Like many startup stories, socketware began as little more than a sketch on a napkin – the result of a discussion on “big data” between entrepreneurs dining at an Atlanta-based Waffle House. The concept: to create applications that can help businesses find, store, organize and integrate the vast amount of living data created each day.
“The world has become so digital, which helps to generate ‘living’ data – text messages, Facebook posts, tweets,” said co-founder and COO Joe Reger, Jr. “From a commerce standpoint, there are a lot of opportunities to learn, educate and act based on that data. So our goal was to find a way to organize this information and make it accessible and actionable for businesses.”
Fast forward 10 months and that mission is a reality. Earlier this week, the ATDC member launched its first product – called bmbleb – at Imagine eCommerce in Las Vegas. The premiere global conference draws hundreds of merchants, partners, developers and fans of Magento, the industry’s fastest growing eCommerce platform.
So far, the buzz over bmbleb has been significant, says Allen Nance, an experienced entrepreneur serving as an advisor and angel investor for the company.
“All early signs are that people love it,” said Nance. “The feedback on the brand and the design has been impeccable. Bmbleb is fully integrated into the largest eCommerce system in the world. If you’re a Magento user, you can install bmbleb and it will enhance all of your existing customer records, but even more important, it will drive specific recommendations in the form of alerts.”
Through the application, bmbleb users have access to social media, demographic and proclivity-to-buy data such as: age, gender, employment, demographics, income, social media and homeowner information. The idea is that better data equals more revenue. If, for example, one of your customers moves or gets married or has a baby, you would be alerted and market to them accordingly.
Socketware recently began beta testing for the product and is set to launch a funding round for the official product launch this spring. They hope to have 100 beta users within a month.
Now focused on product development, the startup plans to utilize ATDC’s resources and technology guidance as they move into their next phase of growth. Their goals for the future? To integrate with other leading platforms such as Shopify and ShopVisible, as well as continue to innovate how e-commerce websites use data to drive more revenue.
“Our hope is that socketware as a big data engine starts to spawn numerous other products and in other verticals beyond eCommerce,” said Reger.
In the past four years, Axion BioSystems has successfully won four government grants totaling $3.1 million and raised approximately the same amount through investors – funds that have allowed the company to develop cutting-edge, proprietary neural interfacing technologies.
Those achievements have not gone unnoticed. The ATDC Select member has been named one of the winners of the 2012 Tibbetts Award, given out by the U.S. Small Business Administration to honor outstanding companies who have participated in the Small Business Innovation Research (SBIR) program and shown significant success in driving innovation and creating new jobs.
“Our team has been successful in applying for and being awarded grants that are aligned with our product development strategy,” said Tom O’Brien, Axion’s President and Chief Executive Officer. “The ‘Tibbie’ awards are given to companies that take federal funds and actually create something with it, and we’ve created a valuable device that meets a growing need in the life science instrumentation market. We’ve done what we said we were going to do, so this is a wonderful way to be honored for those efforts.”
Founded in 2008 by O’Brien and Dr. James Ross, Axion BioSystems specializes in neural interfacing technologies that can be widely applied to the research, clinical and drug discovery markets. The startup came about when Ross, then a graduate student at Georgia Tech, applied for and received an SBIR grant from the National Institutes of Health that helped pave the way for the company’s product development.
Axion’s proprietary technology measures brain waves and heart beats using high throughput culture plates – an industry first. While current development is focused on pharmaceutical drug screening, ongoing research and product development will result in devices for the medical industry, said O’Brien.
With more than 20 full- and part-time employees now on the roster, Axion leaders are looking to the future – one they hope will bring continued growth and product commercialization. The startup is already on the way to meeting one significant growth milestone: Axion is one of eight member companies graduating from ATDC next month. O’Brien said the accelerator has provided Axion with invaluable resources over the years, including the use of lab space, networking and mentorship.
In recent months, Innovolt has expanded in staff size and market reach, secured licensing agreements with several prestigious Fortune Global 500 companies, and debuted a new brand and streamlined website. And if company leaders have their way, the Atlanta-based startup will see even more growth and success in the new year.
“2012 is poised to be another year of growth for Innovolt,” said Jeff Spence, president and COO of Innovolt. “We are looking at ways to expand globally and further penetrate OEMs (original equipment manufacturers).”
A 2009 graduate of ATDC, the company provides patented electronics protection for hundreds of millions of dollars of installed systems, mainly in the commercial and industrial markets. Innovolt’s core technology is the brainchild of company founder Deepak Divan, a faculty member at the School of Electrical and Computer Engineering at Georgia Tech. While working in the ATDC lab in 2006, he developed a microprocessor-driven system to proactively recognize potential power disturbances that damage electronics. In other words, the technology protects electrical equipment not just from lightning, but from routine power disturbances such as sags and surges that cause equipment fatigue.
The young company is now licensing its technology in markets ranging from consumer electronics, medical technology, cable and satellite, to HVAC and control systems. A burgeoning client list includes top Fortune Global 500 firms Ricoh, Toshiba, Konica Minolta, Katun and ECi OMD.
With an affordable, functional technology that applies to a wide range of industries, Innovolt anticipates even more client growth in the near future.
“We expect to see continued expansion into the cable, medical, cloud and appliance market-segments, which will have a significant impact on financial growth in the months to come,” said Spence.
December 15, 2011 by
kateFrustrated by statistics revealing how few people follow the dietary advice of their health care providers, Jiten Chhabra began researching ways to address the problem. A physician with a master’s degree in human computer interaction, Chhabra took a unique approach – one that focused on providing on-the-spot nutritional decision support at cafeterias and restaurants. Following three years of research and IT development at Georgia Tech, his solution became a reality. Usable Health was launched in early 2010, providing menu-personalization software to generate diner loyalty.
“Data showed that our menu personalization application can help people make better eating choices, while also making restaurant operators more money,” said Chhabra. “That is when I knew there was a sustainable business here.”
Usable Health provides an in-restaurant kiosk system – called a SmartMenu – that will customize meal recommendations based on the customer’s nutritional goals. An interactive computer screen displays a detailed description of each item on the menu, including photos and details on all nutritional content. The technology then lets guests tailor each meal to meet their dietary goals by offering a series of recommendations based on their nutritional preferences. For example, if someone is looking for a low-carb or high-protein meal, the SmartMenu will produce a list of on-demand suggestions.
Currently, 22 restaurants feature the self-service kiosks, including Tin Drum, a quick service establishment, and the Fresh To Order fast casual restaurant chain. Most locations are in the Atlanta area, but as more restaurants strive to meet new federal nutritional guidelines and provide a healthier dining experience, Usable Health is seeing increased interest in its SmartMenu technology. The ATDC member company hopes to expand into other restaurants and major nationwide chains in the near future.
“Right now we are busy with product development and in forming channel partnerships,” said Chhabra. “Web and mobile apps are coming up in collaboration with our partners as well. An upcoming SmartMenu feature I am looking forward to is diner recognition, which learns a diner’s ordering history and makes recommendations based on that. It is kind of like how Netflix makes movie recommendations…but better.”
November 17, 2011 by
kateRudolph the Red-Nosed Reindeer. Frosty the Snowman. Chippey the Elf?
An animated special set to air on CBS next Friday could be the next big holiday classic. At least that’s the hope of the Atlanta-based animation studio behind the creation and production of An Elf’s Story.
“We believe the story will become a Christmas classic,” said Chad Eikhoff, director, producer and writer of An Elf’s Story and the founder of TRICK 3D, an ATDC member company. “We have broken some new ground with our approach to the stereoscopic 3D production, so the cutting-edge animation, original music and heartwarming story could really captivate a lot of people.”
Based on The Elf on the Shelf, the best-selling children’s book and character, the new animated feature has been several years in the making. The book was written and self-published by Carol Aebersold and her daughters, Chanda Bell and Christa Pitts. TRICK 3D’s involvement began in 2007, when Eikhoff – who attended high school in suburban Atlanta with Bell and Pitts – was tapped to develop an interactive website for the book. When he learned the Aebersold family was also thinking about developing a TV special, Eikhoff and Tara Burtchaell, TRICK 3D’s Executive Producer, pitched TRICK 3D for the job with Eikhoff directing, producing and writing and Burtchaell producing.
In spring 2010, Big Canoe Entertainment was formed to develop the animated program. The production company included Aebersold, Bell, Pitts, Eikhoff and Burtchaell, as well as independent film producer Kenneth Waddell and Catherine Scorsese, daughter of director Martin Scorsese. A few months ago, CBS executives screened a final version of “An Elf’s Story.” And the rest is history in the making!
“Elf on the Shelf was one of our first clients, so when the brand took off, we were in a position to start talking about a Christmas special” said Eikhoff. “The show features new 3D animation techniques that we developed using full-set constructions, more immersive 3D cameras and a new process for stereoscopy…Most of the new holiday specials tend to be hyperkinetic and in your face with comedy and action, but with The Elf on the Shelf: An Elf’s Story there is laughter and energy, but we also focus more on telling a timeless story that has a lot of heart and character.”
The program focuses on Taylor McTuttle, a 9-year-old skeptical about Christmas. His two younger sisters adopt an elf they name Chippey, who has to help Taylor learn that “Christmas is what we carry in our hearts.” In the process, the elf loses his Christmas magic and Taylor has to figure out a way to help Chippey get it back.
An Elf’s Story airs on CBS at 8:30 pm EST on Nov. 25. DVD and 3D Blu-ray will be available the following day. Prior to the broadcast, there will be a screening of the show hosted by Wayne Brady at Atlanta’s Fox Theatre this Sunday, with all proceeds benefiting Children’s Healthcare of Atlanta. Tickets are available through the Fox or Ticketmaster.
Founded in 2006, TRICK 3D specializes in the creation of commercial and original entertainment, providing services including motion design, stereoscopic 3D, 3D animation and visual effects compositing. Following in the success of An Elf’s Story, Eikhoff said the company plans to continue focusing on commercial work, as well as original and creative IP in the future.
The Therapeutic Discovery Project Credit has been the talk of the bioscience community since the legislative text was released on May 21st. The program will infuse the industry with both tax credits and cash grants for qualified investments in therapeutic R&D. The hope is to stimulate continued growth and progress for therapeutic discovery, including diagnostics and delivery vehicles.
Over the past month there has been much debate over the potential rules and regulations. One such topic of discussion revolved around the inclusion of Federal Grants, such as SBIR/STTRs, as a qualified investment. How can you claim a Federal Grant as a qualified investment? To many that seems as double dipping. According to the IRS, not if you claim that Federal Grant as gross income.
The IRS form, NIH form and final instructions, including FAQ’s from the IRS, were released on June 18th. This question is specifically answered by the IRS.
Q. Can a company apply for the new credit or grant for a project for which the company is already receiving other grant money (e.g., an SBIR award), or does the project have to be completely self-funded to qualify?
A. A taxpayer must reduce the amount of a project’s qualified investment for any grant that is not included in gross income, unless the grant can only be used for costs not included in the definition of a qualified investment. See Notice 2010-45 § 4.01(4).
This could significantly increase the amount of award to many small companies that are funded both privately and through SBIR/STTR grant awards.
There is more to being a successful SBIR company than just receiving the funding award. Understanding how to run and grow your business is critical. Learning about and making connections through networking can put your company (and technology) in front of just the right people that will make a difference when it comes time to commercialize your innovation or integrate your technology into another’s product.
The nationally recognized Advanced Technology Development Center (ATDC) helps Georgia technology entrepreneurs launch and build successful companies. Founded in 1980, ATDC has helped create millions of dollars in tax revenues by graduating more than 120 companies, which together have raised more than a billion dollars in outside financing. Since SBIRGA is now a service of ATDC, you, as Georgia entrepreneurs, can take advantage of the assistance ATDC provides.
This Thursday, ATDC will be hosting an Open Forum where you can come hear what ATDC has to offer and ask questions about all their services. Click here to learn more and to register.
The NIH has announced it has once again contracted with Foresight Science and Technology to provide 50 SBIR Phase I awardees with Technology Niche Analyses (TNA™). Only FY09 or FY10 SBIR awardees are eligible to apply. Each company is only eligible for one assessment even if you have received multiple awards. The earliest start date for Group A is July 27th.
Each TNA™ will examine the commercial potential and market for the product/service being developed using NIH SBIR funds. This report can be beneficial in identifying partners, investors or customers.
“Well of course people want my innovation! I did a patent search, and there’s nothing else like it on the market!”
That is not always an accurate correlation, but I hear it often.
Having a patent does not prevent anyone from developing a product like yours.
A patent is a legal document which gives you the right to have a monopoly on your product. IF someone else develops and tries to sell a product that is like yours, then you have the legal right to sue them and make them stop. It doesn’t prevent them; it just gives you legal claws if they do. You will still have to proactively monitor the market to make sure no one IS infringing. If you do find something, the burden of proof and cost is on you—you must incur the time to research and the funds to bring about a potentially lengthy legal fight.
Being first to patent also does not automatically mean that you have a market—there might not be any patents because there ISN’T a market for your idea. With the rising costs of obtaining patents (U.S. as well as various international), it would be worth your time to investigate whether patents are the best protection (i.e. something like a trade secret might be more appropriate) and if there is enough market pull to actually pay for the protection.
Whether you are a brand new company looking for initial
funding sources or you have an established organization and are considering
alternative sources of funding, keep in mind that a strong business development
strategy can be as diverse as your investment portfolio. In today’s world of technology start-ups and
entrepreneurship, a business plan is a living document that is molded through
peer reviews, investor reviews, consultants, false starts, hard knocks, and
maybe even a class or two. Regardless of how it started or how it
currently looks, the business development section of the plan should reflect the
planned activities for raising revenue for the company. SBIR/STTRs may not provide a lot of profit,
but they can be an important piece of a revenue plan for a small technology
company. SBIR is still “free money” in
the sense that a business owner does not have to give away shares of ownership
or equity in the company. However, an
SBIR proposal is not a 3-5 page cut-and-dry proposal to a customer offering a
product/service for $XX,000 to be delivered on a given date. SBIR proposals, rather, typically require a
minimum of 80 hours of preparation in addition to time required to research a
market and the target agency expectations; this is time that is at the expense
of the company. SBIR and STTR projects
are research and development funds (grants and contracts) dedicated to proving
the feasibility and potential of high-risk, innovative technologies. At the end of Phase II of an SBIR project,
the corporate business plan should include activities dedicated to commercializing
the technology (i.e. transitioning to the warfighter or selling to the public). Partnerships with prime contractors,
licensing agreements with distributors, presentations to VCs, economic
development grants- they are all valid approaches for bridging the gap to
commercialization of a new technology.
There is no single-solution for raising revenues that fits
every small company. SBIRs can be a
terrific start or can complement a more aggressive strategy. Either way, when developing a business plan
or preparing an SBIR proposal, the overall strategy of the company and how the
SBIR project fits in that strategy must be evident. The federal SBIR/STTR program was designed to
help small technology companies develop innovative technologies and grow their business
from that initial research. The end goal
is an operational product that meets a market need and a company that has the
ability to provide that product. Let us
know how we can help your company make SBIR part of your business development
plan…