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2015/16 FARR 40 AUSTRALIAN OPEN SERIES: NSW STATE TITLE MEDIA RELEASE
Published on Monday 18th Jan, 2016 in Uncategorized
MEDIA RELEASE – 18 JANUARY 2016
Event: 2015/16 Farr 40 Australian Open Series NSW State Title being held 23 & 24 January 2016 at the Middle Harbour Yacht Club, The Spit, Mosman
Farr 40 Australian Class gets down to business
The Farr 40 Australian Class is preparing for the final two point score regattas of the 2015/16 season. The NSW State Title (23 & 24 January 2016) and National Championships: John Calvert-Jones Trophy (29-31 January 2016) will be sailed on The Sound, Sydney Harbour and is once again being hosted by the Middle Harbour Yacht Club.
Australian Class President and Kindergarten Owner Rod Jones is excited about the upcoming regattas, which no doubt will be a thrilling conclusion to the 2015/16 series. "The Australian Farr 40 Class is about to embark on a seriously competitive journey. The upcoming series of regattas including the NSW State Title, the National Championship, the Sydney Open (Pre-Worlds Regatta) will lead into the ultimate test of One Design racing, the Rolex Farr 40 World Championship 2016. For Australian competitors the chance to engage with some of the best teams from the USA, and to manage their programs to compete, and compete well, is the culmination of many years planning. The fleet quality is impressive. Professional, experienced, hungry – seriously competitive. The winner of any of these championships will genuinely be able to lay claim to being amongst the best One Design sailors in the world. Without doubt."
Eight of the top one design yachts in the country will be competing over two days and up to eight races, providing teams with plenty of practice in the lead up to the National Championships where they will be joined by two more boats, Estate Master fresh from the US circuit and Newcastle newcomer Joe de Kock on Good Form.
Transfusion Owner Guido Belgiorno-Nettis has been leading the 2015/16 season with three from three wins at the October, November and December regattas. Belgiorno-Nettis won the 2011 Rolex Worlds in Sydney and will be aiming to get on the podium in this next Farr 40 World Championship. "There would be nothing better than performing well on our own home waters. Notwithstanding a crew re-shuffle this season, I am very happy with the team we will compete with in the Worlds. Everyone is working well together and we keep improving our boat handling and have good speed. John Kostecki will join us as Tactician and it's a great honour having him joining the Transfusion team again."
Class stalwart Lang Walker is back from a two year hiatus and the experienced crew aboard Kokomo is second to none including newly appointed Tactician David Chapman – 2015 Farr 40 National Champion Tactician from Voodoo Chile.
Rob Pitts, Owner of Double Black based at the Sandringham Yacht Club is looking forward to competing in these final regattas in preparation for the Rolex Farr 40 Worlds. Whilst the Melbourne based Corinthian team have sailed together for many years, the crew are relatively new to one design racing. "We have been racing against another Farr 40 at SYC but we haven't had the experience of competing against the rest of the fleet as this is our first regatta for the season. We will be working on starts, crew work and boat speed at the States and Nationals and hopefully it will all come together in time for the Worlds. We are also looking forward to getting to know the other teams and experiencing the camaraderie the Class is renowned for".
The rivalry in the Corinthian division is fiercely competitive and this trophy will be battled out by the usual suspects and closely matched crews of Double Black, Edake, Exile and Zen.
Double Black – Rob Pitts (SYC)
Edake – Jeff Carter (MHYC)
Exile – Rob and Tony Reynolds (MHYC)
Forty – Stephen Barlow (RSYS)
Kindergarten – Rod Jones (MHYC)
Kokomo – Lang Walker (CYCA)
Transfusion – Guido Belgiorno-Nettis (MHYC)
Zen – Gordon Ketelbey (MHYC)
NSW State Title – 23 & 24 January 2016 at MHYC
National Championship: John Calvert-Jones Trophy – 29-31 January 2016 at MHYC
Sydney Open (Pre-Worlds): 11-13 February 2016 at RSYS
Rolex Farr 40 World Championship: 16-19 February 2016 at the RSYS
By Jennie Hughes – Farr 40 Class Administrator
Website: www.farr40.asn.au
Facebook: farrforty
Instagram: Farr40_Australia


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Home / Cupid Ltd
Cupid Ltd
Cupid is engaged in the business of dealing, marketing, and manufacture of rubber contraceptives and allied prophylactic products. It is the first company in the world to obtain Pre-qualification status from WHO/UNFPA for the supply of both Male & Female condoms. It currently exports to more than 65 countries worldwide.
Q4FY21Updates
Sales 42 43 -2.33% 48 -12.50% 149 164 -9.15%
PBT 8 14 -43% 13 -38.46% 38 53 -28%
PAT 6 10 -40% 10 -40.00% 29 40 -27.50%
The current quarter was dismal with revenue fall of 2% YoY and while PAT was down 40% YoY.
The company's total order book as of 1st April 2021 consists of Rs 113 Cr of confirmed orders.
The EBITDA margin for Q4 fell to 22.8% vs 35.8% a year ago.
Geographical sales breakup was 75% in exports and 25% domestic in Q4FY21.
Product-wise revenue breakup in Q4 is as follows:
Male Condoms: 53%
Female Condoms: 29%
WBJ & Hand Sanitizers: 1%
IVD: 17%
The company has started dispatching goods pertaining to the new tender order received from Brazil.
The company announced a final dividend of Rs 3.5 per share for FY21.
The company has not gotten any approach for the buyout of Veru yet, but the management is optimistic that the sale will be good for Cupid and the industry.
The management is expecting full production in this post-corona period and is operating at 92% utilization currently.
There was an 18% increase in the last quarter for latex and a 25% increase in cost in silicon oil. The management expects these RM costs to have peaked and to come back to normal levels in the future.
The margin from male condoms is between 15% to 20%. From female condoms, it is anywhere from 45% to 55%. And in the lubricants, it is about 40%.
The management expects sales of Rs 40-50 Cr at minimum in the medical devices business,
The overall guidance for sales in FY22 is around Rs 170 Cr.
The South African government has floated a new tender, which is asking for a total procurement of 1 billion male condoms and 40 million female condoms each year for the next 3 years. Cupid expects sales of Rs 60-80 Cr from this tender each year which is 10-15% of the total tender requirement. This should start from Oct 2021 onwards.
The unit price is expected to be at INR 2 per unit for male condoms and about INR 30 per piece for female condoms.
The margin expectations from IVD are the same in both domestic and export markets.
The sales of medical devices are expected to reach Rs 100 Cr in FY23. It will include products like antigen COVID rapid test kits, test kits for malaria, dengue, HIV, and pregnancy test kits. Most of these sales are expected from exports. These expectations are from customers' inquiries and some of the tenders which are in the planning stages.
The company is also on the lookout for possible acquisition opportunities as its investments and reserves have exceeded INR 65 crores which should be sufficient for any such investments.
On the USFDA front, clinical trials in South Africa have been delayed by 5 months due to COVID-19.
The management expects a growth rate of 10-15% in sales from FY23 onwards.
The management reiterates that Cupid's priority is for the export business rather than for domestic sales of male condoms as domestic margins are a lot less than export margins.
The management admits that there is limited scope for increased sales of female condoms in the domestic market. It is selling only 1,000 female condoms per month currently, mostly through internet sales.
The total production capacity of Cupid is at 560 million condoms each year currently. The management believes that this size is best for an international condom manufacturer.
Cupid has lobbied the Health Ministry in Delhi and is hoping that they would come out with a tender to supply female condoms in India.
The company has been able to reduce the overall cost of production by aggressively negotiating with its suppliers.
The company is still on the lookout for a suitable candidate for the CEO job.
Around 35% of the order book of Rs 113 Cr is for female condoms. The order book is expected to give Rs 35 Cr of sales for the next 3 quarters.
The major reason for the delay in tender payments was that countries had diverted and relocated much of the discretionary funds to other corona-related facilities.
The sales from the South Africa tender will appear in P&L from Q3.
The average margin in male condoms in FY21 was near 18% vs 16% a year ago.
The Rs 40-50 Cr of sales from medical devices are expected to be distributed evenly throughout FY22 with a minimum of INR 10 Cr to INR 12 Cr per quarter.
The management believes that even if it is not able to locate a proper person for the CEO job, Cupid would train some people internally for the job.
The company is also looking to invest Rs 7 Cr in its Nashik facility to expand on the medical devices business. The company has set aside Rs 10-15 Cr for working capital needs in this business and anticipates a further Rs 5 Cr in additional R&D.
HIV and Malaria testing is also expected to be mostly driven by tenders in both domestic and export markets. The typical tender size for these devices is Rs 10-15 Cr. The big tenders for HIV from countries like South Africa can go up to Rs 40-50 Cr.
In the testing kit space, there are 7 to 8 manufacturers already working in India. But demand is outpacing industry capacity so there is enough scope for the business to expand. The company is expecting a min of 15-20% net profit margin from this business.
The company is expecting the testing kits business to be run 80% by tenders and 20% by distributors.
The biggest contract manufacturer of condoms in Malaysia is looking to launch its brand. The management believes that this will create an opportunity for Cupid to poach some of the international brands like Durex post this development. It is already doing contract manufacturing for Playboy USA.
Cupid has about 30 repeat customers worldwide from all categories from the institutional business to government tenders to NGOs and through private sales.
Cupid is a leading condom maker in India. It is also one of the only 3 WHO-approved female condom manufacturers in the world. It exports its products to over 80 countries around the world now. The company has had a down quarter with revenue fall of 2% YoY and PAT decline of 40% YoY. The company seems to be well placed with a strong order book ensuring revenues of more than Rs 113 Cr which doesn't include the projected sales of Rs 40-50 Cr from medical devices. It is seeing renewed demand for male condoms and has also been able to improve the margin on this segment to 22%. The company is looking to expand in the medical testing space and is expecting sales of Rs 40-50 Cr in FY22 & Rs 100 Cr in FY23. It remains to be seen how the COVID-19 situation pans out for Cupid in South Africa, given it is a major market for both condom sales and HIV testing kits, and what challenges the company faces in its foray into the medical devices field in the domestic space where there are already 7-8 competitors. Nonetheless, given the company's long history of expertise in this field and the consistent sales growth and expanding order book, Cupid is a good small-cap stock to watch for.
Sales 48 44 9.09% 31 54.84% 107 122 -12.30%
PBT 13 13 0% 9 44.44% 30 39 -23.08%
PAT 10 10 0% 7 42.86% 23 29 -20.69%
The current quarter was mixed with revenue growth of 9% YoY and while PAT was flat YoY.
The company's total order book as of 1st Jan 2021 consists of Rs 121 Cr of confirmed orders.
IVD: 6%
Male condom order book size is Rs 75 Cr out of the total of Rs 121 Cr.
Female condom order book is Rs 44 Cr while others account for Rs 2 Cr.
The current order from Brazil is Rs 45 CR which was being serviced at the end of Q3. The management expects Brazil to come back with another tender by end of FY21.
A tender for female condoms is expected from South Africa in June or July and dispatches for it can start from Oct 2021.
Although production costs are down 10% as compared to Q1, margins were down due to less sale of female condoms. This was due to the impact on South African Health Budget due to COVID-19 according to the management.
The production cost reduction was mainly due to an improvement in labor productivity according to the management.
The management is seeing a rise in demand for male condoms. In Q3, Cupid received its largest ever order from WHO/UNFPA. It also got an additional order of Rs 4 Cr of male condoms in Feb 2021.
The new tender for female condoms from Brazil is expected to be for 1 year while the South African one is expected to be for 3 years.
The clinical trials have been delayed by 4-5 months for the company and it plans to apply to the USFDA in April or May. The management is confident of receiving FDA approval in 2022.
The other expenses have risen from Rs 11.5 Cr to Rs 14.5 Cr due to an increase in marketing and the increased cost of registration of products.
In the medical kit venture, the company has gotten an order of Rs 8.3 Cr from UP Government. Of this, it has already supplied around Rs 6 Cr worth of kits by Dec end and the rest was delivered in Jan. The management expects this business to bring in sales of Rs 7.5 Cr in Q1FY22 and rise to Rs 15-20 Cr by Q4FY22.
The company is also getting in touch with world players in the medical test kits space to become outsourcing partners.
The company is targeting 15% net profit to Cupid from the medical business after deducting the share of Invex. It is also projecting sales of Rs 50 Cr from this business in FY22.
The management has stated that it expects the Brazil and South Africa tenders to be of at least Rs 45 Cr each.
The company is not expecting much competition in the female condom space in the near future as it takes at least 2 years to get the necessary prequalification from WHO and UNFPA.
The company has already supplied 1 lac female condoms to a domestic seller and is waiting on feedback on the market response.
The company can make around 50 million female condoms per year and the management doesn't expect any capacity constraints to come up for the next 3-4 years.
The management is expecting sales of Rs 200 Cr in FY22.
The management expects a clear margin of 25-30% on the medical test kits.
The company is planning to register its products in 9 new countries including Turkey, Morocco, Guinea, Argentina, & Peru.
The management has stated that the ratio of male to female condoms in the order book will always be greater for male condoms as the demand for them is much higher than for female condoms.
The management aims to maintain margins for male condoms at 25-30%.
The company has zero debt and has surplus funds of Rs 54 Cr as of 1st Jan 2021.
The management has stated that it has no plans to raise additional funds from a stake sale or debt raise or equity issuance currently.
The surplus funds are parked in FDs or MFs.
Cupid is a leading condom maker in India. It is also one of the only 3 WHO-approved female condom manufacturers in the world. It exports its products to over 80 countries around the world now. The company has had a mixed quarter revenue growth of 9% YoY and flat PAT growth. The company seems to be well placed with a strong order book ensuring revenues of more than Rs 121 Cr. It is seeing renewed demand for male condoms and has also been able to improve the margin on this segment to 25%. The company is also looking to expand in the medical testing space and has already serviced Rs 8.3 Cr of orders. It also expects this business to bring in sales of Rs 50 Cr in FY22. It remains to be seen how the COVID-19 situation pans out for Cupid in South Africa and what challenges the company faces in its foray into the medical devices field. Nonetheless, given the company's long history of expertise in this field and the consistent sales growth and expanding order book, Cupid is a good small-cap stock to watch for.
Sales 31 43 -27.91% 29 6.90% 59 78 -24.36%
PBT 9 14 -35.71% 8 12.50% 17 25 -32.00%
PAT 7 11 -36.36% 6 16.67% 13 19 -31.58%
The current quarter was dismal with a revenue decline of 28% YoY and a profit decline of 36% YoY.
The company's total order book as of 1st Oct 2020 consists of Rs 120 Cr of confirmed orders.
Geographical sales breakup was 91% in exports and 9% domestic in Q2FY21.
The board has considered and approved the Service Provider and License Agreement between Cupid Limited and Invex Health Private Limited for manufacturing of Medical Devices including various testing kits / diagnosing kits by Cupid Limited.
The company has announced an interim dividend of Rs 1 in Q2.
The company has around Rs 18 Cr of products in transit which were not included in performance due to the new accounting rules. These products should add around Rs 3-4 Cr in profit when recognized.
In Q2, Cupid completed the dispatch of the entire Rs 120Cr worth of female condom orders to the government of Brazil.
The new business vertical for medical devices shall include rapid testing kits and ELISA kits. These rapid testing kits are useful not only for Corona but also for dengue, HIV, and Malaria. ELISA tests are based on enzymes and it indicates the antibodies amongst the COVID infected people.
The global market potential for the medical devices business is expected to be Rs 860 billion. This business segment is expected to start commercial operations at the end of Q4FY21.
The company has reduced its receivables to Rs 25 Cr in Sep '20 from Rs 41 Cr in March '20.
The payables have also come down from Rs 21 Cr in March '20 to Rs 6 Cr in Sep '20 and the cash and cash equivalents have increased to Rs 48 Cr.
The construction and installation of machinery for the medical devices segment should be done by Jan '21. Revenues would start coming in during the first quarter of 2022.
The management expects rubber prices to be at least 10% higher in Q3 & Q4.
This price increase should have a minimal impact of at most 1-2% on the company's margins.
The company is guiding for revenues of Rs 135-140 Cr and profits of Rs 30-35 Cr in FY21.
The business has been severely impacted as many govt have reduced or relocated their budgets due to COVID-19.
The management expects revenues of Rs 30 Cr from the medical devices business in FY22 and the profits will be split evenly with Invex.
The management expects the company to earn at least Rs 20 Cr of profits in H2 going forward.
The company is back at almost 100% utilization in Sep and all activities are back to normal.
The management has stated that the company would like to maintain a yearly dividend at Rs 4.
The order book of Rs 120 Cr has orders for female condoms of Rs 45 Cr.
The management is expecting to earn margins of 20% from medical devices even including current prices.
The long term outlook for govt and other tender orders remain stable. The short-term outlook has become volatile due to the reallocation of funding towards COVID-19 and other relief efforts.
The company is looking to add orders from Papua New Guinea and Bolivia and 2 small countries in Sub Sahara Africa.
The medical devices segment is expected to have a Capex of only Rs 6-8 Cr in total.
The company expects the verdict on the USFDA approval to be done by Dec '21 at the earliest.
The management has stated that despite high competition in the medical devices space, the demand continues to outstrip the supply, and thus there shouldn't be many struggles due to competition.
The big orders from South Africa and others which the company was expecting may have gotten postponed due to COVID-19 and may come in next year.
Cupid is a leading condom maker in India. It is also one of the only 3 WHO-approved female condom manufacturers in the world. It exports its products to over 80 countries around the world now. The company has had a dismal quarter due to the postponement of orders from govt and the slow revival of operations. The company seems to be well placed with a strong order book ensuring revenues of more than Rs 120 Cr. The company is also looking to expand into the medical devices field and start selling these by the end of this financial year. It remains to be seen how the COVID-19 situation pans out and what challenges the company faces in its foray into the medical devices field. Nonetheless, given the company's long history of expertise in this field and the consistent sales growth and expanding order book, Cupid is a good small-cap stock to watch for.
Sales 28 35 -20.00% 43 -34.88%
PBT 8 11 -27.27% 14 -42.86%
PAT 6 8 -25.00% 10 -40.00%
The company's total order book as of 1st July 2020 consists of Rs 117 Cr of confirmed orders.
The company is looking to enter into the manufacturing of Medical Devices for use in the treatment of COVID, Dengue, HIV, Malaria, and other diseases.
The company was unable to open up till the 1st week of May and even then it had to face labour shortage which further slowed down operations in Q1.
The company has been awarded a contract of Rs 45 Cr from Brazil to supply female condoms. This order is expected to be received in mid-September.
The company has gotten new orders worth Rs 6 Cr since July 1 and now the order book has confirmed orders of Rs 123 Cr. Around 31% of this order is for female condoms and 69% is for male condoms. This does not include the brazil order.
The company is also getting inquiries from the Philippines, Russia, Bolivia, and many countries in the Sub-Sahara African continent. Thus the management believes that it can easily get more orders than the confirmed amount above (Rs 123 Cr + Rs 45 Cr).
The management has stated that the company has enough capacity to handle Rs 55-57 Cr of quarterly sales.
The temporary working capital loan in Brazil was reduced to Rs 17 Cr as on 30th June from Rs 31 Cr on 31st The company's investment plus the bank deposit have grown from Rs 25 Cr to Rs 44 Cr in the same period and receivables have been reduced from Rs 41 Cr on March 31st down to Rs 24 Cr on 30th June.
The management is looking to bring this WC loan down to 0 by the end of the year.
The company has registered four new brands of Cupid Male Condoms in the US during this quarter and has registered a trademark for Female Condoms under the Angel brand. Cupid expects to start marketing female condoms in the USA by the end of next year.
The company has no plans to expand capacity and it will outsource any extra orders above Rs 175 Cr.
The management has refused to comment on the topic of investments and subsequent write-offs into real estate companies done in recent years by the company.
The company is still on the hunt for a new CEO and is looking for a candidate which can help them win new orders and in expanding international marketing.
The management maintains that the key to the USA market will be female condoms as the male condom space is very competitive and it will be able to get much better margins on female condoms.
The management is reluctant to enter the B2C space in India as there isn't much incentive to develop this space with low margins and high expenses especially promotions and marketing. It is much better to sell its products at better margins in the B2B space overseas.
The management has stated that the company will at least match last year's total dividends of Rs 4.5 per share in FY21.
The company is planning to set up a facility within its existing factory premises for medical devices and start initial production from late November. This segment is expected to generate revenues of Rs 20-30 Cr by March 2021.
The management has clarified that the majority of RM for the medical devices is available in India and only a few others will be sourced through imports from South Korea.
The company only uses natural latex in its condoms. All of it is sourced from Kerala. Latex prices have gone down in the year so far but the management does not know how long this trend will continue.
The average revenue per female condom in the USA is expected to be around $1 which is almost double that form existing female condom sales for the company.
The company is targeting sales of $5 million in the first 2 years of selling female condoms in the USA.
Going forward, the management expects Female Condom orders from Brazil and an increasing amount of Female Condom order from the UN Population Fund for the prevention of HIV and prevention of unintended pregnancies, mostly in the Sub-Saharan countries.
The tender order from Brazil is for 1 year while the order from UNFPA is for 3 years.
The company has an initial budget of Rs 12 Cr to set up the medical devices business. It is expected to be generated through internal accruals.
The main reason the company is entering into the medical devices field is the import substitution opportunity in this field right now.
Margins in this business are expected to be between 20% and 30%.
The company has been selling female condoms in India through e-commerce sites like Amazon and Flipkart as well as wholesale dealers in major cities like Mumbai, Bangalore, Delhi, and Pune.
The management does not see any execution risks in fulfilling its existing order book at the current moment.
The company is looking at both B2C and govt tender channels in both India and abroad for the sales of its medical devices in the future.
Cupid is a leading condom maker in India. It is also one of the only 3 WHO-approved female condom manufacturers in the world. It exports its products to over 80 countries around the world now. The company has had a dismal quarter due to one month of production loss and labour issues slowing down the company's operations revival. The company seems to be well placed with a strong order book ensuring revenues of more than Rs 123 Cr. The company is also looking to expand into the medical devices field and to register its female condom with the FDA to start sales by the end of next year. It remains to be seen how the COVID-19 situation pans out and what challenges the company faces in its foray into the medical devices field. Nonetheless, given the company's long history of expertise in this field and the consistent sales growth and expanding order book, Cupid is a good small-cap stock to watch for.
Sales 42.7 37.4 14.17% 43.6 -2.06% 164.6 87.9 87.26%
PBT 13.9 6.3 120.63% 13.1 6.11% 52.7 20.9 152.15%
PAT 10.4 4.4 136.36% 10.2 1.96% 39.8 15.2 161.84%
The current quarter was good with revenue growth of 14% YoY and profit growth of 1.36 times YoY.
FY20 performance of the company was phenomenal with revenues and profits rising 87% and 161% YoY respectively.
The company's total order book as of 31st March 2020 consists of Rs 136 Cr which includes Rs 88 Cr of confirmed orders and Rs 72 Cr in the pipeline.
The EBITDA margin for Q4 rose to 35.8% vs 18.6% a year ago. EBITDA margin for FY20 also improved to 34.6% from 27% a year ago.
Geographical sales breakup was 91% in exports and 9% domestic in FY20. In Q4 the sales breakup was 86% -exports and 14% domestic.
A final dividend of Rs 3.5 per share was declared and paid out in Q4.
Product-wise revenue breakup in FY20 is as follows:
Capacity utilization during the year was 86% and 92% for the Male and Female Condom production respectively.
In FY20, the company was successful to achieve the largest single order valued at ₹120 Cr from Brazil to supply Female Condoms. This was the company's first entry into the expanding Brazil market.
Cupid is a leading condom maker in India. It is also one of the only 3 WHO-approved female condom manufacturers in the world. It exports its products to over 80 countries around the world now. The company has done well in the past one year to bag international orders and this trend has continued in the current quarter as well where it delivered FY20 revenue growth of 87% YoY and profit growth of 1.6 times. The company seems to be well placed with a strong order book ensuring revenues of more than Rs 40 Cr each quarter for the next 3 quarters. The company has yet to face any direct disruption from COVID-19 other than the disruption to shipping during the lockdown period. It remains to be seen how the COVID-19 situation pans out and whether it will have a direct impact on the condom industry or not. Nonetheless, given the company's long history of innovation and expertise in this field and the consistently high sales growth, Cupid is a good small-cap stock to watch for.
Sales 43.57 11.16 290.41% 42.94 1.47% 121.94 50.56 141.18%
PBT 13.12 2.63 398.86% 14.19 -7.54% 38.78 14.62 165.25%
PAT 10.21 2.03 402.96% 11.03 -7.43% 29.4 10.85 170.97%
The current quarter was phenomenal with revenue growth of 2.9 times YoY and profit growth of 4 times YoY.
9M performance of the company was good with revenues and profits rising 141% and 171% YoY respectively.
The company's total order book as of 31st December 2019 consists of Rs 160 Cr which includes Rs 88 Cr of confirmed orders and Rs 72 Cr in the pipeline.
The EBITDA margin for Q3 rose 100 bps YoY to 32.5%.
Geographical sales breakup was 88% in exports and 12% domestic.
Product-wise revenue breakup is as follows:
The management has stated that the reason for raw material costs to go up and margins to go down QoQ is the shift in product mix towards more of male condoms.
The management expects the product mix to improve in Q4 with higher ratio of female condom sales which should result in margin appreciation.
The reason for increase in finance costs is that it includes the interest payment done for financing working capital in Brazil where working capital days in over 90 days.
The company has 4 major types of international customers. They are:
WHO & UNFPA (United Nations Population Fund)
Large buyers floating tenders from countries like Brazil, South Africa, Tanzania & India.
International NGOs.
Private sector customers.
The company received new orders of Rs 30 Cr in the quarter. Half of this amount is for male condoms while the other half is for female condoms. Both these orders have originated from South Africa.
The company expects the floating of new orders from Brazil to be done in the upcoming April or May. The size of the last issued tender from Brazil was Rs 120 Cr.
The company is also expecting a 3-year South African tender to be announced by Early March. The delivery for this tender should start by July and continue for 12 months.
The volumes breakup of the expected new orders from South Africa is 1 billion male condoms/year and 40 million female condoms/year.
The revenue expectations from the above mentioned 1 billion MCs is about Rs 200 Cr while the income from the 40 million FCs is expected to be around Rs 80 Cr.
The management maintains its earlier guidance for top line growth of 15%+.
In the current order book of Rs 160 Cr, Rs 78 Cr is from male condoms while Rs 82 Cr is from female condoms.
The company has filed its application for female condoms with the USFDA and it expects a reply in Q1FY21. Sales to the US can start from H2FY21 at the earliest.
The management mentioned that the opportunity size for the company in Uganda, Kenya and Nigeria each is almost 50% of the level of South Africa.
The management has maintained that the company will pay off all of its working capital loans as soon as the receivables are gotten and the company should remain cash surplus by the end of Q4.
Based on the current order book, the company should be doing Rs 40 Cr + sales for each of the next 3 quarters at least.
The management has mentioned that the revenue generating potential for the company is heavily dependent on the demand for female condoms. This is because it is high margin product. The company can produce 200 million female condoms which can lead to sales of above Rs 400 Cr. But the management has stated that this situation is unlikely as demand for lower margin male condoms always outstrips demand for female condoms.
The management has also mentioned that all of its capacity is interchangeable between male and female condoms.
The realization per piece for male condoms is Rs 2 while for female condoms it is Rs 21.
The management has stated that South America and Africa should remain the primary sources of demand in the future.
The management has mentioned that the company provides condoms to few B2C sellers in India mainly due to lower margins as compared to exporting to B2C sellers in other countries.
The company is still in the hunt for a permanent CEO and has not shortlisted anyone yet.
The company was running at 99% capacity utilization in Q3.
The maximum manufacturing capacity in a year for the company is 400 million male condoms and 52 million female condoms.
The company does not aim to venture into the B2C space as the advertising and branding expenses are too prohibitive.
The management has mentioned that the reason that the South African Government has delayed new orders is that previous orders from other sellers has not be fulfilled yet.
The company has around Rs 47 Cr in cash and the board is considering issuing an interim dividend.
The EBITDA margin profile for male condoms is 10-15% rising to 20% in special situations. This is mainly because of high competition in the industry and excess capacity. On the other hand, the competition in the female condoms space is limited to Female Health Company only, all of which leads to far better margins as compared to male condoms.
The management has mentioned that the company is able to command much higher margins for its female condoms as compared to Female Health Company mainly due to inherent low cost advantages stemming from its unique design.
The management is not concerned about model replication as it takes at least 2.5 to 3 years to complete all the regulatory evaluations required to register a new product in this space.
The company does not have any plans to increase capacity as it had just completed a 40% capacity expansion in March '19.
The 3 WHO approved female condom manufacturers in the world are Female Health Company in USA, Cupid in India and Hindustan Latex in India. The overall market size for female condoms is around 80 to 100 million units a year.
The female Health Company claims to have a capacity of 100 million FCs a year. Cupid has a capacity of 52 million FCs a year.
Last year, the company accounted for 75% of FCs in Brazil and 35% of FCs in South Africa. The company also accounted for 20% of the male condom business in South Africa.
The margin profile for male condoms is 10-15% while for female condoms it is 45-50%.
The total market size for male condoms in the world is 30-35 billion units a year.
The capacity in the Malaysian MC factory is around 4 billion units per year while the Chinese facility can do 2 billion units a year.
The company has yet to enter the male condom space in Brazil and all of the orders from this country are for female condoms currently.
The management has mentioned that the working capital days in Brazil was stretched in Q3 mainly due to the holiday period from 15th Dec to 15th Jan where the payment got delayed by a month.
The company does all of its export sales in USD only.
Although the company is not actively looking to enter the B2C space in India, it already has tie ups with Amazon and Flipkart to sell female condoms online.
The management has stressed that the major reason for the demand for female condoms in Africa is the spread of HIV in sub Saharan countries.
The company is looking get some feedback on its plans to set up a joint venture facility in South Africa to make female condoms with the Department of Health in South Africa. The response to this proposal is expected to be received by April 2020. The capex requirement for this JV should be around Rs 5 Cr.
The management expects sales of $2 million to $5 million I the first year of sales in the US. The annual sales of Female Health Company in the US is around $20-25 million.
Cupid is a leading condom maker in India. It is also one of the only 3 WHO-approved female condom manufacturers in the world. It exports its products to over 66 countries around the world. The company has done well in the past one year to bag international orders and this trend has continued in the current quarter as well where it delivered YoY revenue growth of 2.9 times and profit growth of 4 times. The company seems to be well placed with a strong order book ensuring revenues of more than Rs 40 Cr each quarter for the next 3 quarters. It has also made some inroads into the USA market and expects to start selling its products from H2FY21 onwards. The only major reason for concern for the company is the long working capital cycle which stems from long shipping times and long payment cycles for tenders and orders from non-profit organizations. Nonetheless, given the company's long history of innovation and expertise in this field and the consistently high sales growth, Cupid is a good small-cap stock to watch for.

redpajama_set_name: RedPajamaCommonCrawl


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Sandlands Vineyards
By: Benjamin C. Esty • Greg Saldutte
Approximately 80% of the wineries in the US breakeven or lose money. An even greater percentage lose money on an economic basis (i.e., after a charge for the cost of equity). Tegan Passalacqua is a successful, young, Californian winemaker who specializes in making "old vine" wine (i.e., wine from vines that are at least 60 and up to 100+ years old). By day, he is the head winemaker at Turley Wine Cellars, a leading Zinfandel producer. In his spare time, however, he runs his own winery called Sandlands which premium wines using historic, out-of-favor grape varieties such as Carignane, Mataro, and Chenin Blanc. Despite the odds, Sandlands appears to be succeeding. The question is why and whether his performance is sustainable. The case is set in December 2017, as Passalacqua was deciding whether to buy a building and develop a winery at a cost of up to $500,000. Because he already owns an old vine vineyard, and has limited resources, he must decide if this is the right investment to make next.
2018 HBS
Harvard Business Publishing
Business and Finance, Nonfiction,


text:
Activities and Results
Survey-test
WLF-consortium member Prof. Leonor Pais from the Universidade de Coimbra presented the Erasmus+ Project WORK-LIFE-FLOW at the University of São Tomé and Príncipe
Rita Berger from Universitat de Barcelona participated in the health symposium of the Women 360° Congress.
The coordinator Prof. Rita Berger from the Universitat de Barcelona will present activities and results of the Erasmus+ Project WORK-LIFE-FLOW at the Women 360° Congress the 17th of November in Barcelona.
Hybrid work arrangements, the best of both worlds?
Women are more likely than men to take on informal caregiving responsibilities – such as parenting or caring for elderly family members.
EU Disclaimer: The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
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About 18 months ago, a friend introduced me to the poetry of Mary Oliver. As often happens when one is introduced to something new, all of a sudden you seem to see it at every turn. For instance when we bought a red Prius, all of a sudden we seemed to see a red Prius everywhere we went. It wasn't that red Priuses came out of the woodwork when we bought one; we just became more aware of them.
Well it has been the same way with the poetry of Mary Oliver. I started hearing her quoted in sermons, mentioned by authors, interviewed on the radio and so much more. From that first book of poems I bought another, Felicity (Penguin Press, 2016). On page 9, I found the poem entitled "Moments" which immediately spoke to something deep within me.
I love the last stanza. How often have I not spoken or not acted because of caution: a fear of rejection, of not being understood, of feeling foolish, or even being rejected. As I move through my 60's, I am being constantly bombarded with messages warning me about the need to save for retirement, to gird myself against ageing, to prepare for financial constraints, to avoid foolish choices, and prepare for the worst. At one level this is all good advice. Yet at the same time I find myself rebelling against these messages of fear and caution and opting for freedom from expectations and from what others think is "right" for me. Two years ago a buddy and I participated in an obstacle course called the Goliathon; we were easily twice the age of most the other participants, but we had a ball. In the last few years I have taken up long range biking, and will hope to ride 100 miles in a day one time at least this this summer. I also am taking advantage of the opportunity to visit Kenya with a group of students; Africa is a place that has always fascinated me. So many people are surprised and wonder if I am running away from the truth of my age. However it is not that; rather its that I want to grab life for all that is there.
This is not to say I am just doing physical things. I also want to be "headlong" in my generosity, in my expressions of both love and outrage, and in my relationships. To the best of my ability I choose to not let anything that needs to be said, remain unsaid and what needs to be done, to be left undone. I want to invest myself in people and causes that make the world possibly a more peaceful, healthy, caring and just place. I want to spend myself in things that matter and people who mean a lot to me. Even, if possible, to excess.
Such a choice is not easy because I have been socialized to be "responsible" and "prudent." I have been taught to act my age, and behave according to the expectations of my surroundings. I am supposed to be at a place where I "settle down" and "settle in." Yet the Jesus I seek to follow calls me to give it all up to follow him and his early disciple Paul claimed "foolishness" as a positive virtue. That's good enough for me. So I seek to live a "headlong life" to whatever extent that is possible. I am still living into this desire… and who knows where it will lead; but if Mary Oliver is right, the life I save may be my own.


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Entrepreneurial business analysis practitioner
Conference Paper Innovation, Business Analysis, Resource Management 10 October 2015
Larson, Richard | Larson, Elizabeth
Larson, R. & Larson, E. (2015). Entrepreneurial business analysis practitioner. Paper presented at PMI® Global Congress 2015—North America, Orlando, FL. Newtown Square, PA: Project Management Institute.
Richard Larson, CBAP, PMI-PBA, PMP
Elizabeth Larson, CBAP, CSM, PMI-PBA, PMP
Co-Principals, Watermark Learning
Given both authors are entrepreneurs and have done extensive business analysis work, it seems logical for us to write about this topic. But, why bother? What possibly could be relevant about entrepreneurialism for a business analyst or project manager? For starters, entrepreneurship is an increasingly attractive career option within an organization and as a start-up, and is more and more viable with each passing year. Even if we are not interested in forming a start-up, the principles of entrepreneurship are becoming increasingly important for organizations to innovate and stay competitive.
In this paper, we will explore several aspects of entrepreneurs and intrapreneurs and what it means for business analysis. Our firm belief is that by adopting a more entrepreneurial way of working, practitioners will be more effective and organizations will benefit.
Part 1: What do Business Analysis and Entrepreneurship Have in Common?
If we do business analysis work, we may be wondering about career options. Everyone thinks about his or her career options, but the authors tend to hear about career concerns from business analysts more than anyone else. Should we aspire to be project managers? That used to be the most common next step, but many business analysts (BAs) today prefer not to go that route. Another related question for those of us who already are project managers and perform business analysis as part of our job is, what is a feasible and attractive next career step?? What about becoming business architects? That would be a logical move for "logical" people since architects tend to be abstract thinkers and focused on the "big picture."
We feel that product-oriented roles are the most conducive for using business analysis skills to help an organization grow. Both product management and business analysis roles take advantage of business knowledge and/or business analysis skills to define, refine, and steer development of new products.
Designing and developing new products is what entrepreneurs do. There is more to being an entrepreneur, which we explore below. A critical part of starting a business or line of business is creating a new product or service or one that is better than the market currently has. That is often what business analysts and project managers do.
First, let us define entrepreneur since there are many definitions floating around. Translating from the French, entrepreneurs "undertake a venture" which involves some risk. A longer and more precise definition from Investopedia is the following:
"An individual who, rather than working as an employee, runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes" (Investopedia, 2015a).
Entrepreneurs have been around for quite a while, with the first usage of the term dating to the early 1700s. Classic examples of technology entrepreneurs are Steve Jobs and Mark Zuckerberg. Coco Chanel was a fashion and perfume innovator and entrepreneur in the 20th century. Levi Strauss sewed his first pair of blue jeans in the 1850s and created the Levi's Jeans Company. James Watt was an 18th century entrepreneur who did not invent the steam engine, but innovated several important improvements to it. Watt is far better remembered than Thomas Savery, who is usually credited with the invention. Entrepreneurs are more frequently innovators than they are inventors.
If we do entrepreneurial work inside an organization, the common term for us is "intrapreneur." Both authors have been intrapreneurs in their careers and like the concept of people in organizations starting up ventures to launch new products and services. Here is the Investopedia definition of intrapreneur:
An inside entrepreneur, or an entrepreneur within a large firm, who uses entrepreneurial skills without incurring the risks associated with those activities. Intrapreneurs are usually employees within a company who are assigned a special idea or project, and are instructed to develop the project like an entrepreneur would. (Investopedia, 2015b)
One issue we have with this definition is that is says, "without risks." The authors believe one is not entrepreneurial if there is no risk involved. Although not the same as for entrepreneurs, there are still risks with doing intrapreneurial work. An example may clarify the point.
Intrapreneurial Example 1
The authors' first exposure to being intrapreneurs came at the bank that we both worked at early in our careers. We functioned as internal management consultants, which is similar to what we now call business analysis work, although that term had not yet been applied to such work. No matter what we were called, we were definitely change agents for the bank, reviewing department processes, procedures, systems and technical requirements, and organizational structures. We recommended not only improvements to processes, but also new products and services, both manual and automated. It was creative and rewarding.
We were both happy as employees, and yet looking back, we were expected to be intrapreneurs in the sense that we helped the bank innovate and move to new possibilities. We "disrupted" the status quo (to use the popular term in lean start-up circles), and that disruption sometimes came at some organization risk and (to us, at least) personal risk. Management thought the organization risk was worth it because it helped the bank achieve better customer service, efficiency, and control. We took on the personal risk because we earnestly believed our recommendations were helping the organization.
Now that we have some definitions in place, let's move on to comparing business analysis and entrepreneurship.
Product versus Project versus Process
Years ago our company published a concept we called the "productivity triangle." Any organization is productive when they create or provide products or services that customers want and need. Creating them is done through projects, and project management is required for success in that area, naturally. Re-creating the new product on an ongoing basis is done through processes, which need to be improved or optimized periodically. Process management is central to that area and projects may need launching to do the improvement.
Underlying both of these disciplines is product management. The closest parallels of product management to business analysis are the initial requirements and design of new products and services. Another huge part of product management is developing business cases, which BAs often do at companies. Over time, additional requirements surface and new features are added and can be anywhere from small pieces to large releases. Product management both drives and supports projects and processes, completing the productivity triangle. See Exhibit 1.
Exhibit 1: Productivity triangle.
Business Analysis and Entrepreneurship
So, what does all this have to do with business analysis and entrepreneurship? If we view business analysis work as largely product management, business analysis skills can be readily used in creating new products for a start-up. Similarly, new product development within an organization can be done in an entrepreneurial way, and business analysis skills are critical. Speaking from experience, formal project management is helpful, but not as crucial for a start-up. (Scrum methods are more helpful, but that is a separate topic.) Managing processes is the least important for a start-up, since it won't have processes to manage until it starts to "re-create" the products it has built. The other two legs of the triangle are essential for growing a company. Product management skills—using business analysis skills—are essential for creating a product or a company.
"Product management skills—using business analysis skills—are essential for creating a product or a company."
Part 2: Entrepreneurial Traits of Business Analysis Practitioners
Assuming that business analysis has much in common with entrepreneurship, what specific traits do entrepreneurs have that are similar to people who do business analysis? While researching this topic, we assembled an extensive list. Since there are so many traits in common between business analysis and entrepreneurship, a table is the best way to properly summarize them. See Exhibit 2, which contains portions adapted from The Reluctant Entrepreneur by Michael Masterson (2013).
What has always fascinated us about business analysis is the ability to change organizations for the better by contributing to new and effective solutions. People performing business analysis work tend to like and often love change, which is also a general entrepreneurial trait. Doing business analysis work contributes to positive change in organizations and entrepreneurial work operates much the same way.
Exhibit 2: Entrepreneurial and business analysis traits compared.
The skills and qualities in the right-hand column will serve us well in a variety of settings. It applies equally to those of us who are happy being project managers and business analysts, as well as to those of us who want to use the skills internally in organizations or who want to strike out on our own as entrepreneurs.
Conclusion. If we are business analysis practitioners and adept at solving problems, we are in good shape to affect positive and innovative change in our organizations. We are also a potential intrapreneur or entrepreneur. As entrepreneur, Warren Brown, puts it, "One thing I find myself doing a lot is problem solving. And I think entrepreneurs show their mettle with creative solutions to problems" (Brown, 2011).
Part 3: How Intrapreneurs Drive Innovation
But, what if you don't think you are an entrepreneur? Most people are not going to start a company or build a business from the ground up. We may not want to risk our livelihoods or work crazy hours or wear multiple hats like all successful entrepreneurs do. Think again.
Today's business world is quickly changing. With all the emphasis on innovation, our organizations need us to be entrepreneurial. Maybe not be an actual entrepreneur, but our organization's success and our career will increasingly depend on how you can help our organizations adapt and grow and compete. Competition has always been part of business, but it seems to be getting more intense and dynamic. To illustrate this point, the average lifespan of a company on the Standard & Poor's 500 list was 67 years, back in the 1920s. Today the average length is only 15 years (Kalb, 2013).
Perhaps the best way for most BAs to become entrepreneurial is by being an intrapreneur. Earlier, we cited a definition of that term and mentioned there is one part of this definition we don't like: it is hard to be entrepreneurial without incurring risks. So, we would add to this definition that intrapreneurs indirectly assume risks on behalf of the organization. There might be financial risk if the new products and services we create lose money. There are product risks if the changes we instigate have defects. Additionally, intrapreneurs take personal risks within the organization, which could materialize if the products or services we work on don't succeed.
Intrapreneurial Example #2.
One of the authors, Richard, put it this way: "I had the good fortune of being asked to start up and lead the training division of the IT consulting company I worked for back in the 1980s. It was a new division, and the company owners were busy running the consulting operation, so they gave me a great deal of latitude. I treated the job as a "business within a business" and worked at it like it was my own. That attitude, I now realize, is an important ingredient to success as an intrapreneur. For example, I provided all the training at first, as well as marketing, sales, and administrative work. The ability and interest in wearing multiple hats is another key to intrapreneurial success. I certainly made many mistakes and all of my on-the-job learning taught me a great deal about intrapreneurship during my seven years doing it. In particular, I was not as successful at the people aspects of this intrapreneur story. I had trouble influencing some of the other managers to provide me the training resources I needed as this new division grew."
Why are intrapreneurs important for innovation?
When organizations introduce new products or enhance existing ones, our guess is that today, they would all say they want to "innovate." The intrapreneurial function is the most practical and repeatable way to implement many innovations. However, to think about "innovation" as being a uniform process is overly simplistic. In the article, "The Innovation Strategy Big Companies Should Pursue," Tony Davila lists four types of innovations, depending on whether they are top-down or bottom-up and the extent to which they are "breakthroughs" or incremental (Davila, 2014):
Incremental: Continuous Progress and Emergent Improvements
Breakthroughs: Strategic Bets and Strategic Discoveries.
We have summarized these four types in Exhibit 3. It is common to associate innovation with breakthroughs; given how often Apple and 3M are used as examples. At Apple, some of Steve Jobs' major successes, like the iPad and iPhone, were strategic bets. The Post-It Note product from 3M is an example of a strategic discovery type of innovation.
It is important to also include incremental change as innovation, since there are many more opportunities to accomplish this type in today's workplace. Given there are more opportunities; most potential intrapreneurs are apt to work on incremental innovations in their career. The particular type of innovation possible is also highly dependent on the organization's culture. Armed with this knowledge, potential intrapreneurs can work within the organizational culture and have better success by employing innovation processes that are compatible with the culture.
Exhibit 3: Types of innovation.
Davila also notes that organizations today are least likely to have processes in place for "Strategic Discoveries" (Davila, 2014). To address this point, we assembled a table with thoughts about how business analysis practitioners can best contribute to the various innovation types (see Exhibit 4).
Exhibit 4: Working with innovation types.
Will my Company Support This?
A writer on intrapreneurship, Dan Schawbel, has written an insightful article on this topic. He maintains that, "Smart companies want you to become an intrapreneur because it fuels business growth and allows them to gain a competitive advantage in their industry" (Schawbel, 2013). We couldn't agree more and, at the same time, realize this may seem a daunting proposition. Many companies are not structured today to foster intrapreneurship, yet there are indications that organizations are moving in the right direction.
In the same article, Schawbel describes a recent study in conjunction with American Express that found that "58% of managers are either very willing or extremely willing to support employees…on a new business opportunity within their company" (Schawbel, 2013). That sounds like fertile ground for intrapreneurship. Chances are, many companies would agree and support moving into such a role.
Part 4: Example of Entrepreneurial Business Analysis in Action
To illustrate how business analysis skills translate into entrepreneurial and intrapreneurial action, consider this example.
Clorox Anywhere - Mary Jo Cook and Susanne Sengelmann
Mary Jo Cook and Suzanne Sengelmann are two product managers at Clorox and passionate intrapreneurs. They are also working moms who like clean houses, but were concerned about the effects that typical cleaning chemicals had on the environment.
Their passion about this issue led them, over time, to a solution that would help others who cared about the same issue. They helped create a new product line called Clorox Anywhere, which uses new technology that kills most germs, but is safe to use around kids and pets. These two intrapreneurs are not scientists. The work they do is similar to business analysis. However, the normal predictive approach to new products at Clorox had not produced any major new brands for 20 years at Clorox. How did they accomplish this new venture at their large organization?
Cook and Sengelmann had a strong personal desire to have an effective cleaning agent that was environmentally safe and friendly. They started to experiment at home on their own time (Schlesinger, Kiefer, & Brown, 2012). They had no budget or mandate, so they collaborated with other working mom "volunteer" colleagues, including one in R&D who had already been experimenting with environmentally friendly formulas. Collaboration, an important business analysis skill, is also crucial to entrepreneurs, particularly those who implement new products.
Their work eventually caught the attention of the new ventures group at Clorox, and they were given permission to work on it as part of their job. They did it informally, in a way that did not require sign-offs, which may have been a key part of their success. Had they gone through normal channels, their effort may not have succeeded, due to potential conflicts with those having a vested interest in the status quo.
For instance, there were many fears internally that a "green" product line would hurt the company's reputation for effectiveness. There were other worries that it would not be profitable. There were valid concerns that the new non-chemical product would draw negative attention to Clorox's other products that use harsh chemicals. Given these barriers, the non-traditional way of nurturing the new product line was essential, which is an important lesson for intrapreneurs.
After some initial failures, the team kept experimenting and testing, until they finally found a formula that was effective and 99% free of harmful chemicals. Because the product concept was so new, the team skipped traditional market analysis and business planning that risked killing the fledgling line. They brought in another "volunteer" team member, a marketing specialist and working mom, to test prototype products with consumers. They continued to use their modest budget to do testing and continued doing informal reporting to keep management informed.
They learned that consumers liked the concept and it did not detract from their views of Clorox's other products. Using prototypes to do testing and research is another crucial intrapreneurial technique, as it is with business analysis. With enough evidence, Cook and Sengelmann were finally able to make some market predictions and to get management backing to launch the product line. Combined with some strategic grass roots marketing, the brand quickly grew to US$60+ million in revenues.
Summary. Intrapreneurs can help create innovative new products by taking small steps, learning from them and adapting, and by using minimal budgets and informal business plans. As the authors of the article note, "This anecdotal evidence suggests that the act-learn-build strategy can and should be espoused not only by entrepreneurs but also by employees working within traditional organizations" (Schlesinger, et al., 2012).
Part 5: Keys to Entrepreneurial Success
There are many factors that contribute to being a successful entrepreneur or intrapreneur. Here are the three main keys to success we have discovered across industries and types of "preneurs."
Inspiration, Passion, and Commitment
The order is purposeful. Inspiration comes from a need you can solve, which is the trigger for any venture. We bring up Passion second, since it would be a mistake to chase a passion without the inspiration of a viable opportunity. Commitment is third, since it sustains us through the hard work of making it happen, as the Clorox example illustrated.
1. Inspiration
Sometimes we call inspiration "thinking outside the box." In other cases, inspiration comes from frustration with the status quo.
Not all new product ideas are innovative. Nor is innovation creating a carbon copy of products already available. Innovation requires creating a better product, as illustrated by the story of Liz Lange Clothing (Lange, 2011).
For example. Liz Lange is an entrepreneur who worked at Vogue magazine and was frustrated by the dowdy look of women's maternity clothes. As a working mother herself, she thought there was a better way. She did not invent maternity clothes, but created a fashionable maternity clothes business from scratch, designing them herself out of a one-room office in 1997. She was not afraid to look to others for ideas, and even used Vera Wang wedding dresses for inspiration.
That is a key point for entrepreneurs and intrapreneurs: we do not have to be inventors. A key skill to employ is benchmarking the competition or even tangential products. Then, innovation happens when we add a new feature or function, such as making them fashionable as Liz Lange did. After 10 years growing her company, Liz sold it for several million dollars and her designs are now the exclusive maternity clothes sold through Target Stores.
2. Passion
The second key to success as an entrepreneur or intrapreneur is passion for what we are doing. We need to love what we are doing and have a strong desire to solve a problem. This passion is needed to take the risk in the first place and face the risk of failure as the two product managers demonstrated in the Clorox example. We also need to love our venture in order to keep pursuing it and make it succeed. Entrepreneurial passion does not mean blind devotion or stubborn pursuit of a goal, since we may need to alter the product being built. Sometimes, it may mean abandoning a venture if success is impossible. It is similar to a relationship that adapts and develops over time.
For example. Warren Brown is a passionate entrepreneur and the founder and owner of CakeLove (www.cakelove.com) and Love Café in the Washington, DC area of the United States. He has a bachelor's degree in history, a master's degree in public health, and a law degree. None of his degrees were typical preparation for an entrepreneur.
While working as a lawyer, he had a passion for his baking hobby, which he did not have for his law career. While on a flight to visit family one weekend, he baked a cake and carried it in his lap. The reaction of everyone to his cake—by the flight attendants, security guards, and fellow passengers—gave him the inspiration to start a new business.
As he waited at the airport for a family member to arrive, he said, "I just stared into space thinking about what just happened. Why was everyone so excited? After a few moments, I realized that I was staring right at my future: scratch-made cakes. Its strong appeal meant potential. Right then and there, I decided that I would start a cake business" (Brown, 2011). Warren's story illustrates both inspiration and passion, and how both were strong motivators to start and devote himself to his venture. He has since expanded his business into selling pies, writing books, and appearing on television.
3. Commitment
The final ingredient for entrepreneurial success is to stay committed to any venture we start. Entrepreneurial commitment involves taking a project or product or other venture we may feel passionate about and turning it into reality. Commitment is made up of Competence (in the venture), Confidence (about one's chances for success), Courage (to taker the inherent risks), and Cognizance (of one's limitations, but also of one's motivations).
For example. Craig's List is good example of commitment. Craig Newmark founded the company in 1995 by sending an email list of activities to his friends in the San Francisco, California area. The list became popular and moved to the web, growing to include "for sale" items, job postings, services, and almost anything you can think of. Today, they receive over 80 million posts from 70+ countries a month. And they have fewer than 20 employees to accomplish all that.
Craig's List exemplifies commitment because the company knows their mission and focuses on it, as opposed to generating revenue or market share. He says that, "The…community has grown exponentially…but our philosophy about how we run it hasn't changed at all" (Newmark, 2011). Their philosophy is an important one for entrepreneurs. Newmark, who even gave up the CEO reins a while back says of their mission: "It's about people, and people connecting with each other in their day-to-day lives" (Newmark, 2011).
To help them focus on that mission, they purposefully keep the site overly simple (which explains the plain nature of it). In addition, they could focus on generating more revenue, but their dedication to their mission and the value they place on trust is far more important to them. It is not to say that making money is bad, but a) determining one's entrepreneurial mission; and b) committing oneself to it is important to success.
In summary, it is quite possible for people practicing business analysis and project management to become entrepreneurs or intrapreneurs based on the many examples cited above. If you have some of the traits and skills mentioned earlier and think the keys to success make sense, then here are some final calls to action to consider. To make it practical, remember to "PACE" ourselves.
P – Be Prepared, build expertise, and look for inspiration and opportunities. Seek out mentors and potential sponsors.
A – Analyze opportunities as they arise to determine their viability. Remember that passion alone isn't enough; we must do our homework and plan our venture.
C – Develop a business case and Commit to the opportunity. We need to be courageous, and take the plunge.
E - Evaluate the venture. We need to ensure it is on the right track and adjust as necessary.
The authors feel that many business analysis and project management practitioners we have met possess all the traits needed to be successful "preneurs." We are in a prime position to establish new business units and products at our current organization, as well as launch new businesses. What are we waiting for? It's time to go out and "preneur!"
Brown, W. (2011). Emotions in entrepreneurship. In Sellers, R. (Ed.), Creating a business you'll love – Top entrepreneurs share their secrets (pp. 61–70). South Portland, ME: Sellers Publishing.
Davila, T. (2014, June 5). The innovation strategy big companies should pursue. Harvard Business Review. Retrieved from https://hbr.org/2014/06/the-innovation-strategy-big-companies-should-pursue/
Entrepreneur. (2015, May 25). In Investopedia. Retrieved from http://www.investopedia.com/terms/e/entrepreneur.asp
Intrapreneur. (2015, May 25), In Investopedia. Retrieved from http://www.investopedia.com/terms/i/intrapreneur.asp
Kalb, I. (2013, June 8). Innovation isn't just about brainstorming new ideas. Business Insider. Retrieved from http://www.businessinsider.com/innovate-or-die-a-mantra-for-every-business-2013-7.
Lange, L. (2011). How passion, persistence, and purpose led to profits. In Sellers, R. (Ed.), Creating a business you'll love – Top entrepreneurs share their secrets (pp. 127–138). South Portland, ME: Sellers Publishing.
Masterson, M. (2012). The reluctant entrepreneur: Turning dreams into profits. Hoboken, NJ: John Wiley and Sons.
Newmark, C. (2011). Why Craigslist works. In Sellers, R. (Ed.), Creating a business you'll love – Top entrepreneurs share their secrets (pp. 39–44). South Portland, ME: Sellers Publishing.
Schawbel, Dan. (2013, September 9). Why companies want you to become an intrapreneur. Forbes Magazine. Retrieved from http://www.forbes.com/sites/danschawbel/2013/09/09/why-companies-want-you-to-become-an-intrapreneur/.
Schlesinger, L. A., Kiefer, C. F., & Brown, P. B. (2012, March). New project? Don't analyze—Act. Harvard Business Review Retrieved from https://hbr.org/2012/03/new-project-dont-analyze-act.
© 2015, Richard Larson and Elizabeth Larson
Originally published as a part of the 2015 PMI Global Congress Proceedings – Orlando, Florida, USA


Summary	 0010323: Infinite loop - maybe tornado/constriction interaction?
Description	 Just as tornado was winding down a monstrosity constricted the character. After that the screen locked up and CPU usage went very high. I had to kill the process.
Update: I don't think it was constriction related. Just happened again with a draconian pack.
Fixed in trunk (0.19-a0-622-gbc83f2a) and stable (0.18.1-47-g9310371), thanks!


text:
Positive Response Seen To Converter-Box Coupon Program
By Mereidth Attwell Baker ⋅ Published: January 8, 2009
In little more than a month, the U.S. will complete the historic transition to digital broadcasting as full-power TV stations across the country cease analog broadcasts at midnight on Feb. 17.
Since January 2008, the TV Converter Box Coupon Program, administered by the U.S. Commerce Department's National Telecommunications and Information Administration (NTIA), has helped the American public make a smooth transition to digital broadcasting. Consumers who choose to continue watching television on analog sets served by antennas have been encouraged to apply for the two $40 converter-box coupons available per household.
The response has been overwhelming — both from the public and from the consumer electronics industry. Millions of consumers have applied for converter-box coupons and successfully redeemed them, thanks to the thousands of consumer electronics retailers who joined the program. Also, more than 100 converter-box manufacturers submitted converter boxes for NTIA approval and 185 coupon-eligible converter boxes (CECBs) were approved.
More than 3,100 retailers became certified to redeem coupons toward CECBs, including eight of the top 10 retailers: Best Buy, Circuit City, Fry's, RadioShack, Sam's Club, Sears, Target and Wal-Mart, and numerous local retailers as well. There are nearly 35,000 traditional "brick and mortar" stores participating, including 38 online and 12 phone retailers.
These numbers have helped ensure that consumers with coupons can easily locate CECBs in all parts of the country, including the rural and urban areas of every state and U.S. territory. Online and phone retailers extend the program's reach for consumers who can't visit a store.
With just a few weeks to go until full-power analog broadcasts end, the demand for converter boxes has continued.
Coupons are valid for 90 days from the date they are mailed, so consumers may be using them to purchase CECBs into July, 2009. This timeline and the substantial demand for coupons reinforces the need for retailers to keep converter boxes on store shelves in the weeks and months ahead as consumers adjust to the new way that TV signals come into their homes.
Several indicators from the fourth quarter of 2008 underscore continuing demand for converter boxes, including the Oct. 15 report from The Nielsen Company about household readiness for this unique switchover. Nielsen found 9 million households were totally unprepared for the upcoming digital transition, with another 12.6 million households having at least one TV set that was not yet ready.
The coupon program's Apply, Buy and Try campaign urged consumers to apply for coupons by the end of 2008 so that they would have plenty of time to purchase a CECB and connect it effectively to their analog over-the-air television.
And, while program efforts have put particular focus on those households served only by over-the-air broadcasts, we know many homes that use cable, satellite or other pay TV services still contain an extra older television — or two — that require converter boxes. That's another source for additional converter-box purchases so TV owners can restore viewing on secondary sets in kitchens, workshops or a guest room.
These factors support the expectation that many consumers will purchase converter boxes up to — and beyond — the Feb. 17 transition date.
Of course, some will wait until the last minute or until their television sets go dark despite months of educational and outreach efforts encouraging advance preparations. These consumers may need to be able to find converter boxes, too — even if their belated awareness means a purchase without the advantage of a $40 coupon.
The coupon program recognizes that consumers have been well-served in their efforts to locate converter boxes so far, due to the vital backing from the consumer electronics industry since the program was conceived. Now, continued retailer cooperation is needed to meet the substantial demand for CECBs through the end of the program.
A strong private-public partnership with the Federal Communications Commission, community organizations, broadcasting groups and the consumer electronics industry has contributed greatly to the success of NTIA's TV Converter Box Coupon Program.
By Mereidth Attwell Baker
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The Transmitters were a British alternative rock band active during the late 1970s and throughout the 1980s. Mixing elements of punk, jazz and psychedelia, the band were critical favourites throughout their lifetime and played support slots for a wide variety of underground and mainstream bands, although this did not translate into substantial commercial success.
The Transmitters are also notable for featuring future members of Loop Guru and Transglobal Underground and for sharing two members with cult pop band Furniture, as well as a guest stint by Glaxo Babies vocalist Rob Chapman. Their sound was compared to (among others) The Fall, XTC, Gang Of Four, This Heat and Magazine.


In 1973, some of the folks at Hammer Films, a British film factory best known for schlocky horror product, decided to get more ambitious. Christopher Lee, of Frankenstein and Dracula renown, wanted to stretch his acting talents, and so he teamed with screenwriter Anthony Shaffer (Frenzy) and director Robin Hardy to create an original, low-budget chiller they dubbed The Wicker Man.
The conflict of the plot is twofold. Edward Woodward plays a policeman who is staunchly Christian, virginal, and closed-minded. Sgt. Howie is summoned to an isolated village named Summerisle to investigate the apparent disappearance of a young girl. Once sequestered on this island, Howie is doubly challenged. He receives little cooperation from the odd villagers he interrogates, and his very core goes to war with the way these mysterious people choose to live.
The ending of The Wicker Man is justifiably famous, not only for its twist, but also for a truly memorable final shot. I'd place that image on par with the exalted Statue of Liberty visuals in Planet of the Apes.


text:
Cath Everett
Freelance journalist and former editor of HRZone Sift Media
How to look after employee financial wellbeing
News: Lack of HR support means 1/3 senior hires consider quitting in first 3 months
A failure by top managers to work closely enough with HR means that two out of five senior hires consider quitting in their first 90 days and are 50% less productive than they would otherwise be.
According to a survey among 283 senior executives and 38 HR directors conducted by recruitment consultancy, Harvey Nash, a poor start to their new job also led a huge 73% of senior executives that had experienced it to say that they planned to leave the post within three years. A further 37% intended to stay for less than a year and were already looking for alternatives. Only just under a quarter felt that their induction to the business had proved useful, however, even though they believed that they could have been on average 50% more productive if their initial start had been better organised. The situation also wasn't helped by the fact that just over half felt that they couldn't raise any difficult issues with the chief executive or their immediate boss. Lucy McGee, Harvey Nash's director of leadership services, said that many of the HR directors questioned were unhappy about the way that the recruitment and on-boarding process for senior executives was handled in their organisation. "Where HR leaders are successful in supporting their executive colleagues, it's because they help new executives 'acclimatise' in the organisation and support them building new relationships and networks within the business, providing wise counsel as well as facilitating the early agreement of KPIs so they know how they will be measured," she said. But the research entitled 'Onboard and upwards: How an executive's first 90 days make or break the ones that follow' showed that all too often new hires lacked a means of measuring their own performance until well into their tenure. Some 46% said that KPIs were not set or agreed in their first month, with the same being true for 32% during their first three months. To make matters worse, a quarter of senior hires felt that the organisation had not been portrayed accurately to them during the recruitment process, with only 17% feeling that it lived up to expectations. A third also claimed that the job had changed markedly from the one that was outlined at interview, but in both instances, they were much more likely to consider quitting in their first 90 days than those who didn't feel as if they had been misled.
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text:
Tim Gerber, Reporter/Anchor
Published: May 29, 2014, 10:17 pm
Tags: Local, News, Crime Fighters
Balcones Heights police chief placed on paid leave
City: Complaint filed against Chief Henry Dominguez
The chief of the Balcones Heights Police Department has been placed on paid leave while the city investigates a complaint filed against him.
Chief Henry Dominguez's absence comes on the heels of the murder of one his officers earlier this month.
The city of Balcones Heights confirmed Thursday afternoon that Dominguez had been on paid administrative leave from the department since Tuesday.
Lorenzo Nastasi, a spokesperson for the city, would only confirm a complaint was filed against Dominguez and that he'd been placed on leave while that complaint is investigated.
Multiple sources close to the Balcones Heights Police Department told KSAT 12 News Dominguez also took personal time off last week.
The sources also said the department has been in turmoil since the murder of Officer Julian Pesina.
Pesina was shot and killed by two masked men as he left a tattoo shop he co-owned on May 4.
The investigation into Pesina's murder has focused on his suspected ties to the Texas Mexican Mafia, a violent prison gang. His murder is believed to be a hit carried out by gang members.
Experts have also identified some of the tattoos on Pesina's body as gang symbols associated with the Mexican Mafia.
Sources close to the department said while Pesina had only a few tattoos when he joined the department in 2006, he began adding more tattoos to his body in recent years.
The sources said some of the officers from the department were concerned about Pesina's tattoos; they thought they were questionable and believed some were gang symbols. The sources said some BHPD officers raised their concerns to Dominguez but said ultimately he didn't take any action.
The sources also said Pesina had bragged about having family ties to the Mexican Mafia and that it was no secret inside the department.
On his application for employment with BHPD Pesina admitted to past criminal activity, including theft and assault, and stated he had family members who had been involved in criminal activity.
Dominguez was hired by the city of Balcones Heights in October 2009. Prior to joining BHPD he served as the chief of the Poteet Police Department for three years. Before that he had worked for the Atascosa County Sheriff's Department for several years.
When asked if the complaint leveled against Dominguez had anything to do with Pesina's murder Nastasi said he didn't know because he hadn't seen the complaint.
Dominguez has refused to answer questions about Pesina's time with the department and the allegations officers had raised concerns about his tattoos.
According to Nastasi, Dominguez will remain on paid leave while the complaint is investigated.
Meanwhile, a joint investigation by the FBI and the San Antonio Police Department into Pesina's death is ongoing. So far no arrests have been made.
Copyright 2014 by KSAT.com All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Tim Gerber
Tim Gerber is an investigative reporter and anchor on the KSAT Defenders team.


I had Cornerstone Custom Concrete remove the concrete floor in my garage and a portion of my driveway. I am completely satisfied with the work done and my experience working with Chris in the field and Pam in the office. I would not hesitate to recommend Custom Concrete. The work was what one would want and at a fair price.