Documente Academic
Documente Profesional
Documente Cultură
December 2000
This report is solely for the use of discussion only. No part of it may be circulated, quoted, or reproduced for distribution outside the client
organization without prior written approval from HeyAnita Korea. This material was used by HeyAnita during an oral presentation; it is not
a complete record of the discussion.
CONTENTS
5. Appendix
2
1. Overview of HeyAnita
HeyAnita is a global startup built on the belief that voice is the most natural method of interfacing
with the vast amounts of information available today.
HEYANITA’S VISION
WAP-enabled
Internet wireless handsets
…to provide
users with easy,
PC real-time access
to valuable
information by
leveraging ANY
telephone
Intranet
Specialized
Hand-held
terminals
3
HeyAnita is striving to leverage the potential of this concept in order to generate a successful and
sustainable business.
4
HeyAnita was founded by Microsoft veterans in the hopes of leveraging the wireless revolution. These
founders teamed with Softbank’s money and global reach to create an international presence.
WHO IS HEYANITA?
JV: EU
JV: South America
JV: India
US Founders Investor JV: China
JV: Japan
• Softbank JV: Korea
• 4 Microsoft veterans
• Currently invested in
• Headquartered in Los • Incorporated: March 22, 2000
HeyAnita’s US and Korea
Angeles entities; committed to • Investors:
• Experts in creating invest in ANY international • HeyAnita US 30%
entity created by HeyAnita • Softbank Korea 30%
operating systems and + • Thrunet 20%
related technologies • Decision to invest in • Naray 10%
• Experts at building HeyAnita over Tellme • TG Ventures 10%
applications and based on perceived • PIC: 7.8 billion won
implementing for Fortune technical superiority
• Management Team:
500 clients • JS Lee (CEO)
• James Kim (COO)
• Peter Chang (CTO)
• Bernard Moon (EVP)
• Sue-Lynn Koo (EVP)
• Jae Choi (EVP)
5
Our belief in HeyAnita’s value is supported by the robustness of our technology.
Server
HeyAnita User (HeyAnita)
Natural
Language
Interpretation
Ad Repository
(HeyAnita)
(HeyAnita)
CP Interface
Call Forwarding (HeyAnita) Internet
(HeyAnita & KT) or
Intranet
6
The value of HeyAnita’s business is driven by (1) our ability to create and share value with Korea Telecom and
(2) our ability to leverage expertise in delivering voice solutions to corporate clients.
SOURCE OF VALUE
HeyAnita
Phase 2: Corporate Clients is building
Phase 1: Direct User
multiple revenue
streams
Revenue
Sharing
with KT
• Development
• Hosting
HeyAnita User • V-commerce
ASP clients
Data Center
Call Transfer
•Sponsorship
•Advertising
•V-commerce
Users’ friends,
family,
colleagues
Private Label Clients
“Powered by HeyAnita”
• Development
• Maintenance
• License
7
HeyAnita can capture and protect this business value through its technical advantages and
its strategic alliances.
SUMMARY OF ADVANTAGES
2. Proprietary technology
Server + low licensing fees
+ low dependence on 3rd
Natural party (ie. fast time-to-market)
Language
Interpretation
Ad Repository
Internet
or
Intranet
8
In order to execute on this plan, HeyAnita’s management has been driving for and has achieved key outputs
during the past 9 months.
PROGRESS TO DATE
Description Partners
9
HeyAnita Korea plans to follow up with 10 additional service on its second phase launch, and plans to
introduce continuous stream of new services every one to two months.
My Service Music-on-demand
Quiz
10
HeyAnita forecasts the creation and protection of multiple revenue streams. Usage revenues from direct
users serve as the main driver until end of 2002. Beginning in 2003, corporate client users serve as the major
revenue stream.
80000
72,712
70000 8,726 V-commerce
60000 8,400 Sponsorship
50,604
6,841 Advertising
50000 3,129
5,880
40000 4,706
28,008 Corp Client User
30000 25,076
19,132
2,370
20000 2,545
8,182
10000 6,185 20,736 Direct User
17,756
3,036 11,444
0.01 3,142
0
2000 2001 2002 2003 2004
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APPENDIX
A. Basic foundation
B. Comparison of possible business approaches
C. Differences in Direct User Models models
D. Current state of competition
E. HeyAnita’s financial projections
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A. Basic foundation
HeyAnita’s business is built on a belief that wireless access to the internet (as well as similar valueadded
information sources) will be a widespread reality.
BASE CONCEPT
• Speed of access
6 million
Current trends
support all
2000 2005
drivers
13
The bet that HeyAnita has placed is on the medium for this wireless internet access.
X = Advantage
BET ON MEDIUM al n ss ss
in tio le nt r ce ce d
e r m tra i r e
s nte U se rf a c
A pee
Current Thinking T ene W ate Co In
te
S
P R
Source: Kelsey Group, Washington Post, Industry Standard, Wall Street Journal
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B. Business Approach and Model
HeyAnita’s approach to this new voiceinterface market is designed to (1) build user acceptance of the new
medium via our voice portal, (2) secure solid revenues from the portal operations, and (3) leverage assets
from the portal business to transition to serve corporate clients.
BUSINESS APPROACH
*Current CTI install base is about 250 sites with a projected growth rate of 10-20% per annum for 3-5 years
Source: industry interviews 15
C. Differences in Direct User models
Despite the fact that a few competitors are pursuing direct users, HeyAnita’s model is far superior in value.
45 30 48 + α 40 Voceweb does
Revenue not receive call
Sharing revenues
(per 3 minutes of
land-line call)
15
8+α
0
User KT HeyAnita User KT Dacom VoceWeb
Pays Keeps Collects Pays collects keeps collects
To KT From KT To Dacom from from Dacom
Dacom
* L&H’s recently exposed financial troubles have halted all efforts with Dacom and Chollian. Chollian (a leading ISP and portal) is currently 16
seeking bids for voice-enabling solutions.
D. Current state of competition
Competitors have chosen varying approaches to the business. Although source of initial concerns, the
actionstodate of these players have given HeyAnita reprieve from concern.
• Defunct due to demise of L&H • DACOM has requested a proposals from HeyAnita
Dacom-L&H-Chollian
(portal services for fee)
• Posturing to enter corporate client space • Activities are currently at a standstill due to
Voceweb
(corporate focus) as solutions provider reliance on now troubled L&H.
Samsung Spinoffs • Zenaway being reabsorbed due to glitch • Closing down shortly.
(PC based UI solutions) in technology
• 2nd spinoff likely
• After 6 months of analysis, decided to drop • Focusing on solutions rather than direct user
Nettus
(portal) portal and pursue for solutions business services
* L&H, Speechworks, Voiceware, SL2 are technology providers with whom HeyAnita has had reseller/solutions provider discussions. 17
** Off-shore voice-portals such as TellMe and BeVocal are focused on the US and do not have multi-language capabilities or international
plans
F. Financial projections
With the help of these partners, HeyAnita is poised to generate its forecasted revenues and stay within the
bounds of our forecasted expenses.
SUMMARY OF P&L
Korean Won
(KRW) 2000 2001 2002 2003 2004
Usage Revenue Sharing 10,535 3,141,674,212 11,443,816,911 17,756,317,661 20,736,245,180
Ad Revenue 0 0 2,545,140,212 4,706,192,124 6,841,485,504
Sponsorship Revenue 0 0 2,370,000,000 5,880,000,000 8,400,000,000
V-Commerce Revenue sharing 0 7,818,844 535,578,107 3,128,898,215 8,726,287,607
Corporate Business Revenue 0 3,035,907,032 8,181,770,852 19,132,490,788 28,007,545,269
Revenues 10,535 6,185,400,087 25,076,306,081 50,603,898,788 72,711,563,559
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Gut check calculations reveal that HeyAnita’s calculations fall wellwithin the range of acceptability on
many fronts.
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SUMMARY OF CASHFLOW
Korean Won
20
ESTIMATED VALUE*
Korean Won
Sales Multiple (based on total annual sales) 2000 2001 2002 2003 2004
89 Daum Multiple 938,573 551,062,916,876 2,234,070,905,426 4,508,347,346,573 6,477,939,298,932
10 times 105,350 61,854,000,874 250,763,060,813 506,038,987,881 727,115,635,594
5 times 52,675 30,927,000,437 125,381,530,407 253,019,493,940 363,557,817,797
Users Multiple (based on direct users only)** 2000 2001 2002 2003 2004
HA users (at EOY) 100 830,484 1,493,514 1,856,048 2,073,593
3,089,330 SKT multiple 308,933,043 2,565,638,228,862 4,613,957,189,190 5,733,946,270,617 6,406,013,811,333
1,968,740 KTF multiple 196,874,000 1,635,006,262,140 2,940,340,073,167 3,654,076,382,933 4,082,365,385,369
298,261 Daum 29,826,087 247,700,757,586 445,456,681,451 553,586,557,611 618,471,636,541
200,000 Estimate 20,000,000 166,096,717,915 298,702,731,002 371,209,645,045 414,718,590,100
* All valuations derived from market capitalization of respective organizations as of June 2000. Current values will
cause variations in calculated numbers
** Calculated valuation based on User Multiple accounts for user base of Direct Users only. Users of corporate
clients have not been included in current calculations for simplicity.
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