The word’s population is currently estimated as seven billion people. This is the largest population ever to be recorded in the history of humanity. Records indicate that the world’s population has been increasing tremendously in the past years and this is expected to continue every year. With this high growth in population, the world is faced with the problem of feeding its people. This rapid population growth if not checked can turn out to be a time bomb. It is worth noting that the world’s population growth rate is higher than the rate at which food is being produced naturally. It is therefore necessary that man looks for an alternative way of producing food.
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Production of genetically modified organisms is among the many strategies that can be adapted to ensure enough food for the growing population. This scientific idea can be developed through research and development and be commercialized. Based on the above statistics about the world’s population, it is clear that the demand for food will always remain high.
Starting a genetically modified organisms (GMOs) company will not only benefit the investors but also help in solving a problem in the world. This company will be more relevant in developing and third world countries where food security is yet to be realized. The aim of establishing this start up company is to develop the scientific idea of increasing food production using scientific methods. This idea has been tested and proven to be viable especially when done on large scale basis. Developing it through R&D and commercializing it will earn our company high returns in terms of profits.
Our business is a food production company specializing in genetically modified organisms (GMOs). This company will be situated in China following the high population and the economic potential in the country. The aim of this company is not only to collect revenue from the sell of its highly demanded products but also to feed the ever growing world population. Our products are unique in the sense that we apply the most recent scientific innovations in producing them. The aim of locating our company in China is to benefit from the high population in the country.
It is worth noting that a sixth of the world population lives in China. This has increased the demand for food in this highly populated country. In addition, China is a developing country with a promising economy. This, added to high demand assures our company positive growth. Given the fact that our company will be among the first entrants into the market, we expect to spend about two hundred thousand dollars in establishing the company. Half of these funds will be spend in purchasing land and constructing the required structures for the company. The rest of the money will be distributed to funding for research and development and marketing for our products in the new market.
Our Company will be committed to ensuring food security for the ever growing world population. This will be achieved through our commitment to developing the idea of food production using scientific methods. Our employees are fully committed to carrying out extensive research and development with the aim of ensuring that the demand for food by a majority of people is addressed. We follow the conventionally accepted procedures of food production to ensure that our products are safe for human consumption.
Our company will be managed by our research and development officers who will have the responsibility of organizing for the research and commercializing our products. This team will be expected to carry out research on the type of food to produce in line with the dietary requirements of the Chinese people. As indicated earlier, our company will bank on the fact that it is among the first of its kind in the market. We expect minimal competition from the Chinese market and thus project our profits to grow tremendously. We project our company’s returns to be about five hundred thousand dollars in the first year. However, this is expected to grow with the extensive marketing of our products.
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Our company will bank on the potential of producing food using scientific method. Its main strength lies in the fact that the world’s climate has been changing over the years, making it difficult to produce enough food using natural methods. Secondly, the population of the world has been growing at a rate higher that the rate of food production using natural methods. A combination of these two factors makes food a rare commodity across the world.
We decided to specialize in producing food scientifically in order to meet the high demand of this commodity. Our company will also be located in the most populated country of the world. This means that our products will have a ready market. Genetically modified organism is a new scientific field that is yet to attract many business operators. Being among the pioneers in this field, we expect our company to benefit from the advantages of early entry in the market. We also expect less competition in the market given that our field of specialization has few operators and the demand for our products is expected to be high.
However, our company is expected to face a number of challenges. Firstly, we are planning to commercialize a new product which most people in the market are no familiar with. Secondly, there are some speculations about the health consequences of consuming genetically modified foods. It will therefore take some time before our product becomes familiar to the target consumers. During this time, the company may end up making little profits or even losses. Despite all this, our company is optimistic that with time, it will be able to capture the whole market and be among the most preferred food producers in the world. The continuing increase in population and unfavorable climate for agricultural products will make people depend on genetically modified foods (Sutton 65)
Based on the amount of funds required to make our company functional, we plan to partner with investors interested in the food production industry. A partnership will help us raise the funds required in carrying out research and development and commercializing our product. Our company will buy patent rights from the Oxford University which originated with this scientific idea of producing food. It is worth noting that our company will be developed an already discovered idea.
Working in conjunction with the pioneers of this scientific idea will help in setting up and establishing our company. Given the fact that our country is a member state of the world trade organization (WTO), it will be easy for our company to purchase this intellectual property as required by the agreement on trade-related aspects of intellectual property. Our company will then have the freedom of developing this intellectual property for over twenty years as provided for by the international law on trade.
Given the fact that our company will be dealing with different types of genetically modified foods, it will be better to operate under a business name. Our products are unique and new in the market. Operating under a business name will give us a good opportunity of marketing our products in the new market. This strategy will also make our targeted customers indentify our products from those of other operators in the market.
For us to make our products familiar in the market, we must make it easy for the targeted customers to indentify the products. Through our marketing strategy, we aim at educating our targeted customers on the uniqueness of our products and the reasons why they should prefer them to other similar products n the market. A business name will also give us a good opportunity of capturing the whole of China by establishing a chain of outlets across the country. Part of our profits will be paid to the pioneers of this idea.
Management & Ownership
Our business is an extension of an existing scientific innovation. In this case, the business will be under the control of Agricultural extension officers. This group of experts will be actively involved in carrying out research and developing the idea of producing food using scientific methods. Being a partnership, the business will be owned by the share holders. To make this business fully operational, it will also require the services of sales and marketing experts. These are the people who will be involved with commercializing our products and making them familiar to the targeted population.
The research and development officers will be employed on a permanent basis and will be given an attractive salary in order to motivate them to improve their work. These will be the senor most employees in our business and their salaries will be factored in our budgets. Under the extension officers will be field officers. This is the group of employees expected to work with our research and development officers in developing the idea of producing food scientifically. Their duties will be putting the scientific ideas into practice by being actively involved in the real production of food. Based on their active role in establishing and running of our business, their salaries will be attractive, but lower than that given to the research and development officers (Diamond 98)
Commercializing our products in the new market will require the services of marketing officers. These will be employed to control the levels of production of our genetically modified foods in line with the market demand. By analyzing the market trends, these experts will be expected to advice our business on the type of GMOs to produce and in what quantities. Additionally, they will be expected to advertise our goods in the market and teach our targeted customers on the advantages of consuming our products.
These roles will earn this group of employees an attractive salary. For motivational purposes, they will be promised attractive commissions on top of their salaries. Their job in our business will depend on their performance. For the sake our company’s growth, we hope to employ highly qualified personnel. Our aim is to add value both to our customers, employees and the investors. With this in mind, employment in our business will be highly competitive. Most of our workers will have to sign a performance contract in order to make them fully committed to ensuring that our company attains its set goals and objectives.
Plan of Action
Below is a sample plan of action for our business. This is an estimate of the activities our business will be involved in during the initial stages of its establishment. Much activities and budgetary allocations is expected to be planned for after the business has been established.
|Plan of action|
|Objective: To Establish a Genetically Modified Food producing company and commercialize our products within one year |
|Carrying out research and extension||$50,000/yr||I yr|
|Purchase pertinent rights||$2000 – $10000||20yrs|
|Construction of the company premises and purchase of land||$ 60,000||5months|
|Create an information package:|
|Advertise for our products||—||1yr|
|Recruitment of employees||$400/month||1yr|
Our business estimates to spend $200,000 in the first year. These funds will be generated by our partners. The proportion of sharing profits will depend on the invested capital by each partner. Our business management will draw the budget and present a sample of the plan to our partners for funding. It is the responsibility of the management committee to decide on the minimum and maximum shares to be purchased y each of our partners. The company will then start its operations immediately the funds have been generated. It will start by carrying out research on the possibility of establishing a genetically modified foods producing company in China. This will then be followed by the purchase of pertinent right to commercialize the idea. The company will then purchase land and constructs all premises required for its operations (Dicks 76).
The above discussion is a general plan of establishing a genetically modified foods company in China. It indicates the possibility of extending a scientific idea through research and development and eventually commercializing it. I selected the idea of producing foods using scientific methods based on the challenges facing humanity in food production. Producing foods using scientific methods is both economically and socially viable. It does not only earn the investors money but also helps in solving a social problem facing humanity. This has been made so by the changing climate and the increasing human population. The demand for food is increasing in the world and this calls for scientists to consider alternative sources of food.
The strength of establishing a GMO company in China lies in the high population of Chinese people that has led to a high demand for food products. The business expects to make high sales thus making high returns on the investor’s capital. If well implemented, this business plan will add value to both the investors, employees of the company and the targeted customers. The investors will benefit from the large profits resulting from high sales of the company’s products, while the employees benefit from the attractive salaries offered by the company. The company will ensure food security in China, thus adding value to the Chinese people.
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Diamond.M. How to Incorporate: A handbook for Entrepreneurs and professionals. London: John Wiley & Sons Inc; 3rd edition, 2006.
Dicks J.W. Form Your Own Corporation and Launch a Business in Any State with Disk. New York: Adams Media Corporation, 2009.
Sutton G. Rich. Dad’s Advice: Own Your Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them. London: Business plus, 2008.