Jose Alberto and his partners, Julio Morales and Lou Saia, were not aware of the services of the SBDC when they came to us for guidance in starting their own manufacturing company. They needed guidance and funding when they decided to start their own manufacturing company PyroSense Technologies, after their previous employer closed the NJ facility, which resulted in a loss of over 30 full time jobs. Although they had decades of knowledge of the industry, they were still looked at as a start-up when speaking with lender, and financing became a major obstacle. However, In January 2014 they had funding offers from both financial institutions and private investors. In March 2014 the company was formed with private investor funding, comprising $150K capital and $250K loan facility.
The SBDC also recommended PyroSense Technologies to the William Paterson University’s College of Business to be analyzed by honor students in the semester long Practicum experience. The students reviewed all aspects of the business and gave a formal presentation to the business management on business expansion, marketing, and other business challenges they face. The students compiled a complete business plan with recommendations in marketing, operations and financial management. The PyroSense team was very pleased with the presentation and reports has begun working on adopting some recommendations including:
- Focus on ISO and other certifications
- Revamp website
- Looking for growth through acquisition
PyroSense Technologies started production in June 2014 generating income of $100K in the six months of 2014 and 50% increase of over $250 K in the first six months of 2015. In LESS THAN 15 MONTHS since starting, PyroSense has created a holding company, “PyroSense Group LLC”, and purchased the assets of PYCO Inc. in PA. With the industry somewhat fragmented, their plan is to acquire more companies and consolidate under the PyroSense Group, allowing them to offer superior products and customer services.
PyroSense already employs 22 employees, and is holding true to offering jobs to some employees who lost their jobs when the previous NJ facility had closed.