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| Missouri Small Business & Technology
Development Centers ... your success is our business |
Friday, November 20, 2009
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Entrepreneur Archive:
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| Jordan Adams on the left; Laura Cyr and Michael Dees, right front discussing milling issues in production |
All steps in the manufacturing process are carefully monitored according to parameters set by the Swiss-based International Organization for Standardization (ISO). This ensures consistently high-quality IOLs for the company's far-flung customers and distributors, which range the world on five continents.
"We are in the process of developing a foldable IOL," reports Cyr. "It's similar to the soft contact lens except with arm-like attachments called 'haptics' that hold the lens in place within the sack of the eye."
But in order to conduct the research necessary to continue such product development and improvements, Cyr knows her company needs to pursue outside funding to expand into new product lines and grow the business.
Finding a funding source is where John Parfet, Missouri Federal and State Partnership (MoFAST) program specialist at the University of Missouri-Rolla's Center for Entrepreneurship and Outreach, provides expert advice.
"Without a doubt, the biggest problem Laura faces for her company is finding adequate funds for product development," says Parfet. "I've been guiding her through the application process for grants and contracts from a federally funded program known as Small Business Innovative Research (SBIR)."
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| The lenses are tumbled in glass beads and a formula to polish them. Charles Finch and Laura Cyr |
SBIRs are multi-phase grants offered through eleven federal agencies – such as education, health, transportation, and defense – to small businesses focusing on bringing innovative technologies to the marketplace. To be eligible for funding, an applicant's firm must be an American-owned, independently operated, for-profit business. It also must employ its principal researcher and have no more than 500 employees.
Once an SBIR proposal has been submitted, the applying enterprise faces stiff competition in receiving a Phase I grant of up to $100,000 for a six-to-nine-month period to explore the technical feasibility of an innovative idea. Over the years the number of proposals submitted has increased dramatically, according to Parfet. A successful Phase I project leads to additional funding for Phase II projects, up to $750,000 aimed at further developing commercial applications of the new or existing technologies.
Eyes of the World finds itself at the initial application stage. Its first grant application was unsuccessful last year. However, learning from that effort, Cyr remains undaunted and plans to resubmit a more competitive application this year.
"John worked diligently to assist me with the initial application," explains Cyr. "The grant-writing process can be overwhelming to a new person and John's experience in this area was most helpful and appreciated. He continues to work with me on refining the proposal and helping answer the reviewers' questions."
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| Quality Control Inspection: Laura Cyr on the left, Rhonda Barrett standing and Mary Summers seated |
The SBIR application process requires resiliency and resourcefulness. Cyr, who previously worked eight years in operations for IBM, demonstrates these qualities and more in managing her company.
As an example, two recent unexpected international events – the SARS outbreak in China and war in the Middle East – virtually eliminated elective lens-replacement surgery in those regions. This greatly reduced global demand for her company's lenses. Consequently Cyr led Eyes of World to doubly diversify by entering the animal IOL market and also by starting to sell its products directly in Latin America.
"It's this kind of adaptability, along with an apparently inherent entrepreneurial instinct, that gives the impression Laura Cyr and her company will continue to progress by developing improved products," says Parfet. "And more than likely they will achieve that progress with SBIR grant funding."
Eyes of the World, LLC
11130 Twitty Dr.
Rolla, MO 65401
Phone: 573-341-9958
Fax: 573-341-5367
E-mail:
lcyr@eyesoftheworld.us
www.eyesoftheworld.us
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Eyes of the World lives up to its name. The 14-employee Rolla firm makes high-quality intraocular lenses (IOLs) for a global market. 
