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TruePic BUSINESS Plan

Your Name: Mark Robinson

MBA 691

5/24/2019

1

Table of Contents-Agenda

Cover Slide – Student Name, Course Name, Submission Date

Table of Contents-Agenda

Executive Summary

Description of Company

Description of Product or Service

Industry-Market Analysis

Competitive Analysis

S.W.O.T.

Leadership-Management

Financial Plan and Forecast

Reference Page

Executive Summary

Truepic

Truepic is a San Diego, CA-based company that provides digital picture coding services that prevent pictures from being edited or faked

The company’s main target market is the B2B sector with banks, insurance companies, and government agencies

Based on our business plan expect to grow our business from $10 million in annual revenue in 2019 to $11.3 million by 2023

We are interested in bringing in new investors

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Description of the Company

The name of the company is Truepic and its based in San Diego, CA

Truepic is an Internet-based company and is the leading photo and video verification platform

Truepic says photos taken with its smartphone app “cannot be altered, filtered or modified in any way, enabling businesses to verify uploaded photos as accurate with 100 percent confidence, and consumers to share credibly unfiltered pictures anywhere on the Web.”

Craig Stack was an investor in insurance companies and vacation rental startup Flipkey that was acquired by TripAdvisor. This exposed him to the problem of faked images, leading him to found Truepic. He brought on Jeff McGregor to be CEO, who had founded payment app Dash and sold it to Reserve.

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Competing Products

IDNow

Since the approval of video identification in compliance with the Money Laundering Act in Germany in 2014, many companies who are subject to this regulation, such as banks, opt for this way of doing digital onboarding. It offers both you and your customers many advantages. We started developing our Video Verification solution in compliance with the Money Laundering Act back in 2012. Our patented process is regularly checked by auditors.

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Industry-Market Analysis-1

Multi-factor authentication is an emerging category of the identity access management that involves use of multiple methods of authentication to verify a user’s identity. Authentication of user identity ensures secure online transactions, log on to online services, and access to corporate resources. Multi-factor authentication is used by organizations to implement an additional layer of security that requires users to authenticate via knowledge, possession, and inherence factors to gain access to corporate and social networks.

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Industry-Market Analysis-2

The global multi-factor authentication (MFA) market size is expected to reach USD 17.76 billion by 2025, according to a new study by Grand View Research, Inc., experiencing a CAGR of 15.07% during the forecast period. Increasing implementation of BYOD and cloud-based services across enterprises, along with the growing security regulations and mandates, is benefiting market growth.

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Competitive Analysis Chart

[Truepic] [IDNow]
OVERVIEW: The program includes… TruPic is one of the first companies funded by venture capitalists to provide a digital method to verify whether digital pictures and videos are real and not fake. OVERVIEW: IDnow provides the world’s most advanced machine-learning technology for its Identity-as-a-Service platform that can verify in real time the identities of more than 7 billion people from 193 different countries.
DETAILS: You either snap a photo (or video) inside Truepic’s consumer iOS or Android app, or within the app of a client that’s embedded its SDK. Truepic’s patented technology verifies that the image hasn’t been altered or edited, and watermarks it with a time stamp, geocode, and other metadata. Truepic stores a version of the photo in its digital vault and assigns it a six-digit code and URL for retrieving it. If necessary, blockchain technology can be used to create distributed copies of the data. DETAILS: Our patent-protected video identification and e-signing solutions help our clients save money, improve customer conversion rates and streamline the onboarding process. We are backed by the venture capital investors BayBG, Seventure Partner and Jet A and a consortium of well-known business angels. Founded in 2014, we already count a large and fast growing team of over 300, making us one of Europe’s fastest growing fintechs.
COST: Not available but the company has raised about $10 million in venture capital. COST: 100 million euros sales target in 5 years.

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SWOT Analysis

Strengths

Picture and video verification services are in demand

Venture capital backing

Company has been in business since 2014

Leadership team has experience in tech start-ups

Opportunities

Strategic alliances, partnerships are possible with banks, insurance companies

First-mover advantage

Enter the US federal government market, CIA, FBI, NSA, etc.

Threats

Competitors new products and innovation

Government regulation

Currency fluctuations in other countries

Economic recession

Weaknesses

In business for only 5 years

Small marketing budget

Low adoption rate

No sales staff

S

W

T

O

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Leadership-Management Team

Jason Lyons – Co-founder and engineering lead

Francis Lyons – Co-founder

Jeffrey McGregor – CEO

Daniel DeMattia – VP of Security

Job titles and pictures courtesy of LinkedIn

Sales Forecast

2019 - $10,000,000

2020 - $10,500,000 (5% growth from 2019)

2021 - $10,815,000 (3% growth from 2020)

2022 - $11,139,450 (3% growth from 2021)

2023 - $11,362,239 (2% growth from 2022)