RQM Technologies (RQM) is a start-up in the Personal Tracking Devices field, projected to become a $22 billion market in the next five years according to industry analysts such as Ovum and ABI Research.
Products and Services
RQM will develop and distribute miniaturized Personal Locator Devices (Personal Tracking Devices). Initially, device manufacturing will be outsourced while we develop the supporting software and systems internally. However, we do plan to manufacture our products in-house in the future. What sets us apart from our competitors is our military-inspired proprietary technology (patents applied for) which allows many of our systems to function globally, with or without the presence of cellular towers. This enables their use in any location, including cities, deserts, oceans, lakes, mountains, and other adventurous destinations. Our products are also unique because they are small and fully programmable. End users can customize our systems for their specific applications. For example, maritime applications may need a water-activated signal (such as when a crewman falls overboard), which is different from the requirements for business applications.
Market
Our primary target markets include family consumers, original equipment manufacturers (OEMs), businesses tracking shipments or vehicles, the military, and the political arena. Due to our proprietary programming capabilities for each unit, we have received indications of interest from several of these markets, including one branch of the U.S. Military.
We believe our systems will strongly appeal to families concerned about the safety of their loved ones. Global child abduction rates are increasing, with more than 2,100 children reported missing each day in the U.S. alone (FBI National Crime Information Center). Additionally, there are 4.5 million Alzheimer’s patients in the U.S., with 60% (2.7 million adults) at risk of wandering away from home, unaware of their surroundings. We expect our devices to significantly reduce these figures and potentially save lives.
The potential customer base for our products exceeds 500,000,000. However, we will focus on a more realistic three-year sales goal of approximately 99,000 users worldwide, which will generate significant sales revenue.
Management
The founders of RQM Technologies, Steven M. Bloome and Andrew F. Siska, have been associates for over 20 years. They possess the perfect synergy to ensure the success of our company. Steven M. Bloome is a Sales and Marketing Management veteran with more than 25 years of success in penetrating untapped market niches, establishing win-win partnerships, and creating national presence for companies. He has extensive experience in product launches. Andrew F. Siska is a Chief Electronic Engineer with 20 years of experience and is widely recognized as an expert in his field. He has designed devices for military applications, medical imaging systems, computers, and more.
By focusing on our strengths, key customers, and their needs, RQM Technologies aims to increase sales to several million dollars within two years. We will also improve the gross margin on sales, cash management, and working capital.
RQM Technologies’ mission is to become the leading vendor of Personal Locator Devices worldwide. Through a combination of evolving technologies, miniaturization, affordability for the end-user, programming capabilities and ease of use, RQM Technologies will be known as the premier developer/supplier of potentially life-saving Personal Locator Devices.
The keys to success in this business are:
– Product quality and efficacy in real-life situations.
– Utilizing next-generation technology to improve upon current systems while differentiating ourselves from our competition.
– Marketing, which includes dealing with channel issues and/or barriers to entry, and solving problems with major advertising and promotion budgets to penetrate our target markets.
– Management, where products are delivered on time and costs are controlled. We will keep a close eye on the temptation to increase growth at the expense of profits to live up to our plan.
– Sustaining controlled growth to manage start-up costs more efficiently.
To maintain these key factors, RQM Technologies’ needs include start-up funding, partnering with value-added investor/partners, aggressive marketing, quality sales professionals, accomplished C-Level management, product branding, increasing reach into target markets, affiliating with the right channel partners, competitive intelligence, and appropriate use of evolving technologies.
RQM Technologies has identified three types of challenging but attainable objectives for the organization. They are:
Business Objectives:
1. To become the premier vendor in the new and evolving Personal Locator Device industry.
2. To reach profitability within one year of the company’s launch.
3. To develop additional profit centers such as programming, training, seminars, ancillary equipment, etc. within the first two years.
Financial Objectives:
1. Increase product sales to several million dollars annually by the end of the second year.
2. Bring gross margin up and maintain that high level by the third year.
3. Improve inventory turnover until “just-in-time” inventory is standard by the third year.
Marketing Objectives:
1. Focus on target marketing to increase market penetration and domination.
2. Expand target markets with controlled growth.
3. Establish brand awareness for the RQM Technologies’ name and products.
4. Position ourselves as the leading Personal Locator Device company in the world.
RQM Technologies is a privately owned start-up company located in Bolingbrook, IL, a western suburb of Chicago.
RQM Technologies was formed as a company committed to developing next-generation remote Personal Locator Devices to immediately locate and aid in the timely rescue of missing children, the active elderly (including Alzheimer’s patients), soldiers in the field and at sea, mariners lost at sea, and even pets. It also serves the business arena, helping to better manage the logistics of outside personnel, fleet vehicles, valuable parcels, and deliveries.
The company’s management philosophy is based on responsibility and mutual respect, fostering personal and professional growth. RQM Technologies focuses on productivity for growth and profitability, respect for customers and employees, increased repeat and referral business, and minimized employee turnover. The company encourages employees to have fun by allowing creative independence and providing realistic, attainable, and rewarding professional challenges.
Start-up Summary:
Our plan begins with a two-month start-up period focused on setting up our offices, developing system designs, and initial marketing work. Start-up expenses will be used for further product development, legal costs, payroll, marketing, and typical expenses associated with opening our first office. The founders will provide the first round of financing to launch the company, initiate a small production run of our Personal Locator Device(s), and initiate further product development while marketing and pre-selling our devices.
We will need another investor/partner to provide funds to cover the cash necessary for the first year as we begin to make and sell our products. Future growth will be funded from sales revenues.
Initially, we will lease a small office space for administrative functions and an electronics bench lab to keep our first-year expenses minimum. We will consider a larger office space only when we have outgrown our current facility, based on sales, budgets, and personnel needs.
The equipment needed for opening our first office includes:
– Engineering lab equipment.
– Software and hardware development tools.
– Office furniture for three workstations (sales and administrative).
– Dell Computer Systems – three desktop computers, two laptop computers, laser printer, color printer, digital camera, scanner, GPS cell phones, and a broadband internet connection.
– Telephone system and two GPS cell phones.
– Copier and fax machine.
– Additional costs for assorted professional service providers’ fees, including business, development, legal, and accounting providers.
– Professional website development and maintenance.
– Two leased company vehicles and associated costs.
Details of our start-up requirements can be found in the Start-up tables below.
Start-up Funding:
Start-up Expenses: $100,700
Start-up Assets: $349,300
Total Funding Required: $450,000
Assets:
Non-cash Assets from Start-up: $0
Cash Requirements from Start-up: $349,300
Additional Cash Raised: $0
Cash Balance on Starting Date: $349,300
Total Assets: $349,300
Liabilities and Capital:
Liabilities:
Current Borrowing: $0
Long-term Liabilities: $0
Accounts Payable (Outstanding Bills): $0
Other Current Liabilities (interest-free): $0
Total Liabilities: $0
Capital:
Planned Investment:
Founders: $250,000
Investor: $200,000
Other: $0
Additional Investment Requirement: $0
Total Planned Investment: $450,000
Loss at Start-up (Start-up Expenses): ($100,700)
Total Capital: $349,300
Total Capital and Liabilities: $349,300
Total Funding: $450,000
Company Ownership:
RQM Technologies is owned and operated by its founders, Steven M. Bloome and Andrew F. Siska. We are currently seeking an investor/partner(s) who will bring expertise in the areas of legal, financial, and international regulatory issues, as our target market(s) will be international in scope. The Investor/Partner(s) will receive an equity position in the company and sit on the Board of Directors.
Products and Services:
Products:
RQM Technologies develops and sells miniaturized, low-cost, electronic Personal Locator Devices using GPS/GSM technology. The device is activated remotely and can pinpoint the wearer’s location, speed, and direction of travel, accurate to within 3 meters in real-time. This technology is invaluable in locating missing persons quickly and saving lives. It can also be used in business operations for better efficiency.
Services:
As RQM Technologies grows, we will offer value-added services such as training classes, seminars, on-site programming, private labeling, and other services tailored to our clients’ needs.
Market Analysis Summary:
The Personal Locator Device industry is a new and rapidly growing market. Analysts predict significant growth due to decreasing technology costs. We estimate a realistic long-term market within the United States.
Our market analysis focuses on five key potential customer groups:
– Family Consumers
– Original Equipment Manufacturers (OEMs)
– Businesses
– The Military
– Political and other Government Consumers
Market Segmentation:
Our targeted market segments have not been able to meet their needs for low-cost tracking devices. Our research suggests the following market needs:
Family Consumers: Our device enables families to track the location of their loved ones in real-time, allowing for quick response in case of emergencies or when someone goes missing.
Channel Sales to OEMs: We see great potential in partnering with cellular providers, cell phone manufacturers, computer manufacturers, and resellers to offer our technology as a value-added feature in their products.
Businesses: Our device helps businesses track their vehicles, employees, and valuable assets in real-time, improving productivity and logistics management.
The Military: Our device has the potential to assist the military in search and rescue missions, saving lives and taxpayer dollars.
The Political Market: Our device can aid in preventing political kidnappings by providing real-time tracking of individuals in high-risk areas.
We project secondary long-term markets in the maritime industry and pet supply chain stores.
Market Analysis:
Year 1 Year 2 Year 3 Year 4 Year 5 CAGR
Potential Customers Growth
Family Consumers 10% 280,500,000 308,550,000 339,405,000 373,345,500 410,680,050 10.00%
OEMs 10% 109,000,000 114,450,000 120,172,500 126,181,120 132,490,170 5.00%
Businesses 5% 12,753,076 13,390,729 14,060,265 14,763,278 15,501,441 5.00%
Military 5% 753,000 790,650 830,183 871,692 915,276 5.00%
Political and Gov’t 5% 50,000 52,500 55,125 57,882 60,775 5.00%
Misc Sales 0% 0 0 0 0 0 0.00%
Total 8.55% 403,056,076 437,233,879 474,523,073 515,219,472 559,647,712 8.55%
Hello!
I’m Andrew Brooks, a seasoned finance consultant from the USA and the mind behind phonenumber247.com.
My career is built on a foundation of helping individuals and businesses thrive financially in an ever-changing economic landscape. At phonenumber247.com, my aim is to demystify the complex world of finance, providing clear, actionable advice that can help you navigate your financial journey with confidence. Whether it’s personal finance management, investment strategies, or understanding the nuances of market dynamics, I’m here to share insights and tools that can propel you towards your financial goals.
Welcome to my digital space, where every piece of advice is a step closer to financial clarity and success!