Market introduction and monetization of new product for dogs
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Withdrawn |
| Grade: | B | DTI: | 0% |
| Lender Rate: | 30% | Borrower: | CLVE |
| Finished | State: | CA | |
| Funded: | 10% | Group: | Small Business & Self Employed |
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First Prosper loan: This listing is for a continuation loan with regard to my first Prosper loan of $25,000 (June 2007 to March 2008). For more information, please go to ?Member Summary?, then ?Loans (1)?. Update since then: The product is now patent-pending and production-ready; a working prototype exists on the basis of finalized production files. The development process, scheduled to last six months as from January 2007 ended up lasting twelve months; the patent preparation scheduled to last one month after that, ended up lasting four months. Since May 2008, I've started showing the product under a Non-Disclosure Agreement to major pet supply manufacturers and outside investors. What is the product and its target market: One component of the product is a splash and, up to a 20? angle, spill resistant water container for dogs that comes in two sizes, 24 oz. and 60 oz. It can be used on a stand-alone basis, such as on the floor of automobiles or non-tubular soft-sided kennels. Thanks to two other components, both water containers can be securely affixed to most, if not all, rigid-plastic, wire-mesh or tubular soft-sided kennels for dogs 25 lbs. and up (for a visual representation of the previous mentioned kennels, please go to ?Member Summary?). The use of the product in airline approved rigid-plastic kennels fully complies with domestic and international airline regulations. In 2007, there were about 75 million dogs in the US alone; about 30 million of them traveled at least once during that year; about 1.1 million of them traveled by air. What has been my financing strategy lately: In the past months, I've been using the most attractive offers from financial institutions to raise cash to cover my foreseeable operating expenses for the next six to nine months in order to push my project forward while retaining 100% ownership. This explains why my revolving credit balance has increased and my Prosper credit rating has decreased between May 24th 2007 and July 17th 2008. This phase of my project carries, in my opinion, a lower risk though because an intangible asset (intellectual property) and a tangible asset (the product itself) have been created with potentially considerable market value. As per my Experian credit report dated July 17th 2008, I carry installment debt of $2,157.00 (versus $8,813.00 on May 24th 2007) and revolving debt of $105,916.00 (versus $24,299.00 on May 24th 2007) or a total of $108,073.00 (versus $33,112.00 on May 24th 2007), with an average, unlimited and fixed 6.9% interest rate (versus 5.0% on May 24th 2007), and my total unused credit limit amounts to $35,788.00 (versus $78,720.00 on May 24th 2007). What the loan is for: From my business experience so far, I learned that projects always take longer and cost more than expected. This second Prosper loan finalizes my strategy to raise a ?war chest? covering my operating expenses for the next six to nine months, period during which I expect either to close a global licensing agreement or adequately fund, with the help of outside investors, a Limited Liability Company to introduce the product myself. Operating expenses include legal costs (US case management and patent prosecution, filing under the Patent Cooperation Treaty, licensing negotiations, incorporation), marketing costs (focus groups, packaging, promotional material, web site design, e-commerce platform), production costs (demonstration models, tooling, test runs), and road show costs (travel). How I will repay the loan: This loan will be repaid from the proceeds of the product itself either through licensing or attracting outside investors. As a fall back position, and only should the need arise, this loan will be repaid from the proceeds of resuming my dog boarding business and/or my former professional activities. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 142428 | New product development for cats and dogs | AA | $25,000 @ 15% | May 29, 2007 | Expired |
| 150210 | New product development for cats and dogs | AA | $25,000 @ 24% | Jun 11, 2007 | Loan created |
| 364465 | Market introduction and monetization of new product for dogs | B | $24,999 @ 35% | Jul 21, 2008 | Withdrawn |
| 374767 | Market introduction and monetization of new product for dogs | B | $15,000 @ 35% | Jul 29, 2008 | Withdrawn |
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