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Internet Entrepreneurship Course

Internet Entrepreneurship Course. Presentation of Case Study. Joey Edelstein Amichai Nitsan Ron Oliver Michal Regev Dalit Shalom Gilad Shadur Dganit Shalom. Presentation Outline: The Company The Competition The Technology The Partners The Products The Investors

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Internet Entrepreneurship Course

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  1. Internet Entrepreneurship Course Presentation of Case Study Joey Edelstein Amichai Nitsan Ron Oliver Michal Regev Dalit Shalom Gilad Shadur Dganit Shalom

  2. Presentation Outline: The Company The Competition The Technology The Partners The Products The Investors Legal & IP Issues Human Resources The Business Model SWOT The Market Our Analysis

  3. Dimionet, Webglide , RichFX was founded in 1997 by three entrepreneurs: Tal Kerret CEO Tomer Ben-Kiki President Yair Mann CTO Recently completed a fourth investment round of 33M$ from first class investors Today employs ~130 workers in 3 locations: Tel Aviv, N.Y. and Atlanta

  4. DEMO

  5. RichFX - The Technology RichFX compression algorithm enables the streaming of high quality Computer Generated Video over low band-width connections. RichFX data size is 1%-5% of MPEG files. Innovative and differentiated patent-pending technology, providing a unique solution through: 1. Better Compression (smaller size) 2. Better Streaming (shorter waiting time)

  6. RichFX - The Product The RichFX product facilitates building, transmitting and showing 3D stores. Natural User Interface Single page store Immersive Experience And there a few new features in the works.

  7. RichFX - Patent Registration Process A patent serves to protect the Intellectual Property (IP) 1. TA University research project. Stages at RichFX: 2. Negotiation with Ramot. 3. Negotiation with the Professor. 4. Company registration & patent purchase.

  8. RichFX - The Company’s Strategy Product Strategy Evolution: Stage I: Technology Stage II: Chosen Application - Advertising Stage III: Chosen Application - E-Commerce Phase 1: Penetration through site construction & training Phase 2: Server licensing Expected Revenue Stream is hard to determine: * RichFX plays its cards very close to the chest * Analysts don’t seem to agree on market potential

  9. RichFX - The Market Definition In the short term: Leading American high-end retailers of goods that require a “shopping experience” In the longer term: 1. Diverse retailers? 2. “Catalog” products? 3. Outside the US? 4. Other applications?

  10. RichFX - The Customers First big customer. Blahnik shoe collection Amazing results: 800% growth in sales!

  11. The Competitors Surrounding RichFX is a sea of fierce competition. Among these competitors:

  12. RichFX - The Partners Strategic marketing, distribution & development alliance Alliance to develop e-commerce solutions Familiarization with RichFX Encoder through 3D Studio

  13. RichFX - The Partnership With RealNetworks First and only time RealNetworks invested in a partner. Personal involvement of Real’s CEO in RichFX Agreement signed for two years Benefits: For RichFX: Reputation, distribution. For RealNetworks: Streaming of computer generated video

  14. RichFX - The Investors 1998 First Round (Seed) - Polaris, Veritas, Yossi Vardi, Giza, Poalim (2.5M$) 1999 Second Round - Led by Coral Ventures (8M$) Third Round - RealNetworks (9M$, Valuation 36M$ before the money) 2000 Fourth Round - led by Morgan Stanley Dean Witter (33M$, Valuation 105M$ before the money)

  15. RichFX - Acquisition of Blue Rock Target: To build a strong sales and marketing force Means: Acquisition of Blue Rock, producer of GiftMail RichFX acquired Blue Rock for its people, not for its product.

  16. Strengths Weaknesses Superior technology Strong financial backing Alliance with RealNetworks Market presence CEO Narrow focus Hard sale Lack of management experience GiftMail Threats Opportunities Strong growth potential for 3D e-commerce Many potential applications Competition…Competition… Unclear market for 3D e-commerce “.com” crisis

  17. Lessons learned A good VC can make all the difference Sell a product, not just a vision Comprehensive solutions are hard to sell You can open you own doors, but it’s easier to have someone do it for you Shortcuts are dangerous

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