Project Report from the year 2011 in the subject Business economics - Company formation, Business Plans, grade: A, University of Newcastle, language: English, abstract: Genemod Shop is a company whose ideas of formation dates back to October 2010, when four undergraduate students taking accounting, horticulture, marketing and business management engaged in an entrepreneurial discussion. Scheduled to start its operations in May 2011, its main purpose is to provide quality and timely food to students the University of reading. It will provide Purple tomatoes, British blackcurrant berries, Tomato puree and some GM vegetables as the main GM food. The name Genemod was arrived at after considering many options one being the combination of Genetic and Modified to get Genemod hence the company name. On the market opportunity, with the current trend in food consumption, it has been realized that genetically modified food remains the best option both at home and commercial residents. Students in the university travel to the supermarkets to get food which should be availed near their halls of residents. The university has many halls of resident including student village, hillside court, Martindale court and Mackinder hall among others which represents a good market to be exploited.
The company seeks a capital of £10,000 for the start up. This will be raised from member¿s contributions, loan from financial institution and venture capitalists¿ contributions. Repayment of the loan will begin immediately within two months of its operations. The shop faces competition from two main suppliers who bring fruits and vegetables to the school compound on Mondays and Wednesdays. Some students go to the supermarkets to buy the food hence this constitutes another competitor.