VRCafé Business Plan

VRCafé

Business Plan

Mariam Sarfraz

Alvaro Robledo Vega

Wendy Lu Chen

Shu Lim

Alejandro Gilson Campillo

Koral Hassan

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Table of Contents 
I.  Executive Summary ............................................................................................... 3 
II.  Value Proposition .................................................................................................. 4 
The Problem ......................................................................................................................................................... 4 
Business and Service Offering ........................................................................................................................... 4 
Mission Statement ................................................................................................................................................ 4 
III.  Business Model (Operations and Roadmap) ....................................................... 5 
Strategy Evaluation .............................................................................................................................................. 5 
Operations Roadmap .......................................................................................................................................... 6 
IV.  Market Analysis ..................................................................................................... 7 
Market Segmentation ........................................................................................................................................... 7 
Bottom Up ............................................................................................................................................................ 7 
Top-Down ............................................................................................................................................................ 7 
Sizing our customer segment ............................................................................................................................. 8 
V.  Industry and Competition ..................................................................................... 9 
Overview ............................................................................................................................................................... 9 
Direct Competitors .............................................................................................................................................. 9 
Long-term competitive edge ............................................................................................................................ 10 
Porter’s 5 Forces Analysis ................................................................................................................................ 10 
VI.  Marketing Strategy ............................................................................................... 12 
Value Chain ......................................................................................................................................................... 12 
Goals .................................................................................................................................................................... 12 
VII.  Financials .............................................................................................................. 13 
Revenue and Pricing Strategy ........................................................................................................................... 13 
Key Assumptions ............................................................................................................................................... 14 
3 Year Projections .............................................................................................................................................. 14 
Customer conversion ........................................................................................................................................ 14 
Year One (Y1) Expense .................................................................................................................................... 14 
Year Two (Y2) Expense ................................................................................................................................... 15 
Year Three (Y3) Expense ................................................................................................................................. 16 
3 Years Profit & Loss Projections ................................................................................................................... 16 
3 Year Cash Flows Projections ........................................................................................................................ 16 
Company Valuation ........................................................................................................................................... 17 
Funding ................................................................................................................................................................ 17 

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Key Use of Proceeds (%).................................................................................................................................. 18 
Exit Strategy ........................................................................................................................................................ 18 
Risks and Mitigation .......................................................................................................................................... 18 
VIII.  Team .................................................................................................................... 20 
IX.  References............................................................................................................ 22 
 

Executive Summary

Who hasn’t heard of Virtual Reality? What used to be a mere fantasy has now transformed into one of the

biggest technological innovations. Virtual Reality (VR) is a booming market, with renowned companies such as

Facebook, HTC and Intel among the biggest investors

. The VR market is forecasted to double every year in

the next 3-year period

Wearing a VR Headset can teleport you to a completely new world or give you an experience you can only

dream of undergoing in real life. While sets of equipment are already commercially available for the early

adopters of the technology, it has been seeing some resistance to wider adoption mainly because of two reasons:

lack of accessibility and an expensive price.

This is where VRCafé’s services lie. Our aim is to make bring VR closer to the general public, by making it

more accessible, both physically and financially. VRCafé proposes to provide this through a social space where

people can experience VR together.

Value Proposition

The Problem

As of January 2018, there are 171 million active VR users worldwide

. While it is true that the VR market shows

huge potential, it remains far from mass adoption. There are two major reasons behind this. Firstly, the

technology is still young, so it is not yet as widely accessible as it will be in the long-term future. Secondly, since

the market has not yet matured, prices of products are high, product cycles are short, and the shadow of

obsolescence can sometimes be felt around the corner. 71% of the UK population admits being concerned

with the cost of buying VR equipment

VR sets are not very portable pieces of technology. Moreover, it is highly unlikely that two friends can own a

set each. This makes socializing in-person while using VR very difficult, and making new friends (in-person)

while playing is a nearly impossible task. Since the majority VR users are gamers or entertainment seekers,

socialization is, interestingly, a highly sought-after aspect of the experience

Business and Service Offering

The offering of this service is that of providing a social environment and high-end equipment to customers for

a limited amount of time. VR is a mystifying and magical technology to most, and it is easy to understand why.

It could be defined as the most immersive piece of technology to have ever been created. Consequently, there

exists a high wider public demand for trying it out. VR is also a diverse field, with different companies pursuing

diverse approaches. VRCafé’s aim is to provide a social experience in a welcoming and enjoyable Café.

The founders of the company live in Central London, which is the center of the UK, a modern country with a

high demand for cutting edge technology. They come from Imperial College London, the UK’s most

international university, full of gamers, young adults and technology fanatics. They are in the perfect position

to launch VRCafé and reach its target audience. The business is expected to be highly profitable, as it is

demonstrated later in this document.

Mission Statement

“The provision of an economic and technologically advanced platform for

enthusiasts to socialize and collectively enjoy their unbounded passion for

Virtual Reality – the fascinating, emerging technology.”

Business Model (Operations and Roadmap)

Strategy Evaluation

Making use of the well-known Teece Framework

, the VRCafé business model can be said to have low

appropriability and available complementary assets, since the idea is difficult to protect and the equipment can

be acquired from different suppliers. Therefore, it can be placed in the upper-left quadrant. This implies that

revenue can be hard to earn. However, as the financial statements included later in this document show, in this

case, even with a very conservative approach, breakeven is easily achieved in Q2 of Year 2.

Figure 1 Teece Framework - VRCafé lies in the top left corner

To run the business, we are searching for an initial investment of £500k from a business angel. Some initial

interesting points of contact are The Venture Reality Fund

and the FiBAN

, networks which link experienced

investors to start-ups especially related to AR & VR sectors.

Operations Roadmap

Find below the VRCafé Operations Roadmap summarised in a poster, which also includes relevant key details

about the business plan.

Market Analysis

Market Segmentation

Bottom Up

The use of a preferred witness was crucial in our approach. After meeting up with regular VR gamers from the

Imperial College Gaming Society, we gained the following insights:

• Customers can be divided into three groups:

o Enthusiasts: these people have an active interest in VR gaming. They play VR games regularly.

o Passives: they don’t have a special interest in VR but they have played videogames in the past

and would not mind trying out VR if the opportunity arises.

o Indifferent: these people don’t like gaming in general, and would not be interested in our product.

• Most VR places are targeted towards people aged 20-35 and with a good salary, since sessions are

expensive. There is a big market gap in those individuals which lack the economic resources to enjoy

VR gaming.

• Customers desire more opportunities for group VR gaming. Most current ones are individual.

Figure 2 Customer profile according to preferred witness

Top-Down

People aged 18-24 show the highest interest in virtual reality video games, according to a UK-nationwide survey.

The 25-34 and 35-44 age groups also show a significant interest:

50%

40%

10%

C U S T O M E R P R O F I L E

Passives Indifferent Enthusiasts

Figure 3 People aged 18-24 show the most interest in VR gaming

Combining these insights with our preferred witness findings, the conclusion was drawn that our focus should

be on those “passives” aged 18-24. Therefore, our main customer segment is Londoners aged 18-24 who have

some interest in gaming. A correlation can be drawn between interest in gaming with owning or having owned

a video gaming console in the past. In the UK, this is estimated to be around 60% in our target age group

which shows a great similarity with the customer profile described by our preferred witness.

Sizing our customer segment

We can size this customer segment in the following way:

Figure 4 Market sizing of customers with a passive profile

48%

39%

36%

29%

12%

10%

20%

30%

40%

50%

60%

18-24 25-34 35-44 45-54 55-64 65+

Interest in experiencing video games through

VR in Great Britain in 2016, by age

Passives:

462,000

Aged 18-24:

770,000

Londoners:

8.7 million

UK population:

65.64 million

Industry and Competition

Overview

Worldwide, the Virtual Reality market size is expected to double every year in the next 3-year period.

Figure 5 Virtual Reality Market Size (in billion US dollars)

In the UK, in particular, in 2016, the VR market was £46.4 million. By 2020, it is predicted to grow by 390%,

to £354.3 million

. This shows that the industry is booming.

Direct Competitors

Currently, there are three VR Arcades in London. The first and biggest competitor is DNA VR. They offer a

wide range of experiences; single and multiplayer VR games, VR entertainment for corporate events and

birthday parties; and VR escape rooms

. Their drawback is their approach of mass marketing and high prices

which are unaffordable for students and youngsters. DNA VR only takes food pre-orders for group bookings

and their food cuisine is restricted to Italian pizzas and pastas as they are solely affiliated with Franco Manca

(an Italian restaurant). VRCafé aims to provide all experiences DNA VR is currently providing, and more, for

a reduced price. In addition, VRCafé aims to provide customers with a relaxed, social atmosphere where they

can choose from a variety of food and drinks.

The second competitor is VR Champions

. Offering both single and multiplayer VR games, their main

drawbacks are two: price, and inflexible, limited operating timings. Like DNA VR, they perform mass

marketing; aiming to attract everyone, including families. Moreover, their location is not central in London and

would only attract people within the vicinity of Harrow.

An idea similar to ours has been adapted by the third and final competitor, VR Concept

. Instead of a Virtual

Reality Café, they operate as an in-pub VR Arcade and are located in three pubs around London. Unlike VRCafé,

they do not run the pubs, and are only in charge of the VR entertainment, making their entire setting a

collaboration. Their main drawbacks are limited number of booths in each pub (e.g. only 4 booths in the

Brighton venue) and charging customers on a very high price. As the VR entertainment happens in pubs, their

3.7

6.4

12.1

22.8

40.4

10.

15.

20.

25.

30.

35.

40.

45.

2016 2017 2018 2019 2020

Virtual Reality Market Size (in billion US

dollars)

main market segment comprises of alcohol consumers. However, the concept of drunk people playing VR

games significantly increases the risk of injuries or broken equipment, which is very expensive to fix or replace.

Table 1 Direct Competitors

Long-term competitive edge

VRCafé will be the only arcade to have a VR simulator in London. This not only increases profits but also gives

VRCafé a technology-based competitive edge over its competitors. Price competition is of high priority in the

VR industry. VRCafé long-term competitive edge is that it offers the cheapest price for VR entertainment in

London, and in the UK as well. Unlike our competitors, we have segmented our market and decided to focus

on attracting those from the 18-24 age group who show a passive behaviour. The location of VRCafé, Shoreditch,

is a prime location for the youth. VRCafé will also provide in-house food and drinks, unlike VR Concept which

aims to avoid profit distribution amongst various partners.

The concept of combining VR entertainment and a Café is novel not only in London, but in the UK as well.

We aim to provide a platform for all VR lovers to socialize and collaboratively enjoy the new emerging

technologies related to Virtual Reality.

It is worth noting that our irruption in the London market will most likely trigger a lowering-price reaction in

our competitors. Until now, our competitors have been charging unreasonably high prices, probably due to the

lack of competition. This is something that will change sooner or later, as VR becomes more accessible to the

wider public.

Porter’s 5 Forces Analysis

The Porter’s 5 forces were used to analyse the competition of the business. After evaluation of VRCafé’s

business strategy, competitors and the VR industry, we make the following observations:

- Customer power is limited as customers are bound to be attracted to the business offering them the

best technology and the lowest prices.

- Supplier power is low as the number of suppliers is much higher than the number of VR Arcades

operating in London.

- Threat of substitution is low as Virtual Reality is one of a kind; a new technology with no competition.

- Threat of new entrants is high as the appropriability is low and time and cost of entry is low.

- Industrial rivalry is moderate looking at the number of competitors and the technology differences.

Figure 6: Porter’s 5 Forces

Marketing Strategy

Value Chain

Goals

Since the target market are students, VRCafé aims to develop a close relationship with them and spread the

quality of service by power of mouth. In order to do so, different approaches will be taken:

• Popular Facebook pages such as Unilad, Time Out London or Student Problems will be contacted.

o They have a large audience among Facebook users which mostly comprises young people.

o These sites are specialized in this sort of advertising and offer the content as

entertainment.

• Advertisements through YouTube vloggers.

o Their job will be to record their most enjoyable experiences and share them on YouTube.

o Their audience comprises young people.

• Advertisements through Instagram and Facebook influencers

o Influencers are the celebrities on social media

o They have the power to convince their fans through posts

o Their job will be to share on social media their positive experiences and opinions on

VRCafé.

Figure 7: Value chain

Financials

Revenue and Pricing Strategy

The process of searching for suitable pricing was based on incumbent pricing and our market research

conducted on potential customer segments, i.e. students from high schools, universities and young adults. We

attempt to offer the service at half the entry price of competitors

and offer 50 sets of the latest equipment

with new Bring Your Own Game service and 5 units of 4D VR simulator. We also spoke to students from

Imperial College Gaming Society to achieve a greater confidence in our pricing model as preferred witnesses

to our customer segment.

1. Solo VR Players: £15 per person per hour

2. Group VR Players: £40 per group (up to 4) per hour

3. 4D VR Simulator: £50 per person per hour for 10% of projected customers

4. Food: £10 for 10% of projected customers

Based on our market research from respectable hardware review websites

such as Logical Increments

and

other preferred witnesses

, we found the Extreme VR Build for the optimal VR experience. Each set of the

best gaming equipment for VR costs an estimated £3000 with another £600 for the VR headset. We will also

require gaming licenses from Steam / Valve for commercial VR gaming

Table 2 Preferred components and estimated pricing competitors

The hardware models chosen are well-renowned in the gaming community and provide sufficient headroom

for expansion and scalability. For VRCafé, this is more important than getting the best budget equipment

because this is more scalable and ensures competitiveness in the 3-year horizon.

We operate on the basis that the state-of-the-art equipment at the beginning of the start-up would future-proof

our assets against depreciation and being unable to support newer game releases, hence the £3600 price tag.

We see a possible need to upgrade the VR headset once every three years if needed, but at the moment, we

operate on the assumption that VR equipment is a sunk fixed cost. This is supported by evidence that currently,

the turnaround time for VR headsets exceeds three years. It is also important to note that not all 50 sets of

equipment are used immediately, but used to scale with time.

* All prices quoted refer to those currently available in UK retailers at the time of writing.

Key Assumptions

These are the assumptions taken by VRCafé directors.

1. Directors receive compensation in the form of equity.

2. We operate with business hours daily, 10am to 10pm.

3. We operate on a commercial property loan basis in London Zone 1 prime real estate (Shoreditch). It

is further assumed that overhead costs such as Internet and electricity are sufficiently covered in rent

4. Revenue comes from 5 sets of 4D VR equipment, with 50 full sets of VR with gaming hardware and

food sold in the VRCafé.

5. For simplicity in financial projections, we ignore secondary effects such as inflation and depreciation.

3 Year Projections

Customer conversion

Table 3 Customer conversion over a 3-year horizon

Table 3 shows the estimated number of customers’ hours per month (CHPM) over the 3-Year horizon with

the assumptions of 0.5% initial market share coming from a potential 200,000 customer market share, and

assume a fixed 1.2X multiplier. We plan to achieve this initial customer base via direct invitations to friends,

family and students within Imperial and London universities. CHPM is calculated per month, revenue is

calculated per quarter, i.e. 3 months.

Consider that the theoretical maximum capacity for 50 VR headsets is 50 customers per hour, thus 18000

CHPM. Similarly, for the 4D VR simulator, since there are 5 units, the maximum CHPM is 1800 hours. These

theoretical limits are not reached in 3 years, thus ensuring scalability at least until the 3

year of operations.

Year One (Y1) Expense

In Y1 we can expect higher costs due to non-recurring expenses require to set up the business which account

for 57% of the Y1 expenditure of approximately £443,000. Recurring expenses are broken down into price per

month (PPM) and aggregated prices are shown for each expense. Since for the first year VRCafé is expected to

operate at a loss, tax on profit is not considered.

Table 4 Expected expenses for Y1

Year Two (Y2) Expense

In Y2, due to the higher number of customers, we can increase the number of games from 20 to 30 and number

of student admins to 5 and 3 skilled workers to cater to increase customer traffic. Other costs are assumed to

be the same.

Table 5 Expected expenses (Recurring Costs) for Y1

Year Three (Y3) Expense

In a similar approach to Y3, we further increase the number of games to 50, while increasing the number of

workers to 8 and skilled workers to 4 while other costs are kept the same.

Table 6 Expected expenses (Recurring Costs) for Y2

3 Years Profit & Loss Projections

From the table above and including a £500,000 capital, we can say that the end of Y3, there is a total of £802,570

in cash and deposits. These projections assume a 20% corporate tax on profit. All calculations are based on

projections in previous tables.

Table 7 3-year profit & loss projection expenses

3 Year Cash Flows Projections

The 3-year cash flow projections show the projected net cash balance and net cash flows (NCF) for VRCafé.

Optimistic model uses a 125% revenue while conservative uses 75% revenue while keeping expense constant.

We expect constant positive NCF in all scenarios, Q6 for the optimistic scenario and Q7 for the conservative

scenario.

Table 8: 3-Year Cash Flow Projections

Table 9: 3 Years Cash Flow Projections

Company Valuation

From the data above and a £500,000 capital raised, after three years, we estimate the net cash holdings

(excluding other assets such as gaming hardware and furniture which are subject to depreciation) to be around

£800,000. Furthermore, evaluating VRCafé in Year 3 with about £600,000 in earnings, using the gaming

industry’s average Price-to-Earnings Ratio of 15, VRCafé’s fair value is an estimated £9,000,000.

Funding

For a £500,000 loan at 45% annual growth, we expect to the value of the capital investment at £1,520,000. As

shown above, VRCafé can be valued at the end of Year 3 at £9,000,000, and we can offer an equity of 17%. In

good faith, we seek to offer the investor 20% equity of VRCafé. The remaining equity is split equally among

the 6 directors of VRCafé.

As shown in the financial projections, in Year 2, VRCafé should have sufficient cash flow to continue

operations without requiring additional funding. Currently, we have raised £50,000 from bootstrapping and

fundraising from personal funds, families and friends. We look to secure funding to achieve the remaining

funds required to start VRCafé. We only expect one round of funding up to Year 3 as after that, assuming the

business model works, positive cash flows can support the VRCafé operations.

Key Use of Proceeds (%)

The proceeds of £500,000 will be used as shown in the projections for Year One. Remaining additional £67,000

of capital is requested to paid for the first few months of recurring expense such as rent and labour, with a

remaining free capital of £28,600. It also acts as a buffer for unaccounted expenses and unseen roadblocks.

The proceeds will be used as shown below.

Table 10 Key Use of Proceeds

Exit Strategy

Once VRCafé operates successfully with the backing of a £500,000 investment, we will consider the exit

strategies through a private trade sale or an acquisition by larger corporations and investors. Currently, we

consider acquisitions by gaming corporations such as GAME UK, SONY or NVIDIA. These companies

currently hold large market share in the gaming market without a strong hold of the VR market which is not

yet strongly defined. By this acquisition, they will gain a key asset in the VR customer segment.

Risks and Mitigation

i. Financial

There is a risk for devaluation of VR and gaming hardware because of the release of newer hardware

almost once every year in the CPU, GPU and VR equipment. Furthermore, it is expected that VR

technology will be produced cheaper as the technology hits mass production to mainstream, thus

driving the price of equipment lower, making it critical for the business to make revenue as quickly as

possible to mitigate this risk.

ii. Market

Our pricing strategy is based on market research and have used estimates from similar enterprises, thus

reducing market risk. We are able to make an offering at a lower cost by decreasing expense and

offering a home-like and relaxing experience through the latest technology and VR games.

iii. Tech

High-level of technology is required to implement a seamless VR gaming with high frames per second

and resolution. It will require skilled labour to operate and maintain the equipment in the long run.

iv. Legal

Food safety: This should not be an issue as food is sub-contracted to certified vendors.

Gaming license: We will have to purchase commercial licenses from Valve or Steam to enable multiple

machines to play games.

Team

VRCafé management board consists of 6 directors. They come from a diverse background specializing in

different fields of expertise and have experience in the management of their respective areas. They value

integrity, honesty and humility as our core values as this creates the best trust between us and our customers.

VRCafé believes that with our founding members’ diverse skill sets, we can synergize and cooperate to provide

the best VR experience for the customers.

Alejandro Gilson

CEO: Chief Executive Officer

Alejandro Gilson is an experienced startup founder. He has

been to date involved in the creation of three ventures, all of

them successful. He is an enthusiastic entrepreneur with an

open mind who is always looking for new opportunities.

Shu Chern Lim

CFO: Chief Finance Officer

Shu has many years of experience in trading equities and

stocks for NASDAQ and NYSE public companies. Shu

believes VRCafé captures a new market segment which is still

in its infancy and will benefit strongly from the big tech

players such as NVIDIA, Sony and Samsung in the VR space.

Mariam Sarfraz

CMO: Chief Marketing Officer

Mariam has five years of experience in the digital marketing

industry. She has lead the strategic sales and marketing team

for two successful start-ups. With her key abilities and rich

experience, she will prove to be an asset to VRCafé.

In addition to the 6 board directors, a VR expert will be hired to run the VR equipment properly as well as

training courses for the 6 directors will be appointed to be able to manipulate VR equipment safely at all time.

To prepare the cooked food from the menu for the café, one chef (two in the weekends) will be employed. The

rest of the tasks such as reception, waiter, bar attendant, etc. will be carried out by the board directors

themselves throughout the first year to know first-hand how the business is running. In the later years, once

the breaking even point is met and revenue starts growing, more student staff will be hired to cover the board

directors’ roles so that these can concentrate in generating new business strategies to consolidate in the market.

Koral Hassan

CTO: Chief Technology Officer

Koral is always in-the-know of the latest technology and spent

his free-time constructing PC builds in his garage. He has the

years of experience and know-how on operating the VR

equipment for VRCafé.

Alvaro Robledo Vega

CIO: Chief Information Officer

Alvaro comes from a Machine Learning research environment

at Imperial College. His areas of expertise include assisting

start-ups improving their revenue streams, as well as

identifying and reducing their main cost drivers with the help

of Big Data and analytics.

Wendy Lu Chen

COO: Chief Operating Officer and Human Resource Director

Wendy is currently working as the operations advisor for the

biggest Sino-European incubator. Added to this, Wendy is

experienced in dealing with people and human resources

related, handling 400 students across Imperial halls of

residence.

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