DNA BIOSCIENCES: “…“Business Plan Pro (UK edition) helped me to understand … what investors need to see…”
It seems like you can do anything online these days. Investors can buy stocks, vacationers can reserve a hotel room on the opposite side of the world, entrepreneurs can get a loan for their business, and now you can find out if your parents are really your parents. DNA Bioscience was launched in December 2002, and offers paternity testing, maternity testing, and DNA banking. Go to the website, order a DNA testing kit, send them a sample of your saliva and you could find out if the child is really yours. You can even have your DNA stored in the exclusive London department store, Harrods.
DNA Biosciences was funded initially by angel investors, and is projected to pay back initial seed investment and start-up costs to show profit by March 2004.
Avi Lasarow, a South African who currently lives in London, is the brains behind the business. “A close friend had [a] child outside of wedlock in a fairly new relationship, naturally the relationship was not strong enough and when the child was born they split up. At this point my friend had lots of questions and constantly wondered if he was really the father of his child. Investigating how and where to do a paternity tests for him, I realized that there were not many companies in the UK offering this service.”
Contacting companies on behalf of his friend was an enlightening experience for Avi, but not a positive one. He found companies that were mainly U.S. or Australian posing as UK entities, and the service and information he received was inadequate. “The service I was given was so poor. I felt that with such a potentially life changing investigation individuals should receive more attention and expect more sensitivity.”
|
Pennine Solicitors contacted DNA Biosciences to prove paternity for one of their clients. Mr Hafiz, a Pakistani immigrant who had lived in the UK for a number of years, has had difficulty bringing his three children to the UK. DNA Bioscience arranged for the children to have a paternity test in Pakistan and also conducted a test for Mr Hafiz in the UK, the results were analyzed and used in court to establish paternity for immigration purposes. Thanks to the company, Mr Hafiz and his children can now live happily together in the UK. |
Avi was amazed to find out that paternity testing could be conducted by saliva rather than blood. This experience and new knowledge about the process inspired him to set up a true UK paternity testing company, so people can feel confident in the provider they choose. As CEO of this three person start-up, Avi keeps busy in all aspects of the company, from strategy development to day-to-day operations. He coordinates with legal council and doctors’surgeries for administration of paternity tests, completes all Internet and telephone orders, manages and designs the marketing campaigns, attends industry trade fairs and explores business development opportunities.
Avi knew that his plan would need to be impressive if he was to be successful in attracting the funding he would need to start the business. He began by using the free sample plans on the www.bplans.com web site, but realized he needed more structured help, so he purchased the software. Since writing the plan two years ago, he has reviewed it twice and regularly updates it with actual financials so that he can track the company’s progress.
“Business Plan Pro (UK edition) helped me to understand what to put into a plan, what investors need to see, and the correct structure. In addition, I now realize more than ever that a business cannot be successful without a plan which you can track against. I [am] from an IT/Accounts background but did not have the knowledge to put a comprehensive plan together. Business Plan Pro helped meet this need.”
Starting the business has been a long haul for Avi and his partners. “Becoming accredited by the Department of Health and Lord Chancellors Department is a lengthy and arduous process, but to be accepted by the court system, DNA Bioscience would need to get ISO 17025 accreditation for the labs which it used.”
Avi has some thoughts and tips for others wanting to launch their own venture. “Working for yourself is very fulfilling but also can be lonely. Sometimes I doubt if I am doing the right thing, especially on days when the phone doesn’t ring or we do not get any interest and orders for our service. I believe this is time related, the longer the business is running the more people get to hear about it and show interest. On the other hand, we have also achieved a lot of exposure already. We have appeared on BBC TV and been invited to take part in ethical debates on BBC Radio. When you have big wins like this, you realize that you are doing the right thing!”
