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2023Access to CapitalBusiness PlanCentralICAPStart-up

Laser Thermal

Amanda Forrester March 7, 2024

Laser Sharp Success: Laser Thermal Hits Million Dollar Milestone with the SBDC

Raised $6.5 million in equity investments; created 16 new jobs; licensed two patents; filed two patents; achieved over $1 million in sales from October 2022 to October 2023. www.laserthermal.com

When it comes to small-scale thermal measurements, Laser Thermal serves a need that hasn’t been fully realized in the market for decades: testing the thermal conductivity of items 1,000 to 10,000 times smaller than the average diameter of a human hair.

“We’re the definition of a niche market,” says Laser Thermal CEO and Co-Founder John Gaskins. “We are the only people doing what we’re doing.”

Until John launched Laser Thermal with Patrick Hopkins in February 2020, that kind of measurement science wasn’t available commercially — meaning that John and Patrick were literally designing their business model from scratch. In October 2020, John sent a consultation request to the Central Virginia SBDC, and the next day, he met with Director Rebecca Haydock on Zoom.

“There are a million different things that you can’t research when it comes to starting a business,” says John.

That’s where the SBDC offered assistance. As John’s main advisor, Rebecca connected him with specialists who helped support Laser Thermal in different areas, including finances, bookkeeping, web development and marketing. Laser Thermal also worked with both the Virginia SBDC’s Innovation Commercialization Assistance Program (ICAP) and the International Business Development Program (IBD).

“I could send an email and ask, ‘Hey, I’m thinking about this. Am I off base?’ Or ‘Is there anybody I can talk to about this?’” John says.

For the large industrial and academic companies Laser Thermal works with, information is everything, especially regarding optimization, performance, and cost cutting. The Laser Thermal team takes lab scale equipment that, for most people, is very unapproachable and packages it so that anyone can use it.

“You come into our applications lab, and I can teach you how to use our tool in 30 minutes,” says John.

John notes that the SBDC played a key role in helping him design his business model.

“A lot of our structure came from those early days talking to the SBDC, Rebecca and various mentors that we were plugged into.”

Ultimately, John points to mentorship as the most valuable resource he gleaned from the SBDC. Throughout the product development process and growth of the business, he notes that it would have been easy to feel like he was making decisions in a vacuum. Rebecca and the SBDC provided a sounding board that allowed an idea formulated in a University of Virginia lab to grow into a thriving small business boasting 17 employees, two granted patents, two additional filed patents, and over one million dollars in sales.

Today, Laser Thermal continues to scale with commercial tool sales, testing and contract services, and three government grants, including funds for new product development through the Air Force and the Defense Advanced Research Projects Agency. As John looks to 2024, he predicts plenty of growth and innovation, and he knows it will happen with the SBDC by his side.

“I’ve probably recommended the SBDC to half a dozen different businesses I’ve run into since we started working with them.”

The SBDC has also helped connect John to the entrepreneurial community, an essential support for all aspiring small-business owners.

“The entrepreneurial community in general is very giving,” he says. “They’re giving of advice. They’re giving of resources. They’re giving of connections to other people. Be willing to take advice, and let it inform how you choose to grow your business in the future.”

Afton ScientificAfton ScientificMarch 7, 2024
The BrickMarch 7, 2024The Brick

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