Entrepreneur by Chance, Employer by Progress
Posted by - 04.14.2010
New chapters in the Plus’ heritage of innovation are being written all the time by Northeast Ohio’s entrepreneurs – even reluctant ones. As the following story from JumpStart highlights:
Not every entrepreneur sets out to become one; Stephen Spoonamore of ABSMaterials says he's an entrepreneur by accident. Shortly after reading about findings that a 'swelling glass' created to identify and absorb explosives in liquids for airport security could absorb virtually anything, Stephen found himself sitting next to the scientist who made the discovery on a flight to Boston. So he struck up a conversation with Dr. Paul Edmiston of the College of Wooster. "I couldn't believe it when I asked Paul what came of his amazing discovery and he said, 'nothing,'" Stephen said. "No one would take him seriously, but I did."
Stephen took the technology so seriously he partnered with Paul and began working full time on commercializing its use to remediate toxic contamination sites. For someone who fell into entrepreneurship, he seemed to land right in his sweet spot. "I'm good at translating science into a business," he said. "I can rock enough of the science to explain its use in the real world." His successful translation of the technology's application helped ABSMaterials secure $200,000 from Great Lakes Innovation and Development Enterprise, followed by a $2.4 million funding round, which included investment and assistance from JumpStart Ventures, as well as money from North Coast Angel Fund, Harris & Harris Group, and Vivero Group.
The funding allowed ABSMaterials to develop its portable testing unit and begin manufacturing different kinds of glass to absorb different toxins, like fuel oils, chlorinated solvents, and hexamine. As the company brought on new customers, it also had to ramp up engineering, production, and installation. More precisely, ABSMaterials needed to go from manufacturing a pinch of its glass for testing purposes to three tons per month. Because of this rapid growth, Stephen began expanding his team and in recent months has hired general counsel, sales, and production talent. For support in this area, he looked to Robert Hatta, JumpStart Ventures' Vice President of Entrepreneurial Talent. "I was able to show Stephen a pool of qualified Northeast Ohio candidates in JumpStart's network and help him to create matches that fit the company's cultural requirements and business strategy," Robert said.
To date, ABSMaterials has nine customers, including BP, with another 10 in negotiation and has created 14 full-time and seven part-time jobs at its Wooster location. By the end of 2010, Stephen expects the company's Ohio employment to reach 40. ABSMaterials might have gotten its start with unintended discoveries and chance meetings, but its growth has been anything but accidental. "We're growing because we sell and we sell because we solve real problems for real customers," Stephen said.
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