StrongTech Case Study
Hoping to profit in the world of RFID (radio-frequency identification), in 2006 Mike Mann formed StrongTech, an RFID and asset management software company. RFID technology uses a wireless system to relay information from tags attached to objects. The tags, which are used in a variety of industries, help workers track and identify materials.
With Mann’s purchase of a tiny RFID-related company in Ohio, StrongTech was born.
Mann says he built the firm from a two-person operation “in the middle of nowhere,” into a multi-million dollar company providing cutting-edge technology services. “We rebuilt it, rebranded it and hired new people,” Mann explains, adding that the name was changed and a new logo and slogan were created. Having formed from Mann’s WashingtonVC business incubator, StrongTech developed new RFID technology and obtained contracts to provide RFID to the government.
Within two years Mann had profited big time by selling StrongTech. Before completing the transaction in 2008, StrongTech officials had worked to revolutionize how companies utilized RFID, and also made strides with its SaaS asset management.