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Business Plan

May 2007

Disclaimer

This document details Cliclock’s business plan for initiating a new portal for analogue wristwatches widgets that are built for desktop PCs, mobile devices and virtual wristwatches. Cliclock will create a market place for users to consume, create and enjoy high quality analogue wristwatch designs, both user generated and branded by commercial companies. The document outlines the need and the opportunity in the market, Cliclock’s unique solution, and benefits for users and watch manufacturers. The document also details financial forecasts of the proposed operation for the next 5 years based on assumptions, market data, and company’s opinions.

The Business Plan is built to reflect in a reasonable and rational way, a plan that is accurate for a certain time, based on known information, assumptions and forecasts of the company. As all business plans, its results are based on information that was available at the time of preparation, by its accuracy, and its reliability and based on the assumptions made. Changes in the economical factors as well as additional information or various economic or business events, can change the assumptions and as a result also the conclusions.

The business plan itself is not a guarantee for its execution. Therefore it is possible that the business plan will not be executed as planed.

Index

1. Prologue 4

2. The rise of the Widgets 5

3. The Opportunity 7

4. Cliclock Widget ecosystem 9 4.1 Clickclock.com 9 4.2 "Do it Yourself" 11 4.3 Design Competition 12 4.4 Downloading widgets 12 45. C-Watch – the Virtual Wristwatch 14

5. Business Model 17 5.1 Premium Widgets 17 5.2 Free Widgets 17 5.3 Advertising Revenues 19 5.4 'We Donate' scheme 19

6. The Market 20 6.1 Desktop Widgets 20 6.2 Mobile Widgets 21 6.3 Japanese market 23 6.4 Watch Industry 23

7. Operation Plan 26

8. Financial Forecast 28 8.1 General 28 8.2 Cliclock’s widget downloads 28 8.3 Revenues Forecast 30 8.4 Manpower 30 8.5 R&D Budget 31 8.6 The Sales & Marketing budget 31 8.7 The General & Administrative Budget 31 8.8 Profit & Loss & Cash Flow Forecast 31 8.9 Financial needs 33

9. About the Founder 38

1. Prologue

Every year, a new phenomenon paves its way as the next evolutionary step on the Internet. Each such phenomenon emerges from the trenches of geek users, and in a short time turns mainstream, resulting in the creation of enormous end-user value and satisfaction, as well as pure business and commercial adoption. At the beginning, the magnification of these new concepts is unseen by most, but their rise is fast and undisputable. Such has been the rise of Instant Messaging, File Sharing, Social Networks, Voice-over-IP, Blogs, Photo & Video Sharing, and more. While the term "widget" has yet to be heard by most internet users, year 2007 has been already foreseen by NewsWeek magazine to be the "Year of the Widget”.

Suddenly, from all directions, Widgets are taking the front stage. Google claims its fastest growing business unit is iGoogle, a personalized homepage where users can customize their "google" homepage with a wide array of functional and/or entertaining widgets. Microsoft launched recently its new Vista operating system with built-in Widget galleries. Apple and many Linux distributions lead this phenomenon by promoting the creation and distribution of Widgets through their websites. Open source platforms (blogs, wikis, CMS, etc) such as Wordpress and alike are also promoting the creation and use of Widgets, as well as leading Browsers such as Opera, FireFox, Safari, etc., and all the major social networking sites – Facebook, Myspace, Orkut to name a few.

Businesses are suddenly embracing widgets as a new source of increasing brand loyalty and engaging users with their service or products. Amazon.com just launched widgets to let customers show off their favorite Amazon products on blogs, websites and social networking pages. USA Today offers online users the ability to install widgets on their blogs and personal web pages that contain news updates and other information from the newspaper. There’s even a conference where marketers can gather to talk about the latest in widgets.

As happened with previous novel concepts on the internet, they where soon discovered to be more than just "a new free thing on the block". They were in fact disruptive technologies that changed an industry in depress, and made it adapt to the new digital free world, and adapt its business models in accordance. Such has been the case of file-sharing and the music industry; blogs and the newspaper industry; Voice-over-IP and Instant Messaging and the telecommunication industry; Video sharing and the movie industry; and so forth.

Like the aforesaid above, Widgets are more than just a slick fancy decoration for their desktop, mobile handset or blog. It's a disruptive technology that is posed to bring change into traditional industries just as happened in the newspaper industry, music, movies, etc.

Cliclock is a unique widget platform that is positioned to lead this disruptive change in the traditional Clocks & Watches industry. Through its unique business model and holistic web and mobile proposition, it will enable the clock & watches industry leverage this unique marketing channel to enhance their brand recognition and monetization, and in addition migrate to the 'virtual clock' world and profit from it tremendously.

2. The rise of the Widgets

"Breaking down the Web into small, portable pieces is the smart trend that everyone from Nokia to Google is betting on." (Om Malik, Business 2.0 Magazine, October 2006)

Widgets are small applications that deliver information from the web to your computer, mobile, PDA, blog, social networking page, etc... If you frequently use a computer whether at home or at work, chances are there are certain web sites that you monitor throughout the day - to check e-mail, weather, stock portfolios or sports stats. Widgets relieve the user from the formal way of surfing which takes multiple steps to track down headlines in one place and then check for e-mails in another. Such an woefully outdated method paved way to the rising popularity of "Widgets".

These mini-applications - Widgets (also dubbed “gadgets” or “dashboards”) which were named so after "Window Gadgets", are simple bits of code, easily dragged or downloaded and installed onto a desktop or mobile phone, or pasted into a personal page, where they are constantly updated with whatever information you want, or whatever design you choose.

It’s the exact opposite of what the web "used to be”. Widgets bring the web to the user, and not vise versa. In essence, it is what was once referred to as "Push Technology". Moreover, analysts proclaim that "widgets could signal the end of the 'page view' as a metric for measuring a site’s popularity" since these widgets are Always-On, and refresh the data constantly, resulting in enormous page-views.

The mobile widget is a web application that is installed directly on the mobile phone, so all the images, design and code is already on the phone and can therefore be much bigger and spectacular than if it needed to be loaded each time through a 3G or GPRS network connection.

Another very important aspect of the widget environment is that the run-time environment can do things a regular web browser is not able to do: widgets can get access to the desktop/mobile device API and consequently can interface to the PC or mobile phone hardware such as GPS or camera and other applications like the calendar or contact manager.

Desktop (PC) Widgets:

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Mobile Clock Widget:

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3. The Opportunity

Across the board, from desktop widgets, to mobile widgets, continue to web widgets, one of the most popular widget categories is "Date & Time". Within this category, by far the most popular sub-category is "Analogue Watches".

Watches and clocks are one of human's oldest inventions. Throughout time and history, they have evolved in parallel with man's technological advancement. Today, the most common type of watch is the wristwatch, worn on the wrist and fastened with a watchband made of leather, nylon or other plastics, metal links or even ceramic.

In the late 20th century, the Clocks & Watches industry suffered from a new technological turbulence – digital watches. The introduction of digital watches shattered the prices of convenient watches, placing the now expensive analogue watches as a fashionable worn "jewelry" class of its own.

With no ability to compete on price, the analogue watch industry emphasized the design and clarity of time presentation (in contrast to the digital format), and positioned the watches as jewelry in addition to their time-keeping function. This worked well in the high-end of the market with luxury brands such as Rolex, Omega and alike that were perceived as status symbols, and also in the mid-range market with brands such as SWATCH, Tag Heuer, and others which were perceived as fashionable designed goods.

Nonetheless, in recent years, the industry was taken by surprise by another turbulence - mobile devices. These communication devices are carried by users all day long. If digital watches shattered the prices of watches, mobile devices practically evaporated prices altogether because some people, mostly young, stopped buying watches and started to use their mobile device as their time-keeping instrument.

According to a Los Angeles article, "young shoppers are shunning watches for snazzier time-telling gadgets, such as cellphones and iPods." According to the article, "the number of people who bought watches not in the Rolex and Patek Philippe stratosphere dropped 12% from 2004," and the favorite brand for teens, Fossil, acknowledged an 18.6% decline in wholesale U.S. sales of its namesake brand.

A report from Piper Jaffray found that "teenagers who said they never wore a watch rose to 59% from 48%. The number of teens who said they wore a watch daily declined to 13% in this spring's survey, compared with 18% of those polled in the fall. And 82% said they didn't plan to buy a watch in the next six months, compared with 76% last fall." Rob Callender at Teen Research Unlimited found that 87 percent of teens use their mobile handsets to tell time.

As Neely J.N. Tamminga at Piper Jaffray said, ""No matter how you sliced the data, it looked incrementally worse for the fashion watch industry when catering to teens." However, not all consumers are teens, and not all people live in developed countries as the completely different overall picture clearly demonstrates.

Nonetheless, against the general market belief, in recent years Swiss Watch Industry has actually been growing by whopping double digits year after year. Swiss wristwatches exports recorded an increase of 11.6% in value terms during 2006. The number of pieces exported showed a very positive trend, with an increase of 6.7% in volume terms, taking the monthly level to more than 2 million watches. Most of this growth is fueled by the sudden increase in wealth in S.E. Asia countries, with China leading the wave.

But even in western countries, people are not abandoning analogue watches altogether. Most continue to buy luxury designed watches as a status symbol (i.e. jewelry), while others are simply migrating to a new online "digital" alternative, just as they did with music (e.g. from physical CDs to digital music files), or news (e.g. from physical newspapers to digital content), etc.

Both people that still wear wristwatches and those that don't, still want to position their favorite watch design on their desktop computer for continues timekeeping, decorate their blogs with their favorite watch design, and "skin" their mobile with their favorite analogue design. These are not physical products, but rather "virtual" watches or more commonly known as "widgets", with one major characteristic – DESIGN.

Widgets are the new "mass public" clocks & watches of the 21st century, while the "real thing" is left for the "status" holders. Widgets come in cheap to produce (i.e. software code) and distribute (i.e. internet, SMS links, etc.), multiple designs, skinable and easy to switch from one design to another, recognizable, viral (i.e. send by email attachment, MMS, Bluetooth, etc.), and above all – people LOVE them. They love their design, and they associate strongly with their brand and what they represent.

Clocks & Watches is a huge multi billion Dollar DESIGN business. It is a growing business, based on strong brand recognition and association that enables it to charge premium prices in both developed and developing countries, while positioning itself as a status item. However, the new millennium holds great opportunity to reach the mass public with cheaper virtual watches. And like in the aforesaid internet revolutions, cultural consumption trends that derive from new technologies traditionally appeal to the mass public and can significantly enhance the recognition and sales of the real goods, may it be a movie that suddenly becomes wildly known, or a new song… or a clock.

Cliclock is about to lead the watch industry, safely and profitably, into this new digital millennium. 4. Cliclock Widget ecosystem

Cliclock is an ecosystem for virtual analogue watches, namely "Clock Widgets". It promotes the distribution and brand association and consumption of analogue watches widgets for desktop PCs, mobile phones, and at a later stage for physically worn LEDs that act as a skinable virtual wrist-watch presenting any watch design as if it was the real mechanical “thing".

4.1 Clickclock.com

Cliclock.com website will serve as the leading portal for analogue watches widgets for both desktop PCs and mobile phones. The portal will feature both branded designs (SWATCH, Tag Heuer, U BOAT, IWC, ORIS, FRANCK MULLER etc.) and unique designs prepared by Cliclock's designers, and later-on by the users themselves (i.e. User Generated Content through the "Do It Yourself" feature). The site will be in English, and will later be translated into other popular languages to better target and serve audiences of countries with large population and enhanced mobile penetration, such as Germany, France, Spain, etc.

Cliclock will also launch a localized version of its website for the Japanese market due to its overwhelming potential. All the designs, features, content and contests will be the same as in Cliclock.com but the Cliclock.jp site will be in Japanese by default and emphasize mobile widgets as its main entity because Japanese mobile browsing is much more progressive than in other western developed countries, and already surpassed the desktop market by a magnitude.

The Japanese market has traditionally shown great interest and adoption to gadgets on one hand, and to design fashionable branded goods such as watches, jewelry and electronic games. Combined the phenomenal adoption of mobile internet places this market as a zone of its own, in many respects equivalent in size and potential to the rest of the world combined.

The widgets will be based on Flash Macromedia technology (available for PCs running on either Windows OS, Apple OS, and Linux OS) or Flash Lite technology (available for mobile handsets running on either Symbian, Windows Mobile 5.0 and above, or forthcoming Android. It is the most widely used mobile multimedia client, embedded in more than 500 million mobile phones as of Feb 2007).

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PC widgets will have a variety of features such as “send to a friend” (for enhancing viral effect), along with direct access to Cliclock’s website for various types of interactions such as learning more about the design/creator, switching to a different watch design, upgrading, reminders, brightness, show/hide button, alarm clock, barometric information, world time, switching ringing types, etc. The widgets will synchronize the date and time with that of the PC and will feature a cute animation every round hour.

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4.2 "Do it Yourself"

Cliclock.com will also include a “Do it Yourself” section where users will be able to design, download to their own desktop/mobile or share their designed analogue watch widgets with the rest of the Cliclock community. The “Do it Yourself” section is a practice that involves a lot of fun, creation and fulfillment by the users, especially when their designs receive the appreciation of the community and get to be downloaded extensively. Cliclock will also feature more niche and specialty clocks such as numerological clocks, for the more intrigued community members.

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4.3 Design Competition

In addition, Cliclock will include a “Design Competition” which will facilitate user generated designs. The Design Competition will run on a periodic basis once every 3 months, and will be sponsored and facilitated with a known brand, that will color the competition in the design prospects of that specific brand. Each competition will be sponsored by a different brand, thus the design elements and characteristics will change from one competition to the next.

Cliclock together with a known watch brand-name will embrace leading designers from within the community and offer them job offers and other incentives that will be mutual beneficial and highly respective as part of Cliclock’s “Designer is Born” initiative. The foundations of such programs as “Designer is Born” have already become a standard on TV shows (American Idol; The Apprentice; etc.) and also on the internet, with known bloggers receiving job offers from online media publishers, advertisement creators receiving top $ prices and recognition of their ad in the media (e.g. including user generated ad that went all the way to the SuperBall by Doritos), etc.

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4.4 Downloading widgets

Cliclock.com will feature branded designs on its homepage, from which a visitor can choose. With a click of a button, the user reaches a page with display of the various types of available designs of the chosen brand. The visitor can choose to download a widget of his choice either to the PC or to his mobile device.

Downloading to the PC simply involves a clicking a "download" link, while downloading to the mobile device may vary between 2 possibilities (see enhancement in the business model section):

i. A FREE (subsidized by the brand) Widget – the user simply writes his phone number and an SMS containing a direct link for downloading is sent to him.

ii. A Premium Widget – the user is told to actively send an SMS to a specific phone number (the user is then charged based on this SMS), and as a reply he receives an SMS containing a direct link for downloading the widget.

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45. C-Watch – the Virtual Wristwatch

As the clock widgets world mature and become part of users’ daily life, a new phenomenon is expected to rise – virtual wristwatches. Just as “skinning” a mobile device with a clock widget, these simple LEDs are worn on the hand just as any wristwatch, but they are completely skinable to the real physical appearance of the original wristwatch – i.e. they have the ability to present and switch between any digital design, and thus look identical to the real physical design.

Dubbed as C-Watch, the virtual wristwatch (patented by Cliclock) consists of: • Harware – a wristwatch, processor, internal/external memory unit, Bluetooth/USB cable, touch screen, buttons, speaker. • Software – operating system, widget software, synchronization software for the desktop PC.

As a distributor of clock widgets, Cliclock will benefit tremendously from this trend, alongside its partners from the watch industry which will be able to widen their market exposure, better compete among themselves on design, compete with mobile handsets’ becoming an alternate to wristwatches, and thus also market the real “genuine” wristwatches and their brands.

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5. Business Model

Clicock is in essence a platform that serves the various clock manufacturers either as a sales channel by selling branded widgets, or by enhancing their brand recognition and awareness by mass distribution of subsidized free widgets for the mass public.

5.1 Premium Widgets

Top-notch brands that are recognized by most people such as Rolex, Omega and alike are more likely to choose the Premium Widgets rout, where users are charged for any widget download and revenues are split among the parties – Brand, Cliclock and cellular operator. The retail price for a branded widget will be $6, of which the cellular operator normally requires 50% (i.e. $3 per each download) and the reminder is split between Cliclock and the Brand.

While some brands will choose this rout in order to monetize their brand name, the amount of free (i.e. subsidized by the brand) branded widgets downloads is projected to overshadow the amount of retailed priced widgets since it is simpler and free in the users' perspective.

5.2 Free Widgets

With free branded widgets, end-users receive a valuable and stylish free of charge product. However, this also brings a huge value to branded watch manufacturers. For the hundreds of unrecognized brands within the watch industry, Cliclock brings an overwhelming value through exponential market awareness of their various unique watch designs and instant brand recognition. Without Cliclock’s platform and services, such market awareness would be virtually impossible for the watch brands to achieve using any traditional marketing channels, online and offline, above or under the line marketing, and at any marketing budget. For the watch industry this is another marketing channel, only with much higher return than traditional advertising and marketing channels.

Moreover, Cliclock’s platform and the services it provides to the clock manufacturers sets the ground to an impulse purchase channel to the potential users (versus the current "shopping around" purchasing pattern) and it sets a constant reminder to the potential buyers, being in front of their faces, by their wish 24x7, either on their desktop PC/laptop, mobile cell phone, and later on through the virtual wristwatch.

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Cliclock will present watch design collections of various watch brands on the Cliclock websites, and promote their download and installation by its community of users and visitors. For each user that downloads and installs a branded design widget, Cliclock will charge the brand manufacturer a constant one-time fee. Desktop widget fee is expected to be $0.5 while a mobile handset widget which is more "valuable" to the watch manufacturer due to the viral effect of the user's friends seeing and imitating him will be priced at $1.5 per installation. In essence, the more people download the free widgets, the more revenues that Cliclock receives from its partner watchmaker brands.

Today, a co-registration lead on the internet can cost anywhere from $1 to $10, and a single cost-per-click on Google Adwords for the keyword "watches" costs $1, while the keyword "swatch" costs $0.5 (i.e. for the cost of 1 click, a brand manufacturer already has his full design installed on the potential buyer's desktop or mobile device). In light of this, having a fully branded watch design in the face of a potential buyer all day long, 7 days a week, for the cost of merely $1-$1.5, with all the direct sales opportunities (through a clickable link on the widget to a sales page) and impulse purchase and viral effect, is an opportunity that branded watch manufacturers are not likely to disregard.

In practical terms, this means that an average watch manufacturer which sells 40,000 wristwatches per year for some $20M in revenues can place merely $1.5M in marketing of widgets (7.5% of his revenues), and can suddenly have an enthusiastic community and “viral marketing tool” of 1,000,000 people around the world, going around with mobile handsets skinned in the design and brand of the clock manufacturer, and a direct sales channel to these community of enthusiastic potential buyers (for more market snapshots see the next chapter).

In order to magnify its reach to mobile users, Cliclock will sign indirect distribution agreements with cellular operators (through a third party that already has distribution agreements with many cellular operators), splitting its revenues with them for each branded widget that is downloaded through their "closed gardens" where most mobile surfing occurs. This is a tremendous opportunity for mobile operators since these widgets have a business model behind them, and because they appeal to their entire audience (in contrast to games or wallpapers that appeal only to partial audience).

5.3 Advertising Revenues

In addition, Cliclock will enjoy advertising revenues from its websites. The company estimates it can achieve a high advertising price in the range of $60 CPM (cost per thousand banner impressions) in contrast to market norm of non-focused audience ranging at $5-$10 CPM. This is very realistic since Cliclock has only one banner per page (versus 5-6 banners in a normal page, each costing some $15 CPM on average), and due to the highly focused audience of its websites.

5.4 'We Donate' scheme

Cliclock plans to co-operate with various organizations that are active for the benefit of the community and the environment in large. In the 'We Donate' category, various designs will be available for purchase while the revenues from these purchases will be shared with the aforesaid organizations. These will possibly include organizations such as: Greenpeace, Save the Dolphins, Red Cross, Doctors without Boarders, Unicef, etc.

Beyond the financial contribution that this mechanism provides to such organizations, it also serves as a major source of added value to Cliclock. This is so due to the placement of backlinks in the websites of these organizations (i.e. higher ranking in search engine, and derived visitor traffic from these websites), and through the exposure it provides to Cliclock's products. Having backlinks and download links in clock brands' website also achieves this same added value and increases the amount of visitors and downloads.

6. The Market

Today, there are over 2.7 billion mobile handsets worldwide. This is a staggering x2 the amount of fixed land lines, x3 as many PCs, and nearly x2 as many TV sets, so even though in percentage points PC and laptops are the dominant means for applications, in absolute numbers mobile is approaching this number very fast and is due to bypass and become the premier media and applications device within the coming years.

During 2007 the first PC to Mobile cross-over is occurring, with more users accessing the internet via mobile phone than PC. As an always on & always carried device, it is not surprising that the Japanese regulator reports that those who access the web via mobile phone do so more frequently than those who access via a PC. Similar data now coming from several converged (broadband and mobile phone) web services like Flirtomatic in the UK. It's no wonder Google's new CEO Eric Schmidt, says the future of the internet is mobile.

6.1 Desktop Widgets

Through 2005 and 2006, Internet growth has maintained an aggressive pace; the US alone reached over 205 million active Internet users by the end of 2006. Globally, Internet usage is growing at a faster rate as European adoption rates approach US levels and major Asian markets continue to gain momentum. This growth in high-speed access has created unprecedented consumer demand in Internet-distributed rich media, with Widgets taking front stage, and "personal taste"/personalization replacing the old "fit for everyone" attitude.

Desktop Widgets have gained popularity in parallel to high-speed access, the wider acknowledgment and the rise of browser plugins, particularly Firefox. Suddenly, users were amazed by the wealth of opportunities embedded in these small plug0ins that are so easy to download through the browser's download manager, update at will, and use as an add-on feature. Plugin creators on the other hand, found fertile ground for easily creating small applications and distributing them through the browser built0in mechanism. From there, the evolution towards desktop "plugins" dubbed widgets, gadgets, dashboard and a host of other names was short.

Today, desktop widgets are a rising thing. The distribution of desktop widgets has gained phase with the new Apple Dashboard, Microsoft Windows Vista Sidebar, Google Desktop Gadgets, and the first market mover Yahoo! Widgets (which is based on acquired company Konfabulator). However, desktop widget market is still in its infancy stages, with none of the platforms presenting any business model, and with no specialization or focus on any section (e.g. finance, date and time, etc), thus it's a bit of everything.

The main desktop widget distributors in the market are • Dashboard - the widget engine released with Mac OS X v10.4. • Google Desktop - a free utility that helps a user search their desktop for files and includes gadgets/ widgets for the desktop. • Kapsules - a free project for Microsoft Windows that first aimed to replicate the above Mac OS X v10.4 functionality, and is now compatible with many scripting languages. • Klipfolio - a free desktop dashboard and sidebar application for Microsoft Windows that uses user contributed Klips. • Microsoft Gadgets - a free desktop tools for various purposes, such as weather information, text messaging, and gas prices. • The Opera Browser - supports widgets and has a library of user-created widgets available for download. • SpringWidgets - the first widget engine that works on the desktop, in blog sidebars and MySpace pages using the same file. It is owned by Fox Interactive Media and allows a user to "pop" widgets off the page if you have the engine installed". • SuperKaramba - the widget system for KDE, and has been added to the core releases thereof. The ideas present in it have been added to Plasma (KDE), the new panel system for KDE 4 (Linux distributions). • Yahoo! Widget Engine (previously known as Konfabulator) - Yahoo's widget engine, which allows their widgets to be displayed directly on the desktop, or on a splash screen, similar to that of Mac OS X's • NewsGator - provides the NewsGator Widget Framework, a platform for creating ad-based widgets that integrate with a publisher's analytics and ad systems.

All the various widget distributors and platforms above are competitors to Cliclock's offering. However, Cliclock's focus on the Date & Time category, along with its branded widget collections and stunning business model set it apart from the lot and position it as a class of its own.

6.2 Mobile Widgets

2008 will mark the start of a new paradigm in the way people access the Internet on the move = mobile widgets. (David Pollington, Vodafone Group R&D, May 2007)

The first to implement a working mobile widget engine was Opera back in October 2004, it was called Opera Platform. While the Opera Platform was hard to install and more or less a proof-of-concept approach, Opera 9 for mobile, the browser that is soon to be released, also features widgets and comes pre-installed in many devices.

New versions of the Netfront browser and the OpenWave MIDAS project are announced to feature support not only for Ajax, but also for widgets. This shows that all major browser vendors in the mobile area have realized the importance of Ajax and widget support (e.g. critical mass). On April 16, 2007 Nokia announced their S60 platform would support widgets in subsequent releases, and while nobody has really seen it yet, as it looks Apple's iPhone will not only feature Ajax powered widgets, but widgets will be the iPhone’s main way to add applications to the device.

While all hardware manufacturers are laying the necessary foundations and hardware support for mobile widgets, and while some manufacturers and mobile browsers such as Opera distribute a handful of bundled widgets with their product, mobile widgets market is still a market in potential only. There are 2 main reasons for this:

1. Technical barrier – there are 3 different leading mobile operating systems (i.e. Symbian; Windows Mobile; Brew) and a forth new entrant by Google (dubbed “Android”), with each manufacturer having dozens of different mobile handsets, each of which needs the application to be designed according to its operating system and well as unique characteristics (e.g. screen resolution, memory, internet connection, etc). Today, the authors of most widgets available are private creators without the means and resources to adjust their widget to dozens of different handsets. As a result, these widgets match only a handful of mobile phones. Moreover, due to the lack of hardware support until recently, not many mobile widgets have been created to-date

2. Distribution barrier – today, most mobile content and application downloads are performed within the mobile operators' "closed gardens" (i.e. users browse the operator's internal portal and consume content from it rather than surf outside the portal to the vast web in search for mobile specific content). Since mobile operators have no interest in adding free content/applications into their closed gardens, and since mobile widgets as a B2C venture had no business model behind them until now, they have not been embraced by the mobile operator community for wide distribution.

As a result of the above, Cliclock does not see any current direct competitor in the mobile market. The few non-branded clock widgets distributed by the various vendors (i.e. Nokia, Opera, etc) are seen by the company as a market opening, in which these vendors bring the users to the attention that such widgets exist, thus opening awareness and ultimately bringing them to Cliclock's unique branded stylish designs.

In this yet premature market, the current major Mobile Widgets distributors are: • Opera - supports widgets and has a library of user-created widgets available for download. • Webwag - widgets on mobile • Widsets - application that brings UI widgets to mobile phones. • Joemoby - The first J2ME mobile engine to be compatible with the W3C draft standards for Widgets (XHTML/CSS/AJAX).

6.3 Japanese market

Cliclock plans to localize its website and products to the Japanese market. This will open the company an opportunity of 130 million Japanese. Japan is the world's second largest economy (after the United States, at around US$4.5 trillion in terms of nominal GDP). It is also the world's largest international creditor and the sixth largest exporter and importer and a member of the United Nations, G8, and APEC. Japan is also a leading nation in the fields of scientific research, technology, machinery, and medical research with the world's third largest budget for research and development at $130 billion.

The Japanese population is technology oriented with a high use of gadgets and has one of the most advanced mobile markets in the world. Walk down the streets of any urban centre in Japan and you'll see the same picture over and over again. People with cell phones either glued to their hand or to their ear. This huge market with high adoption for new technologies and mobile penetration is a real opportunity for Cliclock. Japan has today over 100 million mobile handsets, of which 90% support Cliclock's widgets technology.

During 2007 the first PC to Mobile cross-over will occur, with more users accessing the internet via mobile phone than PC. As an always on & always carried device, it is not surprising that the Japanese regulator reports that those who access the web via mobile phone do so more frequently than those who access via a PC. Similar data now coming from several converged (broadband and mobile phone) web services like Flirtomatic in the UK. It's no wonder Google's new CEO Eric Schmidt, says the future of the internet is mobile.

With such a huge audience that is so equip to mobile applications and is so hooked on gadgets in general and stylish branded watches in specific, and with no direct competitor in this market, Cliclock sees a huge potential in this market, both for mobile widgets, as well as desktop widgets.

6.4 Watch Industry

The Clocks & Watches industry has traditionally been a Swiss dominated industry. While manufacturing has shifted over the years to developing countries such as China, the core craftsmanship which is the basis of this 5 century old industry, and the associated knowledge and know-how remains largely in Swiss hands.

Today, the clocks & watches industry is Switzerland’s 3rd largest exporter, with exports of 25 million wrist-watches per annum, which account for 14 billion Swiss Franks of exports per annum (over 11 billion USD).

Historically, the Swiss watch and clock industry has always had a specialized horizontal structure in which suppliers, craftsmen and sub-contractors supply movements and external parts to assemblers called "établisseurs", who put the final product together. However, to a lesser extent, the industry has also developed a vertically integrated structure in which watches and clocks are sometimes made entirely by the same company, in this case called a "manufacture".

During the 1970s and early 1980s, technological upheavals (appearance of the quartz technology) and the difficult economic situation resulted in a reduction in the size of the industry: the number of employees fell from some 90,000 in 1970 to a little over 30,000 in 1984, a figure which has remained stable over the years (40,000 employees in 2004) while the number of companies decreased from about 1,600 in 1970 to about 600 today. With 24.9 million wristwatches shipped per year, an average watch manufacturer sells about 40,000 watches per annum at an average price of $410.

The average number of employees per company has remained constant, at just under 70 people per company in 2004, as in 1970. The great majority of watch companies are small sized companies (employing less than 100 people) while a very little number (less than 10) are each employing over 500 people.

With their worldwide reputation for quality and styling, Swiss watches are not however the only ones to compete for the flavors of customers. They have many competitors in the markets, the most serious of these being the Japanese and Hong Kong producers. However, most of the competition from other countries such as China, Hong Kong, etc. targets the low-end of the market, as elaborated hereunder. China exported the largest number of wrist watches in 2006 with 691.6 million units. This was 14% down on 2005 and the second successive fall on this scale for China. Hong Kong followed the same trend with a 14% decline to 521.1 million pieces. Far behind the Asian producers, Switzerland ranked third with 24.9 million wristwatches. Volumes were 2% higher.

Main watch exporting countries:

|Countries |Units shipped in millions |Change in % in 2006 |
|China |691.6 |-14% |
|Hong Kong |521.1 |-14% |
|Switzerland |24.9 |+2% |
|Germany |13.5 |+22% |
|USA |7.3 |-23% |
|France |4.4 |-11% |
|Japan |3.6 |-7% |

The large quantities of wrist watches exported by China consisted for the most part of electronic timepieces. Their average export price was 1 dollar, unchanged on 2005. In the case of Hong Kong, the corresponding price was 8 dollars. Swiss watches do not fall in to the same category. Their average export price rose once again to pass the 400 dollars mark (at 410 dollars). Germany reported an average value of 60 dollars close to the United States with 65 dollars.

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7. Operation Plan

Cliclock is in progress of filing provisional patents on its unique widgets and C-Watch “virtual wristwatch” design concepts. These will cover North America, Japan, Europe and Israel. has filed for 3 patents. In addition, Cliclock has already designed the website “look & feel”, and has set the ground for working together with a marketing firm that specializes in search-engine optimization and marketing, and with a mobile specialist for support for its mobile widget development and DRM.

Cliclock has adopted a guerilla approach of running to the market with a moderate development budget, supported by a compelling business offer. Commencing the fund raise of $150,000 that will support Cliclock’s development and marketing activities, the company plans to initiate and complete its website development within 3 months, and also design a series of some 50 widget that will enable it to open shop to the vast public.

The website will enable scrolling among brands and widgets, downloading a widget to the PC or mobile, billing mechanism, sending of download links via SMS, and also widget “templates” for the 'Do it Yourself', for both desktop PCs, and the for Mobile cell phones.

The focus in the mobile arena on Macromedia Flash Lite 1.0 is not accidental. Macromedia Flash, the mobile version of Flash client for PC, is owned and promoted by Adobe, the leading multimedia enabling technology developer. It's flash Lite for mobile phone is embedded in most 3G phones, and supported across manufacturers and different operating platforms. All mobile devices shipped today by NTT DoCoMo support and ship with Flash Lite pre-installed in them, and are a primary target market for Cliclock mobi. Cliclock will launch its mobile widget platform based on Flash Lite 1.0 (while the current version is flash Lite 2.0, and version 3.0 is said to be on its way out to the market).

Cliclock will later recruit a Japanese marketer to tailor its marketing efforts and advertisements to the local Japanese market. In addition, as the act gets together with the website in place and the Widget templates ready, Cliclock will hire initiate contacts with the various Swiss watch manufacturers.

The focus on the Swiss watch manufacturers makes it much easier for Cliclock, as there are basically 600 potential clients, each with less than 100 employees (i.e. it is easy to reach the marketing manager/ decision maker), and with an average turnover of roughly $20M each.

8. Intellectual Property

Cliclock has filed a patent on 3 related inventions to the US Patent Office. These 3 patent applications consist of:

1. The first among the 3 provisional patents that was filed by the company refers to the “Business Method” developed by the company and is dubbed “Pay-Per-Clock”. This type of patent is applicable only in the USA. 2. The second among the 3 provisional patents that was filed by the company refers to a “skinable clock” in which a mobile device or any other electronic means with a display (e.g. iPod, wall clocks, PDAs, etc) can display a skinable and configurable watch design. 3. The third among the 3 provisional patents that was filed by the company refers to a display, with skinable attributes, such that make it a “virtual wristwatch”.

The company will strive to develop these provisional patents into a valuable portfolio of intellectual property assets that cover both the technological aspects as well as the business methods of its operation. This patent portfolio is well balanced and consists of all 3 aspects involved in this industry – business method (patent application #1), software (patent application #2), hardware (patent application #3). This will enable the company in the future to create an eco-system of watch design, through its marketplace of designs, along with licensing its “virtual watch” technology to watch manufacturers.

9. Financial Forecast

9.1 General

Cliclock's financial forecast was drawn for a 5-year period starting from the end of the initial fund raising. The first year was presented in quarters to enable better insight of the initial stage cash-flow and expense pattern. All figures are stated in thousands of US Dollars.

The default business model is of brand subsidization. There is no ability to know in advanced how many brands will chose the free rout (in which they market their brand name) versus those that will chose the premium rout (in which they monetize their brand name). The assumption is that most will choose the free rout since is provides the best value for money as it both increases their public awareness and enhances their indirect sales. However, for conservative reasons, the P&L section also includes a proforma P&L of Premium of premium rout only.

9.2 Cliclock’s widget downloads

The company will bring traffic to its website using various marketing channels: PR (Public Relation) activity using articles, bloggers etc. to create awareness of its new service which is totally free for the end user! In addition the company will use SEO (Search Engine Optimization) to position its websites in the first page result of relevant keyword searches (i.e. watches, clocks, etc.). The company plans to hire a professional company that specializes in SEO activity.

The main traffic is expected to come from advertisements using banners and adwords (based on pay per click model) in different websites and search engines. These marketing activities will be done in cliclock.com and cliclock.co.jp separately.

Widget downloads to mobile devices will come from business development activity with brands (i.e. placing download links on their websites), mobile operators and content companies that will promote these downloads in their closed gardens portals for a share in the revenues, community and donation websites that enjoy a share of the revenues and will be encouraged to promote this, and so forth. In addition, users that visit cliclock.com and cliclock.co.jp are also expected to download their favorite clock widgets to their mobile devices.

Based on the marketing strategy, the company plans to bring about 49,000 new visitors in the first quarter of Cliclock.com release, climbing with the aid of internet campaign, heavy PR and word of mouth to 140,000 visitors in the second quarter and totaling 459,000 in the first year. In the second year, the company estimates 3.5M visitors to its website, rising to 10.7 million in the third year.

The financial model assumes that 1 of every 20 visitors (5%) will download a PC widget The financial model assumes that 1 of every 10 visitors (10%) will download a mobile widget since it would be the more 'attractive' package. This is an average number, and obviously will be higher in some countries such as Japan, and lower in others.

Based on these assumptions, PC widget installation is expected to grow from 22,950 in the first year, to 199,950 during the second year, and up to 3,343,950 by the end of the fifth year. Mobile widgets will grow from 152,847 installations in the first year, to 2M during the second year, and up to 23.7 million during the fifth year as presented in the chart below.

[pic]

These are conservative estimates for the installation of such a wealth of widget designs compared to current market analogue watch widget consumption, for example: • Opera Widgets has an analogue watch widget, barely designed, that has been downloaded and installed by 799,052 people within less than 2 years (from its first presentation in January 2006). • Yahoo Widgets has several dozens of analogue watches, with a mean download and installation of over 10,000 people per widget. The more favorable analogue watch widgets on Yahoo scored in the area of 2 million downloads per widget. (i.e. see http://widgets.yahoo.com/widgets/analog-clock-1 )

With a direct link to Cliclock.com embedded in every widget, users are more than likely to return periodically and download a different widget design once in a while. The model assumes that 60% of the accumulated base will download a widget design at a rate of once a year.

9.3 Revenues Forecast

Cliclock's business model will be based primarily on one of the following revenues streams: 1. Free (subsidized) widgets – Brands will pay Cliclock $0.5 for every branded PC widget it distributes, and $1.5 for every branded mobile widget it distributes. 2. Retail widgets – Brands will charge Cliclock $1.2 for every branded widget it distributes.

In addition, Cliclock will enjoy the following revenue streams: 1. A fixed price of $1,000 per watch brand for presenting their watch designs on the Cliclock websites. The number of watch collections with whom Cliclock will sign agreements is expected to be 1 brand in the first year, rising to 5 brand collections in the second year, growing to 8, 12, and 20 brands in the corresponding years. 2. CPM advertisements – Watch brands will be able to promote their brand through ads showing on the Cliclock sites. The cost per 1,000 ads (CPM) is expected to be $60 CPM (due to the highly focused traffic and functions of the website and because each page will host ONLY 1 banner), Cliclock will be able to charge higher ad prices than in non-focused sites such as dig.com which charge $5-$15 CPM and host an average of 5 banners per page).

Since there is no ability to know the portion of subsidized versus premium widgets in the overall revenue mix (although it will obviously be skewed towards free in light of users' willingness to download and consume more widgets, hence Cliclock's enhanced revenues from this rout), we projected revenues and performance for both routs.

Assuming Cliclock will distribute ONLY subsidized widgets, the company estimates revenues will reach $313 thousand during the first year of operation, and increase to $3.6 million in the second year, $11.7 in the third year and up to $25 million and $41.4 million in the fourth and fifth year respectively.

Assuming Cliclock will distribute ONLY retail widgets (all other parameters stay the same), the company estimates revenues will reach $165 thousand during the first year of operation, and increase to $1.7 million in the second year, $5.4 in the third year and up to $11.4 million and $18.5 million in the fourth and fifth year respectively. [pic] 9.4 Manpower The company’s manpower setup comprises of a small team. The initial team will include 4 people: CEO and R&D team that includes: Cellular DRM Expert, Flash programmer, and Designer. This team will increase to 7 people during the second year adding a full-time flash programmer, a Japanese marketer/webmaster and a marketing manager. This team will later grow in accordance with the increase in revenues and operations up to 15 people in the fifth year.

The attached tables in the following pages show the projections for the number of employees and the overall wage expenses anticipated during the 5 years of operation. The salaries table includes on the left column an annual salary per position (employer cost including social benefits). From the second year of employment and onwards, an annual increase of 5% in all salaries is included.

9.5 R&D Budget

The R&D budget includes initial turn-key project salaries for the R&D team, cost of licenses and R&D equipment, designers cost and other.

9.6 The Sales & Marketing budget

The Sales and Marketing budget includes salaries to the product manager, mobile manager, Marketing manager, and Marketing consulting expenses, PR, travel expenses, marketing material and other. In addition, the company will consider hiring the consulting services of Mr. Ran Regev, an online marketing strategies expert. Mr. Regev has rich experience in internet and mobile industries; he served as the Marketing Manager of Empire Online, was the owner at Gambleron & PassItOn and was a Business marketing manager at orange Israel.

9.7 The General & Administrative Budget

The General and Administrative budget includes mainly salaries, legal and auditing, travel expenses, and office rental and maintenance. These costs will remain relatively low until the company grows over the years.

9.8 Profit & Loss & Cash Flow Forecast

Financial projections below have been built for the 2 different scenarios: 1. all widget revenues derive from subsidized widgets. 2. all widget revenues derive from retail widgets.

In the "all subsidized" scenario, the company is expected to post a loss of $16 thousand in the first year. In the second year, the company will reach an operating profit of $2.2 million. In the third year the company is expected to report an operating profit of $7.9 million and an operating profit of $28 million in the fifth year. The accumulated operating profit by the end of the fifth year is expected to reach $54.9 million.

[pic]

In the "all retail" scenario, the company is expected to post a loss of $162 thousand in the first year. In the second year, the company will reach an operating profit of $337 thousand. In the third year the company is expected to report an operating profit of $1.6 million and an operating profit of $5 million in the fifth year. The accumulated operating profit by the end of the fifth year is expected to reach $9.9 million.

[pic]

9.9 Financial needs

The company is looking to raise $150,000 required to develop and launch the cliclock.com website and widget ecosystem within 3-4 months of completing the round. The company has a strong business model and expects to generate revenues from its product inception.

The following tables present the company’s financial forecast for the subsidized scenario.

9. About The Founder

Micha Kakoun - Aged 37, Micha Kakoun is the owner of the Hagdud-Haivri designers’ shop, which is a specialty shop founded over 10 years ago and regarded an institution in the field of fashion. Micha has extensive dining experience and has managed restaurants and bars for more than 10 years. He is engaged in the Cliclock venture for the past 12 months and has already carried out extensive business and intellectual property research in the field, has applied for provisional patents, prepared a detailed business and operational plan, constructed a team and built a prototype for presentation on both a PC and a mobile device.

-----------------------
[pic]

[pic]

Micha Kakoun
Cell : 052-3316571 eMail: michael@cliclock.com

Micha Kakoun
Cell : 052-3316571 eMail: michael@cliclock.com

[pic]

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Prepared by Yafit Rossen www.Israel-Business-Plan.com [pic]

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