companies for property tours and other services PROJECTS The Great GASB, PwC Tax Challenge – Case Competition Fall 2013  Conducted research on current impacts of fuel efficient vehicles on government funds  Collaborated with 3 fellow students to develop a series of proposals to aid lost tax revenue  Organized ideas into PowerPoint to present to public accounting professionals COMMUNITY INVOLVEMENT Volunteer Income Tax Assistance, UC Santa Barbara, Secretary, Site Coordinator 2015 Tax Season  Provided quality reviews on completed returns to ensure completeness and accuracy of preparations  Communicated information to volunteers regarding club certification requirements and services  Scheduled locations to provide tax services and all appointments for prospective clients Volunteer Income Tax Assistance, UC Santa Barbara, Preparer 2014 Tax Season  Interviewed clients to determine filing status, potential claims, deductions, and credits  Prepared and submitted income tax returns using electronic filing software provided by the IRS  Explained step-by-step the return preparation process to taxpayers and addressed concerns SKILLS  Computer: Microsoft Office, Adobe Photoshop, Adobe Lightroom, and Sony Vegas
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    51 Alexa Dickinson 6525 PicassoRd Goleta, CA 93117 425-681-2671 dickinson.alexa@gmail.com EDUCATION University of California, Santa Barbara June 2017 Bachelor of Arts, Communication Cumulative GPA: 3.XX, Honors Program Deans list Spring and Fall 2014 EXPERIENCE Career Peer, Career Services at UCSB September 2014-Present  Work with outreach team to promote services on campus  Advise students in initial steps of career planning  Conduct workshops for groups of 10-30 students  Assist in the recruiting, interviewing, and hiring process for this position  Create marketing strategies to inform students of events Vice President of Organization, Kappa Kappa Gamma January 2015-Present  Conduct weekly reports and surveys to track membership satisfaction  Create goals to improve the chapter’s public relations on campus  Communicate frequently with chapter, officers, advisors, and community members  Maintain online calendar system for 140 members with 100% registration rate  Track and create leadership plans for 18 officers  Manage a yearly calendar with over 20 events per month Recording Secretary, Kappa Kappa Gamma January 2014-December 2014  Updated and improved attendance and online communication systems  Managed and tracked attendance for over 50 events per quarter  Prepared thorough minutes for all council and chapter meetings  Presented and updated the chapter bylaws and standing rules Campus Aide, Pacific Science Center June 2014-August 2014  Managed inventory for over 25 different programs  Ran and coordinated an after-care service for 10-30 children  Acted as an assistant for over 15 teachers simultaneously SKILLS  Computer skills: familiar with Microsoft Excel, Adobe InDesign, and Photoshop  Limited Proficiency in Spanish
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    52 Justin Deng 6750 ElColegio Road, Apt. # 215 Dengjustin94@gmail.com Goleta, CA 93117 (510)-755-9130 EDUCATION University of California, Santa Barbara (UCSB) Graduation Year: 2016 Bachelor of Arts, Economics & Accounting CPA Eligible Upon Graduation Strategic Business Certificate Program:  Accounting Ethics: Ethical Management Technology Management Program:  Business Strategy: Leadership & Management Principles Yonsei University: Seoul, South Korea - Summer UCEAP June 2014 – Aug. 2014  Finance: Investment Management EXPERIENCE Residence Hall Peer Review Board, UCSB Oct. 2013 – March 2014  Collaborated with other members in a team to review conduct cases  Listened to and questioned peers involved in cases to ascertain the relevant facts  Informed students about university safety policies and administered sanctions St. Vincent de Paul Society Food Bank, Fremont 2009 – 2013  Assisted in serving food to the local community  Connected with visitors and regular guests on a weekly basis  Worked diligently to ensure that all of the guests’ needs were met quickly Projects EY 2014 Case Competition: Beam Abroad, UCSB Feb. 2014  Determined as a team that an intangible-asset model was the best method of accounting for cap and trade programs  Discussed with and sought feedback from an assigned mentor  Won first place at UCSB (Beam Team) and advanced to present at nationals in San Francisco PwC 2013 Case Competition: xTax, UCSB Nov. 2013  Analyzed the issues of a city’s revenue problem in a team environment  Developed potential solutions and alternative projects to remedy an unbalanced budget  Presented ideas professionally in front of a panel of PwC judges Membership Management Consulting Group, UCSB April 2015 – Present Accounting Association, UCSB Sept. 2012 – Present INTERESTS & ATTRIBUTES  Comfortable with Microsoft Excel, Word, and PowerPoint  Programming Experience: Java, Python  Aviation and watch enthusiast, reading a good book, having meaningful and thoughtful conversations about life and current events, watching movies, and learning about others
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    53 Rachel Saranow 6591 CordobaRoad, Unit #4 Isla Vista, California, 93117, United States (818)-438-7122 rlsaranow@gmail.com EDUCATION University of California, Santa Barbara, California Economics/Math Major, Bachelor of Arts Degree, June 2017 • Honors Program • Current GPA: 3.XX • National Society of Collegiate Scholars Member WORK EXPERIENCE THE COFFEE BEAN & TEA LEAF, Goleta, California Barista, May 2014 - October 2014 • Interacted and engaged with customers to provide information on menu items • Prepared hot and cold beverages, such as coffee, espresso drinks, blended coffees, or teas • Processed customer payments and tendered change • Helped create a thriving team environment SELF-EMPLOYED, Calabasas, California Freelance Photographer, June 2013 - August 2013 • Take photographs of individuals, families, and small groups on location • Work with clients to select best photographs, and edit for final printing AWARDS AND HONORS • California Scholarship Federation, 2009 - 2013 • AP Scholar with Honor Award, 2013 ADDITIONAL SKILLS • Eager to learn • Ability to communicate with others well • Team player • Friendly • Pays attention to detail • Ability to perform math operations • Strong sense of accountability and motivation to get work done • Proficient with Microsoft Word, Excel, PowerPoint, and Adobe Photoshop
  • 55.
    54 References “Carpool Statistics,” 2014Statistic Brain Research Institute, http://www.statisticbrain.com/carpool-statistics/, accessed May 2015. "Financial Accounting." Internal Controls. University of Washington. Web. 28 May 2015. “Los Angeles Number of Vehicles Per Household”, CLSearch.com, http://www.clrsearch.com/Los-Angeles-Demographics/CA/Number-of-Vehicles- per-Household “Managing Employees,” U.S. Small Business administration, n.d., https://www.sba.gov/content/managing-employees, accessed May 2015. “Number of smartphone users in the U.S.” Statista website, www.statista.com/statistics/201182/forecast-of-smartphone-users-in-the-us/ "Overview: Capitalization of Software Development Costs." Fingate. Stanford University. Web. 28 May 2015. “Parker by Streetline,” Streetline website, http://www.streetline.com/find- parking/parker-mobile/ “Principal Means of Transportation to Work,” Los Angeles Almanac website, http://www.laalmanac.com/transport/tr19.htm "Rate Schedule 2001-2014." Rate Schedule 2001-2014. Tax Policy Center. Web. 28 May 2015. “State and County QuickFacts,” United States Census Bureau website, http://quickfacts.census.gov/qfd/states/06/06037.html. “Vehicle Registrations,” Los Angeles Almanac website, http://www.laalmanac.com/transport/tr02.htm “What is LA Express Park?” LA Express Park Website, http://www.laexpresspark.org/about-la-expresspark/ "X8-M - 3DRobotics Inc." X8-M - 3DRobotics Inc. 3DR. Web. 28 May 2015. Alyson Shontell, "Most Startup Founders Pay Themselves This Totally Reasonable Salary." Inc.com. Inc, 29 May 2014. Web. 28 May 2015. Bernard Kohan, and Joseph Montanez. "Apple IPhone IOS App Development, Android
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