The Industry, the Company, and its Product The Industry ³³Communication ± the human connection ± is the key to personal and career success.´ ~ Paul J. Meyer ~ Thanks to the efficiency of modern technology, it is possible to easily form business relationships with people and companies from different countries. There is one major setback to these relationships if not dealt with correctly: lack of or misco mmunicat ion. It is common practice to hire translators for these purposes but this approach ca n be extremely costly if used over long periods. Our company has devised a new innovat ive product that will make communication between these parties easy, e fficient, and flexible. The initial market that will be targeted by our translation device will be Canadian co mpanies that have business in any foreign-speaking country worldwide. We will al so market our product to the tourism industry. This market is incredibly large, with 922 milli on internat ional tourist arrivals, and an annual growth rate of 4% per year. Once we have established our company and built a reserve of capital, we w ill be able to further expand to o ur secondary markets, which include educational institutions like universities (e.g. lecture theatres), government buildings, and further expansion of our business to regions around t he world. Our competitors in this industry who have already developed hand-held translation devices are HKTDC and ECTACO ® . As well, language translation software has been created by companies such as SYSTRAN ® , SDL, babylon ® , and PROMT ® . The Company & the ConceptTrans-Vo-Text has considered a hand-held de vice that will translate between most languages, including Braille, for the ease of communication within business relationships, as well as forpersonal uses (i.e. vacationing to different language-speaking areas). The audio input can be set to produce an audio output in a different language, or a translated text file for documentation orBraille printing purposes. There are also o utlets on the device that allow for conferencing uses (i.e. multi-port inputs). Trans-Vo-Text was incorporated on September 20 th , 2010. Development tasks were distributed between members of the co mpany with preset deadlines for progress and milestones. Our team effort has proven both effective and efficient in all aspects of creating a strategy that, in the end, will successfully disclose this product into the mainstream market.
