UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 Innovatech’s Grow LED Lights With Built-In Watering System Submitted by: Legaspi, Ryza Dela Vega, Phloem Evangelio, Gemney Geollegue, Gerwin Azriel Guanzon, Arvin John Inquig, Audrey Clyde Nanquil, Jan Occida, Matthew Submitted to: Ms. Jorinne Gosiaoco UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 I. INTRODUCTION Innovative concepts are constantly emerging in the field of indoor gardening. Watering systems and LED grow lights are combined in one innovative idea. Imagine a setup that provides plants with both water and light at the same time, making indoor plant care easier than ever. With its convenience and improved outcomes, this invention has potential for both novice and experienced gardeners. Let's explore how indoor plant cultivation could be altered by LED grow lights that incorporate watering systems. This integrated system not only simplifies the maintenance of indoor gardens but also optimizes resource efficiency, fostering sustainable and thriving ecosystems within the confines of our homes. At Innovatech, where creativity meets botany, we are dedicated to pushing the boundaries of indoor gardening. Our most recent creation, the Grow LED Lights with Watering System, is a game changer. These lights, which are supported by a wealth of research, offer the ideal spectrum for plants to flourish in, making sure they receive the precise quantity of light at the precise wavelengths. They use modern methods to increase plant productivity and quality while also encouraging healthy growth. With Innovatech's Grow LED Lights, growing an indoor garden can be done in a snap. Harnessing cutting-edge technology, our Grow LED Lights with Watering System not only elevates the efficiency of indoor plant cultivation but also provides users with customizable features through smart controls through setting a programmable digital timer, allowing for a seamless and user-friendly gardening experience. UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 Our LED grow lights are champions of efficiency and eco-friendliness in today's sustainable tech landscape. They're meticulously crafted with a commitment to excellence, representing a step forward in preserving our green spaces. Innovatech's Grow LED Lights, now featuring a built-in watering system, mimic natural sunlight to fuel photosynthesis and accelerate plant growth. This results in higher yields and tastier produce. With customizable options, our lights cater to the unique needs of various plants, making indoor gardening easier and more effective. At Innovatech, we take great pride in the functionality and dependability of our products, which are supported by our constant commitment to customer assistance and education. Our objective is to provide growers of all skill levels with the knowledge and resources they need to succeed by providing professional advice and troubleshooting assistance. Indoor gardeners can feel secure in the knowledge that they have a trustworthy ally dedicated to their success when Innovatech operates alongside them. With the addition of an integrated watering system, our LED grow lights offer the perfect option for efficiently and sustainably raising flowers, vegetables, herbs, or medicinal plants. Come along as we transform indoor gardening to provide a more vivid and environmentally friendly experience for everybody. Utilizing the most recent developments in LED technology, we have produced lighting solutions that offer unmatched energy efficiency and precise control while faithfully recreating the entire spectrum of natural sunshine. Our LED grow lights are designed to fit your demands, whether you're an urban farmer making the most of your little apartment space, a hobbyist growing herbs on your kitchen countertop, or a commercial grower running a large-scale operation. We have a strong commitment in providing information, tools, and offering top-notch items is one of the aspects of our goal. UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 II. PROJECT SUMMARY Name of the Business: Innovatech Grow LED Lights with built-in Watering System Location of the Business: Innovatech is located at the Downtown Lacson St. Gonzaga, beside Joshblanc Motorcycle part store and other local stores around the area, Bacolod City, Negros Occidental, Philippines. Bacolod The capital city of Negros Occidental was named the most business-friendly local government unit under the category of highly urbanized cities outside the National Capital Region by the Philippine Chamber of Commerce and Industry, Medina, M. (2023, April 29). It's a great place to start a business because it connects customers and entrepreneurs effectively. Opening a business here with unique products could have a positive influence on both the city and nearby cities. Name of the owner: Ryza Legaspi (Innovatech Owner) Business Logo This symbol represents growth and innovation driven by the powerful impact of LED technology. Inside the bulb, the letter 'I' reflects our brand name, Innovatech, symbolizing creativity and advancement in what we create. The bulb signifies the diverse ideas within our company that are being applied to our products and this symbol is UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 commonly used for ideas, so whenever they think of an idea they would think of our brand unconsciously. The design in our logo is sleek yet eye-catching, emphasizes the beauty of simplicity, attracting potential buyers. It embodies our commitment to pushing boundaries and embracing new technologies for a brighter future. Above all, it symbolizes not just a product, but our philosophy of progress and aspiration. Company Profile The first LED grow lights were invented in 1962 by Nick Holonyak Jr. The first LED grow lights were powered by a single AA battery and had a red light only, but it generated more lumens per watt than any other form of lighting at that time. LED grow lights, dating back to the 1960s, revolutionized plant growth or what we call grow LED lights in the 1990s with NASA's exploration. They gained popularity in commercial horticulture due to energy efficiency and customizable spectrum, now used in indoor gardening setups. In present days it seems that the majority of people encounter the challenge of keeping their plants growing. Trying to find creative solutions to keep your plant healthy and beautiful. Our prototype is based and inspired on the expertise of Swedish LED manufacturer Heliospectra, which is well-known for its high-end LED grow lights that use far-red, green, blue, and red lights to promote plant growth. The sophisticated and innovative solution for indoor gardening is guaranteed by the integration of technology into our design. This technology offers effortless remote monitoring from any device in addition to precise control of light intensity (PPFD). Our prototype strives to provide a state-of-the-art, user-friendly experience for plant enthusiasts seeking optimal cultivation results, in line with Heliospectra's dedication to quality. With Heliospectra as a guiding influence, our prototype represents a harmonious blend of creativity and functionality in the realm of indoor plant cultivation. Building on Heliospectra's legacy, we aspire to redefine the possibilities of at home gardening through our innovative prototype. UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 Inspired by the legacy of Philips, the Dutch multinational founded in 1891, Innovatech aligns itself with a commitment to quality and innovation. Philips, renowned for lights, audio, and healthcare products, employs over 80,000 people globally and notably leads in LED grow lights, serving sectors like greenhouses, vertical farming, and medical cannabis. Drawing inspiration from Philips, Innovatech is dedicated to developing cutting-edge solutions for indoor gardening. Our commitment mirrors Philips' focus on higher crop quality and increased yields, showcasing a dedication to excellence in the field of plant growth technology. Innovatech is a company that uses artificial lighting for plant growth, a concept that originated in the 1860s. Pioneers like Mangon and Prilleux explored its effects, leading to Thomas Edison's patented light bulb in 1879. Today, artificial lighting plays a crucial role in modern agriculture, and Innovatech is dedicated to advancing this legacy to ensure year-round growth and improved yields in indoor gardening. Innovatech's journey in revolutionizing indoor gardening began with a visionary team of future engineering students coming together. Fueled by a passion for merging creativity with botany, our company set out to address the challenges faced by indoor gardeners. The pivotal moment arrived when we introduced our groundbreaking invention, the Grow LED Lights with Watering System. Drawing inspiration from nature's precision, we meticulously designed these lights to provide the ideal spectrum for plant growth, ensuring that every wavelength contributes to flourishing greenery. At Innovatech, we're dedicated to offering practical and effective solutions for plant enthusiasts, making us a leader in indoor gardening technology today. UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 Over the years, our commitment to innovation led us to refine and enhance our product continuously. In 2024, we integrated smart controls, allowing users to customize their gardening experience remotely through a programmable timer for scheduled watering time for plants. The introduction of cutting-edge technology not only simplified the process but also elevated the efficiency of indoor plant cultivation. Innovatech has become synonymous with user-friendly, high-performance indoor gardening solutions. The Grow LED Lights with Watering System had evolved into a holistic smart lighting solution, catering to both novice and experienced gardeners alike. As we step into the future, Innovatech remains dedicated to pushing the boundaries of indoor gardening technology. Our commitment to creativity and functionality ensures that Innovatech continues to be at the forefront of innovations, providing users with the tools they need to cultivate thriving indoor gardens effortlessly. VISION Innovatech wants to change indoor gardening with LED lights and Watering System, making it easy for everyone. We want homes to have green gardens easily, and we want people all over the world to enjoy it. Our goal is to help people grow plants inside effortlessly. MISSION With the help of LED lights and watering system, Innovatech is aiming to optimize indoor gardening so that every individual can do it. We are developing new lighting and UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 techniques to support healthy indoor plant growth. Our goal is to protect the environment and make indoor gardening enjoyable and easy for everyone. GOALS The Innovatech Company’s primary goal is to make indoor gardening easy and eco-friendly for everyone by creating a simple system that combines LED lights and a Watering System. ● To improve indoor plant health through innovative technology. ● To introduce advanced products for indoor farming. ● To develop an efficient LED grow light with a built-in watering system to cater to plants' specific needs during growth cycles OBJECTIVES The Innovatech Company's objectives focus on prioritizing customer satisfaction, showcasing superior performance, and offering convenient equipment and accessories. Prioritize customer satisfaction a. To have loyal customers who recommend our products, driving growth and market share. b. Happy customers boost profits by paying more for quality products/services, helping us dominate the market and earn more. c. To strengthen our brand, making us stand out from competitors and a trusted choice for indoor gardening. Showcase the superior performance a. Set us apart, attract more customers. UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 b. To build trust on customers that leads to repeat purchase and positive recommendations. c. Ensures customer satisfaction and long-term loyalty, driving sustainable growth. Offer convenient equipment and accessories a. Provide easier solutions for the concern of customers. b. To show we care about customers' needs, making their indoor gardening experience hassle-free. c. To expand the market by meeting different customers' needs. Organizational Chart UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 Job Description: Business Owner. Leads and manages the operations, decision making and securing growth and success. General Manager. Sets operational goals and targets, tracks the progress, and adjusts tactics when needed. Marketing Manager. Promotes products from market plans, conducts research of the trends and analyzes the effectiveness of ads. Product Developer. Designs, researches, and tests products to meet market demands and customer needs. Financial Analyst. Evaluates data and monitors financial performance, and supports financial planning. General Manager. Assures the proper coordination and alignment of all departments and functions. Customer Service Rep. Responsible for engaging with customers on behalf of their company Brand Manager. Ensures the brand of the company is consistent and effective communication with UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 A. Market Profile: The target market for Innovatech's Grow LED Lights in Bacolod City comprises commercial growers, urban gardeners, hobbyists, and agricultural cooperatives and institutions. Commercial growers seek high-performance LED lights to optimize crop production, while urban gardeners look for compact and affordable solutions for indoor gardening. Agricultural cooperatives and institutions are interested in sustainable farming practices and may collaborate with Innovatech for research and community development initiatives. B. Competitive Analysis 1. Selling Price Value and cost-based pricing will be the foundations of the business's pricing strategy. A cost-based pricing approach includes a markup to assure profitability in addition to setting prices based on the product or service's production costs. It can be computed by raising the production cost by a specific amount. While straightforward, cost-based pricing may not always reflect the value perceived by customers or market demand. Value-Based Pricing: This tactic involves determining prices in accordance with how much a client believes a product or service is worth. Through an awareness of the advantages, characteristics, and distinctive value proposition of its offerings, the business may set prices for its goods and services that will maximize the value that clients will find. Value-based pricing allows the company to potentially command higher prices for products or services that offer superior benefits or solve specific customer problems. UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 The business is able to combine profitability and customer value by combining cost-based and value-based pricing. Value-based pricing, which sets prices for goods and services in accordance with what consumers believe they are worth, helps businesses maximize revenue, while cost-based pricing makes sure the business can continue to operate. With this two-pronged technique, the business may tailor its price to satisfy both client demands and its own financial goals. All things considered, the company's pricing strategy that combines value- and cost-based pricing shows that it takes careful consideration into account when setting prices, which may help it succeed in the long run. The price of the Innovatech’s product will be based on the production cost which involves the materials used, services and based on this assessment. The company may adjust the price upwards if the perceived value exceeds the cost-based price or downward if it falls below. Estimated for minimum of Php 500.00 2. Competitions The Innovatech Standard Grow LED Lights GrowGenius GrowLights 2022 The grow led To stand firm and GrowGenius lights are very be able to come up comes equipped convenient as it with this kind of with a has the capacity to product is one of comprehensive possess rare or the strengths of mobile app that exclusive features the business. A provides users UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 Strength like built-in location where with remote watering system consumers can access to their with easily find and indoor garden. programmable access the market From the palm of timer for with enough their hand, users scheduled time to knowledge of the can monitor plant water plants and personnels. Thus, health, adjust uses that sets it having the lighting and apart from its expertise in watering settings, competition. encouraging the and receive Considering the people in notifications and price, it aligns well purchasing the alerts, making it with what the product. The long easy to manage product can give to lifespan of the LED their garden from its buyer that will lights compared to anywhere, make them other traditional anytime. satisfied. As lights makes it technology more durable continues to together with the evolve and various unique improve over time, designs of the UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 innovatech brings structure. new products and innovation not only for the people but also for the plants. Moreover, the business is located along the side of the roads where people are passing by which is easy to locate. The personnels are very approachable, has a broad knowledge about the products being sold and has good communication skills in order to UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 persuade people to buy. Weaknesses The rapid growth The high initial The advanced of advancement in cost of the LED features of technology lights brings GrowGenius especially for complexity GrowLights may plants production especially if the result in a higher and comfortability, consumer is price point a sudden budget-conscious. compared to obsoletion might Considering the standard grow occur if it fails to people's lights. This could keep up with the perspective about potentially limit emerging the lights, most of market technology that them are possibly penetration already exists. hard to convince among Given the total in switching to budget-conscious expenses for the LED lights. consumers and whole product a Furthermore, smaller-scale higher initial cost there might be growers. can serve as a uncertainty UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 hindrance to a regarding the successful market performance of penetration. the product in plants. Opportunities Due to the Through gaining The increasing customers being popularity of the popularity of satisfied with the Grow LED lights in indoor gardening, grow led lights adaptability of the driven by factors there could be a indoor farmers, such as growing market the product might urbanization and demand for more expand and reach the desire for fresh advanced people who have produce productivity and not yet discovered year-round, efficiency of the it. LED grow lights presents a product. have a chance to significant growth Innovatech can market it as opportunity for explore and environmentally GrowGenius expand into the friendly options GrowLights. industry sectors given the growing Expanding its which are open for emphasis on product line and UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 more sustainability and marketing efforts improvements environmental could help that will be preservation capitalize on this introduced. together with its trend. unwavering productivity. Threats A circumstance Competition from Intense where numerous established and Competition, the technology new players. indoor gardening companies are Technological market is highly releasing new advancement, competitive, with products that offer where risk of numerous players similar solutions obsolescence if offering a variety involving lights unable to keep up of grow lights and with our grow led with indoor gardening lights. The advancements. solutions. competitors might Price pressure, GrowGenius faces offer more where a pressure the threat of sufficient or to lower prices to competitors advance of the remain introducing UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 overall competitive while similar products performance. sacrificing and with comparable Safety Standards maintaining features, and Compliance profitability. potentially eroding costs can be costly market share. due to investments Rapid in materials, advancements in processes, and technology could testing in ensuring pose a threat if customers safety. competitors develop breakthrough innovations that surpass the capabilities of GrowGenius GrowLights. 3. Channel of Product Distribution We will make use of social media marketing, retail partnerships, online sales channels, and customer referral programs to efficiently distribute our Grow LED Lights with Watering System. We'll have an easy-to-use website and be active on UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 social media sites like Facebook and Instagram. Our reach into local markets will be increased through retail partnerships and influencer and gardening experts collaboration. Attending trade exhibitions offers the chance to speak with prospective clients face-to-face, and putting in place a customer referral program will encourage word-of-mouth advertising. We hope to reach enthusiasts all over the place with our cutting-edge indoor gardening solution by using these channels. C. Program Analysis of the Marketing Strategy 1. Geographical segmentation strategy Utilizing its location in Bacolod City, Negros Occidental, Innovatech's regional segmentation strategy employs a multi-tiered method to systematically target various markets. The company's initial goal will be to dominate the local market in Bacolod City and the surrounding area. By leveraging its location in Downtown Lacson St., it hopes to forge a strong connection with locals, companies, and institutions. Building on this success, Innovatech intends to reach a wider audience in the Negros Occidental area by focusing on clients in nearby towns and cities like Talisay, Silay, and Bago. Through forming alliances with local distributors and merchants, Innovatech hopes to take control of the indoor gardening industry in the province. By utilizing online platforms and distribution networks, Innovatech will reach customers around Bacolod as it firmly establishes its presence in regional hubs and progressively extends its reach to other parts of the Negros Occidental. Lastly, in order to better serve clients in nearby towns and match its product offerings with the demands and preferences of the marketplaces, the corporation may consider expanding around Bacolod. By using this thorough geographic segmentation approach, Innovatech hopes to become a market leader in indoor gardening solutions, serving a variety of clientele in various geographic areas. 2. Psychographic Strategy UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 Innovatech's psychographic strategy revolves around understanding the values, beliefs, and lifestyles of indoor gardening enthusiasts. By appealing to their desire for convenience, sustainability, and innovation, Innovatech creates personalized solutions that resonate with their gardening goals. Through storytelling, community engagement, and emotional connections, Innovatech fosters a sense of belonging and loyalty among its customers, positioning itself as a trusted partner in their gardening journey. 3. Demographic Strategy Innovatech Grow LED Lights will target a diverse demographic range, focusing on individuals across various age groups and income levels. Our primary demographic segments include young adults aged 18-35, plant enthusiasts of all ages, and senior citizens aged 55 and above. We aim to appeal to tech-savvy young adults by showcasing the smart features of our LED grow lights, while also engaging families with our product's ease of use and ability to grow fresh produce at home. Additionally, our user-friendly LED grow lights cater to the desires of senior citizens for simplicity and functionality in indoor gardening. By targeting these specific demographic groups, Innovatech aims to provide accessible and enjoyable indoor gardening solutions for everyone. 4. Promotion and Advertising Over the years, social media has changed a lot and now it's one of the most popular ways for people all over the world to communicate. Besides this, social media opened up amazing opportunities for business expansion that enables the companies to extend their influence. As mentioned by Swaminathan (2020) how UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 easy access to information, affordable search engines, and fast information sharing are driving brands to innovate in their marketing strategies. Companies would get creative with how they sell and market their brands online. Additionally, social media is constantly changing, so you have to keep up to adapt to new trends and challenges. V. Production STEPS TO CONSIDER PROCEDURE STEP 1 Gather the LED light panels, watering system components, housing, and tools needed for assembly. UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 STEP 2 Design the LED light panel’s size, shape, LED chips and circuit layouts according to market research and customer preferences. STEP 3 Install the watering system by designing a layout for even water distributions, installing tubing, and connecting components to a pump and water source. STEP 4 Assemble the resistors, LED panels by soldering LED chips onto circuit layout, mounting them into the housing, connecting wiring to power sources. STEP 5 Lastly, Test and Quality Control. After assembling the LED light panels with the integrated watering system, the next step for Innovatech is to conduct thorough testing using the fuse for safety and quality control measures to ensure that the final product meets the company's standards and customer expectations. VI. Financial Feasibility A. Start Up Cost and Working Capital UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 By starting with an assessment of the start-up and working capital costs, Innovatech diligently analyzed the various expenses associated with tools, equipment, materials, and services. Next, we estimated the anticipated sum needed to pay for working capital and startup expenses so that we could manufacture our product. For LED lights panels, we’ll have LED chips (P150), we have Tubing (P20), Small water pump (P200), Fuse Holder & Fuse (P41), Resistor (P50), Switch (P50), housing for the LED panels and watering system (P300), Step-Down Transformer (P300) and for cycle system we have programmable digital timer (P200). A total sum of Php 1,311.00 for all the materials needed. Materials Cost LED chips Php 150.00 Tubing Php 20.00 Water pump Php 200.00 Fuse Holder & Fuse (Safety) Php 41.00 Resistor (1k 1/4w) Php 50.00 Switch Php 50.00 Housing of LED Lights and watering system Php 300.00 Timer Php 200.00 Step-Down Transformer Php 300.00 TOTAL: Php1,311.00 UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 B. Cash Flow Forecast The following table estimates how many of Innovatech’s products of Grow LED Lights with Built-in watering system we can sell, their prices, and the sales we can receive. Innovatech’s Grow LED Lights with sprinkler system in different sizes sales: Item (Sizes) Unit price Estimated number of sales(daily) Estimated sales(daily) Estimated sales(monthly) Estimated sales(yearly) Small Php 310.00 5 Php 1550.00 Php 46,500.00 Php 558,000.00 Medium Php 580.00 6 Php 3480.00 Php 104,400.00 Php 1,252,800.00 Large Php 899.00 2 Php 1798.00 Php 53,940.00 Php 647,280.00 Php 6828.00 Php 251,340.00 Php 2,458,080.00 Total: On the other hand, the following table shows our sales forecast: Sales forecast Year 1 Year 5 Year 10 Innovatech’sGrow LED Lights with sprinkler system Php 2,458,080.00 Php 12,290,400.00 Php 24,580,800.00 UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 Innovatech's Grow LED Lights with integrated watering system offer an innovative solution for indoor gardening enthusiasts, providing efficient lighting and automated watering to support plant growth. The product comes in three different sizes to accommodate varying needs and spaces, catering to a diverse customer base. The sales forecast illustrates a promising trajectory for Innovatech, with projected revenues increasing steadily over the years. In the first year of operation, sales are estimated to reach Php 2,458,080.00, demonstrating a strong initial uptake of the product in the market. As awareness grows and the product establishes itself as a reliable choice for indoor gardening, sales are expected to soar to Php 12,290,400.00 by the fifth year and Php 24,580,800.00 by the tenth year. UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 This upward trend reflects both the growing demand for indoor gardening solutions and Innovatech's ability to capture and retain market share through its innovative product offering. The consistent growth in sales underscores the effectiveness of the Grow LED Lights with Watering System in meeting the needs of consumers and maintaining a competitive edge in the market. With a clear path to profitability and sustained demand for the product, Innovatech is poised for long-term success and continued expansion in the indoor gardening industry. VII. Project Implementation and Timetable Project Implementation Finding a spot that is accessible for a business is important which is why we’ve selected Downtown Lacson St. in Gonzaga as our location because it's busy and easy to spot, making it perfect for showcasing our products. After the location is to conduct a survey to investigate the effectiveness and what are the needs of potential buyers. Next are the necessary permissions and equipment, we're getting our staff ready to provide great service to people. We'll start with a soft opening to test things out before our big grand opening event. The Downtown Lacson St. Gonzaga Business Venture is a project aiming to set up a successful business in Bacolod, Philippines. Starting with finding the right location and understanding the market from May 3 to May 27, 2024, the project moves on to testing products from June 4 to June 18, 2024. The next steps involve getting necessary permits from the Bacolod Government Center for building and safety from June 25 to August 13, 2024. Then, we'll gather the tools we need from August 20 to September 19, 2024, and hire staff from September 28 to November 30, 2024. After training them from December 9 to December 28, 2024, we'll start production from January 15 to January 25, 2024. Finally, we plan to open our doors on February 18, 2024. By following these steps, we hope to create a successful business while ensuring everything is legal and safe. UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 Timetable DATE ACTIVITY KEY RESULTS AREA May 3- 16, 2024 Location Scouting Downtown Lacson St. Gonzaga May 20-27, 2024 Market Survey Downtown Lacson St. Gonzaga June 4-18, 2024 Product Testing CoPartner’s Building (Indoor Garden) June 25, 2024-July 15,2024 Processing of Building Permit Bacolod Government Center July 18,2024-August 13,2024 Processing of Safety Permit Bacolod Government Center August 20, 2024 - Sept 19, 2024 Gathering of Machineries and Tools Online shops, Downtown markets Sept 28,2024- Nov 30,2024 Hiring of Personnel Local Area Dec 9, 2024-Dec 28 , 2024 Orientation Management Jan 3-Feb 10,2025 Production CoPartner’s Building Feb 18, 2025 Soft Opening Downtown Lacson St. Gonzaga References: NegOcc, Bacolod City shortlisted as most business-friendly LGUs. (n.d.). Philippine News Agency. https://www.pna.gov.ph/articles/1082118 UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024 UNIVERSITY OF NEGROS OCCIDENTAL-RECOLETOS Bacolod City INTEGRATED SCHOOL|SENIOR HIGH DEPARTMENT ENTREP 080 Cowgill, B., & Dorobantu, C. (2019). Optimal segmentation in platform strategy: Evidence from geotargeted advertising. In Columbia University Working Paper. https://questromworld.bu.edu/platformstrategy/wp-content/uploads/sites/49/2019/07/PlatStrat 2019_paper_18.pdf Sarli, A., & Tat, H. H. (2011). The role of psychographic for distinguishing main categories of consumers based on lifestyle, personality and value variables. Int. J. Eco. Res., ISSN, 2229-6158. https://www.ijeronline.com/documents/volumes/Vol2%20issue%204/ijer20110204(4)r.pdf Maharjan, P., & Uprety, S. (2019). Examining the Relationship Between the Selected Demographic Parameters and Consumer Lighting Behavior in Energy Saving. In Proceedings of IOE Graduate Conference.http://conference.ioe.edu.np/ioegc2019-summer/papers/IOEGC-2019-Summer-096.pdf A brief history of LED grow lights - Led Grow. (n.d.). LED Grow Lights NZ- Indoor Growing Lights. https://ledgrow.co.nz/a-brief-history-of-led-grow-lights/ Our history | Philips. (n.d.). Philips. https://www.philips.com/a-w/about/our-history.html LED grow lights for plant production - Oklahoma State University. (2017, April 1). https://extension.okstate.edu/fact-sheets/led-grow-lights-for-plant-production.html Srivastava, S. (2023, July 14). Commercial LED Grow Light Market Overview and Regional Outlook Study 2017 – 2032. https://www.linkedin.com/pulse/commercial-led-grow-light-market-overview-regional-study-srivas tava Murad, M. A., Razi, K., Jeong, B. R., Samy, P. M. A., & Muneer, S. (2021). Light Emitting Diodes (LEDs) as Agricultural lighting: Impact and its potential on improving physiology, flowering, and secondary metabolites of crops. Sustainability, 13(4), 1985. https://doi.org/10.3390/su13041985 UNO-R Integrated School Grades 11 & 12 | STEM Department | AY 2023-2024
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