Ape: Online Textbook Exchange

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Project Ape
Online
Used-Textbook
Store !
!
Preliminary !!!!!!
Proposed to: Arden Capital Board of Investment
Created by: Borripat Kittiwut, Project Manager
Version: 1.0 !
April 29, 2014 !
(+66) 081 553 7599
Borripat.Kittiwut@Gmail.com
B@nc
!
!
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Ape
“Education is the most powerful weapon which you can use to change the world.” — Nelson Mandela

Project Ape
TABLE OF CONTENT
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BUSINESS PURPOSE ................................................................................................................3
WHY IS “APE STORE” NEEDED? ..............................................................................................4
Pains 4
Problems 4
Opportunity 5
Preliminary Analyses 5
SOLUTION .................................................................................................................................9
Value Proposition 9
Offerring 9
Supporting Process 9
COMPETITION .........................................................................................................................10
Competitors 10
Marketing Position 10
BUSINESS MODEL ..................................................................................................................11
Long-tailed Revenue Model 11
MARKET ..................................................................................................................................14
Target Customer 14
Market Size 14
PRODUCT DEVELOPMENT .....................................................................................................15
Product Lineup 16
Development Roadmap 17
REQUIREMENT ........................................................................................................................21
Project Team 21
Budget 21
TIMELINE .................................................................................................................................23
Borripat Kittiwut!2 of !23

Project Ape
BUSINESS PURPOSE
!
Project Ape aims to establish an online retail store, called “Ape Store”, that supplies low-price, course-specific used
textbooks and trusted exchange services for use by (middle-class) college students and course instructors in Thailand.
Ideally, when the online store launched with all feature fully functioning and having responded to all problems discovered during
product iterations, this below diagram is the goal we are trying to reach.
!!!!!!!!!!!!!!!!!
Ape Store

Project Ape
WHY IS “APE STORE” NEEDED?
!
!
!
Pains
In 2011, Thailand had become an upper middle income nation and its GDP was THB 4,599.65 billions. Thailand had invested
THB 979.72 billions (21.3% of GDP per capita*) in its tertiary education system and this turned out to be useless. The country’s
innovation competitiveness was extremely low; there was only 0.7 utility patents granted per million of population, a thousand
times of differences compared to those of Singapore (125.6), South Korea (240.6), and Japan (352.9)†. It was not because
Thailand lacked for professional workforces. Surprisingly, Thailand had the value of available scientists and engineers as high
as of South Korea (4.3 and 4.7, respectively). !
Education is not the learning of facts but the training of the mind to think; individual literacy is an outcome of the training
process. Many Thais failed to train their self-direction ability for lifelong learning during their college lives. Spoon-feeding
culture in Thai education leads to low individual literacy which is driven by textbook inaccessibility. Increasing in individual
literacy is one of the key solutions that help Thailand crossing the roadblocks in creative economy development — moving from
infrastructure-driven to innovation-based economy. !
Problems
In a previous survey of more than 50 college students in Bangkok and 5 different campuses, we found that the average student
spends as much as BHT 25,000 each year on textbooks and supplies. It is equivalent to his allowance and almost 200% of
tuition fee at a four-year public university. Besides, the soaring cost of college textbooks has also college student struggling
and having difficulty not only in Thailand but also throughout the world including the US‡. This common problem comes from
the lack of competition in the college textbook market where professors, not students, are responsible for selection course
textbooks. Students cannot shop around and find their most affordable options, hence, the sellers can keep costs high by
selling new editions every year, eliminating the option of reselling old books. It is the reason why there is no consumer control
on the market. And, the price of textbooks in Thailand is free from the government’s controls. As expected, we rarely see
“open-textbook” mode of learning in Thai colleges, the mode that forces its learners to practice their critical thinking ability. !!!
* http://data.worldbank.org
† http://www.weforum.org/reports?filter[issue]=116305
‡ http://www.usnews.com/news/articles/2014/01/28/report-high-textbook-prices-have-college-students-struggling

Project Ape
!
Opportunity
Nearly half of all students surveyed said the cost of textbooks affected which or how many books they choose to own each
semester. That means students do not have the right to choose to own all necessary books or to get around the financial
burden of textbooks. Despite, textbook inaccessibility potentially jeopardize the students’ grades. There are two ways solving
this situation, but both are worse than the problem. !
(1) More than 50 percent of students decided against buying a book required for class. The students choose not to
purchase the materials they are assigned by their professors and they are knowingly accepting the risk of a lower
grade to avoid paying for the textbooks. Yet, students’ poor performance can backfire on their professors when a
university tries to assure its teaching quality. Hence, most professors provide in-class curated contents and
materials that they think “sufficient” for examinations. As a result, spoon-fed students abandon themselves to
learn unnecessary parts outside course syllabi, in other words, they do not need to be comprehend about what
they are learning. !
(2) They opted to violate the Copyright Act B.E. 2537§ by making copies of a whole book. Reproducing one copy for
education purpose is generally acceptable, but for a hundred copies, it is classified as an economic threat to the
copyright holders. These mimic products from a photocopier shop are in monotone and chunky (a copy of 1000-
page book can be 7-inch thick and weighs more than 2 kilograms). It is hard to read charts and figures from the
books and sometimes inconvenient to carry the books around. The price of illegal book is ranging from 50% to
150% of its real paperback version; it is not about the content value (quality) inside but the number of pages
(quantity). According to the survey, at the end of semester most books by this option go to a landfill. !
!
Whether it is doing worse in a course without access to the required textbook, it is clear that the issue of textbook costs has
evolved from a simple financial concern to a threat to student success. If the current system cannot provide every
student with affordable access to the course materials they desire, then they are in need of a better system — that
enables students to learn what they want for, while keeps the earth greener by reducing paper waste. !!
Preliminary Analyses
Acknowledging and addressing project challenges is a critical first step in helping this startup successfully commercializes the
new system or “Ape Store” to fulfill the need of accessible textbook resource. Primarily, the textbook market in Thailand is
ruled by two players, i.e., Chula Book Center (a subsidiary of Chulalongkorn University) and PB for Book. Yet, there are also
small-size players but numerous in number: on-campus photocopier shops and university bookstore competing in this
segment but target slightly different customers’ wants.
§ http://www.stop.in.th/webdatas/download/copyright_act_2537.pdf

Project Ape
Competition analysis can help us to identify key differentiator from a consumers perspective. For categories for this market
segment listed below, most six common purchase factors; Cost of Ownership, Goods Delivery, Payment Method, Quality,
Variety, and Location. On a scale 1 to 5 (with 1 being very low and 5 being very high), the score is shown as the following table: !!
!!!
!!!
Categories
Goods
Delivery*
Payment
Method** Quality Variety Location***
Ape Store
(required positioning) 3 5 5 4 3 5
CU Book Center
PB for Book 5 3 3 3 3 3
University Bookstore 3 1 5 5 1 5
Photocopier Shop 3 1 5 3 1 5
Cost of ownership
Cost of
Ownership
Location
* After purchase
** Over-the-counter payment
*** Away from one’s university campus
Goods Delivery
Variety Payment Method
Quality
Brands
Ape Store (required positioning)
Chula Book Center
PB for Book
Photocopier Shop
University Bookstore

Project Ape
!
The required positioning is deducted from the existing positions of current brands, that we observed that attract student to
our . According to a previous market survey, a majority of college students come from middle-class families and they rely solely
on their allowances. Since Thailand’s average part-time job requires eight working hours per day, it is impossible for full-time
students to gain additional incomes on top of their regular allowance. Because of their ages and base allowance, students
cannot possess of any credit cards but debit cards (saving account), indeed. In addition, they normally travel by public
transportations instead of personal cars or taxis. The following table of brand analysis shows today’s shopping experience with
respect to our assumed required positions. !!!!!
Brands
Required Postions Existing Positions
Ape Store CU Book Center PB for Book
Photocopier
Shop
University
Bookstore
Criterion
Products New, Used New New Illegal Copied New
Services Buyback No No No
Channels Online Pseudo online Pseudo online In-store in-store
Order Methods Online In-store, Online In-store, Online In-store in-store
Payment Methods Cash, Credit, Debit Cash, Credit Cash, Credit Only Cash only cash
Shipping Functions On-campus Postmail Postmail In-store In-store
Prices Moderate High High Moderate (High) Moderate (Low)
Products Ranges Course specific Various Various Customized A few
Discounts No Yes Yes No No
Promotions Purchase Contract No No No No
Thailand’s new textbook market is in a red ocean; as long as student’s income is not growing at faster rate than of the average
middle-class earners — they are not capable to buy more new books.
Used textbook market is established. Low competition
To solve the problem, the group said more universities should consider reusing illegal textbooks -- those that are online, free to
download and customizable for students. The group estimates students could save, on average, BHT 300 per course, per
semester.

Project Ape
fdskj ** †† ‡‡ §§
!
Another complicated issue that has been persisted emerged There are two problems happened to mar Based on a previous
market survey, the objectives that Ape Store is trying to achieve are: !
• To provide alternative cheaper textbooks that substitute the expensive new/new-release ones, with similar quality,
and !
• To provide a mediatory service for textbook exchanges — both selling and buying. !
** http://ideas.time.com/2011/10/26/why-digital-literacy-will-never-replace-the-traditional-kind/
†† R. Ackerman and M. Goldsmith (2011), Metacognitive regulation of text learning: On screen versus on paper, Journal of Experimental
Psychology: Applied, Vol. 17(1), 18-32
‡‡ J. M. Noyesa and K. J. Garland (2008), Computer- vs. paper-based tasks: Are they equivalent?, Ergonomics, Vol. 51(9) 1352–1375
§§ M. Johnsona and R. Nádasa (2009), Marginalised behaviour: digital annotations, spatial encoding and the implications for reading
comprehension, Learning, Media and Technology, Vol. 34(4), 323-336

Project Ape
SOLUTION
!!
Value Proposition
According the previous section, possible compelling value propositions that should be delivered to college students is a
combination of: !
(1) Price - be more affordable by reusing/renting textbooks
(2) Convenient - accessible textbook collection, flexible payment methods, and on-campus delivery
(3) Course-Selective - comprehensively aligned with the contents taught in classes. !
It is believed that this propositions could make students having options for their , while edges Ape Store’s competitiveness to
penetrate the market. !
Offerring
• Low-price, course-specific, used/new (both new release, back catalog) textbooks
• Online retail platform (web/mobile app)
• On-campus delivery service !
Supporting Process
• Textbook procurement
• Quality assurance and control
• E-commerce platform development
• Logistics & supplies chain management
• Customer service & support
!!!!!!

Project Ape
COMPETITION
!!
Competitors
(1) Direct Competitor:
• On-campus/around-campus photocopier shops
• University bookstores
(2) Indirect Competitor:
• Chula Book Center (chulabook.com)
• PB For Books (pbforbook.com) !
Marketing Position
As seen from the result of brand analysis, the market leaders compared have similar customer perceptions; however, each
occupies a unique position. Chula Book and PB For Books have the highest ‘Variety’, while Photocopiers Shop is the ‘Cost of
Ownership’ leader, and university Bookstore is perceived as best in ’Location’. It is interesting to note that the factor Variety is
deemed as having the least important if students acquire exact book title to coourse… ….. will be releasing the …. soon
perhaps in an attempt to boost the brands ‘…’ of course, with minor adjustment. this technique is also very useful for mapping
existing positioning versus required positioning (i.e. to create a positioning Gap analysis). !!!
University
Bookstore
High Price
CU Book
Center
PB For
Book
Photocopier
Shop
Inconvenient Convenient
Low Price
Ape
Store

Project Ape
BUSINESS MODEL
!
Long-tailed Revenue Model
Undergraduate students in one discipline, such as Life Science, typically share similar compulsory courses and sometimes
taught by the same professors but in different classes. They are likely to be assigned with similar referencing books as well.
The books relevant to compulsory courses are in very high demand, especially at the beginning of school start. For example,
in General Chemistry for students in science program at Mahidol University, the book “Chemistry” by R. Chang is well-regarded
and required for more than 2,000 copies in each academic year. !
Life Science Discipline
!!
In contrast, elective courses are designed for a small group of students (approximately 50 to 100 class members). Textbooks
used in theses classes are in low demand and very expensive. The following table indicates that a science student in major
Biotechnology — who enrolls in Bioprocess Engineering class—has to pay around BHT 5,000 for the book. !
!!
For
Compulsory
Course
Undergraduate Program in Year 1 Sample Book Title Price (Bht)
• Science
General
• Medicine
Chemistry
• Pharmacy
• Medical Technology
• Dentistry
• Public Health
• Physical Therapy
฿ 1070
!
T!itle: Chemistry 11th Edition Author: Raymond Chang
ISBN10: 0071317872
Publisher: McGraw-Hill Publication

Project Ape
Program in Science
For Elective
Course
Major Year 3 Sample Book Title Price (Bht)
• Biotechnology Bioprocess
Engineering
฿ 4640
!
Title: Bioprocess Engineering:
K!inetics, Biosystems, Sustainability, and Reactor Author: Shijie Liu
ISBN10: 0444595252
Publisher: Elsevier
!
According to the above paragraphs, “Long-tailed distribution” is considered as the most fit business concept to the nature of
our textbook retail. This business model has been implemented in many online companies such as Amazon.com and Netflix.
The major advantage of this model to Ape Store is that it would help us to reduce the cost of inventory management, increase
cash-flow from volatile sales volume (Head part), and still serve the niche demand for advanced textbooks (Tail part). !!!
Sales Volume
Titles
Books used in
Compulsory Courses
(Head)
Books used in Elective
Courses
(Tail)

Project Ape
Noted that the details of the business model canvas on this page will be clarified in another iteration (revision) round.
Project Ape Borripat K.
Course-specific
Selection
Sales Margins Commissions
Price
Convenience
Intermediator
Intellectual:
Platform
Legend: Ape Retail Buyback Individual Retail
Ape.com
Mobile App
Logistics
Partners
Network of
Sellers
Physical:
Warehouse
Human:
Web & App dev
Purchase
Contract
Consumer
Individual
Seller
Automated
Service
Individual
Retailer
Digital
Marketing
Cost-driven Purchase Credits

Project Ape
MARKET
!
Target Customer
Our target segment can be divided into 2 categories: (i) Consumer - who want to buy textbooks on Ape Store
and (ii) Seller - who want to sell textbooks on Ape Store (excluded from ones whom Ape Store is obligated with
the buyback service)
!
In general, the our target’s socioeconomic status are defined as the attribute belonging to Thai “middle class”:
Occupation: College Students
Age: 18 - 35 yrs old
Location: Bangkok Metropolitan Region (BMR)
Education: Undergraduate & Graduate
Allowance/Salary: 15,000 - 25,000 Baht !!
Market Size
Market estimation is based on the 2013 student population in Thai education system surveyed by the Ministry of Education ***.
There are approximately 500k students (SOM) that we aim to serve according to our current business model. !!!
TAM
(Total Available Market)
879,142
SAM
(Segmented Addressable Market)
706,561
SOM
(Share of the Market)
477,110
•Total of students at public & private universities combined •Total of students at public universities in BMR •Total of undergraduate students at public universities in BMR
*** http://www.info.mua.go.th/information/

Project Ape
PRODUCT DEVELOPMENT
The following scenarios can be used when building our product requirements. It will help the project team to develop an outline
of what should be built. Realistic student personas would sharpen the product development such as better products, design
decisions for functionality, engineering usability, and effective testing scenarios. !
!!
Scenerios
Case I: Consumer Case II: Seller
Components
Student Personas Thanapat Pongpan
Buyer Stories
Thanapat is a freshman at a public university. He
needs to catch up classes and maintain his grades.
So, Thanapat wants to buy some textbooks assigned
by his professors. The university bookstore has only a
few book titles and other nearest booksellers are more
than 20 km. away from the campus. Thanapat has a
very tight schedule; studying from 9 am to 5 pm. He
cannot do any off-campus activities during the
studying hours.
Pongpan is a full-time Ph.D. student in a biomedical
engineering program. This year is his fourth year and
he expects to graduate soon. He has to conduct his
research experiment which requires 5 hours to
complete as a routine. Thus, he has no time for
anything else.
Problem Ape
Store is trying to
solve
Thanapat goes online for textbooks. Unfortunately,
available textbook sellers offer only a non-e-commerce
service. He must complete his purchasing
transaction at a local bank where is operated from
8.30 am to 3 pm. Furthermore, He needs to acquire
them before the next class begins in two days.
Phongpan has some unwanted advanced textbooks.
Because the book collection worths more than BHT
30,000, it is hard for him to give them away. Keeping
them on a bookshelf is his current option. The
collection seems to grow in series every year. He is
looking for an online place where to sell his own
books with less management efforts.
Specific
Requirement
Thanapat should be able to find and buy textbooks
regarding to his budget. He should be able to make
purchasing transactions with less complicated
payment process. After purchasing, he should
receive the books he ordered on the next day.
Phonpan should be able to meet someone and
present his textbooks for selling. He should not be
worried about goods manipulation.
Technical
Requirement
the online retail platform must be able to Textbook must be able to
Dependencies warehouse and supply chain management required. Online sales store and Delivery service are required.

Project Ape
Product Lineup
!
Regarding to the scenarios, the products we are going to develop are: !
(1) Traditional Retail - we sell textbooks to consumers and profit from sales margin.
(2) Individual Retail - we provide a marketplace for sellers to trade their books, then we charge for intermediary
service fee. !
Depending on a student’s socioeconomic status, a subclass identity of the Middle Class, the following table shows the
minimum product features with respect to the student personas. To help the project Ape turns its vision of a product that are
built to serve college students, the below table indicates an idea of product requirement for students from each different middle
classes. !
!!
Functional Requirements
New
Textbook
Used Textbook
Buyback Individual
Premium Good As-is Seller
SES*
Upper Middle Class ✓ ✓ ✓ ✓
Middle Class ✓ ✓ ✓ ✓
Lower Middle Class ✓ ✓ ✓
*Socioeconomic status ✓= Traditional Retail
✓= Individual Retail
At the project startup phase of development, the Traditional Retail is our current primary focus. It is the limiting step to
the other product, e.g., Individual Retail. Under the condition that students are interested in reusing textbooks and adopt the e-commerce
approach to buy textbooks, the Individual Retail will be developed further.
!!!

Project Ape
Development Roadmap
!
A more effective approach to product launch, and the best method of product validation, is to get the used textbook into the
hands of students and have them start to use it. Then make frequent, incremental improvements based on the feedback we
solicit and receive. Since changes during the development process are more expensive than changes made before the
process begins. Validating our requirements can eliminate costly changes in course. The project Ape will use a minimum
viable product (MVP) approach to test overall the Traditional Retail development direction with college students. As indicated
in the business model canvas (page 13), to deliver the Traditional Retail, the project team needs to assess eight general areas
of focus: !!
!!
The validation asks ... Outcomes of Interest
Areas of
Focus
Acceptability to students is a used textbook judged as suitable, satisfying, or
attractive to them?
• Satisfaction to use a used textbook
• Intent to continue use
• Perceived appreciateness
Demand to students is a used textbook likely to be used (i.e. How many
books per semester are they willing to use?)
• Fit within learning culture in classes
• Perceived positive or negative effects on
studying
Implementation to students can a used textbook be successfully delivered to
intended students by e-commerce method and direct delivery?
• Degree of execution
• Success or failure of execution
• Amount, type of resources needed to
implement
Practicality to students can a used-book e-commerce be carried out with
intended students using website/mobile app?
• Factors affecting implementation ease or
difficulty
• Efficiency, speed, and quality of implementation
• Amount, type of resources needed to
Adaptation to students does an existing mode of textbook purchasing
perform when changes are made for a new e-commerce
format?
• Degree to which similar outcomes are obtained
in e-commerce format
• Process outcomes comparison between
intervention use in two populations
Integration to students can a used book e-commerce be integrated with
their lifestyle?
• Perceived fit with social structure
• Perceived sustainability
Expansion to students can a web/mobile app be expanded to provide a
new n access to purchase used textbooks
• Costs to students and policy bodies
• Positive or negative effects on ..
• Disruption due to expansion exponent
Limited-efficacy
Testing
Does the new used book e-commerce show promise of being
successful with the college students, even in a highly controlled
setting?
• Intended effects of on
• Effect-size estimation
• Maintenance of change from initial change
By asking means we will ask the testers to score their satisfaction after use. As each above area is worked on, questions will
arise, and there will be opportunities to discuss them as they occur. From this table, the requirements for the first iteration are
chosen (starting with the highest priority focus areas). !

Project Ape
A prototype of Traditional Retail is a combination of the use between physical and online compartments: used books and e-commerce
website, respectively. Based on our offerings and supporting processes (see Solution, page 9), the minimum set of
features, that enable us to perform product validation, should be embraced into our prototype are listed below. !
For Online Validation:
The e-commerce website should allow…
• students to be able to search for new textbooks on Ape Store.
• students to be able to match their budget and cost of ownership.
• students to be able to paid with electronic cash.
• students to be able to know their shipping arrival from social media.
• students to be able to contact pictures to represent their contacts. !!!!!
For Physical Validation:
Used books do not have…
• broken spine or binding
• missing, torn or loose pages
• excessive writing, marking or highlighting
• stains or water damage
• burns or rips
• any other significant damages !!!
!!
!!
Prototype
Physical Validation
Online Validation
USED
If the project team is willing to develop the prototype using the MVP approach, the order of work would be as follows: !
(1) Prototype development: The team creates a responsive website with a book search engine (database). Since
this step is involved only consumers, textbooks procured are solely for university freshmen and sophomores. The
team casts quality examination on the acquired books. At the end of the development, the team demonstrates
the functionality to the Board of Investment, where they can provide feedback.
Timeframe: 3 weeks !
!!

Project Ape
!!!!
(1) Iteration #1: *** required brainstorming process***
(2) Iteration #2: *** required brainstorming process***
(3) Iteration #3: The team conducts a regression test and prepares to release the Traditional Retail.
Timeframe: 1 week !!
Academic Year 2014
Spring 2014 Summer 2014
Iteration #1
Jun 2014
Fall 2014
Aug 2015
Nov 2015
Iteration #2
Iteration #3
Anatomy of Textbook Demand Curve
Buying Spike
(mid-term)
(for another textbook collection)
Reluctant Selling
(school break)
Selling Spike
Reluctant Buying
(school start)
Reluctant Buying

Project Ape
(4) Release: The product functionality is released.
Total elapsed time: 6 weeks !
Note that if any changes to the requirements occur during this project, each iteration would adjust accordingly. Besides
inadequate understanding of markets, competitors and customer preferences, startups often struggle to define what value our
products brings to the market.
!

Project Ape
REQUIREMENT
!
Project Team
Due to its early start-up stage, the project Ape is in the need of fixed-cost minimization, while maximize the project team’s
efficiency. Thus, an ideal team member might necessary be a person who can perform multifunctions and wear different hats,
to as the following list: !
(1) Business analyst
(2) Digital marketer/Designer
(3) Front-end & back-end web developer/ Mobile app developer
(4) Logistics and supply chain planner (optional). !
In building the business, project activities may be subject to change as if new evidence on customer needs provided. Internal
outsourcing within Ardent Lab is possibly expected to occur and likely to deploy aCommerce’s expertise.
Budget
For certain amounts of the budget granted, a total cash will be divided into three portions: (i) 25% as a working Cash, (ii) 25%
for reinvestment, and (iii) 50% cash reserve. The relationship among these portions can be modeled as below: !
(iii) (i) (ii)
Cash Reserve = Working Cash + Re-investment !
The total financial requirement for the first product validation is shown below: !
!
Initial Requirement
Product Iteration 1 Baht
50 Used Textbooks (avg. cost Bht 500/ea.) for product validation ฿ 25000
Operational & Miscellaneous Expenses ฿ 25000
Total Expenses ฿ 50000
Start-up Assets
Liquidity Maintenance (Cash) ฿ 100000
Reinvestment ฿ 50000
Total Assets ฿ 150000
Total Requirement* ฿ 200000
*Total requirement can be scalable upon sample population.

Project Ape
!
A BHT 25,000 is a maximum amount of (i) that would be used to purchase used textbooks from available sources in parallel
with the physical validation (selling books). It is expected that the project cash-flow from sales (physical product validation)
should exceed over 50% money spent per iteration round. Every a 100% of profit accumulated from sales, the portion (i) will
be cashed out and deposit directly to the reserve (iii). With this concept, product iterations can be expanded to serve customer
needs (propagation). At the end of iteration, rebalancing between those three portions must be performed accordingly to the
25:25:50 ratio. !
!!!
25%
50%
25%
Working Cash Reserve Re-investment
$$$
Cash-out
Cash Propagation Sales
$$ $
In case of any financial losses occurs during product iteration, the following actions will be performed, step-by-step. !
If the loss is:
(1) less than 12.5% of the total budget, continue the iteration
(2) more than 12.5% of the total budget, suspend the Re-investment
(3) more than 25% of the total budget, suspend the iteration & meet the board !
Generally, with this money management paradigm, Ardent Capital would risk its money to gain 11% of ROI.

Project Ape
!
TIMELINE
!
Phase I: Startup (mid 2014 - 2015)
• Product Iteration #1: July - Sep 2014
• Location: inner zone of BMR
• Key Product: Traditional Retail
• Milestone: acquire first 100 customers
!
Phase II: Market Penetration (2015)
• Product Iteration #2: Dec 2014 - Mar 2015
• Product Iteration #3: Aug 2015 - Nov 2015
• Location: inner zone of BMR
• Key Product: Individual Retail
• Milestone: acquire first 1,000 customers
!
Phase III: Business Expansion (2016)
• Product Release
• Fundraising
• Location: BMR
• Milestone: acquire first 5,000 customers

Ape: Online Textbook Exchange

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