I.D. Verification Technology Business Plan

I.D. Verification Technology Business Plan

Bionex, Inc., an identity theft and credit fraud prevention company, offers biometric security services. Bionex, Inc. stands out by using the (patent-pending) Exigency Process. This approach processes and expresses the details of someone’s finger as a unique algorithm, rather than matching it against a stored image on a database. This process will eliminate the need for millions upon millions of individual fingerprint images stored in a database. It will also lower operating costs and maximize system efficiency. Our process will allow for seamless integration of biometric security into existing systems, and enable secure virtual transactions.

The market opportunity for our technology is tremendous and subject to a high growth trend. There are several reasons why the biometric identification market will grow to $4.04 Billion in just two years. Last year, credit and identity fraud cost the banks and government more than $47 billion. In addition, new legislation in the health care industry and rising security concerns attributed to terrorism will expand the need for biometric devices in the Healthcare and Transportation sectors. Bionex will provide a variety of biometric solutions to complement our Exigency Process, facilitating biometric accuracy in all environments and ensuring security.

Biometrics Access Corporation (BAC), Bio Pay Identix Pay-by Touch and Touch Credit could be potential competitors. Infineon was the latest to exit this market. Infineon’s failures were due in large part to reliance on their image enrollment system. Bionex, Inc. holds several key competitive advantages, including:

  1. Our solutions don’t require you to install any application or system.
  2. Our products safeguard user privacy and eliminate any need for a database-based system that is corporate- or government-based.
  3. Our technology can be integrated into OEM products and systems as a licensable product.

Bionex has a marketing plan that aims to attract new customers, and capture new markets. Through strategic contacts we will gain positive national publicity in Wired Magazine & Business Week Magazine. Also, positive national system reviews by ZDNET, CNET, and ZDNET. Bionex is committed to attracting banking and financial licensing deals by offering complimentary testing, upgrades, and POS systems. Bionex has valuable connections with J&R Computer, BestBuy, CompUSA, and J&R Computer to help it initiate retail distribution agreements.

Our management team has extensive experience with technology development, marketing, finance, and customer service. Senior executives have industry-specific expertise in fraud prevention, transaction processing, POS payment systems, and customer service. A Finance Major with extensive experience in both the financial and biometric sectors runs our company. He is a proven entrepreneur who is joined by a team consisting of experienced veterans from virtually all disciplines in the technology- and financial services industries.

The company is expecting to see huge sales and a big net profit in year 3. Bionex expects to quadruple sales to hugex4 in revenue by year five. This company could become profitable within the first year if there are no problems in credit card licensing agreements or retail distribution deals.

Bionex Inc. would be able to invest capital in the next six months to enable it to make operational improvements ahead of schedule to support its expected growth.

1.1 Mission

Bionex, Inc. has one goal: to provide unparalleled security for our customers and business associates. Security solutions focus on three main areas:

  • Protection – Bionex’s security systems authorize only users who can be positively identified via their fingerprint alone. Our Exigency Process ensures that there is no data available for potential loss or theft.
  • Privacy “Our Exigency process converts fingerprints to complex mathematical algorithms which only exist for fractions a second.
  • Flexibility – Our solutions are developed to operate over any mix of network and system infrastructures, enabling seamless integration into existing systems.

Success Keys 1.2

  1. All patent applications were approved and filed.
  2. To fully finance start-up development and prototype manufacturing, you will need to raise initial private capital.
  3. Sign up for an implementation contract to help a financial institution and government branch.

  • Steady Research and Development funding is essential to keep a diverse product line.
  • To reach new customers and untapped markets, marketing campaigns should be the focus.
  • 1.3 Objectives

    1. Receive capital injections for the first 12 months.
    2. After the third year, you can generate enormous sales.
    3. To make BioXert verification systems widely used transactional tokens by year five.
    4. To make BioVert by year five the best-selling biometric device.
    5. To expand internationally, license and distribute products and services worldwide by year six.

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