Executive Summary

 

Poland a land of dragon folklores and religious symbolism has transformed itself from a communist, closed economy to a multi party open economy. This transformation has not gone unnoticed; especially its accession towards European Union has made Poland a really attractive country for new business. Initially Indian businesses were little slow to react to the opportunities presented by Poland, but things have changed and they are soon catching up. This report takes a look at the various competitive advantages provided by Poland to Indian businesses and how these advantages have/haven’t been utilized.

Historical Overview

It is important to look at historical, political, economic and social factors to understand the need for trade between India and Poland.  During the cold war times India was s close supporter of Soviet Union; this relationship helped India to establish ties with soviet controlled territories. Poland and India conducted regular high level visits, trade and economic interactions implemented by state trading organizations and underpinned by the rupee clearing arrangements, inter governmental cooperation in defense and science and technology and cultural exchanges.

 

Defense has been a key factor in the indo-polish bilateral relations from the very beginning. Defense equipment and supplies production institutions on both sides have been regularly in contact. Service chiefs have been exchanging visits relating to training programs. There has been a great cooperation between two countries on UN Peace keeping operations.

Poland Economic Climate

Poland has a population of around 38 million; it is the largest country in central Europe and ranks 8^th in Europe by size of population and 9^th by area. Poland followed a centrally planned economy till 1989 and became the first country to open its economy and make it market driven. Reforms undertaken by polish governments have ensured that foreign trade is privatized and it has grown from a meager $14 billion in 1989 to $671 billion in 2006.  Poland joined European Union officially on May 1 2004. Foreign trade has fuelled most of the Poland’s growth in the recent years.

Indo-Polish Bilateral Trade

Comparative chart listed in Exhibit A shows that in 2003 Poland imported $225 million worth of goods and services from India and exported $81 million worth of goods and services. This number has changed drastically to $469 million imports and $202 million exports in 2006.  It is only 0.38% of total imports which Poland makes and 0.19% of exports it makes but looking at the growth potential India offers, Poland has earmarked its special attention towards India.

 

Indo-Polish trade for the last 15 years

 

Indian Companies in Poland

Indian companies are currently concentrating on its primary competitive advantages such as tea, coffee, rice, tobacco, cotton and in software services.  Tata Tetley has the second biggest market share after its acquisition of local Vitax and Flosana trademarks in Poland. Zensar an Indian outsourcing service provider is planning to employ 300 people in 30 months. TCS and WIPRO other large global players have started operations in Poland. Once these companies see initial potential they wouldn’t hesitate to invest heavily. Other major providers like HCL, Infosys have made major moves in to Poland.

Reliance industries, Trevira – a company of the Reliance Group, and manufacturer of polyester fibers started production of texturised yarns in Zielona Gora in 2006.

 

Indian Companies Presence

Following are the major industries Indian companies are doing business

• IT Services
• Pharmaceutical Research
• Polyester fibers
• Packaging tubes
• Tea

Indian companies are utilizing some of their competitive advantages but there is a huge upside potential for various businesses. We will look deeper in to various advantages offered by Poland for companies to do business.

 

Dunning Eclectic Theory

First question that a company should ask itself is “why should a company go abroad? Is there a location advantage?” This theory reflects international business activity and business activity internal to the firm. As per Dunning FDI would occur when the company realizes one of the following advantage.

 

1. Location Advantage
2. Ownership Advantage
3. Internalization Advantage

 

Now let’s see what advantage does Poland offers.

1.     Strong growing economy

2.     Highly skilled labor pool

3.     Strategic location

4.     Sizable domestic market

5.     Access to EU Funds

6.     Beautiful country

 

So we can definitely see location being a great advantage for Poland.  Next step is to see how Indian companies can utilize them.

 

India’s core strength is economies of scale in service industry. To keep the momentum to achieve bigger economies of scale they are constantly investing in human capital. If a location offers skilled high-tech labor pool with a strategic location and accessibility to new funds, this opens up a great opportunity for Indian IT companies to grow bigger in Poland.

 

How can Indian manufacturing companies utilize the competitive advantages of Poland? Key to this answer is strategic location which Poland offers. Some of the companies are already setting up operation center to create a distribution channel to Baltic nations, Ukraine, Belarus, and other central European countries.

 

Indian movie industry is the silent jewel in the large mix of industries which can benefit from entering in to Poland. First Poland offers beautiful landscapes, cities for the movie industry to produce quality movies with great backgrounds, second Indian movie industry is constantly looking for new market to enter. With 40 million populations which appreciate foreign culture, it would be easier to market Indian movies.

 

Top 5 Sectors which can benefit from the Poland’s competitive advantage.

 

Automotive Sector

Poland is a country with a well developed automotive industry tradition and a place in which it’s worth investing. The factors which are drawing global corporations to invest in Poland are

1.     Low labor costs

2.     Highly qualified workers educated at excellent technical institutes

3.     Network of over 650 sub-contractors, of which 200 have the highest quality certificates i.e. ISO/TS 16949.

4.     Polish car parts can be found in such makes of car as: Mercedes, Nissan, Opel (GM), Porsche, Toyota, Volkswagen, Isuzu, Fiat, Citroen, Honda, Peugeot, Volvo, BMW, Rolls-Royce, Lamborghini and Ferrari.

Poland is a major force in the production of the following components:

·       Engines,

·       Rubber parts,

·       Car seats and upholstery,

·       Auto electronics,

·       Electrical cables,

·       Braking system parts.

 

Bio Technology Sector

“There is significant potential in research in the Polish biotechnology sector and though the country’s industry is concerned chiefly with the presentation and distribution of imported finished goods, many indicators show that this is beginning to change and that in the future the industry will be different. The most significant factor is the highly educated body of young scientists emerging from the Polish universities and technical colleges. ” – Invest in Poland Website

Benefits to be gained from biotechnology investments in Poland:

·       Research potential

·       Very well trained personnel

·       Favorable government policy

 

 

BPO Centers

Poland offers key benefits for companies specializing in bookkeeping and finances, IT services and in R&D work. Poland’s main advantages in attracting these types of projects are:

1. Favorable investment climate
2. Particularly high levels of qualifications
3. The development of the modern office space market.

 

Why Poland? It’s important to stress certain facts: currently in Poland there are 10 large academic centers and there are over 2 million students. To the firms that are considering in an outsourcing sector investment in Poland, this provides a great many choices of potential locations.

Poland’s strengths compared to other countries are: its highly qualified workers, the standard of the higher education institutes, abilities in languages and the low risk factor of an investment.

IT Sector

The Polish IT market is following Russia’s, the second largest market in Central and Eastern Europe. According to the firm PMR’s research, its value has reached a figure of 19.8 million PLN, and for the second time the growth was in double digits, reaching a level of - 12.4%. The forecasts relating to 2007 anticipate growth in the market’s value to 22.4 million PLN, which would raise the ratio to 13%.

 

Following are the key factors why Poland is an attractive market for IT services.

1.     Quality of the services provided

2.     Level of creativity, which often exceeds the expectations of employers.

3.     Young Polish IT specialists year after year win top places in international programming competitions, such as ACM, the Imagine Cup and Top Coder.

4.     Availability of a high quality IT communications infrastructure

5.     Many flight connections and data communications - that are at an identical level to those in Western Europe.

6.     The final factor, the importance of which is losing significance in the light of our high quality services, is still cost effectiveness.

 

The Polish IT market

 

Following chart gives an overview of sales in IT; this industry has been constantly growing.

 

 

Following chart shows the distribution of IT Market Segments in Poland

 

Sectors that because of expenditure increases in recent years have influenced the high level of Polish IT growth are:

·       telecommunications

·       financial sector

·       industrial production sector

·       local and central government administration

 

Areas Indian companies needs to be cautious

Above chart provides the areas where Indian companies should be cautious of, for e.g. tax regulation is very complex and can have undesired impact to the bottom line numbers. Even though communism is gone, the personnel who were part of the previous administration are still left and indirectly may have an impact. Michael porter’s global competitive index rates corruption as a key issue for the companies to face in Poland.

 

Conclusion:

Poland is proving to be a long term growth market. With its universities, strategic location and growing domestic market, its showing signs of sustained growth. Indian companies who are closely looking for location advantage should consider Poland as an investment options.

References

1. www.IndianEmbassy.PL
2. Warsaw Business Journal http://www.wbj.pl/cf/cf_india_07/index.htm
3. Ernst & Young Guide to doing business in Poland - http://www.paiz.gov.pl/files/?id_plik=9003
4. http://www.paiz.gov.pl
5. Globalization – Professor Mark Behnam’s class slides
6. Globalization of Business – Professor Richard Torrisi’s class slides
7. Strategic Management – Professor Mark Lehrer Slides and Robert Grant Slides
8. Contemporary Strategy Analysis – Robert Grant
9. Michael Porter’s Global Competitive Index website

Appendix

COMPARATIVE CHART OF POLAND’S GLOBAL TRADE VS POLAND’S

BILATERAL TRADE WITH INDIA (FOR YEARS 2003 TO 2007)

 

Year	IMPORT ACTIVITY (IN US DOLLARS MILLIONS)		EXPORT ACTIVITY (IN US DOLLARS MILLIONS)			TOTAL TRADE TURNOVER (IN US DOLLARS MILLIONS)
	POLAND'S GLOBAL IMPORTS	POLAND'S IMPORTS FROM INDIA	POLAND'S GLOBAL IMPORTS	POLAND'S IMPORTS FROM INDIA	POLAND'S GLOBAL IMPORTS		POLAND'S IMPORTS FROM INDIA
2003	68004	225.20	53577	81.09	121581		306.29
2004	87909	310.41	73805	84.32	161714		394.73
2005	101539	367.43	89378	200.82	190917		568.25
2006	124647	469.02	109107	202.01	233754		671.03
2007 (8 mths)	99472	440.55	85897	98.09	185369		538.64

 

Executive Summary

This report stems from the trip to Poland undertaken by myself with the 09’ Cohort during April 19 2008 – April 25 2008. I am summarizing my trip experience from different perspectives including communicating with locals, observing people, media, organization, managers, businesses, culture and historical perspective. Major objectives of the trip are to understand the current economic and business events. This report will encompass aspects related to Geography, History, Politics, Economics, Religion and Business. It was really fascinating to see how each and every above mentioned aspect plays a critical role in the development of Poland. For e.g. if we take religion, 96% of polish are catholic. This is important to understand the shared values of a culture and also to understand how people perceive and prioritize objectives.

Krakow Visit

We were a team of 10 including 2 professors left from Boston to arrive at Krakow on a Sunday morning. Krakow Airport was not big, in-fact it resembled a sophisticated Boston bus station. We could see many military flights parked near the airport facilities. After getting some rest, team departed for an afternoon city tour around Krakow. It is a beautiful city, most of the places are covered by lush green pastures and beginning of spring is beautiful with various blossoming flowers. Tour guide was excellent; she had so much energy on a Sunday afternoon, she gave us a brief overview of Krakow history and then took us to the main square of Krakow which consists of St. Mary’s Basilica, lot of tourists, shopping place, several street drink bars with nice chairs. We did notice several restaurants, currency exchange, and clubs in and around Main Square.

 

From Main Square we walked our way to Wavel castle which housed kings who ruled Poland from 1038 until 1596. In 1364 Jagiellonian University the oldest and best known university was founded as Cracow Academy. Krakow has 11 university or academy level institutions offer courses in the city with 170,000 students and 10,000 faculties in addition to 12 colleges. Within Wavel castle we had a great experience to touch a bell which is at-least 10 feet tall. We also noticed large bone structures hanging from the church walls, there is a mythic belief that if these bones fall off the chain then the world will see the end. We saw a metal dragon pumping fire in the air along the river vistula.

Krakow University of Economics Visit

After the memorable city tour we continued our next day by visiting Krakow university of Economics. We met Professor Andrzej Wojtyna who is a member of the monetary policy council. He was quite incredible; his knowledge of the system from a macro and micro perspective was very prominent. He helped us to understand decoupling of polish economy from world economy, labor market in Poland, emigration in Poland, Impact to zlotys after joining EMU, role of EURO2012.We had a lively discussion around the role of a federal reserve system and its role in setting the target fed fund rate. Discussion revolved around what would happen if the free market controls the interest rates.

Some of the key outcomes of the meeting were related to the fact that Poland economy is highly tied to European and US economies. There was a genuine concern raised in terms of government spending after major EU initiatives such as EU2012 championship and joining of EMU. Recent experiences with Italy and Spain can be a learning curve for Poland and its central government to not make the similar mistakes.

 

After the morning session we had the first taste of Polish meal. We started with borshch which is a beet soup with pierogi (meat dumplings). We had coleslaw, grilled chicken and fried potato balls (My favorite); to top it all we had ice-cream and dessert. Personally I wasn’t sure if I was prepared for Polish food, but I liked it and it was great.

Arcelor Mittal Visit

After having a sumptuous lunch we went to visit Arcelor Mittal at outskirts of Krakow. Apparently this site was selected by Soviet Union to build steel plant and hence to address the high unemployment issues in Krakow. Following are some information from Siemens website, which provided the key support for building the plant.

 

“ With the new 2250 mm high performance hot strip mill, Mittal Steel Poland will operate one of Europe’s widest plants of this kind with an annual capacity of 2,400,000 t/a. Since ten years this is the first new hot strip mill to be implemented in Europe”

Plant Data

• Location
  Mittal Steel Poland, Cracow works
• Start-up
  Commercial production beginning early 2007
• Project Execution Siemens VAI Linz
• Output Strip dimension
  Thickness 1.2–25.4 mm, Width 750–2,100 mm
• Capacity
  Annual Capacity 2.400,000 t/a

 

As the team arrived at the Arcelor Mittal corporate office, we were greeted by a young polish lady who had great command over English language; subsequently we found that she was the official interpreter for the Director of the plant. We met 2 senior officials; first person was the manager in-charge of the newly constructed hot strip mill and the second was the director of the entire plant. Director spoke in polish and his interpreter did a great job in terms of translating engineering and financial terms from polish to English. Personally this was a great learning experience for me to see how local language plays a significant role as part of the local culture. I could sense a preferential treatment when it came to people who can speak Polish and people who didn't.

Session with University Alumni Head

Our night outs were fantastic, polish people were very helpful, and service was exemplary. We spoke to locals; they really appreciated us when we tried to speak some polish words. On the following day we had a session with a Polish local Borys Skraba who apparently had five years of sales/marketing experience in US. He understood both the culture, indicated several important issues relating to the present and older generations. He listed the following areas as things which Poland needs to look after if they are really geared up for a long term growth.

 

1. Research & Design
2. Innovation
3. Infrastructure development
4. Corruption

 

On day 2 we visited Valeo – the French auto parts manufacturer. I saw several large manufacturers on route to Valeo viz., Delphi, Motorola. Route to Valeo was very similar to Indian technology parks with several major multi nationals springing next to each other. Valeo managers were very young and aggressive. They briefed us about their market share, major clients and gave a tour of their assembly line.

 

Motorola Visit

On day 3 we visited Motorola Software Division, I was surprised to know that this division is not involved in any cell phone related sectors. This team was mainly working on Motorola Tetra and other mission critical solutions.

“Motorola is acknowledged as a global leader in the supply of TETRA critical communication systems. As a leading provider of mission and business critical information and communication solutions, we have the experience and expertise to transform performance and deliver levels of network security and resilience, performance and value that until now have only been available to large government customers. ”

We were shown their data center which apparently had millions of wires. Our cohort member Dan commented "Totally Wired for a wireless company"

 

Delphi Visit

We visited Delphi, In my opinion this was the best part of our trip. We spoke to the senior management of Delphi Krakow. To my surprise they indicated that they are in Chapter 11 for last 3 years and haven't seen any issues relating to keeping existing customers, winning new clients, relationship with suppliers and even employees.

They didn’t even see any issues with attrition. They also indicated that their unit is currently up for sale and several entities are looking to buy them. Senior management was very patient to address all our curious questions. It was incredible to understand how a business can operate even during chapter 11 and be totally isolated from the parent company and be still profitable. Their short tour was very valuable. Learnt several aspects related to auto part stress testing mechanism.

Auschwitz Visit

After completing our trip to Delphi we took a trip to Auschwitz. Saddest part of our trip was at Auschwitz. It was really disturbing to see what really went on at Auschwitz I & II. It’s almost like walking down the history lane. One thing I learnt from my visit is the true capability of a human mind. We saw several thousands of visitors at Auschwitz representing several nationalities.

We got a great chance to mix with the locals. We met the EMBA students from university of economics. They were very friendly, courteous and highly knowledgeable.

 

Trip to Warsaw

Last 2 days of our visit centered on Warsaw. It is the capital of Poland. We could see a stark difference between the people living in Warsaw and Krakow. Warsaw's crowd was more business oriented and Krakow was more academic oriented. We had a session with the US Embassy at Krakow. Political Counselor David Van Cleve and Commercial Counselor John McCaslin briefed us on historical background, political environment, business opportunities, and business risks.

Warsaw Stock Exchange

On the final day of the trip we visited the Warsaw stock exchange which has seen some recent turmoil due to global stock market crashes. Their PR Manager showed us around the exchange and explained us about their index WIG and WIG20. We could see the great growth pattern for Warsaw stock exchange.

 

Conclusion

In conclusion, I am in total awe after this trip. I am really surprised I have learnt so many things about Poland culture, people, business, economics, religion, and politics. This is a great country with immense natural and human resources. It is in the center of strategic location from a European Union standpoint. Also they are going to be the gateway for the developing Baltic nations. Poland is making right strategic moves in terms of joining European Union, EMU, and EU2012. Next logical step for them is to deregulate their economy and continue their growth momentum to achieve a long term benefits for the people of Poland.

 

 

Recently I conducted a Financial Survey to find if there is a need for a Financial Information Research Portal. Following is the result of the research. I was really surprised by the results. I am sure you will benefit from the insights provided by the dataset.

Financial Information Portal Research Survey Report
	Count	Completed / Started	Completed / Viewed
Completed	33	84.62%	68.75%
Started	39
Viewed	48

Please select the country where you live
India	2	8.33%
United Kingdom of Great Britain and Northern Ireland	1	4.17%
United States of America	21	87.50%
Total	24
Mean	167.58
Standard Dev.	28.21
Variance	795.82

Your Age group
20 - 24	0	0.00%
25 - 34	16	45.71%
35 - 49	18	51.43%
50+	1	2.86%
Total	35
Mean	2.57
Standard Dev.	0.56
Variance	0.31

Investment Type
Select all the investment types, that you have invested in the past 1 year
Stocks	20	21.05%
Bonds	8	8.42%
Mutual Funds	18	18.95%
Options	6	6.32%
Commodities	2	2.11%
Forex	1	1.05%
IRA	8	8.42%
401K	23	24.21%
Other	9	9.47%
Total	95
Mean	4.75
Standard Dev.	3.00
Variance	9.02
Other Option [Other]
real estate
403B
None
direct INvestement
529B
FD
CD

How do you make your investments?
Through a broker	9	23.68%
Online brokerage firm	14	36.84%
Other	15	39.47%
Total	38
Mean	2.16
Standard Dev.	0.79
Variance	0.62
Other Option [Other]
	work
	n/a
	Freind refferals
	uni
	financial planner
	e-banking
	Self
	my own experience

Do you have an online brokerage account?
Yes	20	57.14%
No	15	42.86%
Total	35
Mean	1.43
Standard Dev.	0.50
Variance	0.25

How would you categorize your investment skills?
Beginner	10	28.57%
Intermediate	20	57.14%
Expert	3	8.57%
Master	2	5.71%
Total	35
Mean	1.91
Standard Dev.	0.78
Variance	0.61

How frequently do you invest?
Day trader	1	3.13%
1 - 5 times a week	1	3.13%
1 - 10 times a month	18	56.25%
I just use the rebalancing features of my 401k provider	12	37.50%
Total	32
Mean	3.28
Standard Dev.	0.68
Variance	0.47

How much time do you spend on research before you make your investment decisions?
I don't research, I believe in my insight and experience	5	16.67%
I leave it to my broker	3	10.00%
1 - 2 Hours	4	13.33%
2 - 5 Hours	8	26.67%
More than 5 Hours	10	33.33%
Total	30
Mean	3.50
Standard Dev.	1.48
Variance	2.19

Please select the different research tools that you use or have used
Public financial websites - i.e. Yahoo finance, Google finance, MSN Money etc.,	22	20.37%
Subscribed financial websites - WSJ, Financial Times, The Street etc.,	9	8.33%
Commercial financial products - Bloomberg Terminal, Factset, etc.,	7	6.48%
Finance TV - CNBC, Bloomberg, FOX Business Network	8	7.41%
Analyst reports	10	9.26%
Paid Newsletters	0	0.00%
Company website	9	8.33%
Blogs	6	5.56%
Industry reports	15	13.89%
SEC Filings	6	5.56%
S&P, Morning Star reports	10	9.26%
Other	6	5.56%
Total	108
Mean	5.84
Standard Dev.	3.78
Variance	14.26
Other Option [Other]
	Motely
	My broker
	None
	own research
	Rediff.com columns

What do you feel about the information overload when you are researching?
I am experienced to identify the right information	8	22.22%
I have developed a customized research techniques	5	13.89%
I get bogged down with all the information overload	8	22.22%
I would like a research tool which can filter contents based on my research criteria	13	36.11%
Other	2	5.56%
Total	36
Mean	2.89
Standard Dev.	1.28
Variance	1.64
Other Option [Other]
	Financial advisor walks me through
	N/A

Do you read company quarterly/annual report
Yes	20	60.61%
No	13	39.39%
Total	33
Mean	1.39
Standard Dev.	0.50
Variance	0.25

How much time do you spend on watching financial television channels like CNBC, Bloomberg or FOX Business Network
1 hour a day	11	33.33%
2 hours a day	2	6.06%
3 hours a day	1	3.03%
4+ hours a day	0	0.00%
I don't watch business channels	19	57.58%
Total	33
Mean	3.42
Standard Dev.	1.90
Variance	3.63

How much time do you spend on financial websites like yahoo finance, WSJ, Google finance, The Street, etc.,
1 hour a day	15	48.39%
2 hours a day	3	9.68%
3 hours a day	1	3.23%
4+ hours a day	2	6.45%
I don't visit business websites	10	32.26%
Total	31
Mean	2.65
Standard Dev.	1.84
Variance	3.37

Do you read financial blogs, if so how many blogs do you follow regularly
1	6	30.00%
3	3	15.00%
5	1	5.00%
Other	10	50.00%
Total	20
Mean	2.75
Standard Dev.	1.37
Variance	1.88
Other Option [Other]
	none
	Don't read
	none
	NO
	0
	0
	0

Select the key characteristics you like in a research tool. Please rate the significance of each factor that you select.
Portfolio management
Least Desired	2	8.70%
Desired	7	30.43%
Most Desired	14	60.87%
Total	23
Mean	2.52
Standard Dev.	0.67
Variance	0.44
Industry assessment
Least Desired	0	0.00%
Desired	13	52.00%
Most Desired	12	48.00%
Total	25
Mean	2.48
Standard Dev.	0.51
Variance	0.26
Competitive assessment
Least Desired	0	0.00%
Desired	12	50.00%
Most Desired	12	50.00%
Total	24
Mean	2.50
Standard Dev.	0.51
Variance	0.26
Macro-economic impacts
Least Desired	8	33.33%
Desired	8	33.33%
Most Desired	8	33.33%
Total	24
Mean	2.00
Standard Dev.	0.83
Variance	0.70
Micro-economic impacts
Least Desired	6	26.09%
Desired	9	39.13%
Most Desired	8	34.78%
Total	23
Mean	2.09
Standard Dev.	0.79
Variance	0.63
Resource/capabilities view
Least Desired	3	13.04%
Desired	15	65.22%
Most Desired	5	21.74%
Total	23
Mean	2.09
Standard Dev.	0.60
Variance	0.36
Financial forecasting
Least Desired	0	0.00%
Desired	12	48.00%
Most Desired	13	52.00%
Total	25
Mean	2.52
Standard Dev.	0.51
Variance	0.26
Historical financial data analysis
Least Desired	0	0.00%
Desired	18	69.23%
Most Desired	8	30.77%
Total	26
Mean	2.31
Standard Dev.	0.47
Variance	0.22
Scenario analysis
Least Desired	6	27.27%
Desired	9	40.91%
Most Desired	7	31.82%
Total	22
Mean	2.05
Standard Dev.	0.79
Variance	0.62
Ranking
Least Desired	2	8.70%
Desired	10	43.48%
Most Desired	11	47.83%
Total	23
Mean	2.39
Standard Dev.	0.66
Variance	0.43
Research summary
Least Desired	2	8.33%
Desired	7	29.17%
Most Desired	15	62.50%
Total	24
Mean	2.54
Standard Dev.	0.66
Variance	0.43
Analyst reports
Least Desired	2	7.69%
Desired	13	50.00%
Most Desired	11	42.31%
Total	26
Mean	2.35
Standard Dev.	0.63
Variance	0.40
Newsletter summary
Least Desired	10	45.45%
Desired	5	22.73%
Most Desired	7	31.82%
Total	22
Mean	1.86
Standard Dev.	0.89
Variance	0.79

What is your willingness to spend money on a financial research tool
Most Willing	10	30.30%
Least Willing	23	69.70%
Total	33
Mean	1.70
Standard Dev.	0.47
Variance	0.22

How much would you spend on a customizable financial research tool
$10 - $20 a Month	7	21.21%
$20 - $40 a Month	3	9.09%
Annual subscription of $200	5	15.15%
I will not spend money	18	54.55%
Total	33
Mean	3.03
Standard Dev.	1.24
Variance	1.53