Carol Johnson, Southern Indiana Business Report
In the year since Kupros was named the winner of the Crane IP Pitch competition and $6,000 prize, founder Ian Ramsdell has raised more capital and established contracts with NASA, KBR and Boeing.
Based in Loogootee, Kupros manufactures an all-metal copper filament for 3-D printing electronic sensors and antennas. The technology was developed at Naval Surface Warfare Center, Crane. Kupros worked with Crane’s Technology Transfer office to obtain a license for the filament technology.
Innovators like Ramsdell will have the chance to pitch their idea this month. The fourth annual Radius Indiana “Crane IP Defense Innovation Pitch Competition” with royalty-free IP will be June 27. The competition offers cash prizes and unprecedented, royalty-free opportunities to commercialize the patented technologies and concepts developed by the PhDs, engineers, and staff at Naval Surface Warfare Center-Crane Division, Indiana’s only federal research laboratory. Individuals or teams are invited to develop an innovative proposal using any piece of intellectual property available from NSWC Crane’s Technology Transfer Program.
The Crane IP Pitch competition, hosted by Radius Indiana, was one of several that Ramsdell has entered to advance Kupros.
Kupros’ product is unique, Ramsdell said, because it offers a more cost-effective and efficient printing process than any other existing solution.
Ramsdell, who served 15 years in the United States Navy, moved to Indiana from Massachusetts to launch Kupros.
Early in 2021, he participated in the National Security Innovation Network Foundry, a 16-week Department of Defense program for start-ups. During the program, participants learned about technologies developed by the DoD that could be licensed for production by a private sector developer.
Ramsdell, a disabled veteran, learned about the all-metal copper filament during the NSIN Foundry program. He founded Kupros in August 2021.
Following NSIN Foundry, he participated in several other business accelerator programs, including the BunkerLabs Veteran In Residence program, an entrepreneurial program for aspiring military veterans.
Why a pitch competition?
A pitch competition gives entrepreneurs the chance to present their business concept to a panel in the hope of winning a cash prize or investment capital.
For start-ups like Kupros, pitch competitions provide a platform to practice their business pitch, receive feedback and meet potential investors and partners.
The money is important, but the primary value of pitch competitions is introducing a start-up to potential investors.
Indiana is a fertile state for start-ups, Ramsdell said, with funding opportunities and pitch competitions.
Winning a pitch competition is not like winning a lottery; there’s no golden ticket offering instant success.
“The point is to not get the golden ticket. If I suddenly got thrown $100,000, it might drastically change the direction of the company,” Ramsdell said. “It’s better to use gradual resources to grow the company and to have that motivation to seek other funding to get to the end of the rainbow. If someone threw $100,000 and all I did was have an idea, who knows what I would’ve done. A scarcity of resources teaches you to use resources efficiently.”
Winning the Crane IP Pitch competition has been a springboard for other competitions. Ramsdell also started a friends and family fundraising round. To date, he has raised $227,000, including $25,000 for being named a finalist in the US Army’s xTech Competition. He has received a total of $67,000 in pitch competition prize winnings. In 2023, Kupros was approved for just under $1 million in incentives from the Indiana Economic Development Corporation.
Regardless of the amount of the prize money, Ramsdell said “every cent counts.”
“Small money forces entrepreneurs to travel this journey the way it should be,” he said. “Pitch competitions force you to do your homework.”
Start-ups face many hurdles. Equipment costs can be a huge barrier for start-ups to overcome.
Ramsdell said Kupros hasn’t faced high costs, but it has experienced supply chain problems and delays that forced him to adjust his timeline.
Dealing with unexpected hiccups is part of the process.
“In start-up life, you hear, fail fast and fail often,” he said. “We have it ingrained that failure is not failure. If you never fail, and everything turns to gold. Without failure, hardship and pushing boundaries, you never give yourself or anything you do the opportunity to thrive. If everything is a success, how do you ever push yourself to do something better?”
Competition details
The June 27 competition is hosted by Radius Indiana, in partnership with Elevate Ventures, Naval Surface Warfare Center-Crane Division, Bloomington-based Dimension Mill, and the Indiana Small Business Development Center. Entrepreneurs will have the opportunity to connect with leaders from these organizations, and cash prizes totaling $12,000 will be available to the top three contestants. Additional prize funds and assistance will be available for competitors who currently have or agree to establish locations in the Radius region of southern Indiana.
“Radius Indiana is looking forward to the fourth annual Crane IP Pitch Competition and we are excited to see entrepreneurs pitch their ideas for using this amazing technology coming out of NSWC Crane,” said Blaine Parker, director of entrepreneurship and small business support for Radius Indiana. “The winners from past years have gone on to do great things with their new relationship with Crane.”
The registration deadline is June 16. Visit www.radiusindiana.com to learn more and register for the competition.