Honors Capstone Project
Date of Submission
Professor Mitchell Franklin
Professor Breagin Riley
Capstone Prize Winner
Won Capstone Funding
Accounting | Business | Corporate Finance | Entrepreneurial and Small Business Operations
As people in our current society are becoming more fashionable and self-expressive, the demand of products that can enhance uniqueness and demonstrate personality is increasing drastically. iStatue, with the introduction of 3D Personalized Statues, will provide a unique product with quality and satisfaction to its customers.
Business Concept & Product
iStatue will challenge market leaders Build-a Bear Workshop and American Girl with a personalized toy to satisfy customers’ unique needs. The sculpture is a personalized toy in which the face head of the statues are made based on the picture of customers and customers control over which the appearance of the statue.
iStatue’s target market is children ages 3-12 and parents who would like to make customized toys to give to their children or children of their loved ones. Therefore, our company will mainly cater towards families with elementary school children. The figurines will not be very expensive but of good quality so that the average middle class person would be able to afford such a toy and be able to keep it for a long time.
Research and Development
Even though professional sculptor can handmade great personalized statue, this manufacturing process in making statue is long and imperfect. iStatue’ R&D will focus on two main areas: 2D to 3D image conversion and 3-D printing.
With average manufacturing costs valued at $18.58 per statue, 3D – personalize statue will be sold to customer via iStatue.com at $39.99 for a 53.5% gross profit margin.
After incurring startup costs required for iStatue.com design prior to the first year of operations, iStatue anticipates breaking even by year 2, in March 2014. Beginning at 0.05% market share, iStatue will grow in conjunction with annual industry growth rate at 0.2%, while experiencing as additional average 30% growth each year of operations until reaching a mature 0.19% market share. At the end of Year 5, iStatue is expected to generate $1.76 million.
With outscoring manufacturing production in China and selling product online, startup costs are going to be fairly minimal. As a result, iStatue will be seeking $80,000 from investors with an interest and experience for a 30% equity stake in the company.
Li, Junjie, "3D – Personalized Statues Business Plan: iStatue" (2012). Syracuse University Honors Program Capstone Projects. 161.
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