When VT consulted the Iowa State University Center for Industrial Research and Service, who in turn contracted with our group to collaborate on a technology scouting project for VT Industries. We researched and identified materials with the greatest potential, conducted due diligence and recommended two options. VT Industries selected one of the two and ultimately developed a proprietary formulation and manufacturing process based on it.
Our technology scouting ensured that VT Industries understood potential materials available, and our strategic advising resulted in significant economic and financial impact. VT Industries invested $10 million in a new plant and hired 12 skilled professionals to manufacturer the material that would be used in their fireproof doors and sold in the construction industry. The estimated impact of the project was $24 million over three years, including $2 million in new sales in the first year.