The Technology Forum of Delaware took a look at two businesses that have moved beyond the start-up phase.
[Not a valid template]Discussing their businesses on Thursday night at the Tonic Bar and Grille in downtown Wilmington were Robert Prybutok established Polymer Technologies Inc., Glasgow and Richard D. Dombrowski founder STF Technologies.
Moderator for the Fireside Chat event was Vincent DiFelice of the University of Delawaare Horn Program.
Polymer got its start in 1989 and has grown steadily. It now operates from three sites in Glasgow, Massachusetts and New Jersey.
Prybutok credits a detailed business plan for getting Polymer Technologies off to a good start and even had a competitor invest in the company. He has since bought out minority investors, with the family now owning the company.
“It’s not for the faint of heart,” Prybutok said of the 90-hour weeks and sometimes bumpy times that comes with a start-up.
Is is also in the early going to not delegate control of the profit and loss statement, Prybutok emphasized. One key decision came in hiring the right people for key roles, even when the company could not afford the positions, he added.
Dombrowski ’s company STF Technology has its roots in University of Delaware research into a material originally viewed as a candidate for body armor.
Dombrowski said the company was aided by federal efforts to move technology from the lab to its agencies and the overall marketplace.
Unlike Prybutok, Dombrowski did not come up with a detaied business plan, citing the adage of plans never holding up after the “first contact with the enemy.”
STF, a much smaller cmpany than Polymer Technologies, has already seen the value of being flexible.
Instead of its technology ending up in body armor, the first use came in a popular sports bra from Reebok. See story below.
Reebok says UD-developed high-tech material leads to first of its kind sports bra
Dombrowski said he has learned that the company was at first too reticent about sharing its technology. With the proper legal ageements in place, partners can find uses for technology that will pay off for both parties.
Dombrowski sayshe continues to enjoy working at STF, noting that several projects are in the works. He said he still has time to come home at night to his family – one of his original goals.
Both men said Delaware has an infrastructure in place for start-ups and established businesses. Dombrowski said he would like to see more resources in terms of dealing with the red tape and other steps entrepreneurs have take in establishing a business.
Technology Forum of Delaware holds educational and networking events throughout the year. For further information, click here.
