Our mission is to form and grow technology companies based on innovative science and engineering that can improve the world.
VIC Technology Venture Development (originally Virtual Incubation Company) was established in Fayetteville, Arkansas in 2000 as a consulting company to assist technology company entrepreneurs by providing them access to an experienced team of business development experts. The VIC team was spread across multiple young companies in order to keep costs carefully controlled. In 2003, VIC switched the focus of its work and began itself founding and developing technology companies.
VIC has developed a complete ecosystem for the development of technology companies with strong intellectual property (IP) foundations. VIC’s internal opportunity assessment team screens about 1500 technologies per year. Only those that pass through VIC’s rigorous opportunity assessment process, which includes market research, patent analysis, competitive intelligence, and strategy development, are selected to be the foundation for a new VIC portfolio company. VIC has created branch offices to build deep relationships with key IP centers and to provide executive level team members to help guide new companies in their early development phase. Additional branches are planned around the country.
Each new VIC portfolio company receives a $250,000 seed investment from the VIC Investor Network (VIN). The VIN investment allows each new VIC portfolio company to get a quick start and is typically used to hire the first full-time scientist or engineer into the company. The next investment round after the initial seed round, which is typically while a company is still pre-revenue, has commonly been raised as needed, on a company by company basis, from VIC’s network of investor relationships. However, the new VIC Venture Fund will have the ability to place $1m-$4m investments into the most promising VIC portfolio companies thereby creating faster development time frames through less delays and more optimal capitalization levels. Other sources of funding, such as non-dilutive Small Business Innovation Research grants and large company partner funding, will also continue to be accessed.
When choosing technologies to license and serve as the initial intellectual property foundation for a new portfolio company, or to expand the opportunity for an existing portfolio company, we look for transformative technologies. These technologies offer a significant benefit to the industry in which they exist and have the potential to make significant and positive impact on quality of life. In short, we create companies that provide Technology Solutions for a Better World.