expara business canvas workshop

October 2014

Expara Business Canvas Workshop

Organized by ISM

2

6XXXX

About the lecturer

Wharton MBA

JP Morgan – Vice President IB Technology, GM Internet Marketing

Parallax Capital Mgmt – Co-founder and MD Private Equity

Extream Ventures – Co-founder and MD S$20 million seed fund

Expara – Founder and MD IDM Ventures Incubator, advisory, training

NUS – Adjunct Associate Professor, Business School, Entrepreneurship

Sasin – Visiting Professor, Venture Capital

3

6XXXX

Business canvas workshop

From business model canvas to investment

9:00 AM Understanding the big picture 10:30AM Break 10:45 AM Business model canvas – Part I 12:15 PM Lunch 1:30 PM Business model canvas – Part II 3:00 PM Break 3:15 PM Fund raising and financial plan

5:00 PM End

4

6XXXX


Understanding the big picture

Business model canvas

Financing and fundraising

5

6XXXX

What is a scalable business?

Small business: limited scope, complication and risk. Slow growth.

Scalable business: significant scope, complication, and risk. Rapid growth.

6

6XXXX

This could be you: Facebook

Feb 2004: Mark Zuckerberg, 19, launches The Facebook from his Harvard dorm room, with ~10K investment. Half of Harvard signs up in the first month

June 2004: Facebook receives $500K funding from Peter Thiel

Mid 2005: Accel partners invests $12.7MM and Greylock $27.5MM

Oct 2007: Microsoft buys 1.6% of Facebook for $246MM

Nov 2007: Li Ka-shing invests $60MM

2009-10: Elevation partners invests $210MM at valuation $12 - 23B

2011: Goldman Sachs buys shares in the secondary market at an implied valuation of $50B

2012: Goes IPO at valuation ~$100B (now $67B)

“The youngest billionaire on earth” - Forbes

7

6XXXX

This could be you: Instagram

2010 - Kevin Systrom and Mike Krieger focus their multi-featured HTML5 check-in project Burbn on mobile photography

Mar 2010 – Close $500K seed funding round from Baseline Ventures and Andreessen Horowitz; est. val. $5 MM

Oct 2010 – Product launches on Apple App Store

Feb 2012 – Raise $7MM Series A funding; valuation $25 MM

Apr 2012 – Raise $50 MM at $500 MM valuation; sold to Facebook, val $1 B

05

101520253035

Millions of Users

8

6XXXX

This could be you: Google

1995: Sergey Brin and Larry Page, two Stanford University graduate students develop the technology that will become the Google search engine.

1998: Sergey and Larry raise $1 million in funding from family, friends, and angel investors to start Google in a friend's Menlo Park, Calif. garage with four employees.

1999: Google raises $25MM from VCs and angel investors

2004: Google goes IPO at a valuation of US$23.1 billion. Sells 7% to public for $1.67 billion. Market cap Jan 2007 US$149 billion.

9

6XXXX

This could be you: YouTube

Feb 2005: Chad Hurley, Steve Chen, and Jawed Karim found YouTube, Inc.

Nov 2005: YouTube receives funding from Sequoia Capital

Dec 2005: YouTube service is officially launched

Nov 2006: Google acquires YouTube for US$1.65 billion, 20 months after the company was founded

10

6XXXX

This could be you: Dell and Microsoft

Michael Dell, who founded Dell in 1984 with $1,000 when he was 19 years old. The company now employs approximately 41,800 people worldwide and reported revenues of $38.2 billion for the past four quarters.

Bill Gates, who founded Microsoft in 1975 while still an undergraduate at Harvard. Microsoft had revenues of US$32.19 billion for the fiscal year ending June 2003, and employs more than 54,000 people in 85 countries and regions.

11

6XXXX

Exit markets at an inflection point

Exit activity in SEA, especially in Singapore, exploded in 2013 • Increased investment in startups since 2007 is beginning to yield results

• Number of exits increased from 6 in 2010 to 20 in 2013

• Singapore alone has had 30 exits since 2007, 13 in 2013

• Value of exits increased from 51 MM in 2010 to 400 MM in 2013

12

6XXXX

Some recent exits Company Country Acquiror Price Year

ZopIM Singapore Zendesk US$29.8MM 2014 Non-Stop Games Singapore King US$ 100MM 2014 sgCarMart Singapore SPH S$60 MM 2013 DS3 Singapore Gemalto S$50 MM est. 2013 Asian Food Channel Singapore Scripps Networks Undisclosed 2013

Reebonz Singapore MediaCorp and Existing investors S$250MM 2013

Yfind Singapore Ruckus Wireless Undisclosed 2013 Techsailor Singapore TO THE NEW Undisclosed 2013 travelmob Singapore HomeAway Undisclosed 2013 Catcha Digital Media Singapore Opt Inc Undisclosed 2013

GridBlaze Singapore Undisclosed Silicon Valley Startup Undisclosed 2013

Viki Singapore Rakuten US$200MM 2013 SGE Singapore Tech In Asia Undisclosed 2013 ThoughtBuzz India To The New Undisclosed 2013 AyoPay Indonesia MOL AccessPortal Undisclosed 2013 Tongue in Chic Malaysia PopDigital Undisclosed 2013 Ocision Malaysia Star Publication US$ 4.36MM 2013 Glamybox Vietnam VanityTrove Undisclosed 2013 PaymentLink Singapore Wirecard US$41.2MM 2013 Dealguru Singapore iBuy S$34.28 MM 2013 Buy Together Hong Kong iBuy S$21 MM 2013 Dealmates Malaysia iBuy S$10 MM 2013 PropertyGuru.com Singapore ImmobilienScout24 S$60 MM 2012 HungryGoWhere Singapore Singtel S$12 MM 2012 AdMax Network Singapore Komli Media Undisclosed 2012 TheMobileGamer Singapore Singtel US$1.5 MM 2012

13

6XXXX

What is the relationship between risk and return?

Risk and return are highly correlated

You cannot increase return without taking more risk

Return

Risk

Potential outcomes

14

6XXXX

Let’s fail: the importance of failure for innovation

15

6XXXX

Why is failure desirable?

Willingness to fail – allows risk-taking and innovation

Risk and return – high risk ventures means they are likely to fail

Innovation – key to scalable ventures – innovators will fail

16

6XXXX

Failure is necessary to achieve success

17

6XXXX

Success from failure – Apple and Steve Jobs

18

6XXXX

Product failures – from Apple III to Apple Newton

1980 - Apple III - 75k units sold

1983 – Apple Lisa - 40K units sold in 1984 vs. 80K forecast

1986 – Pixar Image Computer - < 300 units sold

1990 – NeXT workstation – 50K units sold

1993 – Newton – 100MM spent on development – 80K units sold

Apple clones, NeXT software

19

6XXXX

Market failure - Apple stock price – 1988 to 1998

20

6XXXX

Competitive failure – Apple vs. Microsoft

1980 – Apple’s share of PC market 15%

1996 – 4%

2005 – 2.2%

2011 – Microsoft Windows still has 92% share of operating system market

21

6XXXX

Steve Jobs career timeline

Success - 1977 • Apple II

Failure – 1980 • Apple III

Failure – 1983 • Lisa

Success – 1984 • Macintosh

Failure – 1985 • Ousted from Apple

Failure – 1988 • Pixar Image Computer

Failure – 1990 • NeXT Workstation

Failure – 1993 • NeXT discontinues HW

Success – 1995 • Toy Story; Pixar IPO

Success – 1996 • Apple buys NeXT

Success – 1997 • Return to Apple

Success – 1998 • Apple profitable

Success 2001 • IPod

Success 2007 • Iphone

Success 2010 • iPad

22

6XXXX

Success from failure

Pixar animated films – 1995 (Toy Story) – 26 Oscars, 7 Golden Globes, 3 Grammies – Films have earned > $6.3 billion worldwide

iPod - 2001 – 300 MM units sold – 90% market share

iPhone – 2007 – > 75 MM units sold – 50% of profits from global mobile phone sales

iPad – > 15 MM units sold, more than all other tablets combined – 83% market share

23

6XXXX

Apple stock price 2004 – 2011 +3,700%

24

6XXXX

Why should companies raise investment?

Lifestyle or scalable?

Paycheck or payout?

A big piece of a small pie?

A small piece of a big pie?

Founder

Investors

Investors

Founder

25

6XXXX

How to fund growth?

Internally generated

Debt

Hybrid

Equity

26

6XXXX

Cost, control, growth and risk

Internal

Debt

Equity

Source of funds

Cost Lose Control Growth $ Risk

Impact of funding

Low Somewhat High

27

6XXXX

Financial leverage and firm value

28

6XXXX

Companies founded with venture capital

www.nvca.org

29

6XXXX

Industries created by venture capital

www.nvca.org

30

6XXXX

Why invest in venture capital?

As of 31-Mar 2014 The Cambridge Associates LLC U.S. Venture Capital Index® is an end-to-end calculation based on data compiled from 1,494 U.S. venture capital funds (962 early stage, 163 late & expansion stage, 363 multi-stage and 6 venture debt funds), including fully liquidated partnerships, formed between 1981 and 2013. 1Pooled end-to-end return, net of fees, expenses, and carried interest. Sources: Cambridge Associates LLC, Barclays, Dow Jones Indexes, Frank Russell Company, Standard & Poor's, Thomson Reuters Datastream, and Wilshire Associates, Inc. *Capital change only.

Case Shiller Real Estate Index 4.1

31

6XXXX

Impact of VC on a diversified portfolio

Private Equity and Strategic Asset Allocation. 2007 Ibbotson Associates

32

6XXXX

How does a venture capital fund work?

Fund Investors

VC

8

$ 10 mm

2

$ 10 mm

$ 58 mm

25%

75%

Fund size 10,000,000$ Life of the fund 7Management fee 2.5%Investable 8,250,000$ Investment size 1,031,250$ Companies 8Fail 4 50%Break even 2 25%Exit 2 25%

Investor's required ROI 35%Fund multiple return 5.76Fund size at exit 57,600,000$ Carry @ 20% 9,520,000 Distribution 48,080,000$ Fund return multiple 4.81Fund ROI 35%Required return per exit 28 times

Equity per company F/D 15%Required value of equity at exit 28,800,000$ Required co value at exit 192,000,000$

33

6XXXX

GVMs for all first-round investments

10 years after investment. Data from Sand Hill Road Econometrics. Companies received first financing before 1 January 1999. First non-seed round investment. Returns are gross - before fees and carry

34

6XXXX

How do VCs make money?

Trade sale – sell to another company

IPO – sell to the public through listing on an exchange

35

6XXXX

Trade sale or IPO?

www.nvca.org

http://www.nvca.org/

36

6XXXX

The investor’s decision tree

Innovative?

Yes

Value proposition?

Yes

Fast-growing market?

Yes

Exit

No

No

No

37

6XXXX

Product or service: which scales better?

Product-based start-ups – Value proposition is delivered

via product

Service-based start-ups – Value proposition is delivered

via people

38

6XXXX

Getting to gatekeepers

It’s not what you know; it’s who you know

Network, network, network

Strong ties and loose ties

39

6XXXX

Connecting to my network

My company websites: www.expara.com

My blog: www.douglasabrams.com

E-mail: [email protected]; [email protected]

Facebook: [email protected]

Linked-In: [email protected]

Twitter: twitter.com/douglaskabrams

http://www.expara.com/

http://www.douglasabrams.com/

mailto:[email protected]




http://twitter.com/douglaskabrams

40

6XXXX





41

6XXXX

Problem Solution

Key Metrics

Cost drivers Revenue model

Innovation and value proposition

Sustainable competitive advantage

Channels

Customer segments

Market size

Customer archetype

High concept

Existing solutions

Top 1-3 customer problems

How are these problems solved today?

Your solutions to customer problems

Key numbers that tell if you are succeeding

What is innovative about your solution? Why are you better than existing solutions?

One sentence that says it all

How will you create barriers to entry for followers?

How will you get your product to customers?

Who are your target customers?

How big is your market and how fast is it growing?

Characteristics of your key customers

How do you generate revenue?

What are your key cost drivers?

Expara Business Model Canvas

42

6XXXX

Key elements for success

Develop an innovative product – Innovation

Solve a problem for customers – Value proposition

Identify your customers – Market identification and analysis

Reach your customers – Marketing strategy

Compete when others enter - Sustainable competitive advantage

Make money – Business model and financial plan

Team – A team or B team

43

6XXXX

Writing a model business plan

1. Executive summary

2. Value proposition and innovation

3. Market identification and analysis

4. Marketing and sales strategy

5. Sustainable competitive advantage

Overview, innovation, market

6. Company products and services

7. Team

8. Expansion plan

9. Operational plan

10. Finances – Revenue and cash flow, valuation, funding required, equity offered, ROI

Execution and financials

44

6XXXX

Problem Solution

Key Metrics




Channels

Customer segments

Market size

Customer archetype

High concept

Existing solutions















45

6XXXX

Value proposition – how much does it hurt?

Painkiller

Vitamin

Candy

46

6XXXX

Value proposition – degrees of recognition

Latent problem – they have a problem but don’t know it

Passive problem – they know they have a problem but not looking for a solution yet

Active or urgent problem – they know they have a problem, are actively looking for a solution but no serious work done yet to solve

A vision – they have an idea for solving the problem and a home-grown solution but are prepared to pay for a better solution

47

6XXXX

Business model innovation: Diamond Rio vs iPod

48

6XXXX

Disruptive business model or disruptive tech

Diamond is the first mover in portable MP3 in 1998

Apple enters in 2003 and captures 90% of the market

Business model innovation – hardware + software + service

49

6XXXX

Disruptive models from Gillette to Google

Gillette – razor and blade

Southwest Airlines – budget airlines

Dell Computer – mass customization

Charles Schwab – on-line broker

Amazon – ecommerce

eBay – peer to peer marketplace

Google – search-based advertising

50

6XXXX


1. What is your product and what is innovative about it?

2. What is the painful problem you are solving for customers?

3. What are the shortfalls of the current solutions?

4. How do you solve this problem and can you quantify your benefit?

5. How does your innovation enable you to accomplish this?

51

6XXXX

Problem Solution

Key Metrics




Channels

Customer segments

Market size

Customer archetype

High concept

Existing solutions















52

6XXXX

Market and competitive analysis

Identifying favorable markets

Analyzing markets

53

6XXXX

Choose an industry favorable to start-ups

Increasing returns business: up-front costs are high relative to marginal costs

Network externalities

Complementary technologies are important to use

Producer learning is strong, switching costs are high

54

6XXXX

Look for fast-growing, segmented markets

The cost gap between new and established firms is smaller in larger markets

In fast-growing markets, new firms can serve new customers rather than customers of existing firms

Segmented market provide niches for new firms to enter and reduce retaliation by existing firms

55

6XXXX

Market timing – entering at the inflection point

Measure of performance

Measure of effort invested

The technology adoption S curve

56

6XXXX

Industry life cycles and structures

Choose a young industry – more demand and less competition

Enter before a dominant design has been adopted

Labor intensive rather than capital intensive

Advertising and branding less important

Less concentrated industries – smaller competitors

57

6XXXX

Market and competitive analysis

Identifying favorable markets

Analyzing markets

58

6XXXX

Market identification and analysis

1. What is your market type?

2. How big is your market and how fast is it growing? – Top-down approach – Bottom-up approach

3. What are trends in your market are favourable for you? – Technological, social, demographic, regulatory

4. Who are your direct and indirect competitors?

59

6XXXX

Types of markets

Existing markets

Re-segmented markets/niche market

New market

Clone market

60

6XXXX

Top-down market sizing

Total addressable market

Target market

Target segment

Market share

61

6XXXX

Bottom-up market sizing

62

6XXXX

Customer segments

• For whom are we creating value?

• Who are our most important customers?

Key questions

• Mass market

• Niche market

• Segmented

• Diversified

• Multi-sided platform or market

Types of customer segments

63

6XXXX

Customer segments: who/problem

Customer problem – Latent – Passive – Active or urgent – Vision

Customer types – End user – Influencer – Recommender – Economic buyer – Decision maker

Customer archetype

A day in the life of a customer

Organizational/influence maps

Consumer/web influence map

64

6XXXX

Customer archetype

65

6XXXX

Problem Solution

Key Metrics




Channels

Customer segments

Market size

Customer archetype

High concept

Existing solutions















66

6XXXX

Competitors will enter

How to compete with followers?

How to compete with existing companies?

Sustainability of technological lead – Competitors cannot duplicate the technology – Firm can innovate as fast or faster than competitors

First-mover disadvantages

Last-mover advantage

67

6XXXX

Competitive advantage – barriers to entry

Proprietary intellectual property

Network effects or externalities

Customer lock-in/switching costs

68

6XXXX

First mover advantage?

69

6XXXX

Creating last-mover advantage

Reputation

Preempting positioning

Switching costs/Lock-in/Network effects

Unique channel access

Move down learning curve

Favorable access to inputs

Definition of standards

Institutional barriers – IP protection

First Mover Advantages

Pioneering costs

Demand uncertainty

Changes in buyer needs

Specificity of investments to early generations

Technological discontinuities

Low-cost imitation

Disadvantages

70

6XXXX

Strategies to create last-mover advantage

IP strategy – patents, copyrights, trademarks, trade secrets

Create barriers to entry – Network effects and externalities – Lock-in effects

71

6XXXX

Established company strengths and weaknesses

Learning curve

Reputation effect

Cash flow

Economies of scale

Complementary assets

Advantages

Difficult to innovate

They need to satisfy existing customers, partners and supply chain

Existing organizational structure is appropriate to current tasks

Risk aversion

Weaknesses

72

6XXXX

Opportunities that favor new firms

Existing firms frozen in the headlights

Disruptive technologies and business models

Uncertainty: existing firms’ advantages in market research are neutralized; risk propensity

Technologies: Discrete versus systemic technologies, based on human capital, general purpose rather than specific

Bad customers: Enter market that is unattractive to existing competitors due to established cost structure

73

6XXXX

Problem Solution

Key Metrics




Channels

Customer segments

Market size

Customer archetype

High concept

Existing solutions















74

6XXXX

Do you love to sell?

75

6XXXX

Sales and distribution

Great sales and distribution vs great product

Best sales is hidden

Products don’t sell themselves

76

6XXXX

Metrics for effective distribution

CLV: total net profit earned over the course of relationship with customer

CAC: cost to acquire a new customer

CLV>CAC

77

6XXXX

Sales channels

78

6XXXX

Complex sales

Seven figure deals

CEO must sell

50-100% YoY growth over 10 years

Enterprise sales must start small

79

6XXXX

Personal sales

10K-100K

Sales team can sell

Need to establish a process so sales team can move to mass

80

6XXXX

Sales dead-zone

Product needs a personal sales effort

Resources are not available or too expensive

Underserved SME markets

81

6XXXX

Marketing and advertising

Work for products with mass appeal but not viral – FMCG

Can work for start-ups but

Only when CLV-CAC make all other channels uneconomical

82

6XXXX

Viral marketing

Core functionality encourages users to invite their friends

Move first to dominate most important segment of market with viral potential

Get the most valuable users first

Paypal – initial focus on 20K Ebay PowerSellers

83

6XXXX

Power law of distribution

Select one - one distribution channel will be more powerful than all others combined

Most businesses get zero distribution channels to work

Poor sales rather than bad product is most common cause of failure

Sell your company to the media

Everyone sells

84

6XXXX

Problem Solution

Key Metrics




Channels

Customer segments

Market size

Customer archetype

High concept

Existing solutions















85

6XXXX

Revenue model questions

• For what value are our customers really willing to pay?

• For what do they currently pay?

• How are they currently paying?

• How would they prefer to pay?

• How much does each Revenue Stream contribute to overall revenues?

Key questions

• Asset sale

• Usage fee

• Subscription Fees

• Lending/Renting/Leasing

• Licensing

• Brokerage fees

• Advertising

Types

• List price

• Product feature dependent

• Customer segment

• dependent

• Volume dependent

Fixed pricing

• Negotiation (bargaining)

• Yield Management

• Real-time-Market

Dynamic pricing

86

6XXXX

Key revenue model issues

Subscription/membership

Volume or unit-based sales

Advertising-based

Licensing & syndication

Transaction fee

Pay-per-use

Referrals

Affiliate/revenue sharing

Selling data

Back-end offers

Revenue models

Single stream

Multiple streams

Interdependent

Loss leader

Revenue streams

Value pricing

Competitive

Volume

Portfolio

Razor/blade

Subscription

Leasing

Product based

Pricing models

87

6XXXX

Other revenue model issues

Total cost of ownership (TCO)

Return on investment (ROI)

Multi-sided markets have multiple revenue models

Distribution channel affects revenue streams

Consider lifetime value

88

6XXXX

Cost structure

• What are the most important costs inherent in our business model?

• Which Key Resources are most expensive?

• Which Key Activities are most expensive?

Key questions

• Cost Driven (leanest cost structure, low price value proposition, maximum automation, extensive outsourcing)

• Value Driven (focused on value creation, premium value proposition)

Is your business more

• Fixed Costs (salaries, rents, utilities)

• Variable costs

• Economies of scale

• Economies of scope

Sample characteristics

89

6XXXX

Revenue and cost model diagram

90

6XXXX





91

6XXXX

Forms of organization

Sole proprietorship

Partnership

Limited Liability Partnership

Companies – Private Limited companies – Public companies – Listed public companies

92

6XXXX

Key agreements

Shareholder agreement

Employment agreement

Director’s responsibilities

Investment agreement

93

6XXXX

VCs invest at multiple stages

Founder’s Capital

Seed/Angel

Series A, B, C

Mezzanine Pre-Exit Exit

VC hurdle rates 60-100% 40-60% 20%

OM F,F&F

Incubators corporations government

Customers, suppliers, strategic partnersVCs, Banks for VC loans

R&D Establishment GTM/Rollout Accelerated Expansion MaturityEnablement growth

94

6XXXX

In the financial section of the business plan

Business model

Financial projections

Valuation

Funding required and equity offered

Use of Proceeds

Exit Strategy and ROI

95

6XXXX

Complete business model diagram

96

6XXXX

Company valuation methods

Price to earnings (p/e)

Dividend yield

Multiple of book value

Comparables

Discounted Cash Flow (DCF)

VC method

97

6XXXX

How much equity does the investor receive?

Pre-money valuation – Amount invested by VC ÷ (Agreed pre-money value of business

+ Amount invested by VC) – $3MM pre + 1 MM VC = 25% VC equity

Post-money valuation – Amount invested by VC ÷ post-money valuation – $4MM post = 25% VC equity

98

6XXXX

Entrepreneur versus investor

Maximize financial returns

Maintain option to abandon

Be able to force entrepreneur to exit and distribute proceeds

Maintain reputation

VC

Get outside capital

Maximize financial gains from equity stake

Retain control, minimize constraints on behavior and decision making

Build successful firm

Build reputation

Get outside expertise and contacts

Entrepreneur

99

6XXXX

Key elements of the deal

Board of directors

Protective provisions

Drag-along agreement

Conversion

Control

Price-per-share

Valuation

Amount of financing

Liquidation preference

Vesting

Options pool

Anti-dilution

Pay-to-play

Economics

100

6XXXX

Communicating with investors

Business plan

Executive summary

Investor presentation

Formal and informal presentations

101

6XXXX

Use meaningful titles

The title of each slide should communicate the key message for that slide.

For example, if you have a slide that shows projected sales, do not make the title "Projected Sales."

Instead, make the title something like, "Projected Sales in 2003 are $3 Million."

102

6XXXX

Less is more

Your message needs to be clear and concise

Clean visual design – avoid chart junk and “design-itis”

On presentation slides, less is more – slides, bullet points, text

If you can't explain your message simply, you need to re-formulate your message.

103

6XXXX

How long does it take to make a first impression?

First impressions are critical

You make yours in the first 7 seconds of your presentation

How long to feel someone is trust-worthy? 0.1 second

How can people decide so quickly? Appearance and body language.

104

6XXXX

Getting past gatekeepers

Why are presentations important?

Understand gatekeepers’ incentives

Avoid raising red flags

Attention to detail

Get it right the first time

105

6XXXX

What causes choking?

Top performance under pressure requires focus and relaxation

Too much focus on performance causes skill to break down

Forget about your bad shots; remember your good shots

106

6XXXX

Do not read your slides

Do not just stand and read your presentation slides.

Makes your presentation redundant and therefore uninteresting, since the audience can just then read the slides.

Try to pick out one or two important points on each slide to discuss in more detail.

107

6XXXX

Practice and test

Analyze the details of your presentation, then master those details by practice, practice, practice.

Arrive early and if you are using any technology, test it

If you can not get in early, try to test the night before

It is OK to be nervous before you begin

108

6XXXX

Q&A is the most important part

Audience has a chance to ask you about what is on their mind.

Q&A is do or die time.

Prepare for Q&A by studying your material in-depth

Anticipate likely difficult questions and formulate answers

Note questions you are asked and if you did not have a good answer to a specific question, formulate one for next time.

Don’t disagree - agree

109

6XXXX

Contact us

Douglas Abrams

Expara Pte. Ltd.

[email protected]

www.expara.com

65-6323-3084, 65-9780-5381 (hp)

Block 71 Ayer Rajah Crescent, #02-10/11 Singapore 139951

http://www.expara.com/