Meeting #3

Like our previous meeting, we set guidelines on what we wanted to cover, how long we would go for and which person had which role.  Overall the meeting went good and we made great strides to improving our BMC.  

Some of our action items would be: 

- Look into government regulations and the safety acts within Canada

- Revise our BMC

- Research what ABS did so we can possibly emulate their model, which has proven to be successful

The key points we discussed are as follows:

- pick one channel and stick with it

- find out how ABS went about with their business model and why they succeeded

- check government regulations/safety acts

- possibly easier to license out our patents rather than creating and selling a physical product

- would be a lower initial cost as we only patent the system, not manufacture a product

- multiple patents for multiple designs (have to be 10% different)

- then push companies to pay the license fee to use our system rather than having them spend the $ in R&D and develop their own system

- prove value to who ever is in our immediate direction in the value chain (figure out exactly who that is)

- potential profit through royalties which minimizes work down the line

We will follow up on this meeting sometime on Tuesday to go over what we talked about and make a plan on what to do moving forward.