Wayne Brown Institute
Venture Ready® Report
for

Submitting Company
Report Date: 2003-07-01

Introduction
The purpose of this report is to help tune your written business summary (Expanded Executive Summary and/or Business Plan) and investor presentation. Your written summary and accompanying presentation are the first (and very possibly the only) view of your business venture that potential investors will see, so it is important that they be concise, accurate and compelling.

To better evaluate your investment opportunity, Wayne Brown Institute (WBI) has intentionally restricted its view to the same thing investors see, which is: your expanded executive summary and/or business plan. WBI reviewers may have a lot, a little, or no direct knowledge of your business, and you may disagree with their assumptions, assessments, conclusions, and recommendations. That is perfectly okay. This report and any such disagreements will only provide further understanding of how well your company is communicating its story to investors.

Since an investor's initial decision is also based only on your initial materials, many investors are likely to have the same questions and concerns that WBI did. The difference is that investors will rarely if ever give you feedback-they will simply ignore your funding request. This report, on the other hand, includes detailed evaluations that will assist you to obtain funding in future endeavors. By the end of this report WBI hopes you will not only have a better understanding of what investors are looking for in a well structured venture, but what changes you will have to make in order to attract attention from the investing public.

Evaluation Methods
A WBI Cooperative Venturing Analyst™ (CVA) evaluated your business in several different ways. WBI’s experience has shown that as in other forms of appraisal, a variety of methods are required to give a complete view of your venture's potential, strengths, and weaknesses from the investor's point of view. In order to provide useful feedback, WBI used a process with four methods of evaluation and supporting comments provided by its evaluators to help improve your presentation

1.        New Venture Template™ (NVT) - A quantitative measure, using award winning venture research to analyze your venture's potential using 15 different criteria. There are four steps in this analysis:

NVT Viability and Sustainability Assessment (Quantitative NVT Score) – The "B" Score = A measurement of business viability, "Does your business have a valid business model? (ie., Is it a business?)" The score is based on the review of 8 key business elements. These elements are to help determine you business’ level of innovation, value and persistence. Next the "K" Score = A measurement of the sustainability of that business model over time, i.e., "Can you keep the business?" The score is based on the review of 7 key business elements. These elements show if your business and its products have the benefits of scarcity, protection and flexibility. (Sections 1.0 & 1.1) NVT Business Prototype Correlation (Business Model) - The B-K combination analysis and chart shows what type of business, of the standard business types, your business most closely resembles, and your business’ position relative to businesses that can raise venture capital. (Section 1.2) This uses statistical techniques to generate a correlation coefficient or "probability of match" with one of the 14 known business models providing you with a Business Model Classification. NVT Target Diagram Analysis (Are You on Target to Raise Capital?) - The plotting of your rankings on 15 evaluation criteria compared to a business model that can raise venture capital. (Section 1.3) NVT Success Trajectory Variables (Recommendations) – An identification and listing of key variables that if improved will change the trajectory of your business and increase your venture score and chance for funding. (Section 1.4)

2.        WBI Investor Sizzle Score. A qualitative measure of your business plan using a weighted score similar to that often used by equity investors. This is based on five criteria: Business Purpose and Stage of Development, Products and Services, Marketing Plan, Management Team, and Relevant Financial Information. (Details in Section 2)

3.        Funding Options Evaluation. Indications as to which options are appropriate sources of capital for your company at its present stage of growth as determined from your submission. (Details in Section 3)

4.        Analysis Observations and Suggestions A summary with WBI observations including suggestions on next steps with resources and connections covered in Sections 1.1 and 4.

APPENDIX

Section 1. Well-built Venture Scorecard Details

Summary – What do the numbers mean?

Everything on your scorecard transmits information to the Investor.  Most importantly, it lets them know your stage of development.  Are you a startup? Later stage “A” or “B” round company, or a mezzanine company ready to go for an IPO or to be acquired?  The numbers tell the story.  The correlation coefficients, the target diagram, the suggestions and comments help you tell the story you want to tell.  After reviewing and tracking hundreds if not thousands of deals, WBI can say these numbers are reflective of your ability to raise capital.  Just because you didn’t score well doesn’t automatically mean your deal is terminal.  It means your written presentation did not adequately explain your venture’s potential. 

Below is a quick over view of what your NVT and Wayne Brown Sizzle Score mean:

0-50. This deal has serious issues and at this time would only be attractive to Founders, Fools, Family and soon to be Former Friends.  They know you and have typically extensive knowledge of the deal.  However, if the issues are more than a communications problem, you may also want to rethink doing this deal at all.  50% of all the deals WBI reviews fall into this category.  Funding probability before WBI review: less than 10%.  If changes are made and internalized probability of moving to the next level: 50%+.

51-60. Indicates your deal might be attractive to the right Angel investor.  Also, deals that score in this range should go after SBIR grants, if appropriate, and perhaps a Strategic Alliance.  It is also an indicator of Founders investment and possible an early Angel investment.  25% of all deals WBI reviews fall into this category. Funding probability before WBI review: less than 25%.  If changes are made and internalized:  60+%.

61-70. Founders and Angel investment (or other major investments) have been made and are significant.  Your deal is quite probably a candidate for an “A” round of financing at least.  Depending on your business model and needs you may seek some debt financing as well from a non-bank lender.  20% of all deals WBI reviews fall into this category. Funding probability before WBI review: less than 50%.  If changes are made and internalized:  80+%.

71-80. You’ve had an “A” round of financing from major institutional investors and are seeking a “B” or higher round.  Depending on your business model and your needs you may also seek debt from a bank. You might be able to get acquired for your technology.  4% of all deals WBI reviews fall into this category. Funding probability before WBI review: 75+%.  If changes are made and internalized:  90+%.  WBI’s biggest help is in the road show presentation and helping find more suitors.

80+ You’re a mezzanine deal and are ready for an IPO or to be acquired for your technology and your market share.  Less than 1% of all deals WBI reviews fall into this category.  Probability of funding or exit is almost certain.  WBI’s biggest help is in the road show presentation and helping find more suitors.

These probabilities are based on WBI’s experience and may not be reflective of your deal and its circumstances.  Use them as a guide, not a promise to perform.  While WBI is good, it does not do the due diligence necessary to meet the fiduciary requirements of an investor.

B & K Scores:  As you will see in section 1.2, you want your B score and K score each to be over 5.  These scores place you in the upper right hand quadrant of the graph depicted in that section with your position shown as a + sign.  Your position in this quadrant is crucial to being able to raise sophisticated or institutional money. 

Comments, Suggestions, Recommendations:  These are found in the next section 1.1 and section 4.1 of the appendix.

The rest of this report looks in detail at your scores and how to improve upon them.  Many key words and concepts are hot linked to WBI’s business planning website to give further definitions, suggestion and examples, and help you with anything in this report you don’t understand.

Section 1.0 The New Venture Template™

The Well-built Venture Scorecard is the results of the application of the New Venture Template analysis by a WBI Analyst to a submitting company’s Expanded Executive Summary and/or Business Plan. The New Venture Template focuses on two basic questions: 1) Is it a Business? (B score), and 2) Can you Keep it? (K score). Each of these questions is based on three of the " Six Fundamentals of a Well-Built Venture ". The B Score includes whether the Company can generate revenue and profit by seeing if the company's products have Innovation, Value and Persistence. The K Score shows whether the company can fend off competition, mitigate risk, and if you can manage the business. These are determined by seeing if the company and its products have the benefits of Scarcity, Protection, and Flexibility.   These six fundamentals are then further broken down into 15 variables that measure aspects of your company. For example, the Innovation fundamental contains 2 component variables, New Combination (degree of novelty) and Product Market Match (degree of consumer acceptance).

Considered together, these 15 variables show your company's ability to create and keep a successful business. Does your venture have the kind of products and markets it needs to grow quickly? Does it have what it takes to weather competition, uncertainty, and changes in the marketplace? If the answer to both questions is yes, then your business has the ingredients needed for long-term venture success.  To answer these two fundamental questions, we evaluated each of the 15 variables (as communicated by your expanded executive summary/business plan). Your scores are indicated below.

Individual Variable scores in the 1-3 range indicate possible areas of concern. However, some items (such as lack of revenues at startup) are also characteristic for certain stages of a high-tech venture.  A score of 4-6 indicates an improving situation, but will still need attention. To be a strong candidate for funding, your score should be in the 7-9 range in most (not necessarily all) of the questions. It is not necessary to excel in every variable in order to get funding-but it is important to understand how investors perceive your venture.  A “0” means information could not be found in your submission discussing the variable.

Section 1.1 New Venture Template (NVT) Analysis

Based on the information you provided, one of our Cooperative Venturing Analyst™ reviewed your company using their years of experience, data from venture capital experts, and proprietary technology to examine the key variables that are fundamental to a well-built (successful) venture. The highlighted words link directly to the Business Planning section of our web site, where you can find detailed explanations, examples, and advice. Comments are designed to explain individual scores and give suggestions/examples.

Well-built Venture Scorecard Details

B: Is it a Business? Can you generate revenue and profit?

Variable

Score (0-9)

Comments

A. Innovation Have you found a genuine imperfection in the market?

New Combination

6

Issue: Appears to be evolutionary in nature and not disruptive
Suggestion: If truly disruptive, compare with other technologies

Product-Market Match
Is there customer acceptance? Sales

1

Issue: No sales, no strategic partners, no industry involvement
Suggestion: Fill out boards, get partners

B. Value Is there money to be made?

Net Buyer-Benefit
Do they want it more than money?

6

Issue: Main market growing at high single digit rate
Suggestion: Case for surgical preplanning market not strong enough

Margins
How big is gross profit?

6

Issue: Adequate
Suggestion:

Sales Volume
What are your forecasted Sales?

8

Issue: Adequate
Suggestion:

C. Persistence If the business is sustainable, does it have the resources to survive?

Purchase Frequency
What is your inventory turnover?

5

Issue: Good, but not as good as most software upgrade/mainframe progress
Suggestion: Show that it has purchase frequency by breaking out revenue streams

Product Longevity
What is the rate of change in your industry?

5

Issue: As machines get faster, generate more data, is product robust enough to keep up?
Suggestion: Demonstrate robustness (scaleability)

Resources
Do you have the resources to finance growth?

2

Issue: Resources appear non-existent - no investment yet
Suggestion: Go for SBIR or show research dollars to come through that are committed

K: Can You Keep It? Can you fend off competition, mitigate risk, and manage the business?

Variable

Score (0-9)

Comments

D. Scarcity Can you control supply or increase demand?

Competition/Imitability
Can you control supply?

6

Issue: Are patented algorithms a strong barrier to entry?
Suggestion: Demonstrate the sustainable competitive edge - list patent strength

Substitutability or
Indirect Competition
Do others control demand?

6

Issue: Adequate
Suggestion:

E. Non-Appropriability Can someone steal your value?

Inefficiency/Slack
Is your company and/or market efficient?

3

Issue: High concentration, very few dominant players
Suggestion: Form alliances early

Market Concentration
Are the number of customers or suppliers limited.

4

Issue: OEM and retrofit market has a limited number of players
Suggestion:

F. Flexibility Can you manage and capitalize on change?

Industry Experience
Is there Uncertainty
Do you know the business?

5

Issue: Team has limited medical imaging business background - good clinical and technical experience
Suggestion: Target future team members from industry

Management Diversity Ambiguity
Is your company able to handle the unknown?

5

Issue: Advisory and directors and managers have limited industry experience
Suggestion: Fill out the team with appropriate business people

Venturing Competence
Does your team have venturing experience?

6

Issue:CEO has good background and some venturing skills - product manager has relevant skills
Suggestion: Medical marketing person with venturing skills would help round out the team

NVT Scorecard Score: 54

Section 1.2 Business Model Classification

B-K Analysis: One useful way of looking at the NVT scores is the "B-K Analysis". This analysis focuses on the two basic questions of the New Venture Template. The B score measures the ability to generate revenue and profit, while the K score measures the ability to fend off competition, mitigate risk, and manage the business. By plotting the B and K scores using a “+” on a two-dimensional graph, you can easily see your company's success potential and its ability to survive the risks of the marketplace; and if it is in the upper right hand quadrant it has a high probability of raising capital.

The B-K analysis also shows how your business (red “.”) stacks up against the 14 business prototypes in the New Venture Template. Most businesses resemble one of these 14 prototypical businesses. If you understand the relative strengths and weaknesses of the prototypes, and you are aware of the characteristics that your business may share with some of those prototypes, then you can act upon that knowledge to improve your business. The 14 prototypes will be discussed in more detail below. This indicates how an investor perceives your business model at your current stage of development.

Your business scored at B=4.925, K=5.05 on the B-K analysis. In the following chart you will find your own B-K position marked by a cross (+). You will also find a red dot (.) marking the position of the business prototype most like yours--in this case, a Charity. Also note the position of the High Potential Venture, the standard for most venture capital vendors.

It has been our experience that if the B-K Analysis places you squarely in the upper right-hand quadrant (both B and K scores of 5-6 or higher), then your venture has a high probability of raising money. If your venture is at the fringes of that quadrant, and especially if it lies in one of the other areas of the graph, then you should carefully examine your options. Rather than spend a lot of time (poisoning the well) in an unsuccessful search for capital, you may be better advised to spend your time developing your venture and solving the problems identified in this report. Once the problems are resolved, the capital will come more easily.

More importantly, this analysis shows how closely your scores correlate to those of a " High-Potential Venture ". The High-Potential Venture , Competence-Based "Success" and a Technology-Based "Success" are the prototypes most likely to receive venture capital funding and perhaps Strategic Alliance funding.
Struggling Proprietary, Competence-Based "Troubled", Lifestyle Small Business, Technology-Based "Success", and a Fad Venture are likely to raise angel financing and maybe strategic, or research dollars.
Hobby, Buy-A-Job Small Business, Charity, Hostage Venture, and Low-Competence Venture ventures are typically funded by founders.
A Research Project is funded by founders, government, and private research partners. If they survive, most ventures will have a debt-financing component at some point.

Section 1.3 NVT Target Diagram Analysis

The third way to look at your business is to compare the your NVT scores to a High-Potential Venture, the venture you most want to be correlated with. The High-Potential Venture, is where you want to be in order to raise capital most effectively. In the following diagram, lower scores fall to the outside, while higher scores are drawn toward the center of the target. This view helps you to see at a glance whether your venture is "on target" as a venture that can raise capital. (Your scores are represented by the little ‘+’ signs. The shaded area indicates the scores of a High-Potential Venture.)

The target analysis can help you focus your attention on your weaknesses (the "out-layers" in the target diagram) as you prepare to raise capital. The weaknesses are likely to be the hot-button issues that will prevent you from getting an investor's attention. By concentrating on your "grouping" so that all of the scores are raised to a more consistent level, you improve your chances of obtaining funding. A business doesn’t, and in many cases can’t, have all the + signs “on target” that’s O.K. The closer to being “on target” the easier it will be to raise capital.

Section 1.4 NVT Success Trajectory Variables
Finally, the NVT analysis identifies which issues are most likely to cause fundraising problems for the venture. These are not necessarily your company's lowest scores, as different areas have different levels of importance at different stages in the life of the venture. Rather, these are the issues that pose the most immediate risk to the short-term success of the venture, and therefore to investment capital.

As a practical rule, entrepreneurs and investors should put substantial effort to addressing these fundamental variables prior to the investment of significant financial and human resources. Failure to address these issues early leaves substantial risk inherent in the venture. Contrary to popular belief, venture capitalists are highly risk-averse. In fact, VCs make their living by saying no to deals that present any degree of controllable risk. (It is the latent and uncontrollable risks that keep VCs up at night, so they don't need any other risks in the mix.) Your initial focus should be on the following issues, as prioritized below by your Cooperative Venturing Analyst.

In your particular case, WBI found that the following areas are of most concern (listed in order of priority):

NVT Conclusion
The New Venture Template is one way of looking at your business. As we pointed out above, it looks primarily at quantitative factors, and attempts to be objective across a wide variety of venture environments. The WBI Investor Score, on the other hand, measures your proposal's initial appeal to investors, and is more qualitative and subjective in nature. Both methods work together to provide a complementary view of your business.

We hope that this NVT analysis helps you understand some of the factors that play into an investor's perception of your business, and that you can use this understanding to find possible areas of improvement.

See evaluator’s comments in Sections 1.1 & 4 for insight to areas of improvement.

Section 2. WBI (Sizzle) Investor Score

WBI (Sizzle) Investor Score Details

The second evaluation method we used is our proprietary WBI Investor Score. This scoring system was also developed over twenty years of experience with thousands of companies, and with the assistance of the venture capital investment community. However, it is much simpler and more subjective. While the NVT system focuses primarily on the quantitative aspects of the business, the WBI Investor Score is more qualitative and subjective in nature, and measures the "sizzle" or initial appeal your plan has for investors. Companies with a total sizzle score in excess of 70 receive serious interest from investors. Without exception the two most important criteria in this review method are Marketing and Management. Exceptional scores (in excess of 80 ) in these criteria are needed to generate investor interest. This scoring method harkens back to the old venture adage, "I’d rather back an ‘A’ team with a ‘C’ product than an ‘A’ product with a ‘B’ team.

The WBI Investor Score looks at five areas, measuring each on a scale of 1 to 10, and then weights each one using a weighting system similar to that used by many investors. The five areas, and the scores you received, are as follows:

WBI SIZZLE SCORE 52.80

Section 3 Best Sources of Funding

Stages of Venture Funding - There are eight distinct stages or levels of capital that may be applicable to a company at different stages of growth. Based on the material you submitted, your company may want to pursue financing from the following sources:

Angel Round
Strategic Alliances
Research Grants

Section 4. Assessment Conclusion

Section 4.1 Analyst Comments
Your Cooperative Venturing Analyst® noted the following comments in reference to your plan. These comments should be used to help you improve your presentation, and may raise issues that are not directly addressed by the numerical scores.

• Market size and strategy need to be third party documented.
   
• Tell us why you won't be wreckage like so many others.
   
• Tell us why medical imaging is the best first market for this technology.
   
• Spend more time positioning the technology and the product, charts/graphics. May do a better job.
   
• One or two key industry types on staff or board and this deal will take off.
   
• Exit strategy will be acquisition - show us who and set the strategy that shows exit.
   
• Summary is a little redundant and could be shortened by about a page. Expanded executive summary doesn't need an executive summary.
   

Section 4.2 Recap and Suggestions
Hopefully the analysis contained in this report will provide insights, suggestions and ideas to help you move your company closer toward becoming a well-built venture. The Institute offers other services to help your venture succeed. WBI would be pleased to put you in touch with service providers who are members of the Cooperative Venturing Network® (CVN), the network that has access to capital. In addition to WBI’s full complement of proprietary venture analysis tools, it offers the following:

• Money Raising Assistance. Through the Institute’s Investor Ready™ accelerator program, speed up your company's chances to raise capital. Receive help with your "Road Show," introductions to capital sources, and increase your opportunities with investors through the Cooperative Venturing Network.™
• Investors Choice™. Nationally recognized conferences that afford promising companies an opportunity to present their business opportunities to, and meet with, investors.
• Team and Entrepreneur Assessment. Is it you? Or the Investor? Find out what an investor thinks about your entrepreneurial capabilities. You and your plan may be transmitting the wrong impression about your team. Use award winning technology to measure your team's entrepreneurial readiness. Find out your entrepreneurial strengths and weaknesses and see if members of your team are complimentary or duplicative.
• Be a 21^st Century Entrepreneur. Attend unique seminars based on award winning research in business planning, entrepreneurship, and fund raising. Also, network and learn about raising capital with the Institute’s "How to Raise Money" seminar series.
• Modeling. See the results of various courses of action and plot related "success trajectories" given different combinations of improvements to various business issues.
• Business Consulting. Analysis focused specifically to your company & industry including interviews with the management team to better prepare the company to answer the fundamental questions needed for business success. In addition, WBI would be pleased to put you in touch with service providers who are members of the Cooperative Venturing Network® (CVN) who can handle your legal, accounting, HR, PR, and operational needs. CVN members are part of the network that has access to capital and can provide much more than consulting.
• Business Plan Analysis. Have your plan reviewed by venture experts, dissected by award winning technology, and receive what investors won’t give you, straight talk, solid suggestions.

Section 4.3 Are we too critical? VCs typically fund less than one in a hundred plans they read and they only read one in every ten plans they receive. Any real or perceived problem may be enough to cause a potential investor to move on to the next opportunity. Your business plan must literally be in the top 1% to even get seriously considered. To get into the top 1  , you need honest feedback. You cannot solve problems you don't see, and our job (bluntly put) is to point them out. We would not do you any favors by failing to point out weaknesses where they exist, or even where they merely appear to exist.

4.4 Methods Used in This Report - further explanation
New Venture Template. First, we evaluated your business according to the criteria developed in our proprietary New Venture Template (NVT). The NVT scores 15 different indicators in two basic categories. These scores measure your venture's potential to BE a business and to KEEP being a business. It is primarily a quantitative measure of your venture's potential in several important areas. This tool was developed through many years of academic research by Dr. Ronald K. Mitchell, an award winning entrepreneurship professor at the University of Victoria, and data on hundreds of business cases provided by the Wayne Brown Institute.

WBI Investor score. Next, we evaluated your business using Wayne Brown Institute's proprietary investor-weighted scoring system. This score measures five subject areas of your business plan, and weighs each score in a manner similar to that often used by equity investors. This score is a qualitative measure of your venture's appeal to classical venture capital investors. It was developed with the help of venture capitalists, who have reviewed hundreds of companies for the Institute.

Recommended Funding Stages. There are eight different levels or stages of capital that which may be applicable to a company at different phases of its growth. We have indicated which stages are appropriate sources of capital for your company at its present stage of growth. This method is more important than you might initially think. If you think you an ‘A’ round company, but our analysis pegs you as a Family, Founder, Friends and Fools round, an ‘A’ round investor will believe you’re too early for him/her. Perception is very important.

Comments. We have also provided comments from our evaluators to help you improve your materials. These comments may raise issues that are not directly addressed by the numerical scores. You may also find in the comments that we made incorrect assumptions or inferences about your business. These are a good indication that your plan is not clear enough about these issues!

4.5 Evaluation vs. Mentoring
You will note that most of our scores are analytical and numerical in nature. Sometimes this leads entrepreneurs to undervalue the results. This scoring system was developed by WBI using 20 years of experience with hundreds of companies, and is carefully designed to give comparable scores over a variety of diverse environments. This allows us to compare the relative strengths and weaknesses of deals in very different industries and stages of growth, just as investors do when creating a diversified portfolio.

These scores directly address the very thing entrepreneurs have the most difficulty measuring-- how their particular venture stacks up against other deals currently under consideration by investors. The disadvantage of numerical scores is that while they disclose the weaknesses of your presentation, they cannot explain exactly how to solve them.

This is where your mentor team becomes invaluable. Improving your presentation and materials is an iterative process that requires an understanding of your venture and industry, a knowledge of investor's concerns (such as those disclosed by this report), and the time to review several successive versions of the investor presentation. By the same token, once the mentoring process is completed, the mentor team no longer has a "clean slate" to produce an objective evaluation such as this.

If you are serious about raising money as quickly as possible, do not try to shortcut the process. Assemble a diverse and experienced team, and spend the time to refine your presentation before you put it in front of investors. A WBI Deal Maker® team can be an invaluable resource in refining your presentation and providing introductions to venture investors in your area. For more information on mentoring, contact the Institute.

Section 4.6 Where do you go from here?
Your chance of raising capital depends on three things: 1) having a sound business model with no major issues; 2) having a concise, accurate, and compelling investment summary and presentation; and 3) getting the attention of the right kinds of investors. This report will help address the first two, and WBI's Investor Venture Ready® program can help with all three. However, they only help to the extent you take the criticisms seriously and use them to improve your business and presentation. Investors call this quality "coachability".

Be aware that developing a winning presentation is usually an iterative process. Few companies develop a successful presentation on the first try. Feel free to refine your presentation and resubmit. Alternatively, the Institute's "Investor Ready" mentoring program provides more intensive feedback from a larger panel of venture experts, over a 6-8 week process. Mentoring provides a fast and effective way to help you reach your funding goals. To see if you qualify for mentoring, contact the Institute.

Once you understand where improvements are needed, we suggest you meet with your executives, directors, advisory board, and other advisors and mentors to get experienced and creative feedback as you work on your presentation. You may wish to consider the mentoring services that WBI and its Cooperative Venturing Network can provide, or hire an experienced business plan consultant to provide more intensive assistance.

At the same time, remember that once an investor has seen your plan, an opinion has already been formed, and they have memories like elephants. It is hard to change that opinion later on. Let your mentor team refine your business model, plan, and presentation before you "poison the well" with investors by presenting an inferior summary or presentation. A small investment of time today can save you months if not years of fund raising frustration.

IN AN EFFORT TO IMPROVE OUR SERVICE, PLEASE CALL US TO DISCUSS ANY QUESTIONS AND COMMENTS ABOUT YOUR VENTURE READY® REPORT:

Bradley B. Bertoch
Wayne Brown Institute
175 West 200 South #4002
Salt Lake City, Utah 84101
(801) 595-1141
(801) 595-1181 Fax

email: bbertoch@venturecapital.org
Web Site: http://www.venturecapital.org/

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