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Journey of Innovation: From HP to Entrepreneurial Ventures in Inkjet Technology

This narrative captures the professional journey of a BSEE graduate from the University of Colorado, who started at Hewlett-Packard in 1977 before embarking on a series of entrepreneurial endeavors. Key highlights include the acquisition of The Farmers Wife in 1980, the establishment of ImTech in 1998, and innovations in inkjet technology leading to significant growth and industry recognition. The story reflects on business management, the importance of internal funding, and strategic decision-making while navigating challenges in a competitive global market.

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Journey of Innovation: From HP to Entrepreneurial Ventures in Inkjet Technology

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Presentation Transcript

  1. Personal History • BSEE University of Colorado 1977 • Hewlett Packard 1977 to 1997 • Purchased The Farmers Wife in 1980 • DIS 1997 • Started ImTech 1998 • OJT Business education

  2. Hewlett-Packard • 1977 Production Engineering • 1978 R&D • Calculator products • Project Manager 1980 • Inkjet 1984 • DeskJet Print Cartridge • Section Manager 1988 • Enhanced DeskJet Print Cartridge • TIJ 3.0

  3. The Farmers Wife • Existing retail giftware business • Located in downtown Albany • Opened Salem store in 1982 • Closed Albany location 1983 • Sole proprietorship to partnership • 1994 “Divorce” • Moved to a free standing location in 2005 • Leverage

  4. DIS • Located in Florida • T-Shirt printer • Inconsistent objectives and values • Escaped with minimal loss • Biggest impact was lost time

  5. ImTech – Early plan • 2 People • Large format high speed inkjet printer • Pursued VC financing • Too early in life cycle • .com • Should have found an angel • Decided to finance product development internally

  6. ImTech • Contract engineering • Develop a product when possible • Internally funded • Fastest growing private company in Oregon • 16th - 2000/2002 (Oregon Business Journal) • 72nd- 2001/2003 • Expected growth in 2004 & 2005 • A significant customer abruptly stopped • Development Stage Co of the Year 2006 (OEF) • Forecasting 2 to 3x Revenue Growth in 2007 • 21 People in January 2007

  7. Management • Analysis verses gut • Business planning verses follow the leads • Set goals for the year • Review periodically • Networking

  8. Financial Management • Cash flow verses profit and loss • Quickbooks • Create a cash flow model annually • Update when necessary • Watch balance sheet semi monthly • Internal funding verses external • Internal is slower • External brings in others • Leverage • Growth verses decline • Tides change quickly • Rainy day fund

  9. Marketing • Market Driven verses Marketing Driven • Expectation and value • New products and making markets • Users don’t need to specify • Keeping the funnel filled

  10. Managing People • Self directed people • Manage by objective • Provide the resources required • Monitor progress • Work load balancing

  11. Managing growth • Quantification in small co. Resources Size

  12. Efficiency of operation • Growth stages Efficiency Size

  13. Culture • Respect • Honesty • Integrity • The company is the people • Your reputation is set by who you hire • Build a team • Friday lunches, winter dinner, picnic • Have fun • Shared risk

  14. Benefits • Compete with large companies for people • Need competitive benefit package • Mandated benefits • Cost of benefits • Package • Salary • Holidays • Health insurance • Profit sharing • Bonuses • IRA

  15. Large verses small • You have to do it all yourself • Speed of decisions • Fast in small company • Speed of change • Slower than you would expect • Refilling the funnel • People like to do what they know • Planning • Managing to the plan • Depth of pockets/Diversification • ROA

  16. Focus • Can’t be too diversified right from the start • Management bandwidth • Managing interfaces • Managing projects • Managing business types

  17. Business Segments Contract Engineering Products Ink Mark12 Mark300 Bulk Ink UV Curable Black HP45 Bulk (future) Color (future) Custom - Boutique Security Nano-particle Projects Specified by our Customers Inkjet Characterization Tools I-Jet DBOS Drop Weight

  18. The Changing World • With the advent of easy communication the world is becoming flat. • Your competitors are global • Even if you have few direct competitors the global environment is impacting rates and therefore income. • Where do you manufacture • When do you manufacture offshore • IP protection

  19. Entrepreneuring • Exit strategy • Private money • Public • Company is like a child • Needs to grow and become independent • Not “your” possession

  20. The hard part • Understanding the market • How to get message to potential customers • Knowing when to grow • Managing personalities • Selecting employees • Letting go

  21. Thanks for the opportunity and your time • Good Luck in Your Career

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