November 25, 2023. While Michael was listening to the lecture of his professor, his phone vibrated in his pocket. He pulled it out from his pocket and checked the message. It was from Catherine.
[Okay, I'm going to check on your business plan and the prototype you have made. Meet me at five o'clock in my residence. Oh, I have also brought an engineer with me who can validate your claims about the solar panel's efficiency. Make sure you are well-prepared.]
Michael quickly typed a response, acknowledging the message. His heart raced excitedly but with a lingering nervousness. This was the moment he had been waiting for since he slept that night. The response from Catherine.
As he slipped the phone back into his pocket, he refocused on the lecture, but his thoughts were already drifting to the evening's meeting. He knew that the engineer's assessment could make or break his plans. The mere thought of having an expert scrutinize his work was daunting because he sure would have a lot of questions about how the solar panel was made.
Throughout the day, Michael's mind was preoccupied with the upcoming meeting. He reviewed every detail of his business plan from his phone and mentally rehearsed how he would present the prototype. His confidence in his solar panel technology was strong, but he also understood the importance of conveying that confidence convincingly to Catherine and the engineer.
Finally, as the day progressed and his last class ended, Michael's anticipation grew. He headed home to gather the necessary documents and the prototype.
At home, he carefully packed the sleek, portable solar panel prototype and the printed copy of his meticulously crafted business plan. He double-checked everything, ensuring he had not overlooked any crucial aspect.
With everything in order, Michael left for Catherine's residence.
***
Meanwhile, at Catherine's residence in Rockwell. Catherine prepared a glass of water for the engineer her mother brought to her.
"Sir…I have a question," Catherine said, placing down the glass of water.
"Anything," the engineer prompted.
"So I have been researching solar panel efficiency and they are always between 15 to 25 percent…why is that the case? And is it really possible to achieve 60 percent efficiency?"
That's an excellent question, Catherine. The efficiency of solar panels is largely determined by the materials used and the physics behind photovoltaic technology. Most commercial solar panels use silicon, which has certain limitations in its ability to convert sunlight into electricity."
He paused for a moment, ensuring Catherine was following along. "The theoretical maximum efficiency for silicon-based solar panels is about 29 percent, known as the Shockley-Queisser limit. This limit is due to several factors, including the bandgap of silicon and the amount of energy lost as heat when sunlight is converted to electricity."
"However," he continued, "there are other materials and technologies, like multi-junction cells, that can potentially offer higher efficiencies. These use layers of different materials to capture a broader range of the solar spectrum. But even these advanced technologies currently peak at around 40 to 45 percent efficiency under ideal laboratory conditions."
He then addressed the claim of 60 percent efficiency. "Reaching 60 percent efficiency would require a significant breakthrough in photovoltaic technology, overcoming fundamental physical limits. As of now, such efficiency in a practical, commercial solar panel is not achievable with our current understanding of physics and material science."
Catherine absorbed the explanation, nodding. "So, essentially, a claim of 60 percent efficiency would mean either a groundbreaking technological advancement or, unfortunately, an overestimation of capabilities?"
"Exactly," he affirmed. "While the field of photovoltaics is rapidly evolving, and improvements are being made, a leap to 60 percent efficiency is, at this point, more theoretical than practical. This is why when I first received your call from your mother, telling me to check on a college student who has invented a solar panel that has 60 percent efficiency, I scoffed and laughed. But still, it was your mother's orders so I have no choice but to check. But I would still chide him because this was a waste of my time to entertain a college student project."
"We'll find out soon," Catherine said, checking her phone. She gasped. "Looks like Mr. Reyes is here."
"So that's how confident he is huh?" he murmured, preparing himself for the meeting as he settled down in the living room.
Catherine on the other hand kept a constant communication with Michael.
"He'll be up here in two minutes," Catherine said, also preparing herself for the meeting.
In those two minutes, Catherine fixed her hair, straightened the wrinkles on her dress, and ensured everything was in order in the living room where the meeting would take place. She wanted to make sure that everything looked professional, reflecting the seriousness with which she was treating this evaluation.
Two minutes later, Michael arrived. He carried with him the prototype and his business plan, a look of determination etched on his face.
"Please stand in front of us, Mr. Reyes," Catherine said formally.
Michael stood in front as instructed and then settled the prototype down next to his feet. "Are we going to start now?"
"Before we begin, allow me to introduce to you, engineer Aldrin Benico," Catherine introduced. Engineer Aldrin waved a hand to acknowledge the introduction.
"Good evening, Mr. Reyes," Aldrin greeted with a professional tone. "I've been briefed about your solar panel. I'm quite eager to see what you've developed."
"Thank you for coming, Engineer Benico. I'm looking forward to your expert opinion."
Catherine then gestured towards the documents Michael had brought. "Let's start with your business plan, Michael. Please walk us through it."
Michael handed them a copy of his business plan, after which he returned to his spot and opened his own copy.
"Thank you for giving me this opportunity," Michael began, standing confidently. "My vision for this company centers around not just introducing a revolutionary solar panel technology but also creating a sustainable and scalable business model that addresses the current gaps in the renewable energy market."
He paused, making sure he had their attention before continuing. "Our target market initially will be small to medium-sized enterprises and residential properties. There's a growing demand for cost-effective and efficient renewable energy solutions in these sectors. By tapping into this market, we can establish a strong foothold and gradually expand to larger scale projects."
Michael then shifted to his strategies. "To penetrate the market, we'll implement a multi-faceted approach. This includes direct sales, partnerships with construction companies, and online marketing campaigns. Our sales strategy will be driven by educating consumers about the long-term cost savings and environmental benefits of our solar panel technology."
He opened a page in his business plan, pointing to some graphs and figures. "As for the financial aspect, we've projected a steady growth in revenue over the first five years. This projection is based on conservative estimates of market penetration and sales. We also plan to reinvest a significant portion of our profits into research and development to continuously improve our product and explore new technologies. As you all are aware, the solar panel market is worth 250 billion dollars, and it's going to increase every year. And that is all, everyone, thank you for listening."
After hearing his presentation, Catherine and Aldrin exchanged glances, clearly impressed by Michael's presentation. They turned their attention back to him.
"Well, Mr. Reyes, I must say I am really impressed with your business plan. Are you sure you are the one who made this?" Catherine said jokingly.
"Of course, I am the one who made it."
"And the name of the company? It's the one you haven't included in your presentation but included in the paper. Its name is…"
"SolaraTech Innovations," Michael revealed and explained how he came up with it. "This name combines 'Solara,' derived from 'Solar,' signifying the company's focus on solar energy, with 'Tech' for technology, emphasizing the innovative aspect. 'Innovations' in the name highlights the company's commitment to developing cutting-edge and efficient solar panels."
"That's a good name," Catherine mused. "But, a good business plan is without its product. So let's see what you have now, Mr. Reyes."
"Certainly, ma'am," Michael acknowledged.