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1 5/18/08 IQ 2008 Contest Finalist © 2008 & Innovation Q Innovation Quest – Learn by Doing…Give Back by Creating… On-Tanker Oil-Spill Boom Fastest spill response time Lucas Whipple Wesley Waugh Jared Huntington Travis Stagnaro Faculty Sponsor/Advisor: Prof. Cirovic IQ Innovation Contest Finalist May 18, 2008
2 5/18/08 IQ 2008 Contest Finalist © 2008 & Innovation Q Product Description On-tanker rapid-deploy oil containment boom
3 5/18/08 IQ 2008 Contest Finalist © 2008 Whipple, Waugh & Innovation Q Product Application Each oil tanker will be retrofitted with our boom In the event of a spill, the tanker staff will respond immediately by deploying the boom Nearly all oil will be contained and recoverable Only one recovered oil spill will save the customer hundreds of millions of dollars
4 5/18/08 IQ 2008 Contest Finalist © 2008 Whipple, Waugh & Innovation Q Key Innovation Current containment methods respond in hours; ours takes minutes. Faster response means more oil is contained July 21, 2006August 3, 2006
5 5/18/08 IQ 2008 Contest Finalist © 2008 Whipple, Waugh & Innovation Q Product Validation We have built a prototype design of ~1/1000 scale and confirmed its success containing oil Next comes a larger, self-inflating model using production materials This new prototype will demonstrate the speed at which oil can be contained
6 5/18/08 IQ 2008 Contest Finalist © 2008 Whipple, Waugh & Innovation Q Project Logistics Within six months, we will have a production design prototype; within a year, a proof-of-design prototype The boom is fully scalable – production is identical for all tankers There are 7.8 million meters of potential oil tanker circumference
7 5/18/08 IQ 2008 Contest Finalist © 2008 Whipple, Waugh & Innovation Q Resources and Staffing Needed Staff: –Chemist –Manufacturing engineers –Manufacturing and delivery staff –Installation and maintenance technicians Start-up capital for: –Facilities –Materials –Manufacturing equipment
8 5/18/08 IQ 2008 Contest Finalist © 2008 Whipple, Waugh & Innovation Q The Market Customers are primarily oil-shipping companies, but also include others who ship floating cargo Reducing monetary and environmental damages improve public image and reduce cost of business Other similar products cannot compete with our deployment times or convenience
9 5/18/08 IQ 2008 Contest Finalist © 2008 Whipple, Waugh & Innovation Q Market Opportunity 10,000 oil tankers are currently in service; all need our boom. We expect customers to install the boom on their entire fleets within 10 years Considerable savings to customers: Oil Spilled (barrels)Retail CostFees and Fines Exxon Valdez300,000$375,000$5,000,000,000 ABT Summer2,000,000$250,000,000 There have been 34 oil spills larger than Exxon Valdez
10 5/18/08 IQ 2008 Contest Finalist © 2008 Whipple, Waugh & Innovation Q Go-to-Market and Business Development To sell the product, we will market to members of the ITOPF (International Tanker Owners Pollution Federation) Early adopters will receive a public-image boost Distribution will be convenient because the product will be moving to major shipping ports – no over-land shipping
11 5/18/08 IQ 2008 Contest Finalist © 2008 Whipple, Waugh & Innovation Q ROI: Return on Investement
12 5/18/08 IQ 2008 Contest Finalist © 2008 Whipple, Waugh & Innovation Q Conclusions Our product offers significant improvements in oil containment response time and recovery rates Our product will pay for itself within one spill situation Everyone wins – environmentalists, oil companies, the consumer, and our company
13 5/18/08 IQ 2008 Contest Finalist © 2008 & Innovation Q Learn by Doing…Give Back by Creating… Inspiring and Fostering Innovation for Our Future IQ Finalists – April 28, 2007
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