August 2005
Flying High: Miniature Aircraft Developer The Insitu Group Named 2005 Alliance of Angels Startup of the Year
Last year, the Alliance of Angels initiated its annual Startup of the Year Award recognizing an early stage technology company that exemplifies the spirit of entrepreneurship in the Pacific Northwest. At this year's State of Technology Luncheon, The Insitu Group soared above two other finalists to take home the 2005 honors.
The Insitu Group pioneered the development of long-range, unmanned, miniature aircraft used for reconnaissance, meteorology, and other applications. Its Seascan aircraft is designed for aerial reconnaissance at sea - for example, in coastal patrol or search and rescue - at a fraction of the cost and risk to human crew associated with manned helicopter reconnaissance.
The company teamed up with Boeing to build the ScanEagle aircraft for military and homeland security use. The ScanEagle has an inertially stabilized camera turret to provide high-quality images during daylight or night-time operation. In addition to its family of aircraft, Insitu has developed the Skyhook recovery system to enable the retrieval of aircraft on a ship or where there are no runways.
Previously, in collaboration with the University of Washington, Insitu completed the first Atlantic crossing of an unmanned aircraft. That aircraft, the Aerosonde Laima, is currently housed at the Museum of Flight in Seattle. Insitu, which is based in Bingen, Washington, employs 49 people. The company garnered its first commercial customers and had $7.5 million in revenue in 2004.
"Insitu exemplifies the great startup, standing out by its vision, persistence, record of achievement in meeting its customers' and investors' needs, and understanding of the markets for its products," said Dan Rosen, chair of the Alliance of Angels and general partner of Frazier Technology Ventures. "This past year has been a standout year for Insitu, with their ScanEagle product having flown over 2,000 flight hours in Iraq and the company landing its first commercial customers. The Alliance of Angels is pleased to be part of Insitu's ongoing success."
To be considered for the Startup of the Year Award, a company must be technology-focused, in an early stage of growth, and have presented to the AoA membership. Among the criteria evaluated by the AoA leadership in the selection of the award winner are leadership in developing cutting-edge technology; achievement of business objectives; creation of value for investors; and, prospects for the future.
The other finalists for the 2005 award were Seattle-based Mobliss, a provider of mobile media and marketing services, and Bellevue-based Pacific Bioscience Laboratories, developer of the CLARISONIC skin care brush.
Pitch-er Perfect: The Alliance of Angels Holds Its First-Ever 10 Minute Pitch Clinic for Entrepreneurs
Since 1999, the Alliance of Angels program managers have helped entrepreneurs seeking angel funding to navigate the AoA process and assisted those companies selected during the screening process to prepare for their presentations to the full AoA membership. Along the way, they have amassed considerable knowledge of what resonates with angel investors and pitfalls to avoid when pitching a business plan to AoA members. Now, the program managers are sharing that knowledge with entrepreneurs in an interactive workshop, the AoA 10 Minute Pitch Clinic. Tickets for the first such clinic, which was held on Tuesday, August 2nd in Seattle, sold out.
Get Your Monthly Helping of Science & Technology for Breakfast - Register Now for the 2005-06 Season of Our Popular STRT Program!
An exciting new season of the Science & Technology Roundtable (STRT) will commence on Friday, September 9th with a presentation by Clifford Mass, Professor of Atmospheric Sciences at the University of Washington and weather forecasting regular on KUOW 94.9 in Seattle.
The STRT program brings the best and brightest from our research institutions and innovative companies to our members. Since 1997, leaders from business, education and research institutions, and government have convened at STRT to hear presentations on cutting-edge topics in science and technology in an intimate setting.
Read more and register online!
How Well Is Washington Competing in the Technology-Based Economy? The Technology Alliance Revisits Our State's Competitive Scorecard in Education, Research and Entrepreneurship
In 2003, the Technology Alliance released its first study benchmarking Washington's performance in the three recognized drivers of successful technology-based economies: excellent education systems, strong research capacity and a robust entrepreneurial climate. We measured Washington against eight peer states with technology-intensive economies - California, Colorado, Georgia, Maryland, Massachusetts, Michigan, Texas and Virginia - and found Washington strong in some areas but lacking in a number of key indicators. This year, the TA reexamined selected metrics and shared the new data at our State of Technology Luncheon. The TA will release its second comprehensive benchmarking report in spring 2006.
Newsletter sponsored by:
