A startup's seaworthy plan

When Fortune Small Business checked back in with a 2006 student-run startup, we found a company holding steady and landing major clients like Smith & Wesson.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

betz_lobsinger.03.jpg
Betz (left) and Lobsinger stay afloat.

(Fortune Small Business) -- Float Tech, a Troy, N.Y., firm that makes boating outerwear with zip-in inflatable life-jacket linings, began in 2003 as an MBA project at Rensselaer Polytechnic Institute.

When Fortune Small Business met team members Cecilia Domingos, CEO; Jeffrey Betz, COO; and Michael Lobsinger, CTO (see "Stylish and slim life jackets?," March 2006), they had just won Coast Guard approval, an important quality-assurance mark, for their product. Float Tech sold about $500,000 worth of gear in 2006, mostly to marine-equipment retailers.

Once Float Tech's patent came through in July 2006, the firm charted a new course. Domingos left to move with her family, and Betz and Lobsinger hired a veteran CEO to replace her: local entrepreneur Judith Wheeler.

"We're a class-project-turned-company, so we needed someone like Judith with 30 years of retail experience," says Betz, 34.

Float Tech now focuses on licensing its products to larger apparel brands and landing commercial accounts such as Smith & Wesson (SWHC) (which sells branded Float Tech jackets to hunters and fishers). Revenues were flat at about $500,000 last year. But the firm expects that to change as it enters into new and profitable licensing deals. To top of page

Startup showdown 2008: 36 winning business plans

Ultimate ski jackets

Where are they now?: 2007 business plan winners
To write a note to the editor about this article, click here.

Find Business Answers
or
Ask a Question






QMy dream is to launch my own business someday. Now that it's time to choose a major, I'm debating if I should major in entrepreneurial studies or major in engineering to acquire a set of skills first. Is majoring in entrepreneurship a good choice? More
Get Answer
- Spate, Orange, Calif.
Sponsors
7 quirky luxury products for the super rich Take a look at some of the most unusual luxury products being marketed to the top 1% in Monaco, including a rotating sunbed, hand-made wooden skis and fur coats for dogs. More
Five things to know about Putin's Russia An economic crisis, Western sanctions and a comeback currency: What's going on in Russia? More
9 up-and-coming collectible cars They're relatively cheap now but these models have already caught collectors' eyes and are expected to increase in value in years to come More