Nanotechnology Now

Our NanoNews Digest Sponsors


Heifer International

Wikipedia Affiliate Button

Home > News > Entrepreneurship: Partnerships for prudent times

December 24th, 2008

Entrepreneurship: Partnerships for prudent times

Abstract:
Joe Habib says he learnt how to run a technology company by working for a business that was profligate with cash. "Truck loads of new equipment used to turn up every day. We were spending money as though there was no tomorrow," Habib says of his four-year spell at Nanosciences, a Connecticut-based start-up that went out of business in the early 2000s after attracting about $10m (€7.2m) of investment funding. Habib now follows a more cautious approach. At Illuminex, a nine-person company that he started in 2003, he has steered away from trying to attract large amounts of early-stage funding. Instead, Habib has slowly built up credibility by partnering with bigger companies, raising cash by selling samples of his products and making use of small government grants.

Only in the past two months, as he feels he is making headway with his ideas to develop new types of materials based on ultra-thin strands of metal, has Habib been approaching venture capitalists about trying to raise serious amounts of money - perhaps as much as $3m - to support his plans. It is a stance that is in keeping with today's tough economic times. With banks and other financial groups desperate to conserve cash, investment groups are wary of putting large sums into businesses that have bright ideas but no proven products.

"It has become very important for new companies to demonstrate that they have a clear route to viable products, and linking with bigger companies can provide a way to do this," says Alan Brown, director of the Pittsburgh-based Pennsylvania Nanomaterial Commercialisation Centre. Backed by large companies such as US Steel and Alcoa, the centre promotes ties between big and small companies in efforts to develop nanotechnology. For Habib, it has been an exercise in how to survive with minimal money. The 48-year-old entrepreneur is a late starter to science and engineering. He finished a seven-year physics doctorate at Massachusetts Institute of Technology at the age of 38, after spells as a car mechanic and running a music publishing business.

Source:
thepeninsulaqatar.com

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

An accelerated pipeline to open materials research: ORNL workflow system unites imaging, algorithms, and HPC to advance materials discovery and design July 24th, 2016

Russian physicists discover a new approach for building quantum computers: Physicists find a way of 'bundling together' multiple elements of a quantum computer July 24th, 2016

A 'smart dress' for oil-degrading bacteria July 24th, 2016

New superconducting coil improves MRI performance: UH-led research offers higher resolution, shorter scan time July 23rd, 2016

Announcements

An accelerated pipeline to open materials research: ORNL workflow system unites imaging, algorithms, and HPC to advance materials discovery and design July 24th, 2016

Russian physicists discover a new approach for building quantum computers: Physicists find a way of 'bundling together' multiple elements of a quantum computer July 24th, 2016

A 'smart dress' for oil-degrading bacteria July 24th, 2016

New superconducting coil improves MRI performance: UH-led research offers higher resolution, shorter scan time July 23rd, 2016

Alliances/Trade associations/Partnerships/Distributorships

Leti and Korea Institute of Science and Technology to Explore Collaboration on Advanced Technologies for Digital Era July 14th, 2016

Nanosystem and Digital Surf launch NanoMap Alpha: New surface imaging & metrology software based on Mountains® Technology July 14th, 2016

FEI and King Abdullah University of Science and Technology Establish New Electron Microscopy ‘Centre of Excellence’: Centre of Excellence involves materials and life sciences research and technical collaboration July 5th, 2016

FEI and University of Liverpool Announce QEMSCAN Research Initiative: University of Liverpool will utilize FEI’s QEMSCAN technology to gain a better insight into oil and gas reserves & potentially change the approach to evaluating them June 22nd, 2016

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







Car Brands
Buy website traffic