February 23, 2017
FOR IMMEDIATE RELEASE
Contact: Hal Thayer, Communications Director, FSBDC at UCF, 407.420.4850 or firstname.lastname@example.org
Orlando, FL – One of the greatest challenges a small business faces is transitioning from its startup phase to being an established, high-performing second stage company. It is not for the faint of heart. The changes in strategy, organization and culture are often profound. But the rewards can be dramatically positive for all of the key stakeholders: owners, employees and clients. Nanospective, Inc. certainly found that to be the case when it made the transition to its second stage of growth with assistance from the Florida SBDC at the University of Central Florida (FSBDC at UCF).
Nanospective likes to say is delivers “Big Solutions to Small Problems” because it provides advanced materials characterization analytical services and consultation to clients around the world using advanced imaging and spectroscopic instruments to determine what atoms are present in a material and how they are arranged. Those two relationships determine every physical property about a material: is it brittle, will it bend, does it conduct electricity, can it be seen through, for example. It is this kind of information associated with molecular science that the experts at Nanospective provide to their clients, primarily related to quality control and intellectual property protection.
The company was founded by four UCF PhDs in 2003, with initial assistance from the UCF Business Incubator and the Florida SBDC at UCF. Based upon what they had studied in school and then used in corporate America, they innovated with a heavy emphasis on client service. The company grew to be a profitable business but, like most startups, hit a wall where growth was harder and harder to come by. It was then that Nanospective turned again to the FSBDC at UCF and its consultant Roger Greenwald.
“We started working with the FSBDC again and with Roger because we wanted to change from being a lifestyle business and put ourselves in position to understand how to really move forward and grow,” says Brenda Prenitzer, President and CEO of Nanospective. “At the time, we had four, then three, owner-employees leading by democracy, each with different visions for the future. We had evolved into three different companies each working from home. We had reached a plateau.”
At no cost to the company, Greenwald and the FSBDC team were brought in to help Nanospective make the transition to being a second stage growth company. They assisted by helping to develop a strategic growth plan, providing financial analysis, giving marketing and business development direction and offering guidance on organizational structure and development.
“Our experience with the FSBDC has been fabulous,” Prenitzer says. “Roger Greenwald has been immensely helpful to us. While it wasn’t easy and required extremely delicate navigation, we have transitioned successfully to a single-owner company with a unified vision and strong corporate culture. We are fortunate that the two other owners chose to remain to do what they love: be great scientists. We have developed a Nanospective ‘Way’ focused on both our clients’ and our employees’ success. And we have achieved superior business results, delivering an average of 25% revenue growth year over year and adding 9 new employees to meet the needs of our clients, she concluded.
— FSBDC —
About the FSBDC at UCF
With its main office in the National Entrepreneur Center located at the Fashion Square Mall in Orlando, the Florida SBDC at the University of Central Florida (FSBDC at UCF) is part of the UCF Office of Research & Commercialization and the Florida SBDC Network (FSBDC Network). The FSBDC at UCF provides business seminars and no-cost, one-on-one business consultation to emerging and established businesses. The FSBDC at UCF serves an eight-county area that includes Brevard, Flagler, Lake, Orange, Osceola, Seminole, Sumter, and Volusia counties and maintains 10 service centers across Central Florida.
In 2015, the FSBDC at UCF served almost 7,000 entrepreneurs in Central Florida through consulting and training, resulting in more than 7,300 jobs created, retained or saved; $990 million in sales growth; $74.4 million in capital formation; $101.7 million in government contract awards; and 111 new businesses started.
About the FSBDC Network
The FSBDC at UCF is a member of the Florida SBDC Network, a statewide service network funded in part through cooperative agreements with the U.S. Small Business Administration, Defense Logistics Agency, State of Florida and other private and public partners. The Florida SBDC Network is hosted by the University of West Florida and is nationally accredited by the Association of SBDCs. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA.
For over 35 years, the FSBDC Network has nourished a statewide partnership between higher education and economic development organizations, dedicated to providing emerging and established business owners with management and technical assistance, enabling overall growth and increased profitability for the businesses and economic prosperity for the state. The FSBDC Network is a statewide service system of 41 centers with 60 outreach locations, including the FSBDC at UCF.
In 2015, the Florida SBDCs served almost 45,500 entrepreneurs and small business owners through consulting and training, resulting in 217,849 jobs created, retained or saved; $29.3 billion in sales growth; $947.4 million in capital accessed; $2.1 billion in government contract awards; and 3,857 new businesses started.