CED is kicking off a new series of startup company profiles called “Innovation Spotlight.�
We'll begin by profiling recent graduates of CED's FastTrac Tech, a 10-week entrepreneurial training program that addresses the needs of start-up entrepreneurs practicing and refining their business pitches and seeking to grow high-tech, life science or other high-growth companies.
Kyle Mankes, CEO of Raleigh-based Xulura Measurement, recently spoke with us about his company.
What is your target market?
State Departments of Education for No Child Left Behind mandated testing.
How will your company make money? When?
Xulura is a service company that provides low cost, fast-turnaround, test development solutions to state agencies. We developed a suite of applications that provide flexible solutions with automated workflow, performance metrics, and documented accountability.
What will be your biggest challenge as a startup in your space? What are your tactics for facing this challenge?
Right now our biggest challenge is educating investors about our industry. This is a niche industry with only about a dozen players nationally, but with over a billion dollars spent annually on state testing. At the mention of standardized testing investors think “SAT, GRE, LSAT, etc.� and forget about End of Course and End of Grade testing. Additionally, investors only see 50 possible customers (states), which is a misconception. There are 50 state customers, thousands of local district customers, and hundreds of private assessment clients. We believe our biggest challenge, once we achieve investment, will be securing our first contract. Our first client will have to take a risk on a company with no history.
Contact info?
Kyle Mankes, CEO, Xulura Measurement, (919) 342-5771, kmankes@xulura.com