Independence Marine has several significant opportunities for future growth. These include the extension of the current product into new markets and the development of product variations and line extensions. Presently, the financial projections are based only on sales of Whale Awayä to the domestic gill net fishery market, but a considerable amount of money has been budgeted for the research and development of new products. The growth opportunities are further expanded below.
We intend to develop new markets for our initial product through international expansion into other developed economic fisheries such as Canada, Europe, South America and Japan. We will be conducting exploratory research into the regulatory and market conditions in these areas. Sales in the Canadian Maritime Provinces are expected to grow since this is where the original need developed as a way to reduce net damage caused by whale collisions. Northern and Western Europe represent attractive, highly regulated economic fisheries markets where gill net fishing is commonly used. Entry into the South American, Japanese and Far East markets will be approached only after additional research into the market and regulatory conditions have been completed.
Product Variations/Line Extensions
In addition to incremental improvements to the existing product, we will also be creating new applications for our technology and product line extensions. Some possible line extensions to be explored include longer lasting products, shark deterrents and improved dolphin-free tuna net devices.
For long-lived products there is a vast potential market. The United Nations - Fisheries and Agriculture Organization (UN-FAO) currently equips subsistence-level fishermen in the Third World with gill nets. Gill nets are the most economical and efficient fishing technology available, and as such are the technology of choice for introduction and use in developing countries. To serve this market, we will develop a variation of Whale Awayä that operates as long as the nets are expected to be in service. This variation is currently in the research phase. This world market has enormous sales potential that can be tapped through a central customer (the UN).
The current prototype device developed by Dr. Lien has been demonstrated to have shark deterrent value during tests in Australia and South Africa. In these countries, anti-shark nets are used to surround and protect beaches used by swimmers. Similar to the marine mammal problems of fishermen, sharks often damage and/or become entangled in the nets. The development of prototype units for shark research are planned for late 1994.
The tuna fishing industry represents another opportunity for devices similar to Whale Awayä. The rise in demand for "dolphin-safe" tuna is a significant trend that is expected to grow. Currently, dolphins must be chased from the nets with motor boats and divers before the nets are hauled out of the water. This increases the chance of escape for the tuna and places the fishermen at risk. This market will also be explored beginning in late 1994.
|Table of Contents||Appendices|
0. Executive Summary|
1. Product Description
2. Market Need
4. Future Opportunities
7. Financial Overview
Advertising & Promotion
Market Size & Profits
|©1993 Independence Marine|