The Executive Summary
The first part of the business plan that you should have prepared to present to investors is your executive summary. Before you make your executive summary, however, you should work and perfect your business plan first. Though you only show your actual business plan to the investor when he is ready to seal a deal with you, you can use the full business plan to make your executive summary. The primary purpose of the executive summary is to show the highlights of your business plan. The primary purpose of the executive summary is to get you in front of a serious investor. Below is an example of how the executive summary should look.
HBI Medical Company
Vision
The vision of HBI Medical Company is to create medical devices that can disrupt the markets and treat medical conditions, many of which require hospitalization. It is our goal to create devices that can either reduce hospital time for certain procedures and others that can become out patient. We already have some intellectual properties which are the designs for special laser surgeries to aid the removal of organs, such as the prostate gland or uterus in patients who have cancer. Currently these procedures require two or three days in the hospital, but with our lasers and fiber-optic cameras, the hospital time can be significantly reduced.
Dr. Gela Bendeliani, MD, CEO and Cofounder
Dr. Zurab Merabishvili, MD is an oncologist and specialist in surgical procedures where cancer has been detected in its very early stages. Educated first at Tbilisi State University, he went on to finish his studies at Moscow State University in 1973 and then came to the United States and completed medical school at the University of Chicago School of Medicine. While at the University of Chicago School of Medicine, Mr. Merabishvili took part in breakthrough studies in the treatments and cures of various cancers.
Dr. Mahatma Pateeth, MD, CEO and Cofounder
Originally from India, Dr. Pateeth has come to the United States to study medicine and has become a specialist in oncology and in the surgical removal of tumors and non-vital organs that have become cancerous. He believes in founding a company that can produce the types of devices which can improve the quality of life of cancer patients who need to undergo surgery to remove cancerous growths and reducing the duration of time that is required in the hospital.
Edward Koch, Legal Counsel
Mr. Koch is an attorney whose expertise is in business law with companies in medical, healthcare and life sciences industries. He is also a specialist in medical malpractice suits. Mr. Koch is an attorney who has been in the medical legal field for over twenty years and is an asset to our company.
Brief Summary of Milestones to be Met
Milestone 1: Creation and Establishment of HBI
The first milestone is to establish HBI Medical Company. For this we will need to purchase real estate for our company offices, laboratory and manufacturing center. We will also need to develop our products. We do have a ready prototype of the laser device that can remove tumors and cancerous non-vital organs and it is scheduled for clinical testing in the next year.
Milestone 2: Establishment of Effective Marketing Campaign
To effectively solicit our products to hospitals and medical institutions, we will need to run an effective marketing campaign that will require our representatives or executives to attend medical trade expositions throughout the world and show how our products work. We will also want to have a website and other marketing tactics aimed at medical professionals who deal with cancer surgeries.
Milestone 3: Manufacturing and Distribution of Our Products
We will need to build a manufacturing center and have the necessary equipment and technology to mass produce our products and technologies for sale to hospitals and medical institutions globally. For the delivery of our products we will need to have a reliable distribution system that can effectively deliver the technology and its replaceable parts to the medical institutions and hospitals that order our products.
Customer Analysis
There is always a compelling need for new technologies designed to fight and treat cancer. Though we cannot guarantee whether surgery will eliminate the growth and spread of cancer in the body, because of different conditions, such as metastatic cancers that can spread throughout the body, our devices can shorten the time of recovery in the hospital after surgery.
Conventional Surgery Versus Surgery with HBI Technology
In conventional surgery, a surgeon usually has to cut a person open and remove the cancerous organ or tumor, then, close the incision. This requires a long period of recovery in the hospital after the surgery, and many patients will have extended recovery time at home, preventing them from doing their daily activities until the surgical incisions are fully healed. Our technology can cause a disruption in the markets because the following:
A) Our machines incorporate both a small laser lamp, which can be inserted in a small incision, and a fiber optic camera accurately searching for the affected organ or cancerous mass. The surgeon can monitor the surgery through a television monitor and successfully remove the affected area with the laser. This eliminates the need for cutting open areas, such as the abdomen to find the mass or the affected organ. Our machine also has a small vacuum tube which can clean out whatever matter gets removed and is not burned off with the laser.
B) Conventional surgery can require the surgeon to cut through muscles, causing longer healing time and requiring the patient to be in the hospital anywhere from a couple days to a couple weeks, this also raises the possibility of infection. Our devices have a laser lamp which burns the target, minimizing the risk of infection and the small incision required to allow for the insertion of the robotic arm that holds the fiber optic camera and the laser and vacuum tube is of minimal size, minimizing the time required to be in the hospital and healing time.
Competition and Barriers of Entry
Though there is always competition in this market, the greatest barrier of entry that HBI Technology has is that despite there is robotic surgical machinery around, very little is done and has been proven to be successful in preliminary studies as our technology has experienced. Some of the barriers of entry to our technology are as follows:
A) Other robotic surgical devices have different arms that employ cutting devices to actually cut the area off and risk the area cut-off to fall into the body and making it difficult for the surgeon to find it and remove it. Most areas where the affected area needs to be operated on, the laser burns the tumor, and very little if any bodily matter is left to remove. Furthermore, the laser and the vacuum are equally positioned so that the vacuum tube can readily remove whatever matter the laser does not burn
B) In organ removals, such as prostate and uterus removal, our laser technology can carefully cut up the organs in small manageable pieces that the vacuum tube can suck safely out of the body, eliminating the large incisions required with the conventional surgical procedures for such surgeries.
Financial Plan
We are looking to raise $2 million in capital to realize our technology. The table below indicates approximate figures that are required for all the milestones mentioned in this plan.
Company Budget
Milestones
|
Amount in US Dollars
|
Creation and Establishment of HBI
|
1000000
|
Establishment of Effective Marketing Campaign
|
200000
|
Manufacturing and Distribution of Our Products
|
700000
|
Executive and Employee Salaries Combined
|
100000
|
Note that the above example of how an executive summary is supposed to be written is not of a real company, but you should get the picture. It is very important that the executive summary is brief and concise. The main purpose of the executive summary is to get the investor to see a glimpse of your business plan and get him to want to be more interested in the opportunity you can provide