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|Articles - October 2011|
|Thursday, September 22, 2011|
Page 1 of 3By Ben Jacklet
One night several years ago, Chris Ulum was driving to the Oregon Coast with his 10-year-old daughter when she asked him to explain the project that had been keeping him so busy on evenings and weekends. “So I finally explained it to her,” he says, “and at 10 years old she completely grasped the business opportunity and the value proposition. You don’t have to convince anyone of our dependency on fossil crude oil and the merits of having a drop-in replacement for fossil crude. And if you can get that from a garbage stream that’s already being picked up and handled by someone, then it’s not hard to sell the supply demand aspect of the proposition. It just makes intuitive sense.”
By that point, Ulum’s business partner, chemist Kevin DeWhitt, had figured out the technical challenges involved in converting waste plastic to crude synthetic oil. But before DeWhitt could scale the concept to produce significant amounts of oil, he needed money, and to get money he needed a business plan. That was Ulum’s job: to turn a great idea with solid science behind it into a great business.
Ulum, a 48-year-old graduate of Oregon State University with an MBA from Duke University, met DeWhitt through a colleague at Sun Microsystems in November 2004. Their weekend and evening meetings grew more common throughout 2005 and ultimately convinced Ulum to take the plunge and leave his job to launch a startup. They originally called the business Plas2Fuel, and have since renamed it Agilyx (pronounced “Agile-ix”). Recession notwithstanding, they have raised more than $26 million and formed partnerships with key players in the oil and waste industries while building a 35-person company poised to grow into a market leader.
The first step was to prove that their system worked. They accomplished that fairly quickly, raising $300,000 in seed capital in April 2006, building a prototype system at an industrial property in Tigard and extracting their first batch of crude oil from waste plastic several months later. That quick success enabled them to raise more money on better terms.
Wednesday, August 06, 2014
BY LINDA BAKER | OB EDITOR
Portland startup Green Endeavor strikes gold, inking a partnership with Underwriters Laboratories, an Illinois-based consulting and certification company with offices in 46 countries.
Monday, July 14, 2014
BY VIVIAN MCINERNY | OB BLOGGER
Some people think Amazon’s winking eye logo is starting to look like a hoodwink.
Friday, July 18, 2014
BY JASON NORRIS | OB GUEST CONTRIBUTOR
Back in May, we shared a common Wall Street quote about investing, “Sell in May and go away.” Fast forward to July and the most common question we have been getting from clients is, “When is the market pullback going to occur?”
Thursday, July 24, 2014
BY CLIFF HOCKLEY | OB GUEST CONTRIBUTOR
With the increasing retirements of Baby Boomers, a massive real estate shift has created a significant increase in demand for NNN properties. The result? Increased demand has triggered higher prices and lower yields.
Tuesday, July 01, 2014
BY HANNAH WALLACE | OB BLOGGER
Demand for organic food continues to soar: Last year, sales of organic food rose to $32.3 billion — up 10% from 2012. In Oregon, organic produce wholesaler Organically Grown Co. has been championing organic growing methods for four decades.
Thursday, July 24, 2014
BY LINDA BAKER | OB EDITOR
Remember the naysayers? Those who called the South Waterfront aerial tram a boondoggle? Those who rejoiced at the massive sell off of luxury condos at the John Ross and Atwater Place?
Tuesday, August 26, 2014
BY DEBRA RINGOLD | OP-ED CONTRIBUTOR
Why has six years become an acceptable investment in public undergraduate education that over-promises and underperforms?
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