Maxter Solutions AB

7/30/2019 Maxter Solutions AB

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CONFIDENTIAL:The contents of this paper and any attachments are confidential and are intended solelyfor concerned parties. The information may also be legally privileged. This transmission is sent in trust,for the sole purpose of delivery to the intended recipient. If you have received this transmission in error,any use, reproduction or dissemination of this transmission is strictly prohibited. Any unauthorizeddistribution; publication or copying of this material without concern of the concerned parties will leadto legal actions

MAXTER SOLUTIONS ABBUSINESS PLAN


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Executive Summary

The Company: Maxter Solutions introduces a revolutionary way of testing of athletes in forbiddensubstances (anabolic steroids, narcotics, cannabinoids etc.) with a high level of accuracy and low level ofmaintenance. The Company originates in Sweden and acts on the global arena.

The Product: The product consists of a machine that performs analysis of substance recognition,based on LSPR technology and a test chip with several working substances, which react on a set oftargeted drugs. This technology and binding methods are proven to be effective and provide costadvantage over other testing procedures and even lab tests. Thus, it is believed that this testingprocedure is a new step of clean and fair competition.

The Management: 5 young entrepreneurs with different backgrounds, such as law sciences, businessadministration, finance and engineering, formed Maxter Solutions in 2012. Such favorable mix allowedbecoming a productive team, able to achieve the goals set and implement strategy, suitable for such typeof business. The team also includes the inventor, which provided the idea- Mikael Kll, who is meant tohead the further researches, aimed at increasing number of substances to detect. John Fahey and

Christoffer Jackobsson from WADA and KI sides respectively, will add necessary capabilities,experience and protection for the product.The shares are distributed respectively among all parties on the equal relation, resulting in 14,3% pereach participant. Apart from it 14% of shares are given to WeInvest as result of negotiation meeting.

The Target Market: Initially the technology was thought through for diagnosing diseases and diseasetesting, but then quickly adapted to substance recognition in sports-drug testing, due to recognizing themarket gap in this direction. Maxter Solutions now targets at the specialized laboratories, which aretaking the responsibility if performing tests for Olympic games. There are 35 laboratories in the Worldand such are accredited by special agency-WADA.

Customer Benefits:

Initially the Company targets the labs accredited for Olympic testing by WADA. Thereafter theCompany will expand to private events like Tour de France and Arnold Classic. The end customers(labs, both stationary and mobile) will benefit is terms of decreased workload, operational time, thusproviding better testing experience and of course reduced price, comparing to todays tests.And of course, general public benefits in terms of assurance if the athletes that take part in competitionare clean and play honestly.

Strategy:The Company will be working closely both with customers and key partners (KI and WADA)in order to create and capture as much mutual value as possible. The leasing model will reduce buyingstress for and will allow the Company control the machines at the same time and fix them in order tokeep up with WADA standards. Distribution will be established in personal manner and ensure the labs

have necessary chip components in stock for their testing needs.

Financing matters: Maxter Solutions project positive cash flows and revenues in 2015(4th year afterinvestment). Using discounted cash flow model, the current valuation of Maxter Solutions is estimatedaround 160 MSEK.

Investment issues: Maxter Solutions is offering 14% of shareholders equity in exchange for 10 MSEKinvestments. This will enable the Company to increase its research power and start the firstmanufacturing for key partners. Exit is planned in 8-12 years by means of selling the stocks on stockexchange.


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TABLE OF CONTENTS

Executive Summary.................................................................................................................................................................... 2

1. Introduction ....................... ....................... ....................... ....................... ....................... ....................... ....................... ...... 4

2. The organization ....................... ....................... ....................... ....................... ....................... ....................... ..................... 5

Idea background ................................................................................................................................................................... 5

Legal structure ...................................................................................................................................................................... 5

Organizational structure ....................................................................................................................................................... 5

Business team........................................................................................................................................................................ 5

Research group ...................................................................................................................................................................... 6

Board of Directors ................................................................................................................................................................. 7

Partners and Collaborations .................................................................................................................................................. 7

3. The Market .................... ....................... ....................... ....................... ....................... ....................... ....................... .......... 8

Lab testing ............................................................................................................................................................................. 9

Competitors .......................................................................................................................................................................... 10

Industry analysis .................................................................................................................................................................. 11

Figure 3.4. 4P analysis .......................................................................................................................................................... 13

Future market development ................................................................................................................................................. 13

4. The Value Potential ....................... ....................... ....................... ....................... ....................... ....................... ................ 14

Customer value ...................... ....................... ....................... ....................... ....................... ....................... ....................... ..... 16

IP Strategy ............................................................................................................................................................................ 16

Future value .......................................................................................................................................................................... 17

5. The Strategy ...................... ....................... ....................... ....................... ....................... ....................... ....................... ..... 19

Osterwalder model ............................................................................................................................................................... 19

Leasing model ......................................................................................................................................................................20

Pitfall analysis .................... ....................... ....................... ....................... ....................... ....................... ....................... ......... 21

6. Financial evaluation ...................... ....................... ....................... ....................... ....................... ....................... ................23

Sponsorship ..........................................................................................................................................................................23

Investments ..........................................................................................................................................................................23

Sales and income ..................................................................................................................................................................23

7. Action Plan .................... ....................... ....................... ....................... ....................... ....................... ....................... .........26

8. Investment proposal and exit plan ....................... ....................... ....................... ....................... ....................... ................27

The Offer ................................... ....................... ....................... ....................... ....................... ....................... ....................... .27

Exit plan ...............................................................................................................................................................................27

9. Appendices .................... ....................... ....................... ....................... ....................... ....................... ....................... .........28

Appendix A. Shares distribution Maxter Solutions AB ...... ....................... ....................... ....................... ....................... .....28

Appendx B. Canvas model for Maxter Solutions AB ...................... ....................... ....................... ....................... ................30

Appendx C. Income and Cash flow statements ...................... ....................... ....................... ....................... ....................... .35

Appendix D. Machine distribution plan ......................................... ...................... ........................ ....................... ................37

10. References ..................... ....................... ....................... ....................... ....................... ....................... ....................... ......... 41


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1. IntroductionIn this part the general provisions and historical insight are given in order to get familiar with product and company.

Sports have always been an arena for competition. From ancient times athlete were known to

take special substances to prepare for the Olympic games.1 With technological development and intense

research activities over the years people it has become more wide spread- scientists were trying toformulate the ultimate treatment in order to become stronger, faster and better in physical activities. It

has been well funded for military needs and supported by governments. There were a lot of attempts to

stop this, but these attempts failed due to lack of knowledge, imperfection of laws and control issues.

By the 1920s it had become evident that restrictions regarding drug use in sports were

necessary.2 It has become more evident and urgent with deaths of competing athletes throughout the

20th century and most of them having drug and anabolic steroids traces in their blood. Drug tests were

first introduced at the Olympic Winter Games in Grenoble and at the Olympic games in Mexico in

1968.3 Since then, a list of prohibited substances is expanded and new ways of cheating appeared, new

scandals appeared, various committees, organizations and police were trying to cope with doping.

However, 1998 year was the point of no return and when the Tour de France doping scandal

highlighted the need for an independent international agency that would set unified standards for anti-

doping work and coordinate the efforts of sports organizations and public authorities 4. Thus, the World

Anti-Doping Agency (WADA) was established in 1999 and promoted a strict control over all kinds of

doping and cheating methods.

Today the common practice of banning a new doping substance is usually retroactive. This

means that the new drug is found in the brood sample of some athlete after the competition has passed.

This is due to lab test are very intensive in high-qualified labor and costly. Another drawback is that the

lab test takes 1-2 days to be analyzed and the number of samples and substances make it even harder to

manage all samples before the competition. (In London 2012 there were over 6000 doping tests done5).The product of Maxter Solutions is able to test the athletes right before the start of the

competition, providing 100% assurance of the cleanness of the athlete. The combination of speed and

accuracy of the test makes it a phenomenal solution. The sample can be analyzed within 15 minutes and

can act as an indicator for further lab tests, to identify the full composition of the doping used by an

athlete.

The solution that the Company has come up with can basically influence the outcome of the

competition and increase its quality. This means that a cheating athlete will be caught before the

competition even starts and there won't be situations when the cheater steals the glory of the true

champion and the true winner does not get the medal for several years.

Maxter Solutions essentially is providing the new perspective on the ever-lasting problem of the

sport world in general.


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2.The organizationIn this section the overview on the organization structure is discussed. This part shall take a look at internal members,

mention outside participants involved in the business process and the input of the each party into the Company in general.

Idea background

The initial project background for the product was provided by Mikael Kll. He has significant

experience in fields such as physics of condensed matter, biophysics, optics, and spectroscopy. He has

published over a 110 publications in these spheres and has been a successful supervisor for over 10 Ph.

D students. He is also a Member of two EU networks of excellence within nano-optics and plasmons.6

Mikael has recognized a possibility of applying the technology on substance recognition, using

LSPR technology within various fields. For the reason that business and is out of Mikaels scope of

interests and he had little knowledge how the idea can be commercialized in the best way.

Thus he has introduced this business findings and the idea to the business team of 5 people

(Doc, Sneezy, Grumpy, Happy, Bashful) that form Maxter Solutions AB. He knew that this businessunit is striving for efficient collaboration and work together and has knowledge and experience in

commercializing business ideas in biotech and medical spheres.

Legal structure

Maxter Solutions is established by 5 entrepreneurs together with Mikael Kll. The business team

will concentrate in commercializing the business idea and business development and Mikael Kll shall

continue his research within the company, leading the research team, as the most competent person in

the technology issues. All of the founders have shares in the company, divided in equal proportions

between the business team members and idea provider, accounting 8600 shares each.

Apart from it, 14 % is distributed to investors and sponsors. The distribution of shares is

depicted in Appendix A.

Organizational structure

Initially, the Company has 5 full-time and 2 part-time managers as employees and growing

research team. As a start Doc and Happy shall be employed, spending 50% of time on the project

initially. This will allow them continue working and at the same time provide input in the project

efficiently.

The research team will grow proportionally every year from 3 to 14 employees. This will

depend upon the pace of technology development and Company's growth

The organizational structure is depicted in Appendix A in figure 2 and the business team shall be

presented shortly in the next section.

Business team

The business team has been working successfully on this project and has relevant experience,

business contacts necessary for the Company to excel and develop in the future. The team collaboration

is built on friendship and trust, complementing competencies and skills of the members.


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Grumpy (CEO)

Grumpy is a BSc in Financial Management and Business Administration and MSc in Intellectual

Capital Management. Has insight in Russian market, as one of the biggest participants in Olympics and

one of the first customers of the Company,as well as professional contacts in Russian Sport

Committee. He has been familiar with the doping issues and the process of the anti-doping testing, both

as a performing athlete and a manager.Happy (CFO)

He has amazing communicational skills, which are definitely a beneficial capability for a seed

company as Maxter Solutions. Apart from it, he is well experienced in financial modeling of the

company and accounting, keeping track on the costs and revenues, making sure that everything goes as

planned. He has also has experience with anti-doping tests as a cyclist, taking part in private

competitions.

Doc (CLO)

Doc works as a practicing law researcher in Jackobssons & Junden. He has a BSc in Legal

Science and MSc in Intellectual Capital Management as his background. He has taken an active part insorting out the legal issues, associated with Maxter Solutions, negotiating procedures, making contracts

with Companys partners and setting the terms of collaboration.

Sneezy (CTO)

She has a BSc in Mechanical Engineering and MSc in Entrepreneurship as a background. She is

the in our team that has practical insight in the technology and deep understanding of how the process

and performance parameters work. She has brought a big input in accessing the value of the product

and packaging it for the market.

Bashful (CMO and CFO assistant)He has a BSc in Mechanical Engineering and MSc in Entrepreneurship. He is also very involved

into Companys development and has experience of adjusting cash flows with in this project. Together

with Happy they form an ultimate alliance, able to model, value and account everything needed for the

needs of the Company.

Research group

Mikael Kll shall run the research activity in the Company due to his colossal knowledge and

outstanding experience in science and particularly in the substance detection, using LSPR. Apart from it,

his contacts within the science society will enable to recruit competent researchers with necessary skills

and knowledge to develop the product.

The research team will grow constantly due to increasing workload with the further

development. As a starting point, the research group includes 3 researches and is projected to grow in a

mid-size research team of 14 people.


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Board of Directors

The Business team shall elect 3 representatives for director positions and each of the business

team representatives is entitled to designate one deputy director. Teams experience, technology

understanding and strategic thinking have made it possible for Maxter Solutions to develop and form as

a seed venture today. The drive and ambition for the project, that the business team has will be perfectly

complemented by the older individuals experienced in relevant spheres.WeInvest is entitled to designate two of the directors and two of the deputy directors. The total

number of directors is 3 persons from the business tam side and 2 from WeInvest.

Apart from it, Maxter Solutions has entitled the

chairman position to the WeInvest representative as a

result of negotiation, with respect to invested capital into

the company.

The business team has also assigned one of the

directors place to the director of Karolinska Instituretlaboratory Christoffer Jackobson with respect to of his

experience and competence in medical spheres. His

know how of the actual research is going to be

beneficial in governing the research activity in the

Company.

Moreover, the president of the WADA is given

the directors place with respect to the organizational and

control activity that he is leading in WADA. He will be

given the insight in the business and is believed to helpthe product match the requirements, set by the

organization.

The competencies the project will acquire from will benefit the development of the business and

strategic direction of the Company. The business team believes that is will build a stronger company

with unique knowledge experience.

Partners and Collaborations

The major partners are Karolinska Institutet (KI) and WADA, the independent ant-doping agency. The

detailed input and relationships with partners are described in the Strategy section and Appendix B.

Figure 2.4. The Board of Directors

NAME POSITION

Happy Director

Grumpy Director

Doc Director

WeInvest

representative

Chairman

Christoffer Jackobson

(KI)

Director

John Fahey (WADA) Director


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3.The MarketIn this section the general provisions on the market are derived, who is the customer, who are the competitors for the

Company, the size of the market and its future development.

The total sport industry is estimated around $450-$680 billions7, which makes it a very attractivemarket to enter. The strategically intent of the Company is entering the sport industry in the Olympic

games, which has formed as a high- yield market over the years. Thousands of investors, banks and

sponsors gather in the agreed country and put in millions in the infrastructure and organization of the

events that last only for 2 weeks. Such intense events also contribute immense financial funds, as an

example the last summer Olympics in London 2012 was accounted around $19 billon8

Maxter Solutions is operating in the specific sector of the sports industry. The Company is

providing the testing solution for various forbidden substances, such as anabolic steroids, cannabinoids

etc.

When it comes to professional sports and athletes health it is necessary to be sure if his/heroutstanding capabilities in sport were achieved due to hard training, but not cheating (injecting various

banned substances or using forbidden techniques). Products that help to identify this should be certified

to some unified criteria. Such criteria are competence of WADA, as mentioned in sections before).

Thus, all anti-doping tests are necessarily must be accredited by an independent world anti-doping

agency.

Apart from it, WADA accredits the laboratories9, where such tests can be performed, both

stationary labs and mobile (on sight of the event).

There are only 33 laboratories10 that are accredited by WADA, which are our customers. Maxter

Solution targets these laboratories and also big organizations that set up private competitions (ArnoldClassic or Tour de France).

The market may seem not big enough but the size is compensated by the workload of the

laboratories. There were around 250 000 tests per year in 2011 and keep increasing trend for last 10

years.11 Judging by this statistics and upcoming Olympics, such as in Russia and Rio de Janeiro, the

number of sample will increase, as new sports are included in the Olympics program, new athletes take

part in the competition and more countries participate in the Games.

When it comes to Olympic budget, the Olympic organization finances doping control very

generously- The Londons 2012 Olympic budget was 60 mill.$12 (Setting up a lab of $40 mill. with

running costs adding another $20 mill.). This makes it a very attractive area to service.The testing for drugs initially runs the following way: The first five finishers in every event are

tested, plus two at random. They are tested immediately afterwards, in the venue. In addition, there is

random, unannounced testing, in the Olympic Village or wherever athletes are based during Games

period.13

As soon as there's a "violation" of the drugs testing policy - such as a positive test on an 'A' (first

of two) sample or an athlete fails to respond to a request to go to the doping control station or fails to

provide a sample - the IOC starts its "procedure".


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The athlete can ask for their 'B' (second sample) to be tested and is always given the chance to

be there, or send a representative, when it is opened.

Maxter Solutions proposes to chance the way and method of testing, which would prevent the doped

cheater from getting the medal. 14

Lab testing

The unit costs, or the billed costs, of an A-sample analysis (including confirmation) are on

average $267 (range $150-357). B-sample analyses cost $465 ($100-1760). The real costs of analysis,

however, are quite often higher than the unit costs. This was reported by 75% of the responding

laboratories. This means that doping control analyses are often silently subsidized by other

institutions (for example, governments, universities, hospitals). On average, the real costs for these six

laboratories are 24% higher than the unit costs.15

Within Olympic testing the 2 major techniques can be identified- rapid self-tests or in

laboratories, where the laboratory tests are more accurate. The mainly used laboratory tests16 are

Chromatographic Separation, Mass Spectrometric Detection17 and Immunoassay methods18, which has

the highest sensitivity available. These tests as shown above are the most expensive and take from 12 to

74 hours to perform. 19

POC tests are commonly used rapid self-tests but these has a wide variation, can be difficult to

read and have fairly low accuracy rates. Compared to laboratory tests the sensitivity is generally low. In

other hand, these are the least expensive ones and only take minutes to process.

Advantages Disadvantages

Laboratory tests Accuracy and

sensitivity at low

sample amounts20

Time consuming

High-qualified

personnel need to

perform the test

Lots of stages

A lot of equipment

needed

Self tests Quick answer

Easy to operate

Low cost

Lower sensitivity for

substances,

Lower accuracy than

lab tests

Table 3.1. Advantages and disadvantages of competing technologies. 21

On the other side, the price for the test by Maxter Solutions is only 2300 SEK, which provides

the qualitative assurance of further testing in 10-15 minutes. All you need is picking up a right reacting

substance for certain drug class.


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Competitors

The Competitor analysis showed few competitors. But this are big companies that operate in the areas

that are intersect with activity of Maxter Solutions, but not have testing methods purely for anti-doping control.

Such companies is identification software- Biomedieux, Siemens, Rocher, Abbot laboratories; in mass

spectronomy-Micromass, AB Sciex, Waters, Applied bio systems, ThermoFisher scientific; and in

pharmaceuticals -GSK. But these companies are more oriented at providing sophisticated technologies, like mass

spectronomy or measurement algorithms for research purposes.

The only company that applied for WADA accreditation was MAIIA. This is a Swedish innovation

company that has provided method for EPO (Erythropoietin) detection. The present way of detecting EPO takes

around 3 days22, while MAIIA has decreased the time to 20 minutes, processing 56 samples. However, MAIIA

has not got the full approval for their method due to it did not match few criteria. The process of getting the

approval for MAIIA is a benchmark for Maxter Solutions, as no other sources are available.

Apart from it MAIIA, is very hard to call a competitors, as Maxter Solutions is offering the method for

testing for a variety of steroids, cannabinoids etc. in chips, while MAIIA is proposing a quicker laboratory tube-

testing only for one substance. Our range of substances that could be recognized does not include EPO, so

MAIIA may be called an ally from mission perspective. Both of the methods could be called complementary.

The degree of technological innovation of the method proposed by Maxter Solutions is low, since the

technology has been known for years, but it is going to be hard to penetrate the market without sufficient

research in the surface chemistry, which is Companys strong point. Apart from it the Company is planning to

patent the new drug-indication microorganisms that would be the result of the research. This will be a suitable

protection against copying Companys model.

Basically there is no formed market yet, thus very little data on potential and even existing competitors.


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Industry analysis

Porter 5 forces analysis

The decision-making process is based on the Porter forces model and is depicted on the side.

The analysis shows that the industry to enter is neutral, or slightly positive, due to good

connections with

WADA and its approval

process being as a

barrier for entry. Big

companies (identified

above) that may become

potential customers do

not have resource and

R&D base on the LSPR

technology as Maxter

Solutions has, as well as

partnerships with

WADA and research

labs.

Other forces show

neutral position, as have

pros and cons andexternal risks, which

cannot be managed from

the Companys point in

the time.

Figure

3.2. Porter 5 forces

analysis

Trying out the product on Olympics, Maxter Solutions targets not only Olympic sports anti-

doping testing, but also private competitions in various sports from cycling to bodybuilding (such as

Ironman, Arnold Classic and Tour de France). The focus on Olympic sports was chosen due to clear

need of fast and accurate product that would leave to chance to cheaters and availability of statistical

data.


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Market Positioning

In order to position the Company on the market- SWOT and marketing mix analysis were made to

identify what are the areas the Company has to consider, when entering and try to secure these spots

and show what differentiates the Company from the way that is used now and its aims.

Internal

Strengths Weaknesses

Experience and knowledge within surface

chemistry

Partnering with WADA and KI

Big gross margins and

VC investment Sponsorship of 2,5 MSEK

Big and strong companies that have competence

in related areas

R&D is not finished yet-not full spectrum of the

forbidden substances can be identified or can

be, but at low accuracy.

External

Opportunities Threats

Expand to all labs

Expand to other events and sports, like

bodybuilding and cycling Switching costs effect-labs will prefer longer lab

testing, as they have established protocols and

processes.

Figure 3.3. SWOT Analysis


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Figure 3.4. 4P analysis

Future market development

Future market development is hard to project since there is no formed competitive environment

yet. However, at the degree of the technology in this sphere is high, the development of new 100%

accurate methods, that would require less time and less operating skills is believed to be the ending

point of development of this market.

PriceThepricingpolicyisverysimpleandis

basedontheleasingmodelintheBusiness

modelsection.Thelabissigningacontract,subscribingto

purchaseaminimumbatchofthetestingchips,atthesametimegettingthemachineleasedoutwithfullservicepackage(palnnedandunplannedmaintaiannce.)

Thepricepertestis@ixed-2300SEK.Thepriceischeaperduetolowercompetencerequirements,whilethelabtestarecostlybecauseofthecapital-intensivepersonnel.

PlaceThemanufacuringactivitieswillbemadein

ChinaandSwedenforthemachinesandchiprespectively.Theresearchisgoingtobedon

inrentedlaboratory(Costsareincludedinth@inancialvaluation).Apartfromit,KI,beingakeypartner,mayhelpwithlabfacilitiesuponrequest.Thebusinessteamrequiresrentingoutanof@icefotheCompany'sneeds

PromotionThepublicitywillbereachedinthescienti@ic

societyanssportwithhelpofWADA,askeypartner.Thiswillcreategoodwillandthe

Companyisaimingatincresingit,providingthehigh-qualityproductandworkingwitheventsponsorstoo.

ProductTheproductitselfisamethod,includingthe

machineandachip.Asampleofurineorbloodipmustbeinjectedinthechipandperformendinthemachine.Theprogressof

processingandsubstancerecognitionshalltakefrom10-15minutesandcanbeasan"acidtest"forfurthertestinthelabtoidentifullcompositionofdrugsanathleteused.

4PDecisions


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4.The Value PotentialMaxter Solutions is providing a new way of testing the athletes for forbidden substances, using LSPR technology.Thisway of testing allows as accurate testing as the A-test in laboratory, but in much shorter terms, which will allow reasonable

assurance of cleanness of an athlete. Such methodwill benefit all participants of the sport as a market in terms ofassurance of the honesty and clean competition.

The vision states the aim that the Company is striving for- the better and cleaner competition,

combining the advantages and performances of both rapid-speed tests and accurate lab tests.

Today the situation with testing looks the following way: there are 2 tests-A test that takes every

athlete in order to understand if he/she was using any doping substance- it the test is positive the B test

is performed, which must show the full composition of the drugs the athlete has used.

Usually A tests takes up to several days to perform and costs on average 2500 SEK and the

operational costs for the test can vary from

Apart from it, the results of A tests are finalized a few days after the competition has passed.

Thus, a cheater may become a golden medalist, stealing the glory from the true winner.

In the situation when there is no reasonable assurance if the competition is clean, the method

of Maxter Solutions can improve the testing methods, used in Olympics.

The product is able to test the athletes right before the start of the competition with in 15

minutes, providing 95-98% (according to the experiments) assurance if an athlete has taken forbidden

substances or not.The positive test is an indicator for further lab tests-B tests, to identify the full

composition of the prohibited substances used by an athlete. Using the test from Maxter Solutions a

cheating athlete will be caught before the competition even starts, incur less costly operations andpersonnel.

Eventually, our solution can basically influence the outcome of the competition and increase its

quality.

The business team has performed the technological-economical value analysis in order to

identify what are the parameters that influence the creation of customer values and which technological

assets are liable for that.


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Figure 4.1. The TEVA analysis performed for Maxter Solutions AB

There are certain parameters that influence the dimension value creation. Such are depicted as

performances and explained below:

Substance identificationstands for the ability to identify a specific substance within the sample that

has attached to the chip surface. The more substances can be identified and at higher accuracy-

the better it is for the customer.

Operating time is the time it takes to perform the test from the moment of taking the sample

(blood/saliva/urine), putting on the chip, placing in the machine and get the result. For our

product it takes approximately 10-15 min.

Size is a performance parameter, which is useful when comparing to competing technologies

and methods, which is important when comparing the product to competing technologies.

Functions are the performance parameters that stand for conversion of the detection of the

steroids and other forbidden substances in the sample by the identification algorithm to the

actual result that the user gets.

Signal detectionmeans the ability to detect changes at the light sensor. These changes are both

affected by the signal to noise ratio and the sensitivity of the light sensor.


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Multiple testsis the parameter mentioned above and stand for which composition of drugs (how

many groups of similar substances) can be identified in the sample once stands for the ability of

the product to identify several substances with the same chip.

These parameter in turn affect the value that customer recognizes in the product, which are identified in

the next section.

Customer value

As it has been stated earlier, the end user is the laboratory, which is performing the test, but value is also

spreads to WADA and the general public, which benefit from getting the cleaner competition.

WADA benefits in terms of reputation, laboratories benefit from using the equipment and the general

public benefits in terms of assurance of the competition being clean.

Reliabilitycan be also interpreted as accuracy. The test and research that Mikael Kall has done,

shows that the test is consistent in the results it gives.

On sight location, where the tests could be done right before the competition, it is important

that the process would be easy to understand and natural to perform. Apart from it, it isimportant that the lab workers in laboratories would learn it quickly too.

Fast resultwill result in to better organization of the sport events in general.

Thepriceof the product is a utility since the products give a lot of value and trust to the arranger

of the sports event for a competitive price.

The fact that the device is quite small and not especially heavy makes itportable, which enables

the customer to use it at the field.

IP Strategy

The IP strategy concerns the way that the Company is going to protect and utilize its intellectual

assets, using different kinds of IPR, such as patents, trademarks, copyrights and trade secrets.

There are several assets that could be defined and protected:

The machine

The technology behind the product is known to the general public in the science world and has

been widely used in research and medical spheres. For this reason patent for the method is not

applicable, as well as the design protection, as there is nothing unique of remarkable in the look on the

machine either. The business team decided that the best way would be a trade secret. Keeping it secret

and back up with a NDA with the manufacturer will establish a strong position from a business andlegal points of view.

The chip

Here, the construction of the chip is the key knowledge. As mentioned earlier, chips are

manufactured by high tech machines, which cost millions of SEK. As a start-up it is too risky to take

such expensive machinery on the balance sheet and hire highly paid experts to maintain it. The only

tradeoff that the business team sees is signing an NDA with the manufacturer and probably buying such

machinery in the future, so that establish in-house manufacturing.


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Another key asset is the knowledge within surface chemistry on what kind of elements that

makes certain substances attach to the metal film. In this case, Maxter Solutions is aiming at pending

patents for new microorganisms (surface chemistry reagents), developed during R&D activities, which

would be used in detecting new doping substances. This will restrain the competitors from making the

working test kit, as the chemical reagents are like petrol for the car- the car simply wont go without it.

However now there are no active pending applications.

The software

The software is also a key that consists of two parts. The fist part is the identification algorithm

that can identify a specific substance from the data that the detector gives. And the other part is how

the software takes the information from the algorithm and presents it in a way, which enables the user

to understand and use the result. Maxter Solutions plan to license out the software to the customers

with a key-pass that last for a year. This will be free, but provide the Company assurance that other

parties will not use the software.

The Brand

Maxter Solutions aim is to build the brand, assurance of quality, be consistently right in out tests.This will enable us going to commercial competitions and non-Olympic sports, as mentioned earlier.Thus the Company will apply for established trademark, this will make the protection even stronger. The

Company will pay the fees for all life of the trademark, but these costs are minor and will allow the Company to

build a stronger brand throughout the years. It is planned to pend for the trademark in WIPO, as the Company is

acting on the global arena.

The domain name maxtersolutions.com is occupied, but can be negotiated for a reasonable compensation. Or the

Company can use maxtersolutions.se domain, which is free.

A part of protection, though not related to IP is the procedure of approval of the testing

method by WADA. Since no company can commercialize without being approved by a set of strict

requirements24 this can be regarded as barrier for entry earlier mentioned in the Market section. On top

of that having the WADA director in the board of directors and mutual interests of WADA and Maxter

Solutions makes it even harder for the competitors to penetrate the market.

Future value

It is always hard to project due to high rate of uncertainty, but the business team believes that the

research will lead to and will keep up with reagents for emerging doping substances. The Company has

prognoses to increase research activities, developing new surface chemistry to fulfill the customer

testing needs.

As the expansion grows, the chip will be resigned into a platform with several working surfaces, so thatthe lab workers could attach or detach a working surface box, as playing with LEGO. This solution

will result in greater value for the customer. Company Apart from it the quality of the machines and

tests will become much better, but to moving the manufacturing in-house.

Another possible future developing scenario is combating the gene doping. The research has shown it is

a pacing technology now. Thus, sport industry may probably try to manipulate athletes genes in order

to win. This technology is the beginning of the development curve today, but there is strong probability

that it will be possible to manipulate your genes instead of using existing prohibited drugs .25There is


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practically no information on these issues and this highly depends on how doping and its pace will

develop within professional sports.

To increase the customer value on the future, Company will continuously track and listen to

customers feedback, improve and adapt to each customers preferences. As it is possible for the

Company to execute personal relationship with each customer, every feedback will result in

improvement of the product.


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5.The StrategyIn order to function efficiently, create and capture value the Company needs thought through and well-fitted strategy. In this section the

business model of Maxter Solutions is presented, using several frameworks, which help to expose the key aspects of the Company.

Maxter Solutions is based on licensing and uses external manufacturers in order to minimize cost and focuses on R&D,

collaboration with key partners and sales activities mainly.

Osterwalder model

Maxter Solutions is aimed at providing superior quality in substance recognition method,

consisting of the machine, software and a batch of chip-tests, based on LSPR technology and marking

surface chemistry.

Below, the Companys business model is analyzed in Osterwalder Canvas framework. This

framework seems to be the most suitable for such business as Maxter Solutions is running, as it helps to

see the capturing and value creation. Canvas model is a great tool to put all of the parts into one place

and see correlation between the organizational blocks.

The graphical representation of the Osterwalder business modelis provided below. The detailedexplanation of each organizational block is enclosed in Appendix B.

Figure 5.1. Canvas model for Maxter Solutions AB


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Maxter Solutions believes that the model the Company uses is fairly strong and is built in order to

maximize the value creation and proposition for the end customer. Since the Company targets a very

specific market with one decent competitor, the business team believes that the Company will create a

much better value proposition and at the same time broader spector of the testing value (anabolic

steroids, narcotics, cannabinoids etc. vs. EPO from MAIIA).

The Company has also higher margins that its competitor, thus it creates a better leverage for

investing in the Companys R&D to facilitate the development.

Leasing model

Maxter Solutions builds its relationship with customers on the leasing model.

Figure 5.2. Leasing model of Maxter Solutions

Essentially there are several participants that react with the Company in this model:

WADA

The Agency is the key partner of the Company, which tests the prototype and chips for

compliance and grants the permission. WADA also benefits with research of the Company, the new

way to combat doping, thus achieving its goal-fair sport competition. In return we get legitimate right to


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sell equipment to the laboratories. The Company also benefits with publication and exposure in the

scientific and sport societies. Thus will lead to creating reputation and acquiring goodwill.

Accredited laboratories

The laboratories, accredited by WADA, are the end customers-the ones who use the test and

utilize the value of the product. The labs get the machine leased with minimum batch of tests that they

buy (500ps). Along with it they get software free with a pass code, refreshing every year and free servicemaintenance. In exchange Maxter Solutions will get funds and feedback on the product, preferences and

reputation and recommendation among their colleagues.

Manufacturers of chips and machines

Manufacturers benefit in terms of consistent orders and having the workload on the factories, in

exchange for the money and feedback on their quality and customer preferences. Maxter Solutions shall

have an additional quality control by our maintenance staff, in order to be sure that the machines,

assembled in China can cope with everyday work.

Pitfall analysisEvery venture involves a certain amount of risk. Start-ups, like Maxter Solutions, have a high degree of

risk undertaken. There are certain risk factors, so called pitfalls that can influence Companys performance and

achieving milestones and goals. Such were identified and analyzed in this section.

Critical risks for Maxter Solutions:

WADA approval

The product may not be accredited so fast (MAIIA has not fully got the accreditation). Overlooking this,

the business team has modeled the business process and action plan with enough time for WADA to grant the

permission. Thus, the Company is not going to be presented in Russia, during Sochi 2014, but may get publicity

due to WADA. Apart from it, having John Fahey in Board will influence this situation positively.

Threat of an entry

As the LSPR technology cannot be patented in general-any Company, which has sufficient resources in

research and monetary funds. This is the external pitfall that few businesses can cope with. However, WADA

procedure can be regarded as a short-term back up in this case.

Confidential information leakage

As we are outsourcing the production, control position becomes weaker, especially when manufacturing

in China. In this case NDAs is the best ways to protect the Companys interests. Breaching the contract is

regarded as bad faith and can be prosecuted. Apart from it, the Company has a very competent CLA, who has

experience dealing with the Chinese suppliers.

Lack of experience

The business team is not professional in science issues, thus there will always be some kind of gap

between the vision of researchers and the business team, which can ruin the strategy. This will be eliminated by

having experienced professionals from KI and WADA on Board and recruiting new researchers and lab-workers

and of course collaborating with KI, as the anti-doping center of Sweden.


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In general the situation of the Company seems very promising. As a rule, big revenues reflect in risks and

instability in the beginning. The major risks are recognized and the risks are minimized as much as possible in the

context of the business model. Of course, risk cannot be eliminated in full amount, but the business team has

taken necessary steps to diminish the impact on the Company. In the long-term perspective, Maxter Solutions

will continue to track the listed and new risks and analyze them. Basically the business team has a proactive

strategy against the risks.


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6. Financial evaluationIn order to achieve the milestones that are set in the Action plan (next section) the Company has to raise funds in

order to be able cover its operational costs. This section splits the funds in to 3 kinds: soft financing, investors

investment and Companys income from sales.

Sponsorship

Sponsorships cover 2,3 MSEK in 2013-14 years of research and awaiting the approval from WADA. Vinnova is

sponsoring Maxter Solutions, as a start-up project in year 2013 and has agreed to invest 1,2 MSEK and 1,1

MSEK in 2014.

Investments

The venture capital investment in Maxter Solutions is 10 MSEK, in return for 14% of shares of the company. All

terms between the parties are negotiated and included in the shareholders agreement between the parties.

Sales and income

The main revenues of the Company are derived from sales of the chips, as mentioned in the Business

Model section. Each chip serves one test, thus this will allow a stable need in the testing chips to produce. The

sales were based on the statistical data one each laboratory accredited by WADA.26

The graphs below describe the financial health of Maxter Solutions.

Figure 6.1. Net Sale of Maxter Solutions


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Figure 6.2. Costs of goods sold of Maxter Solutions, test chips (500ps in batch)

Figure 6.3. Net Profit of Maxter Solutions


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Figure 6.4. The comparative chart of sales parameters

The Company has no sales in first 2 years for the reason, awaiting of WADA decision and establishing

infrastructure with first customers and manufacturers. In 3rd year the Company expects sales of 16,650

MSEK, with profit margin of 15, 120 MSEK. This year the Company breaks even the investment from

the investors, but corresponding net values will be reached in 2016.

By 2018 the gross margin will account around 269,850 MSEK and is projected to increase as the

Company expands in the World. The major cost drivers are salaries of personnel, R&D and

manufacturing. The costs will grow correspondingly to the sales and the gross margin will increase on

average by 75% through out all 8 years.


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7.Action PlanIn order to develop Maxter Solutions has to accomplish several milestones and business tasks, described in this

section. The milestones that the business team has identified can be true indicators of how successful the

Company is and if it sticks to its business plan. The graph below depicts the period of development of the

Company for next 6 years.

Figure 7.1. Milestones for Maxter Solutions (2013-2018)

The years of development of the product and research done by Mikael Kll has led to a nearly finished

product that needs a bit of improvement for the customer needs, working software and major part of

the research done. The detailed action plan is included in Appendix F.


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8. Investment proposal and exit planThe Offer

Maxter Solutions seeks for total investment of 10 MSEK to reach the positive cash flows and

revenues, during the first 3 years. Apart from operational expenditures this figures includes R&D costs-

expanding the research team, working on the project

Maxter Solutions also has established a collaboration Vinnova (Governmental Agency for

Innovation Systems) that will enable the Company an investment of 2,5 million SEK along 2 years. We

have also created collaborations with heads of WADA and KI. In return, Karolinska Institutet shall

enjoy the tests first among the laboratories, accredited by WADA.

Apart from it, WADA expressed support in helping out with costs incurred by the procedure

accreditation.

Maxter Solutions is offering a total of 14 % of shares in the Companys equity to WeInvest. The

Company is projected to reach the 10MSEK of net income in year 4 at the projected growth rate of the

10%.

Exit plan

The value for the Company is 8 years is projected to be 74 MSEK. If any party wishes to sell the

share in Companys equity it must qualify all requirements that are listed in the Shareholders agreement

of Maxter Solutions.

It is the common intention of the business team WeInvest and to sell the Company /or list the

Company on a stock exchange within a period 8 12 years. WeInvest shall enjoy the right to breakeven

the invested 10 MSEK before the profits are going to be fetched.


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9.AppendicesAppendix A. Shares distribution Maxter Solutions AB

Table 2.1. Shares distribution Maxter Solutions ABShareholder Number of shares

Bashful 8 600 shares

Sneezy 8 600 shares

Grumpy 8 600 shares

Happy 8 600 shares

Doc 8 600 shares

Michael Kll 8 600 shares

WeInvest 8 400 shares

Total 60 000 shares

Figure 2.2. Shares distribution, %

BashfulSneezy

Grumpy

Happy

Doc

Mikael Kll

WeInvest

Figure 2.3. Organizationalstructureof Maxter Solutions

AB

Board ofDirectors

The BusinessTeam

Doc Happy

Grumoy Sneezy Bashful

Researchers


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Appendx B. Canvas model for Maxter Solutions AB

KEY PARTNERSHIPS

Maxter Solutions has already established partnerships with suppliers, which are

able to make the business model working out in the market. Our main partner

are World Anti-Doping Agency, accredited research centre, manufacturers andchemistry suppliers.

WADA

The World anti-doping agency is the most important collaboration and partne

for the Company. As we are striving for the mutual goal- creating a better testing

method, WADA has agreed to support our activities (even financially- sponsoring

the certification procedure to a reasonable amount). Apart from it, John Fahey is

offered the directors place on the board, so this collaboration will even

strengthen.

KAROLINSKA INSTITUTE DOPING LABORATORY

We have collaboration with Karolinska as one of the most advanced laboratory in

Scandinavia. Karolinska is perceived to be the entry to the anti-doping market

Being the first customer KI will enjoy the right to test the product and decrease

the workload on the laboratory, consequently work more efficient.

The business team even assigned the position in board of directors to the directo

of KI laboratory- Christoffer Jackobson.

MACHINE MANUFACTURER

Maxter Solutions has agreement with a Chinese manufacturer on producing th

machinery. The technical filling of the machine is a light source, a prism, circui

boards, couple sensors and a light detector. Thus, due to simplicity of themachine it was decided to outsource the production. This will reduce costs and

help the Company concentrate on the value adding activities and R&D. The

estimated production cost of the machine is 40000 SEK27.

CHIP MANUFACTURER

Chip manufacturing is also decided to outsource, for the reason that production

of a chip requires complex machinery, that would be able to place the nano

particle of gold in a certain pattern, be sterile and operate with glass. Such

production machines cost millions of Swedish kronor, so it terms of cost

efficiency it was decided to outsource the production of chips too. The chip

manufacturer is planned to be a Swedish company, this will unable a bette

control position. Maxter Solutions will have a contract with non-disclosure and

trade secret clauses. This will enable a better protection over the chip producer.

KEY ACTIVITIES SALES

Sales are the key activity that the Company will be occupied with after the

finishing the development phase and getting approval from WADA.

Since there are few (33) potential customers in the beginning we will aim a


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establishing a personal connection with these customers. For this purpose, th

Company shall hire the sales personnel, which will increase as the sales increas

overtime.

MARKETING

Like any other company, Maxter Solution has marketing strategy. Since th

market is very specific and there is no mass sales- the Company will have nomarketing budget. Partnership with KI and WADA are the marketing tools tha

re going to be used, basically. The Company will also try to gain marketing by

publications and media presence.

Apart from it in case of successful accreditation, WADAs recommendation to

other laboratories is the best marketing tool in this case.

PRODUCT DEVELOPMENT

In order to meet customer demands the Company needs to continue the produc

development and client services. New customers will probably need more or les

working surfaces, or different mix of the working surfaces, or maybe modula

working surfaces so that to mix them according to their needs.

Matching customer needs will make the Company a market leader.

RESEARCH

The research will be continued and Mikael Kll shall lead it, as the person, which

came up with the invention. As mentioned in Organization section, the research

team will grow as the workload and sales increase, in order to continue research

and adapt to customer needs in surface chemistry.

The research is also described in other organizational blocks.

KEY RESOURCES RESEARCH IN SURFACE CHEMISTRY AND NANO-STRUCTUREDFILMS

The key assets are derived from the key activities of the Company. Since research

is one of the main activities, it is obvious that the knowledge and competence

within the field is the key resource of the Company.

The focused investments in research are crucial to develop a better version of the

technology in order to meet WADAs accreditation criteria and make sure tha

this resource is managed efficiently. The partnership with KI and Christoffe

Jackobson on board are important as a source of great knowledge and years o

experience.

SPONSORS

Being a start-up is tight in financial terms, but Swedish innovation agencies such

as Vinnova, are very helpful. The business team is planning to get 2,5 SEK from

the Swedish innovation agency in order to facilitate the Companys development.

When the Company becomes public, the business team is also hoping to se

collaborations with big companies from the sport industries, that sponsor the

Olympics or sport events. This will help to support Companys financial needs.


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SUPPLIERS

Supplier relationships are also vey important for Maxter Solutions, since the chips

will be customized for a specific customer, fitting the labs needs. On the othe

hand, good relations with suppliers are extremely important in control terms

they will keep the knowledge that we have to provide them with secret. This wil

be of course be backed up by the NDAs in order to follow th good busines

practice.

CUSTOMER

RELATIONSHIPS

KAROLINSKA INSTITUTET

As mentioned above, KI is one of the key partnerships with Christoffe

Jackobson in head. Today KI is performing the most testing in Scandinavia, thu

new methods, allowing to work more efficient with benefit the lab. Thus, the

Company felt that collaborating with KI is a partnership, built on mutual interest

The business team believes that, Christoffer Jackobson can input with thi

capabilities, experience and reputation in our further development. Apart from it

WADA is currently is looking into only having one doping center in Scandinavi

instead of three (KI, Oslo, Helsinki), thus our collaboration may be handy and

beneficial in this situation.

LABORATORIES

The company shall approach the labs gradually, starting with Scandinavia, then

going into Europe and Russia, then the milestone customer is Rio laboratory in

2016 and then expanding to Asia and America. The leasing model will strive the

labs to try out the product, spending only on the testing chips batches. This wil

create a lock-in effect after using the testing method and cover the production

costs both of chips and machines. The quantity of machines is derived from the

workload of the lab and customer preferences.

Since the prohibited substances list is expanding, the demands of the labs vary, so

the Company is striving to keep up and maintain personal contact with the

laboratories will also provide us with knowledge about our customer demand

and wishes, as well as further contacts and access to networks with potentia

customers.

WADA

WADA is some way is also a customer, as mentioned above; we are striving fo

the same goal- having a true and clean sport. As WADA is the one who ar

governing the doping tests worldwide it is of great importance to get grantedpermission and recommendation from the Agency.

DISTRIBUTION

CHANNELS

SALESMAN

Salesmen are the power that will influence our revenues and basically th

development of the Company. Maxter Solutions will hire the salesmen from yea

3, since by then there is no sales projected-the Company will concentrate on tes

accreditation and finalizing the product. From ear to year the number of salesmen


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will increase, corresponding to the number of customers.

By 2016, there will be 3-4 salesmen hired, as there is going to be Olympics in Rio

which are one of the main milestones for the Company.

Since this milestone is passed, the Company shall continue to increase the sale

crew and sales over the World, finding new customers.

WADA

The agency is also accrediting the laboratories, so it can recommend out produc

as the most efficient express testing equipment, in case the test should be

performed in a shortage of time. Recommendation from WADA will be a reward

for hard work and responsibility taken for the product.

COSTS STRUCTURES

MACHINE

The major costs, associated with our business are definitely manufacturing th

machines and chips. As machine manufacturing requires sophisticated and

expensive equipment it was decided to outsource this activity, which will result in

lower costs.

However, in long term perspective and depending on profitability of th

Company the machine manufacturing may be brought in-house, allowing more

control over the machines structure, leasing and repair activities. Now, in-house

production is an extensive cost burden for a startup wile this Company.

CHIPS

Chip production, as mentioned above is outsourced to a Swedish manufacturer to

eliminate cost burden and still have a control position. The estimated cost of the

chip to produce is 200-250 SEK28, depending on the workload and quantity o

batches. The estimated cost includes both the production of the chip and

preparation of active substance and injecting in the chip.

R&D

R&D is one of the biggest parts of the cost pie for Maxter Solutions. The cost

are ever increasing and are build on increasing number of research assistants, th

average salary of approx.. 700000 SEK per year29, and costs for maintaining30 an

renting out a laboratory.

REVENUE STREAMS PAY PER TEST

The revenue shall be derivedfrom the sales of the test-chips. One chip swill serv

one sample of one doping substance or several, according to customers need

and preferences. Thus the customer shall pay per test chip.

BATCH OF TESTS

Apart from it, it was decided that the machines should be leased out with the firs

purchase of chips. The customer buys 500 chips for use and gets the machin

leased from us. It is also beneficial for the customer, because it is less costly to

purchase the package of chips. Even our machine is less costly than th

competitors analogs we believe that this will unable a better control position.


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Appendx C. Income and Cash flow statements


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Appendix D. Machine distribution plan


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Appendix F. Detailed Action plan

Years 2013

The investment from WeInvest of 10 MSEK will allow recruiting more researchers on the full-time

basis and continuing the product development. As the product is in the last phases of development theresearch and business team will put a lot focus to finalize it.

The main goal in this year is make sure everything is done so that to match the WADA standards. The

business team prognoses that accreditation process will not take more than a year, for the reason, that

today the Company has a working prototype and research of research. Apart from it competencies of

Christoffer Jackobson (KI) and John Fahey (WADA) will help the Company a lot.

There are no sales projected this year, as we are not allowed to act on the market yet.

Year 2014

The main goal this year is WADA approval and getting interested first customers. The final R&D is

made. The Company unfortunately is not planning to go for Sochi 2014-this has been due to be sure

that the WADA will get enough time to grant the permission, gain enough publicity and establish

negotiations with first customers.

No sales projected this year too, but there a re certain costs like assembling 7 machines in total. (The

graph of machine maintenance could be found in Appendix D)

Year 2015

The Company projects to conduct sales of 16,560 MSEK, The Company will be selling the chips to

initial 4 customers (in Scandinavia and Russia) and increase the volume in case of success.

The Company will put focus on customer feedback and improve, increase R&D and number of

researchers for further development and handling new complex measurements in our progress of being

able to detect more new substances.

It is planned to conduct sales of 7 920 chips and lease out 7 machines and will have 3 for CompanyR&D. This will result in 15,120 MSEK profit margin, selling initially to 4 customers: Doping Control

Laboratory Karolinska Institutet (1200 pcs), Oslo University Hospital and Laboratory United Medix

Laboratories Ltd in Helsinki (1200 pcs both) and 10 000 pcs subscription to Anti-doping Centre in

Moscow, as it has high workload.


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In this year the Company is reaching the positive levels of income due to publicity gained and intense

sales activities.

Year 2016

It is planned to conduct sales of 27 700 chips and lease out 11 machines more for Rio (3), LA (5), Koln

(2) and London (1), based labs workload and preferences. This will result in 58,179 MSEK profit

margins.

The main milestone for Maxter Solutions is showing the product efficiently in Rio. The ultimate goal

for the Company is Olympic games, where there are no athletes getting caught after the games, they are

caught before. This keeping a fair game spirit that will raise the credibility and honor of the sports as

such.

Apart from it, preparing for the World expansion the company gradually increases the research staff.

Year 2017

This year is 2nd big milestone for the Company- expanding all over the World. This year it is planned to

lease total 31 machine (including several replacements and repairs) and supply new customers like Salt

Lake, Montreal, Seibesdorf, Rome, Ghent, Dredsden, Athlens, Lisabon.

The Company is also planning to sell 79 000 chips, which will result in 165,900 MSEK profit margin.

World expansion will facilitate the increase in R&D spending, recruiting 2 more researchers.

Year 2018

This year the Company will sell 128 500 chips, continuing to expand and attracting new customers. The

company will lease 20 machines (including several replacements and repairs) to labs in Athens, Lisabon,

Bucharest, Barcelona, Lausanne, Havana, Bogota, Sydney, Seoul, Tokyo. This will result in 269,850

MSEK profit margins.

Year 2019

This year the Company will sell 164 000 chips, continuing to expand and attracting new customers. The

company will lease 30 machines to old customers and to new labs in Beijing, New Delhi, Almaty,

Bangkok, and Bloemfontein. This will result in 344,400 MSEK profit margin.

Year 2020

This year the Company will sell 203 500chips, continuing to expand and attracting new customers. The

company will fix and replace 18 machines to old customers and new labs that possibly can appear by

that time. This gross margin this year will account 427,350 MSEK.


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The further growth rate is projected to decrease to 8% and there will be a necessity to target new

markets.

Long-term

In long-term perspective, Maxter Solutions aims at supplying all laboratories with and supply the mobile

laboratories, which are set up on sight (London 2012 31). The Company will also research and

concentrate on other annual competitions like Arnold Classic, Mr. Olympia and Tour de France.


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10.References1http://www.wada-ama.org/en/about-wada/history/a-brief-history-of-anti-doping/

(Accessed 2012-12-11)2http://www.wada-ama.org/en/about-wada/history/a-brief-history-of-anti-doping/



(Accessed 2012-12-11)5http://www.mirror.co.uk/news/uk-news/london-2012-anti-doping-lab-opens-190926 (Accessed

2012-12-21)6 Case introduction SPR Sensor, BCL 20112 (Accessed 2012-12-11)

7http://www.atkearney.com/paper/-/asset_publisher/dVxv4Hz2h8bS/content/the-sports-

market/10192 (Accessed 2012-11-01)

8http://news.sky.com/story/920409/sky-investigation-olympics-bill-tops-12bn (Accessed 2012-12-16)9http://www.wada-ama.org/Documents/Science_Medicine/Anti-

Doping_Laboratories/WADA_Criteria_Haematological_Laboratory_June_2010_EN_FINAL.pdf

(Accessed 2012-12-14)10http://www.wada-ama.org/Documents/Science_Medicine/Anti-

Doping_Laboratories/WADA_Accredited_Laboratories_EN.pdf(Accessed 2012-12-14)11http://www.wada-ama.org/Documents/Resources/Testing-Figures/WADA-2011-Laboratory-

Testing-Figures.pdf(Accessed 2012-12-11)12http://theconversation.edu.au/more-olympic-drug-testing-than-ever-but-why-do-we-bother-7993

(Accessed 2012-12-13)13 http://www.bbc.co.uk/news/uk-19066937 (Accessed 2012-12-13)14 http://www.bbc.co.uk/news/uk-19066937 (Accessed 2012-12-13)15 http://www.wada-

ama.org/Documents/About_WADA/Funding/WADA_ReportWorkingGroupCosts_EN.pdf page

13 Accessed 2012-11-01)16http://www.wada-ama.org/Documents/World_Anti-Doping_Program/WADP-IS-

Laboratories/Technical_Documents/WADA_TD2010IDCRv1.0_Identification%20Criteria%20for%

20Qualitative%20Assays_May%2008%202010_EN.doc.pdf(Accessed 2012-11-01)

17 Mass spectrometic detection utilizes gas or liquid chromatography to separate, identify and detect the

molecules in the sample. It is generally more efficient in testing for a specific substance, but in the

same time it has the most extensive range of detectable substances.18 Immunoassay methods including enzyme, radio, and florescence polarization. Source:

http://www.avertest.com/testing-technology/alternative-testing-methods/ (Accessed 2012-11-01)19 http://www.bbc.co.uk/news/uk-19066937 (Accessed 2012-12-13)


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20 Dependent on which kind of sample is used, the possibility to detect substances varies. In hair, long-

term use of a substance can be detected, while urine and blood samples show resent use.

21http://www.testcountry.com/ProsandConsofDifferentDrugTestingMethods.html (Accessed 2012-

11-01)22

http://www.maiiadiagnostics.com/research/epo_doping_test.htm (Accessed 2012-12-14)23 49.260 SEK is the cost is the actuall cost of what it would take to rent a labratory with rent service

and some basic equipment. Patrik Stark. Salgrenska Science Park24 http://www.wada-ama.org/en/Anti-Doping-Community/Anti-Doping-Laboratories/Accreditation-

Process/(Accessed 2012-12-11)

25 http://www.genengnews.com/gen-articles/going-for-gold-finding-doping-in-sports/4463/

(Accessed 2012-11-01)

26 http://www.wada-ama.org/Documents/Resources/Testing-Figures/WADA-2011-Laboratory-Testing-Figures.pdf

27 Interview with Pr Persson, the former project manager. (Accessed 2012-12-13)28 http://www.wada-ama.org/Documents/World_Anti-Doping_Program/WADP-IS-

Testing/2012/WADA_IST_2012_EN.pdf(Accessed 2012-12-16)

(Accessed 2012-12-13)

29 http://www.unionen.se/filer/lonestatistik-2011(Accessed 2012-12-13)

30 http://io9.com/5827381/heres-what-it-actually-costs-to-run-a-university-science-lab

(Accessed 2012-12-12)

31http://www.mirror.co.uk/news/uk-news/london-2012-anti-doping-lab-opens-190926 (Accessed2012-12-16)

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