WATTSTOR Limited Inaugural Shareholders Meeting Friday 10 th October 2014.
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Transcript of WATTSTOR Limited Inaugural Shareholders Meeting Friday 10 th October 2014.
Agenda
1. Introductions and apologies for absence
2. Annual accounts for the first year ending 30th June 2014
3. Director’s remuneration
4. Director’s report.
Peter Cunningham – Overview
Mark Smith – Operations, installations & ZLC interface
Rob Such – Product development
5. Office Administration, Sales & Marketing - Michael Danes
6. Funding - Peter Cunningham
7. Public Relations - Richard Best
8. Any Other Business
Introductions and Apologies for absence
Annual accounts for the first year ending 30th June 2014
Director’s remuneration
CHAIRMANPeter Cunningham
MANAGING DIRECTORMark Smith
OPERATIONS MANAGERMichael Danes
CHIEF TECHNICAL OFFICERRob Such
DESIGN ENGINEERTim Bunhill
Director’s Report
Mark Smith – Operations
P/T ADMINISTRATOR
TBC
Office – set up at TIC
Recruitment
Michael, Operations Manager
Tim, Design Engineer
Web copywriter contracted
Next team member, Administrator
Sales & Marketing Activity launched now team resourced
Next quarter focus – Sales
Installation
Branded batteries procured & in stock from China
2 Wattstors installed so far this month, 3 by end of month
Cost of sale to date
Battery cost reduced
Current pricing validated
Base cost improved through better procurement
Future Cost of sale
Detailed evaluation of next 10-20 installs prior to pricing review
Director’s Report
Mark Smith – Operations
Wattstor Imp V2
Expect initial prototypes mid November
Final prototypes ready for CE marking by end of year
Batch of 10 prototypes for field trials early next year
Wattstor Inverter/Charger
Likely to cost £100,000
BIF application stalled
Considering partnership with existing manufacturers
Director’s Report
Rob Such– Product Development
Patent
Wide scope takes 2-3 years
Narrow scope within a year
Can get Patent Box tax relief
Protect our core intellectual property
Cost approx. £3,000 for UK patent
Additional countries are similar cost each
ADMINISTRATION
Office established & furnished
Equipped with IT, telecoms
All back-office systems and processes are in place
All business processes and procedures in place (sales, customer services, technical)
Accountancy software installed and day to day bookkeeping processes are in place
Management accounts currently being introduced
SALES & MARKETING
New website under construction
New sales brochure being designed
Monthly newsletter ready for introduction
Currently identifying trade shows and events to attend
Actively raising the profile of WATTSTOR through local business networks
Customer database has been updated to improve and speed up the delivery of sales
Administration, Sales & Marketing– Michael Danes
CUSTOMER DATABASE
220 total subscribers to the website
14% increase (30) new subscribers since recent media articles have appeared in last two weeks
140 (64%) have opened their reply email
30% then go on to revisit and investigate the site further
Call cycles will be in place and all people on the database will have up to date records enabling regular follow-ups
SALES/ & MARKETING PLAN
All subscribers to the website will have been contacted by 17th October either by phone or email
2 WATTSTORS installed since the beginning of September
3 surveys completed in the last 2 weeks. 2 additional surveys booked in. Targeting 10 per week by the end of November
Targeting a conversion rate of 20% from survey to install
Sales activity to be reinforced by arrival of the new website and improved sales literature
Marketing events planned
Administration, Sales & Marketing– Michael Danes
First round funding update SEIS scheme – forms completed & returned to HMRC All shareholder updates submitted to Companies
House Share certificates Shareholder agreements Proposal for second round funding
Funding - Peter Cunningham
• Award entries
• Radio/BBC aware
• News – as it happens
• Could YOU be the next
case study?
PR – Richard Best