Helping Innovators Succeed
Our third example is of a spin-off company that manufactures automated inspection systems. The new company needed assistance in branding, marketing, business planning - and it needed to attract additional funding.
Quantum Vision Technologies · Markham, Ontario
Quantum Vision Technologies (QVT) was created in April, 2005, by PROMAC Automation of Markham. Identifying a market opportunity for machine vision technology – technology that is widely used in the manufacturing industry to automate the inspection of parts – PROMAC decided to spin-off its machine vision group into an independent company, and it has been growing ever since. Today, QVT offers a new dimension in vision technologies, including lighting systems, smart cameras, vision software and turnkey solutions.
Introduction to the ISCM
QVT was first introduced to ISCM through the National Research Council (NRC). The owner had approached NRC in search of funding for a small research project and was encouraged to contact ISCM for further assistance. After placing an initial call to ISCM, during which he received a general outline of services, the owner set up a meeting with ISCM President and CEO Bob Glandfield. Amazed by the quality and quantity of services provided, QVT’s owner began to work with ISCM to investigate the possibility of partnering with educational institutions in a research capacity, and was also put in touch with ISCM mentor David Green, who was instrumental in helping to develop a clearer growth path for QVT.
Scope of Work
Using a list of QVT research projects as a guideline, ISCM was able to put QVT in touch with several Ontario-based universities working in areas related to machine vision. ISCM Mentor David Green applied his business expertise to develop a comprehensive competitive analysis in order to assist QVT in creating a business plan and overall marketing strategy. As well, ISCM Marketing Consultants assisted QVT in reshaping its corporate brand, including a revamp of its website. The goal was to provide QVT with the high-quality materials required to obtain further funding from the investment community.
Results
In April, 2007, QVT was successfully secured funding from the Business Development Corp. In addition, the company is currently in research discussions with three leading universities, and had launched its new and improved website at www.qvt.ca.
