Fall 2001
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Fall 2001 |
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Seventeen Indiana-based companies poised for significant growth have a strategic advantage. Their advantage is Rose-Hulman Ventures. Each of the technology-reliant companies is using the comprehensive services at RHV to bring new products to the market faster than their competition. The success stories range from new products for the life sciences and medical services to new equipment to improve roadways. The companies include NoInk Communications, Camile Products, and Maddock Industries. Each used Rose-Hulman Ventures resources to transform great ideas into viable products. Other companies currently affiliated with RHV include Buildings to Go, Contamination Studies Laboratories, Inc., Distortion Graphics, Inc., Gateway Electronic Medical Management Systems, Home Data Source, Ministry for Clergy Families, Music Rebellion, OnCall Solutions, ShockVentures, Suros Surgical Systems, Technology Partnership Group, Techwell, and Veregon, Inc. Rose-Hulman Institute of Technology graduates and NoInk founders, Aaron Nelson, Dustin Sapp and Rose-Hulman Senior Robert Harris utilized RHV to make their idea a reality. They created personal digital assistant solutions for industries in need of wireless database access. NoInk developed software that reduced paperwork by automating forms, allowing employees to securely access corporate data instantaneously, and push real-time vital information to a hand-held wireless device. Rose-Hulman Ventures provided space, computer infrastructure, and office support that helped NoInk in its success and growth. NoInk contracted with Rose-Hulman computer science students to assist in the development of the product. NoInk is now a thriving business with 11 full-time employees. "Rose-Hulman Ventures was established to create the infrastructure for an innovation economy in Indiana," said Jim Eifert, president of Rose-Hulman Ventures. "We are excited about the opportunity to provide entrepreneurial firms with access to full-time engineering staff, the technical talents of the Rose-Hulman faculty, student body, and venture capital funds not accessible from traditional incubators." Camile Products, an Indianapolis hightech firm, had the idea to create a smallscale production system for the life sciences and chemical industries. Rose-Hulman Ventures staff built a prototype of the instrument which allows chemists to synthesize new chemical compounds faster, shortening product development time, and increasing profits. "The development of the chemical synthesizer provided an excellent opportunity for chemical engineering, electrical engineering, applied optics, and mechanical engineering students to put their classroom knowledge to work on real projects and gain invaluable experience," stated Brij Khorana, vice president, Rose-Hulman Ventures. "The team of students was led by our engineering staff augmented by several faculty members." Argonaut Technologies subsequently acquired Camile. Argonaut vice president Spencer Vawter commented, "By taking advantage of engineering expertise at Rose-Hulman Ventures, we were able to bring our chemical synthesizer to market in half the time originally estimated. Speed to market is critical in our marketplace, which is characterized by exploding demand and little supply." Maddock Industries, located in Bloomington, Ind., designs and manufactures equipment used in road building and asphalt recycling. David Maddock, president of Maddock Industries, had the idea to create a single piece of equipment that could be adapted to accomplish multiple road construction tasks. Rose-Hulman Ventures is helping Maddock Industries design specialized highway construction equipment faster and less expensively. Although construction equipment is not often seen as a highly technical end product, the embedded technology and engineering expertise used in the creation of construction machinery are very technical. In addition to the venture capital fund, the skills of civil, mechanical, and electrical engineers were crucial to the success of the project.
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