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GPS-U Business Plan
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GPS-University (GPS-U)
Social Venture Feasibility Study
May 5, 2014
Team Members: Steve Magilton
Brad Imming
Hyung-Jun Kim
Manish Masthi
Harsh Tulsiani
Contact: GPS-University
219 South Sparks St.
State College, PA 16801
717-855-3180
GPSUniversity@Gmail.com
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About the Authors
Steve MaGilton
Address: 219 South Sparks Street
State College, Pa 16801
Phone: (717) 855 – 3180
Email: stephenmagilton@gmail.com
Manish Masthi
Address: 232 West College Ave.
State College, Pa 16801
Phone: (267) 261 - 5320
Email: manishmasthi@gmail.com
Brad Imming
Address: 255 East Beaver Ave.
State College, Pa 16801
Phone: (610) 613 - 2257
Email: brad.t.imming@gmail.com
Hyung – Jun Kim
Address: 880 Toftrees Ave
State College, Pa 16803
Phone: (215) 859 - 0016
Email: hkim0493@gmail.com
Harsh Tulsiani
Address: 232 West College Ave.
State College, Pa 16801
Phone: (814) 777 - 8166
Email: manishmasthi@gmail.com
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Table of Contents
About the Authors................................................................................................................................. 2
1.0 Executive Summary.................................................................................................................. 5
1.1 Organization and Business................................................................................................................5
1.2 Product/ Service and Competitive Advantage..................................................................................5
1.3 Customer Demand for Product.........................................................................................................5
1.4 Financials...........................................................................................................................................5
1.5 Founding Team .................................................................................................................................5
2.0 Business Concept....................................................................................................................... 6
3.0 Product Description................................................................................................................. 6
3.1 GPS-U Description.............................................................................................................................6
3.2 Features and Benefits of GPS-U........................................................................................................6
3.3 Superiority to Competitors ...............................................................................................................7
3.4 Intellectual Property .........................................................................................................................7
3.5 Liabilities/Weaknesses......................................................................................................................7
3.6 Additional Information......................................................................................................................8
4.0 Industry Analysis ...................................................................................................................... 9
4.1 Industry Category..............................................................................................................................9
4.2 Patterns and Trends..........................................................................................................................9
4.3 Major Competitors..........................................................................................................................10
4.4 Size of Industry and Growth Potential............................................................................................10
Section 5.0 Market/Consumer Analysis......................................................................................11
5.1 Target Customers............................................................................................................................11
5.2 Strength and Weakness of Product ................................................................................................11
5.3 Differentiation from Competitors...................................................................................................11
5.4 Competitors ....................................................................................................................................12
5.4.1 Competition for User Market Share........................................................................................12
5.4.2 Competition for Customer Market Share................................................................................13
5.5 Target market..................................................................................................................................13
5.6 Motivation of Customer Purchase Decisions..................................................................................14
5.7 Market Penetration.........................................................................................................................15
5.8 Additional Information....................................................................................................................16
6.0 Founding Team ........................................................................................................................16
6.1 Founding Members.........................................................................................................................16
6.2 Company Organization....................................................................................................................16
6.3 Company Name...............................................................................................................................16
6.4 Overall Strategy and Goals..............................................................................................................17
Section 7.0 Sales Strategy.................................................................................................................18
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7.1 Distribution and Sale.......................................................................................................................18
7.2 Communication with Customers ....................................................................................................18
7.3 Reaching Target Consumers and Customers ..................................................................................18
7.4 Sales Strategy Costs ........................................................................................................................18
8.0 Financial Plan...........................................................................................................................19
8.1 Customer Charge ............................................................................................................................19
8.2 Volume of Sales...............................................................................................................................19
8.3 Application and Mapping Cost........................................................................................................19
8.4 Pro Forma Income Statement.........................................................................................................20
8.4.1 Expected Revenues..................................................................................................................20
8.4.2 Variable Costs/ COGs ..............................................................................................................20
8.4.3 Fixed Costs...............................................................................................................................20
8.4.4 EBIT (Earnings Before Interest and Taxes) ..............................................................................20
8.4.4 Cumulative Profit and Loss (P&L)............................................................................................20
8.5 Pro Forma Cash Flow for First Year.................................................................................................20
8.5.1 Monthly Sales..........................................................................................................................20
8.5.2 Up-Front Cash .........................................................................................................................20
8.5.3 Cost of Goods Sold...................................................................................................................20
8.5.4 Fixed Costs...............................................................................................................................21
8.5.5 Net Flow ..................................................................................................................................21
8.5.6 What is the running cash balance?.........................................................................................21
8.5.7 What is the cumulative cash balance?....................................................................................21
8.6 Initial Investment Required ............................................................................................................21
8.7 Break Even Point.............................................................................................................................21
8.8 Decision to Proceed ........................................................................................................................21
8.9 What other information do you need for your financial projections? ...........................................21
9.0 Feasibility...................................................................................................................................22
9.1 Decision...........................................................................................................................................22
9.2 Strengths and Weaknesses.............................................................................................................22
Works Cited...........................................................................................................................................23
Appendix ................................................................................................................................................25
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1.0 Executive Summary
1.1 Organization and Business
GPS-U is a navigational mobile application for universities across the country that is
focused on niche markets. The navigational system will be for students walking to class that
want to take the shortest route possible through parking lots, grass lawns, buildings, and on
unmarked paths. By connecting GPS-U to the CATA App, students will know exactly when to
leave their location to catch the bus and walk to class. This will be considered the mobile
application industry but more specifically social media, lifestyle, and navigation. Revenue for the
business will be generated solely from advertisements on a cost per click (CPC) basis and banner
ads.
1.2 Product/ Service and Competitive Advantage
It is unique because it will show very specific, regional parts of a city that larger
navigational maps do not show; including tailgate spots at football games, labeled outdoor
intramural fields, apartment buildings, and building details. Each building will have exits,
computer labs, and bathrooms labeled. Features that make this app fun to use and help spread it
virally include Rate My Bathroom and Friend Finder
1.3 Customer Demand for Product
Our target market is separated between users and customers. The customers will be local
businesses that purchase advertising space for CPC rate of $1.50. Businesses will pay this
because it will leave a free impression on 98% of the users that are in their target
market. Businesses will also want access to the demographic information Facebook collects
when each person signs into his or her Facebook account while using the app. GPS-U customers
will advertise to users when they are four blocks away from their business for local ads, and
customers will purchase banner ads for $100/month that are shown regardless of location. The
app will be a free download on all the mainstream mobile application stores like App Store,
Marketplace, and Google Play that students, visitors, alumni, and staff can access. The users will
be anyone within walking distance of the university. Users will download this app to find their
friends, locations on campus, and the path of least distance to their destination (Wendle 2014).
1.4 Financials
The cost to make the initial app in State College, Pennsylvania will cost about $371,887.
This includes the $362,887 initial cost to fully engineer an app this big (Example). This fixed
cost will lessen by adding additional maps to the app. Each university will require a civil
engineer to map out the layout of the campus and buildings. Other costs include App Store Fees,
lawyer fees and office rent and utilities.
1.5 Founding Team
The founding team that formulated the idea for GPS-U consists of Brad Imming, Steve
MaGilton, Hyung Jun Kim, Manish Masthi and Harsh Tulsiani.
Steve MaGilton is the CFO and founder of GPS-U. Steve has entrepreneurial experience
writing business plans for two different companies he has started: Student Painters and 24/7
College Helpers. Innovation, vision, and leadership are just three talents that the young CFO
has to guide the team towards a profitable future.
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Manish is the head of Research and Development for GPS-U. He is currently a senior
pursuing a degree in Mechanical Engineering at The Pennsylvania State University. His
considerable amount of experience in various programming languages including Java, C, and
MATLAB make him suitable for the role. Manish also worked as an intern in 3M for 3 months
giving him experience in engineering design. This will enable him to assist in not only
developing the mapping technology but to also facilitate updates and improvements.
Brad Imming is the Director of Marketing and Sales. Currently, he is pursuing a degree in
Advertising with a Business and Liberal Arts minor. Brad has completed two account
management internships in the advertising industry, where his duties included strategic planning
for client’s social media accounts.
Hyung-Jun Kim is the CEO because of his extensive corporate experience. He is
currently working towards a Business Management degree, with a focus in International
Business. He has had real corporate work experience in HR, Management, and IT support from 2
years of internships with an IT Consulting Firm.
Harsh Tulsiani is the COO. With his mechanical engineering skills he will be able to
manage deadlines and customers and at the same time be able to come up with new ideas to add
to the product.
2.0 Business Concept
GPS-U is a free Android and IOS application on mobile devices that enable college
students to find campus buildings, offices, local bars and stores, tailgate parking spaces,
apartment buildings, etc. in the most efficient way. It will be different than any other GPS
application because it will focus on unmarked paths rather than major roadways.
It will also be financially profitable due to advertising from local businesses. In order for the app
to spread virally, interactive features like Rate My Bathroom and Friend Finder will make
college students want to use it multiple times a day!
3.0 Product Description
3.1 GPS-U Description
Our product is a navigational app that helps college students can find: campus buildings,
apartment buildings, stores/businesses, dorms, fraternities/sororities, dining halls, restaurants,
bars, tailgate areas, IM fields, banks, ATMs, libraries, parking, CAPS, University Health
Services, emergency services, health/fitness facilities, parks, and CATA bus routes.
When downloaded, a student can type in the search bar a name of a building on the map
and find the quickest route to walk or take the bus. It will navigate you through unmarked paths
that are paved or unpaved, listed or unlisted as labeled roads owned by the township. GPS-U is
not meant for vehicular navigation; as a result it will not contain driving directions. Lastly, GPS-
U will not be an app users have to pay for.
3.2 Features and Benefits of GPS-U
Our product is unique because there is not an app to navigate to class. Universities are
large enough that people need maps, but small enough that cars are cumbersome to use. GPS-U
is unique because it shows the quickest routes to various parts of the campus by walking. It will
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feature directions to the locations listed in section 3.1. Students will benefit by using a mobile
app that knows where you are rather than using a paper map or stationary podium maps located
around campus. Other accessories for the app include a Rate My Bathroom feature to rank the
cleanliness of on campus restrooms. Also, GPS-U will feature a Friend Finder tool that sends a
navigational coordinate of your location to anyone in your contact list. The app will be synced
with the CATA bus route app and Facebook to increase its viral spread among students and the
ability for business to access demographic information.
3.3 Superiority to Competitors
Our product is superior to paper maps because they don’t show your current
location. The podium maps around campus do not show businesses, bars, and apartment
complexes downtown. Also, students have to find where these podiums are located around
campus to even use them. People have to use a map to find a map, which is redundant. Lastly,
podium maps only show the university buildings that are located near the podium so people have
to be close to the building they are looking for in order for it to be remotely effective.
GPS-U is different than Google Maps, Apple maps, Waze, and other mobile navigation
applications because it is focused on niche markets. The larger navigation apps are used
primarily for vehicular transportation during long travels. This navigational map will be detailed
to individual cities and universities to show where shops, bars, apartments, buildings, etc. are
exactly located and shown with a bird’s eye view of the
labeled buildings. The buildings will also include all
bathrooms, exits, and computer labs on each floor as
shown in figure 1.
The features that are the same as Google Maps
are the local government labeled roads, campus
buildings, and stores/businesses. Our app will be
superior because it will include locations that other
navigation applications neglect such as, tailgate parking
spots and on campus parking. Other differences
between GPS-U and larger mobile apps include a Rate
My Bathroom and Friend Finder feature that makes it
superior to any competition.
3.4 Intellectual Property
The mobile app will be an original work of authorship and subject to copyright protection
like any other original expression. Nothing has to be done for this protection to apply to the app
because once an author creates original work it is automatically copyrighted. The app will be
registered with the US Copyright Office to enable the authors to sue for copyright
infringement. In order to avoid intellectual property lawsuits from the navigational app
competitors, civil engineers at each university will create the map on GPS-U. This will add to the
expenses but avoid violating the law.
3.5 Liabilities/Weaknesses
There are numerous liabilities that users could try and sue GPS-U for. For example, if
the GPS says to cut through a parking lot on campus to quickly get to the HUB and a car hits a
student, the student could try and sue GPS-U for navigating through a parking lot. The tedious
Figure 1
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liabilities are endless and a contract of use agreement needs to be approved before opening the
application. This will cover most of the incidents that are caused by the user.
A weakness that GPS-U has is its inefficient scalability. The app cannot be created in
State College and scaled across the country because its navigation is focused on niche markets.
GPS-U would have to travel to various cities and universities to create the navigational system
that is unique to individual campuses. Another weakness is that it is limited to primarily walking
and biking. Another weakness is that the app does not work well with vehicular transportation.
3.6 Additional Information
The app will ask for Facebook login information when you first open the
application. Next, a user will select the university that they desire from the dropdown list of
maps that GPS-U has made. Finally, the main home screen will display a two-dimensional
bird’s eye view of the user’s current location with a pin indicating where they are currently
standing. The app will be the same for every university with different maps uploaded and
labeled. Above the map display will be a search bar users can type a desired location in. A drop
down box will come up after the first letter is typed. The prototypes of the first three pages are
shown below in figure 2, respectfully.
Figure 2
Once a destination is set, an arrow will show the user which direction to travel on the
map. Each building will be labeled with its name, type of building (bar, classroom, dining hall,
etc.) exits, bathrooms, and
computer labs. By clicking on the
building, users will be able to see
the outline shape of the
construction as it expands to full
screen. Swiping the screen over
will show each floor level since
Figure 3
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most of the buildings have multiple levels. This is represented in figure 3.
The Rate My Bathroom feature can be accessed when a user clicks on a toilet icon in one
of the campus buildings. A simple five star rating with the number of votes in a time period will
be displayed and an option to cast individual bathroom ratings. Users can choose their bathroom
of choice by the cleanliness of the facilities.
The Friend Finder feature will allow a user to double
click on their location icon. This will bring up a message
document that a user can send coordinate points to a friend in
their contact list. The friend will then receive a message with
a link to open the app. The two friends will be able to view
each other’s location if a mutual agreement is made. “Where
are you?” will no longer be a question to ask over a phone
call. The way the Friend Finder feature will look on a user’s
screen is shown in figure 4.
4.0 Industry Analysis
4.1 Industry Category
The industry that GPS-U will be competing in will be the fast growing mobile application
industry. Since GPS-U is a free downloadable app, it puts them in a wide field of competition
because in recent times, application developers have emerged from everywhere.
Over the next five years, the downloading of paid applications will see a decrease. As an
increasing number of mobile applications are offered for free, the average app price is expected
to fall, pressuring profit margins. This trend creates serious competition for the future of the
industry. Although GPS-U is a very specific application, the probability of a superior application
being created is still relatively high due to the saturation in industry. The rise of free apps is
expected to put pressure on industry profit and increase the already high competition.
Nevertheless, revenue is expected to continue increasing, though at a slower rate of 27.8% in
2014, as developers find creative ways to increase their revenue and estimate their customers'
willingness to pay for extra features (Kahn).
GPS-U also has a stake in the advertising industry because the main source of revenue
will be generated from local businesses’ advertisements. Mobile advertising is expected to boom
in 2014, with mobile ad spending set to reach $20.3 billion. According to this trend, GPS-U can
launch and becomes a success that instantly creates profitability with the potential for growth.
The central focus is advertising the local businesses around State College because this is an on-
foot navigation application for students.
4.2 Patterns and Trends
Currently, the application industry is segmented into these broad categories. Games own
a majority of the industry with 14.1% market share, followed by entertainment apps (11.1%), and
tools and productivity (13.2%). The segment that GPS-U is focusing on is the lifestyle and social
app market, as well as navigational apps, which are included in the “Other” segment shown in
figure 5.
Figure 4
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Lifestyle apps are forecasted to account for 4.8% of industry revenue in 2014. Apps in
this segment include online shopping apps such as Amazon and eBay, retail coupons from
companies such as Groupon, and real estate browsers/ dating services. GPS-U will show offers
that local business have during a specific time and as students walk passed these establishments
the discount will pop up as a notification. This will be explained later.
Additionally, social apps are expected to account for 2.9% of industry revenue in 2014.
This includes apps for popular social networks such as Facebook, Twitter, Pinterest and
specialized messaging apps. Since GPS-U will include a social media aspect to its interface, they
are also considered a part of this segment. Over
the past five years, lifestyle and social apps have
remained steady as a portion of revenue. From
2009-2014, consumers have spent more time
using mobile apps to shop and have increasingly
browsed social media through smartphone
applications. As a result, the amount of time spent
on these apps by individuals is high; however,
these apps are typically created by the company
and updated periodically to ensure usability in
order to maximize advertising revenue. Therefore,
there is little room for other app developers to create apps that can directly compete with major
social networks, and instead, developers look to create apps that are compatible with them.
4.3 Major Competitors
GPS-U will be entering very competitive industries where current companies already
have a strong foothold. Where GPS-U will focus on is the advertising industry, initially working
with local State College businesses to advertise through our app. Currently, lifestyle applications
such as Order-Up, GrubHub, Yelp, and Groupon work with companies to offer discounts and
sales to users. This is just one function that will be incorporated in our application. Since
students are always looking for discounts, this function will prove to be very worthwhile for
users and give a reason for them to use the app again. The team also explored other options of
advertising such as Yellowbook and found that the return on investment and cost of advertising
with Yellowbook is a much more expensive option than mobile advertising. The cost of an
advertisement with Yellowbook is approximately $4000 per year (Lewis). There is also risk
involved with this type of investment because consumers will only look for the business if it is
searching for it unlike mobile advertising that can always be seen.
There are also competitors in the navigational industry from large-scale companies such
as Google Maps. What GPS-U offers is the convenience and the detailed navigation system
made specifically for select campuses.
4.4 Size of Industry and Growth Potential
The application industry is currently one of the biggest and most competitive industries at
the technological standpoint. Although the barrier to entry is very low, the potential to grow is
more dependent on the innovation of the product and the popularity it has with users. The mobile
app industry has a very volatile market because revenue is directly generated from the user’s
interaction with the application. The past five years have been generous to smartphone app
Figure 5
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developers, with industry revenue growing at a strong 49.8%, to reach an estimated $9.7 billion
in 2014.
Section 5.0 Market/Consumer Analysis
5.1 Target Customers
The targeted customers are local businesses and the university itself because they are the
ones that will be paying to advertise on the app. GPS-U will generate a free app that most of the
students and residents of Penn State will use daily. The main objective is capturing the eyes of
the user when they use this app and placing an advertisement of a local business in front of them.
Local businesses will be willing to invest some of their money on advertising space on the GPS-
U app if the application captures a considerable target audience. The major problem is that
freshman students do not know businesses downtown. This will solve that problem by showing
them different promotions offered by various businesses.
Some problems users currently face include not knowing the fastest route to talk to class,
the CATA app is not accurate, students are always looking for a clean bathroom, and friends do
not know where their other friend’s exact location is when they meet up. GPS-U will help solve
these problems for the target customers.
5.2 Strength and Weakness of Product
The major strength of GPS-U app is the specificity of its service. There is nothing on the
market that efficiently provides campus navigation. This app will have the ability to harness data
from every user and calculate efficient paths and estimated time of arrivals (ETAs).
Connectivity with other users will also enable the user to see which paths other students
use and which are the most popular. This will allow the user to choose the most suitable path
from multiple options. Giving the user this choice adds to the value of the product. Consumers
are limited due to the nature of the service but an influx of new consumers is guaranteed as new
students enroll in the university every year.
The primary weakness of GPS-U is the fact that users might use it infrequently once they
are familiar with the campus and the paths provided to destinations. This is compounded by the
fact that students have entered their major and scheduled classes that are concentrated in one
section of the campus. By using the app a few times, the memory of the path will build
accordingly and they will no longer need to use the app unless they need to travel to a location
outside of their immediate classes. Therefore the primary target consumer will be limited to
freshmen, sophomores, transfer students, and visitors who are still unfamiliar with the
campus. To manage this risk, features like Friend Finder and Rate My Bathroom will make
users want to use the app for more than navigational purposes. These features will also enable
the app to spread virally across campus because only friends with GPS-U will be able to use the
specialty feature.
5.3 Differentiation from Competitors
By focusing exclusively on campus navigation, GPS-U will be able to differentiate itself
from the competition, as the majority of other services and apps are usually larger map
applications. Services such as Google Maps use some, but not all of the side streets or inner
paths within the university. While providing navigation to a location, it largely restricts itself to
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major roads and paths that increase overall travel time. The final destination is usually based on
the front entrance of the building, which can also significantly increase travel time. GPS-U’s
capability to navigate to different entrances of buildings is a salient and differentiating feature.
Having a Rate My Bathroom feature sets it apart from the rest of the competition. It
allows the user to not only find the nearest bathroom but to also rate the bathroom. All of these
features are integrated within an intuitive and simple user interface. Rather than having to exit
the app to access a service, one app will have links to the services from within the application.
Having a Friend Finder feature will allow students to find their friends that also use the
application.
5.4 Competitors
5.4.1 Competition for User Market Share
The main competitor against GPS-U is Google Maps. Google Maps has over 500 million
downloads from the Google Play Store and is ranked 16th on the iTunes free app download list
(Google Play Store). Even though Google Maps is not primarily a campus navigation app, its
compatibility with different versions of Android for different smartphones and tablets make it the
widest used app. Users of the application use to it for navigating to near as well as distant
locations. Its main selling point is its compatibility and support for updates directly from Google.
Apple Maps, Bing Maps, and MapQuest are other competitors but still do not provide
even remotely close competition to Google Maps. This is clearly evident according to a study
done by the GlobalWeb Index. Google Maps is the most widely used app in the world with 54%
of users accessing it at least once a month as shown in figure 6. Apple Maps, Bing Maps, and
MapQuest did not even crack the top ten trailing applications. Therefore, even though they do
provide a certain limited amount of competition to GPS-U, the primary focus is to provide a
better service than Google Maps. If this is accomplished, then by default GPS-U will be better
than Apple Maps, Bing Maps, and MapQuest.
Figure 6: Statistics show that Google Maps is the most used app in the world (GlobalWebIndex)
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Penn State Campus Map is another competitor although much smaller and inefficient
than Google Maps. It actually uses Google Maps as a source for its maps with an extra layer of
custom coding. Each building has been check pointed within the app so that typing letters gives
suggestions for buildings. However, this app lacks direct navigation to buildings based on
location and path production. This requires the user to decide their own path by viewing their
location and the final location on the screen, which consumes significant amount of time. The
app only has a little over 1000 downloads which is a clear indication of how well it is able to
cater to its consumers (Google Play Store).
5.4.2 Competition for Customer Market Share
Local businesses downtown primarily use flyers, banners, yellow pages, websites, social
media, and newspapers to advertise. Even though advertising agencies are available downtown,
local businesses tend to promote and advertise themselves by their own means. This reduces the
total advertising cost, which is extremely important for small businesses that operate on a very
strict and rigid budget. Although GPS-U has competition from various avenues, social media is
the only method that has a similar form. It is difficult to assess the true competition faced by
GPS-U from social media such as Twitter and Facebook due to lack of information of this
nature. GPS-U does have a distinct advantage over Facebook and Twitter due to the active
notification system based on location. While walking to a destination, students will be alerted of
sales, deals, and other advertisements based on their location.
W&Y Pages is an application on the Google Play Store that some businesses utilize for
advertising. The application has over 1,000,000 downloads on the Google Play Store. It does not
have its own navigation service as it uses Google Maps for location services. There are
interactive tiles on the screen, which allow the user to select exactly what they are looking for
(restaurants, pizza, fast food, banks, etc.). This application does allow businesses to purchase
advertising space similar to the CPC method. GPS-U has a distinct advantage over this
application due to the fact that users will be given advertisement notifications based on location.
W&Y Pages does not have this feature and the only way a user views a business is if they click
on that tile category. Businesses would prefer GPS-U as a means of advertising due to this
advantage.
5.5 Target market
The initial target user is going to be students at the Pennsylvania State University. Once
the app starts to gain momentum and popularity it will be able to expand to include other
universities. The next milestone would be to design maps for other schools in the Big Ten
Conference. This would provide the company with a very large target market.
The target customers will be the local businesses downtown at these universities that will
purchase advertising space on the app.
This gives us a total of about 350,000 undergraduate students who are potential
customers for this product as shown in table 1. Even if the primary user will be freshmen,
sophomores, transfer students, and visitors, it will still account for approximately half of the
initial target of 350,000. These numbers are just considering universities in the Big Ten
Conference. Further expansion down the road could allow expansion to other universities such as
Arizona State University and University of Central Florida with approximately 60,000 and
50,000 undergraduate students respectively (Kingkade).
An analysis was done based on a study done by the National Center for Education
Statistics in 2009. The government provides an excel sheet with data for the top 120 universities
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based on enrollment (nces.ed.gov). Number one on the list was not used in the initial calculation
due to the fact that University of Phoenix has a large number of students that enroll in online
classes, which would skew the results. After adding up the enrollment for each university the
total is about 4.26 million users. As shown in table 2, this is a very large market to expand into.
Table 1: Undergraduate Enrollment In Big Ten (about-colleges.com) Table 2: Enrollment Statistics for Top 120 Schools (NCES)
5.6 Motivation of Customer Purchase Decisions
Our customers will be local businesses in State College that purchase advertising space
on the app. The cost will be based on the amount of impressions and the amount of traffic that
users go onto the websites. As the application gains popularity, GPS-U will be able to charge
higher rates for advertising.
For the customers, the main determining factor of how much money they will be willing
to invest on advertising on our app is dependent on the outreach capability of the application.
Most of the town’s businesses are in walking distance; therefore businesses usually advertise by
their own means. This is achieved through handing out flyers, coupons, posters, hanging banners,
and forms of social media. The cost per click mechanism will provide a much more efficient way
for local businesses to target customers. Since the majority of downloads will be college
students, local businesses can make sure their advertisements tailored to accommodate the
receiver.
The cost per click basis of charging businesses for advertisements is a revolutionary
method of advertising. Based on each individual business’ daily budget, a set number of
advertisements are allocated. There is no binding contract or minimum amount for this type of
advertisement, which makes it appealing to all businesses especially small business. Businesses
will not be charged if their ad is displayed, only if the user actively clicks on the ad which is
linked to either the business website or a drop down within the app that gives location and
contact information.
An automated auction system is used to determine which advertiser gets which spot on
the list when a user performs a search. The advertiser is able to specify the max CPC (cost per
click) they are willing to bid on each click. Bidding price is not the only determinant used to
University Undergrad
Enrollment
Illinois 31,477
Indiana 32,490
Iowa 20,574
Michigan 26,208
Michigan
State
36,290
Minnesota 33,236
Nebraska 18,955
Northwestern 9,555
Penn State 38,630
Purdue 32,500
Wisconsin 29,925
TOTAL 309,840
Range Enrollment
2- 60 2,484,028
61- 120 1,773,224
Total 4,257,252
15. P a g e | 15
allocate spots on the list. The specificity of the user’s word in correlation to the words in an
advertisement also plays a role. This gives the advertiser considerable amount of freedom to
change the advertisement instantaneously.
By logging into their profile and just editing the ad, all successive ads will appear to the
user as the updated version. It will also provide them with detailed data about how their ad is
progressing. Based on the performance of the ad, the advertiser can decide on changes made to
either their bidding price, target location, or wording of their ad as shown in figure 7. This will
also enable the advertiser to decide which set of words has the best relevance to the largest
number of user searches. For example, instead of having Aerobics in an advertisement, it is
better to have Aerobics Studio for Beginners in the ad as it is considerably more specific. Since it
is more specific, it will have a high relevance score and the advertiser’s bidding price will not
have to be as high to get to the top of the list. A combination off all these features will make
GPS-U a suitable advertising tool for local business and enable it to attract them as customers.
Figure 7: This figure does not represent any real set of data. It is just a tool to illustrate how an
advertising customer can track the number of click on their ad.
5.7 Market Penetration
Our main source of market penetration is to aggressively advertise GPS-U at Penn State.
A large-scale advertising campaign can be conducted at the HUB and in various other locations
across campus.
Price reduction is irrelevant in this case since the app is going to be free. Free apps are
able to penetrate the market at a much faster rate than paid apps. Therefore even though GPS-U
does not receive funds from app purchases, it will be able to reach a wider audience and bump up
advertising on the app.
This app can be advertised at the “Be Apart From the Start” event at the beginning of the
school year. This event is held in Rec Hall and will enable the product to target all 8,000
16. P a g e | 16
incoming freshman at Penn State. To advertise to downtown businesses, the team will schedule
meetings with the business owners or advertising representatives that will advertise on the app.
5.8 Additional Information
Information required from the market and customers would be related to the frequency of
which they use navigation apps on campus. This way the team will be able to see the usage of
freshmen compared to that of a junior or senior. Data of this nature cannot be obtained until the
application is up and running for a few months.
6.0 Founding Team
6.1 Founding Members
The founding team that formulated the idea for GPS-U consists of Steve MaGilton,
Manish Masthi, Brad Imming, Hyung Jun Kim, and Harsh Tulsiani.
Steve MaGilton is the CFO and founder of GPS-U. Steve has entrepreneurial experience
writing business plans for two different companies he has started including Student Painters and
24/7 College Helpers. Innovation, vision, and leadership are just three talents that the young
CFO has to guide the team towards a profitable future.
Manish is the head of Research and Development for GPS-U. He is currently a senior
pursuing a degree in Mechanical Engineering at The Pennsylvania State University. His
considerable amount of experience in various programming languages including Java, C, and
MATLAB make him suitable for the role. Manish also worked as an intern in 3M for 3 months
giving him experience in engineering design. This will enable him to assist in not only
developing the mapping technology but to also facilitate updates and improvements.
Brad Imming is the Director of Marketing and Sales. Currently, he is pursuing a degree in
Advertising with a Business and Liberal Arts minor. Brad has completed two account
management internships in the advertising industry, where his duties included strategic planning
for client’s social media accounts.
Hyung-Jun Kim is the CEO because of his extensive corporate experience. He is
currently working towards a Business Management degree, with a focus in International
Business. He has had real corporate work experience in HR, Management, and IT support from 2
years of internships with an IT Consulting Firm.
Harsh Tulsiani is the COO. With his mechanical engineering skills, he will be able to
manage deadlines and customers and at the same time is able to come up with new ideas to add
to the product.
6.2 Company Organization
GPS-U is a partnership. A partnership would be the best agreement since it allows any of
the founding members to leave the company whenever they want with partnership compensation.
Finally, a partnership is the best option because as new partners are added to the firm, they can
easily be integrated into the partnership.
6.3 Company Name
17. P a g e | 17
The name of our company is GPS-U. It is a company that is still in the development
stages and still has a lot of planning to do. They will eventually make it a legitimate company
after the founding team decides that the research, partnership agreements and other paperwork
are all in order. The company name does not currently exist. Since Penn State Students are
creating this, the app name has a subliminal message that says PSU. The “U” actually stands for
University since it will be a universal app for all universities.
6.4 Overall Strategy and Goals
The overall strategy of GPS-U is to make
everyone at each university know about the app. A
survey conducted at the Pennsylvania State
University concluded that 90% of students would
download the app as shown in figure 6. The
strategy is to make students aware that this
technology is available. Making a free app for a
target market that primarily has smart phones has
reduced the risk for low popularity. The main
reason students would not download the app is if
they did not know it existed.
In order to reach maximum revenue and keep up with changing technology, GPS-U will
have to rapidly spread across the country as fast as the app spreads within universities. By the
end of the fifth year, 100 of the largest universities in the United States will be using the app.
After this accomplishment, international universities would be the next target market. At this
point, an acquisition would be likely. Creating a joint venture with another company to enhance
the product will allow GPS-U to increase market share. The best case for the founding team
would to have a larger company like Google or Facebook buy the business.
After the main goal of maximizing student downloads, impressions will increase per
person. If impressions are high, local businesses will have a larger incentive to purchase
advertising space on the mobile app since it would be targeting a large percentage of their target
market.
The founding team is a group of Penn State students that want to solve a problem and
help peers avoid the same mistakes they made as new students unfamiliar with the campus
layout. With the boom in smart phone usage, creating a free detailed map superior to any
navigational app will solve the problem people have when walking around large universities.
GPS-U is made by students and for students making it a greater connection between the founding
team and the app user. Lastly, the founding team has the passion and motivation for solving this
problem because it is more than a business venture; they are solving their own problem in an
entrepreneurial way.
Figure 8
18. P a g e | 18
Section 7.0 Sales Strategy
7.1 Distribution and Sale
Since this product is a mobile application, it will be distributed over the Apple App Store,
Google Play Store, and Microsoft Store. The consumer will be able to download GPS-U for free.
As the head of marketing, Brad Imming is in charge of selling advertising space to local
businesses. During the first year, he will be in charge of making calls to local businesses in State
College. When he is not communicating with businesses in State College, Brad will research
future markets (other Big Ten schools) and build prospective client lists and develop advertising
campaigns.
7.2 Communication with Customers
The primary channel of communication will be social media. With accounts on all major
social media platforms, such as Twitter, Facebook, and Google+, it will geo-target messages to
individual college campuses to inform students of the services. The team will also place
advertisements in buildings on each campus. They will also utilize the corkboards in the halls,
classrooms, and in bathrooms. GPS-U will also use guerilla-advertising techniques by writing
messages on classroom chalkboards before lectures. This will be most effective early in the year
when messages saying: “Need directions to your next class? Download GPS-U to get you there
the quickest way possible!” can be written. Another message could read “Late for class? Try the
GPS-U app and maybe next time you’ll make it in time!”
If the team is able to acquire permission from Penn State, they will also use ambient
advertising techniques to promote the Rate My Bathroom feature. One idea is to place a toilet on
the Old Main lawn, or in front of the Thomas building, with a sign “IN CASE OF
EMERGENCY: Download the GPS-U app to find the closest bathroom on campus!” Not only
will people passing by see the message, it will also drive viral social media posts.
Communicating with local businesses will be executed over e-mail, phone and through in person
meetings.
7.3 Reaching Target Consumers and Customers
Consumers will learn of GPS-U’s existence through word of mouth and social media
channels. It will convince them to use the product by offering it for free and creating an easy to
use interface that will help students navigate between classes the quickest route possible. The
Rate My Bathroom feature will set it apart from the competition and entice consumers to
continue using the app.
Customers will learn about the company via e-mail, phone call or through in person
meetings. They will be convinced to advertise with GPS-U because of the competitive pricing
and high user base.
7.4 Sales Strategy Costs
For the most part, the social media promotion and ambient advertisements will be free of
charge. Targeting posts on social media channels to certain demographics will have low costs
involved. For example, the average cost per 1,000 impressions on Facebook is $0.25. Facebook
even allows customers to target college campuses. This will also incur costs related to printing
promotional materials. Promotional materials include posters, flyers, and stickers.
19. P a g e | 19
8.0 Financial Plan
8.1 Customer Charge
The local businesses will be the customers because they are the ones who will be
purchasing advertising space on the app. The end user of this product will be students and staff at
Penn State and they will download the app for free. The price local businesses pay for
advertising space will be based on cost per click, much like Google and Facebook. Each click
will take the user to the business’s exact location and pop up when the user is within four blocks
of the establishment. The cost per click will be set at $1.50 and advertising will be free unless a
user clicks on the advertising. Every local business will have an opportunity to have advertising
space at each university. The other method of advertising is banner ads. Banner ads will cost
$100 per month for each business. With 50 businesses in each university town placing this type
of advertisement on GPS-U, a constant yearly revenue stream will be $60,000 per university.
8.2 Volume of Sales
GPS-U expects to have 25% of each university
download the free app. Out of the 25% that download
it, 50% will use it 3 times a day for the first 2 weeks
of classes in the beginning of each semester. After
that, merely 20% will use the app once a day for the
remaining days in the semester. These percentages
are based off a marketing study conducted at Penn
State to determine student download and usage rate
shown in figure 7. Basing each revenue figure off of
the enrollment at different universities, the team plans
on scaling the app across the country.
The first year, GPS-U will cover the Big Ten Conference. From there, it will expand into
SEC, PAC 12, and MAC in years 2 and 3. In years 4 and 5, GPS-U will finish with the Sun Belt,
ACC, Big East, and Big 12 conferences. The click through rate (CTR) of typical mobile apps
hovers at around 2% of impressions. Local businesses will be willing to pay $1.50 per click
because their business will leave a free impression with 98% of the users. The Facebook login
feature allows businesses to target their demographic market to strategically place
advertisements (Success).
8.3 Application and Mapping Cost
The initial cost of a fully engineered app with the requirements stated above that every
university in the country will be on would cost upwards of $362,887. Each university will need
to be mapped out by civil engineers for about 30% of yearly revenue, which averages about
$22,000. Other large costs include app maintenance (2% Revenue), lawyer fees ($3,000/year),
salaries ($50,000 per person), app store fee ($99/year), employee travel (10% Revenue), office
space ($3,000/month) and marketing (20% revenue).
Figure 9
How Often Would You Use GPS-U?
20. P a g e | 20
8.4 Pro Forma Income Statement
8.4.1 Expected Revenues
Expected revenue for years one through five, are ~$512,000 in year one, ~ $2,400,000 in
year two, ~$4,860,000 in year three, ~$9,150,000 in year four, and ~$18,680,000 in year five.
These values are compounded and include previous revenue for prior years.
8.4.2 Variable Costs/ COGs
Variable costs for each university include civil engineers to map the layout of each
campus. This will be estimated by taking approximately 30% of the revenue that is acquired
from advertising. The average cost to map out each university is $22,000. After the map is laid
out, 2% of revenue will be to maintain the software updates. The other variable costs that
depend on revenue include marketing and travel expenses at 20% and 10%, respectively.
8.4.3 Fixed Costs
The fixed costs will include salaries at $50,000 for each of the five founding team
members, $3,000 a month for office rent & utilities, $99 a year for Apple App Store fees, and
$3000 a year for lawyer fees.
8.4.4 EBIT (Earnings Before Interest and Taxes)
EBIT, or Net Profit, for GPS-U at the end of year 5 totals $12,354,190.
8.4.4 Cumulative Profit and Loss (P&L)
The cumulative profit and loss for GPS-U equals $21,335,825. This was calculated by
adding the net profit from years two through five together and subtracting the net loss that was
accrued in year one.
8.5 Pro Forma Cash Flow for First Year.
8.5.1 Monthly Sales
Revenue will be based on CPC locational ads and banner ads per month. The first two
weeks (10 days) of class, users will use the application more than the later part of the semester
because they will need to find the easiest route to class. Because of this, the CPC locational ads
will be higher during this time. This logic was implemented when determining the total
impressions and revenue per year, but to simplify the statement of cash flows, the total CPC
revenue for the year was divided by the twelve months.
8.5.2 Up-Front Cash
The total upfront cash to make the application is $371,887. This includes lawyer fees
that will be approximately $3000 to write all necessary paperwork and waivers to avoid future
lawsuits. Our office space will require a one-month down payment along with the first month’s
rent totaling $6000.
8.5.3 Cost of Goods Sold
The cost to map out each university will be the cost of goods sold. This cost will be 30%
of total revenue to hire civil engineers to create the campus layout. As seen on the income
statement, each university is listed to include revenue generated and cost, respectfully.
21. P a g e | 21
8.5.4 Fixed Costs
The fixed costs include $250,000 a year for salaries. Other fixed costs include $3000 a
month for office space and utilities. The budget for marketing is going to be 20% of revenue,
which is about $8,539 a month for the first year.
8.5.5 Net Flow
The net flow of the statement of cash flows is shown in table 8 labeled as “net flow” for
each month during the first year of operation.
8.5.6 What is the running cash balance?
The running cash balance is labeled “Balance” on the statement of cash flows shown in
figure 8 for each month during the first year of operation.
8.5.7 What is the cumulative cash balance?
The ending cash balance at the end of year one equals $96,313.
8.6 Initial Investment Required
GPS-U will require $371,887 to fully engineer a mobile app of this size, lawyer fees, and
office space rental for the first month. The funds will come from the founding team contributing
$10,000 each totaling $50,000. KickStarter is a crowd-funding platform that new businesses can
acquire funding and marketing. In 30 days, it is reasonable to gain $150,000 to offset the cost.
The remaining amount of money will need to be gained by competing in competitions at various
entrepreneurship events and through venture capitalists.
8.7 Break Even Point
The break-even point is when the net flow equals zero. This happens in March of the
first year, or 8 months after launching the app.
8.8 Decision to Proceed
These numbers are logical and conservative. The feasibility of reaching $50 million in 5
years is not feasible, but having a profitable business plan is attractive. Lowering costs and
increasing revenue will ultimately improve the net profit of the financials.
8.9 What other information do you need for your financial projections?
When determining the financial projections, it is necessary to estimate the cost of services
and make assumptions. GPS-U will need exact costs rather than estimates to further calculate
the financials. The current financials (statement of cash flows and income statement) are
researched estimates to provide a reasonable and logical budget for the first five years of
operation.
22. P a g e | 22
9.0 Feasibility
9.1 Decision
GPS-U is a profitable business plan that would thrive in this niche market. The goal of
reaching $50 million at the end of year five, however, is not feasible. In order for this goal to be
reached, the cost per click and banner ads would have to be doubled, lowering the number of
businesses that want to advertise on the app.
9.2 Strengths and Weaknesses.
The strengths of this product are fulfilling both the needs and wants of students with the
needs and wants of local businesses. GPS-U solves student needs by providing a free
navigational app that is detailed enough to find locations that are unique to various universities.
Even students that know the university layout will find this app useful for locating tailgate spots,
IM fields, and finding their friends. Local businesses have a difficult time advertising to
freshmen and have a continuously new market every year to target. Strength is the boom in
mobile applications. Mobile advertising is becoming a primary way of advertising for business
and GPS-U is using a system that will be more cost efficient for these businesses. The saturation
of the industry can be both a strength and weakness in the area of mobile applications. There is
an increased amount of competition but if an application is innovative it can be viral and beat out
the competition.
The weakness and threat to GPS-U is competing against Google. Large companies
struggle to compete against Google, so starting a company with this competitive ambition is a
risk. Google Maps could easily integrate this technology and map detail in their already existing
app. They also have one of the largest customer backings in the world. Lastly, entering the app
industry is like a fish in the sea. There are many bigger fish out there that want to eat the smaller
fish. The saturation of the mobile application industry makes it difficult for most applications to
really take off.
GPS-U will take only a month to set up plus additional time for the mapping technology.
23. P a g e | 23
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25. P a g e | 25
Appendix
Table 3: Income Statement for Year 1
Income Statement Year 1:
Revenue $512,349.50
PSU $78,823.00
Illinois $72,254.42
Indiana $65,685.83
Iowa $59,117.25
Michigan $52,548.67
Michigan State $45,980.08
Minnesota $39,411.50
Nebraska $32,842.92
Northwestern $26,274.33
Ohio State $19,705.75
Purdue $13,137.17
Wisconsin $6,568.58
CoGS $276,127.58
PSU $23,646.94
Illinois $23,281.67
Indiana $23,350.46
Iowa $21,968.75
Michigan $22,686.82
Michigan State $24,060.10
Minnesota $24,533.48
Nebraska $21,098.72
Northwestern $19,888.49
Ohio State $25,165.24
Purdue $22,994.26
Wisconsin $23,452.65
Gross Profit $236,221.92
operational expenses $459,050.84
salary $250,000.00
lawyer $3,000.00
office space/utilities $42,000.00
maintenance $10,246.99
app store cost $99.00
travel $51,234.95
marketing $102,469.90
Net Profit -$222,828.92
26. P a g e | 26
Table 4: Income Statement for Year 2
Income Statement Year 2
Revenue $2,393,943.54
Florida $81,619.08
Georgia $74,918.40
Kentucky $71,799.48
Missouri $74,387.10
South Carolina $72,902.82
Tennessee $71,559.66
Alabama $74,112.84
Arkansas $70,653.30
Auburn $70,532.76
LSU $72,410.58
Mississippi $68,325.24
Mississippi State $68,998.08
Texas A&M $82,085.70
Arizona $76,893.66
Arizona State $85,113.48
U. California Berkeley $75,179.64
Colorado $72,296.76
Oregon $70,267.74
Oregon State $71,085.06
Stanford $68,376.90
Revenue from Yr 1 $920,425.26
CoGS $442,055.48
Florida $24,485.72
Georgia $22,475.52
Kentucky $21,539.84
Missouri $22,316.13
South Carolina $21,870.85
Tennessee $21,467.90
Alabama $22,233.85
Arkansas $21,195.99
Auburn $21,159.83
LSU $21,723.17
Mississippi $20,497.57
Mississippi State $20,699.42
Texas A&M $24,625.71
Arizona $23,068.10
Arizona State $25,534.04
U. California Berkeley $22,553.89
Colorado $21,689.03
Oregon $21,080.32
Oregon State $21,325.52
Stanford $20,513.07
Gross Profit $1,951,888.06
operational Expenses $1,036,752.43
salary $250,000.00
lawyer $3,000.00
office space/utilities $36,000.00
maintenance $29,470.37
app store cost $99.00
travel $239,394.35
marketing $478,788.71
Net Profit $915,135.63
27. P a g e | 27
Table 5: Income Statement for Year 3
Income Statement Year 3
Revenue $4,855,959.90
U. California L.A. $77,083.50
USC $75,964.20
Utah $73,602.96
Washington $78,380.04
Washington State $68,990.52
Akron $71,373.18
Bowling Green $67,877.52
U. Buffalo $72,159.84
Kent State $70,268.58
Miami U $68,452.92
Ohio U $69,174.48
Ball State $68,447.46
C. Michigan $71,631.06
E. Michigan $69,649.08
N. Illinois $70,631.46
U. Toledo $69,069.48
W. Michigan $70,518.90
UCF $85,220.16
Texas $81,918.12
FIU $81,166.32
USF $80,011.32
Revenue year 1 $920,425.26
Revenue year 2 $2,393,943.54
CoGS $462,477.33
U. California L.A. $23,125.05
USC $22,789.26
Utah $22,080.89
Washington $23,514.01
Washington State $20,697.16
Akron $21,411.95
Bowling Green $20,363.26
U. Buffalo $21,647.95
Kent State $21,080.57
Miami U $20,535.88
Ohio U $20,752.34
Ball State $20,534.24
C. Michigan $21,489.32
E. Michigan $20,894.72
N. Illinois $21,189.44
U. Toledo $20,720.84
W. Michigan $21,155.67
UCF $25,566.05
Texas $24,575.44
FIU $24,349.90
USF $24,003.40
Gross Profit $4,393,482.57
operational expenses $1,776,718.79
salary $250,000.00
lawyer $3,000.00
office space/utilities $36,000.00
maintenance $30,831.82
app store cost $99.00
travel $485,595.99
marketing $971,191.98
Net Profit $2,616,763.78
28. P a g e | 28
Table 6: Income Statement for Year 4
Income Statement Year 4
Revenue $9,151,954.34
Georgia State University $73,476.54
Texas State University $74,376.18
University of Texas (Arlington) $74,190.96
Troy University $72,469.38
Western Kentucy University $67,724.22
New Mexico State University $72,502.56
UL Lafayette $67,091.70
UL Monroe $63,625.44
University of Sout Alabama $66,302.94
Florida State University $73,377.42
Georgia Tech $66,101.34
University of Maryland $71,266.92
UNC $67,803.18
NCSU $70,993.92
University of Pittsburgh $67,739.34
Virginia Polytecnic $70,020.78
Syracuse $66,215.16
University of Virginia $66,645.24
Clemson $67,111.02
DePaul $70,667.16
Revenue Year 1 $920,425.26
Revenue Year 2 $1,985,867.78
Revenue Year 3 $4,855,959.90
CoGS $416,910.42
Georgia State University $22,042.96
Texas State University $22,312.85
University of Texas (Arlington) $22,257.29
Troy University $21,740.81
Western Kentucy University $20,317.27
New Mexico State University $21,750.77
UL Lafayette $20,127.51
UL Monroe $19,087.63
University of Sout Alabama $19,890.88
Florida State University $22,013.23
Georgia Tech $19,830.40
University of Maryland $21,380.08
UNC $20,340.95
NCSU $21,298.18
University of Pittsburgh $20,321.80
Virginia Polytecnic $21,006.23
Syracuse $19,864.55
University of Virginia $19,993.57
Clemson $20,133.31
DePaul $21,200.15
Gross Profit $8,735,043.92
Operational Expenses $3,062,479.33
salary $250,000.00
lawyer $3,000.00
office space/utilities $36,000.00
maintenance $27,794.03
app store cost $99.00
travel $915,195.43
marketing $1,830,390.87
Net Profit $5,672,564.59
29. P a g e | 29
Table 7: Income Statement for Year 5
Income Statement Year 5
Revenue $18,684,627.68
St. John's $68,968.68
Rutgers $84,690.96
Temple $74,552.16
U Conn $70,702.86
University of Louisville $69,363.06
University of Cincinnati $73,998.18
Old Dominion $70,132.92
Marquette $64,871.58
University of Denver $64,819.92
Baylor $66,381.90
Iowa $73,961.22
University of Kansas $72,601.68
Kansas State University $70,238.76
University of Oklahoma $72,482.82
Oklahoma State $69,788.94
UT Austin $81,501.90
Texas Tech $73,906.62
West Virginia $72,476.94
Georgetown $66,903.54
Revenue Year 1 $920,425.26
Revenue Year 2 $2,393,943.54
Revenue Year 3 $4,855,959.90
Revenue Year 4 $9,151,954.34
CoGS $408,703.39
St. John's $20,690.60
Rutgers $25,407.29
Temple $22,365.65
U Conn $21,210.86
University of Louisville $20,808.92
University of Cincinnati $22,199.45
Old Dominion $21,039.88
Marquette $19,461.47
University of Denver $19,445.98
Baylor $19,914.57
Iowa $22,188.37
University of Kansas $21,780.50
Kansas State University $21,071.63
University of Oklahoma $21,744.85
Oklahoma State $20,936.68
UT Austin $24,450.57
Texas Tech $22,171.99
West Virginia $21,743.08
Georgetown $20,071.06
Gross Profit $18,275,924.29
Operational Expenses $5,921,734.20
salary $250,000.00
lawyer $3,000.00
office space/utilities $36,000.00
maintenance $27,246.89
app store cost $99.00
travel $1,868,462.77
marketing $3,736,925.54
Net Profit $12,354,190.09
