A Patent-Creating Pioneer
Since its inception in 1952, Ikonics Corp. has been best known for creating and transferring images through various processes, including its core competency, photochemistry. Based in Duluth, Ikonics is both a growing company and a leader in developing imaging technologies. In 2005, Fortune named Ikonics No. 57 on its list of the “100 Fastest Growing Small Public Companies.” Also, in fall 2007, Ikonics was named as a finalist in the Small and Growing Company subcategory in the Advanced Manufacturing Category for the 2007 Tekne Awards, an annual black-tie gala that recognizes Minnesota’s companies and leaders and their outstanding achievements in technology.
As the president of Ikonics, Bill Ulland is proud of the new and inventive products his team produces. Ikonics holds a couple dozen patents, and Ulland believes one of its most important patents-pending provides a new growth opportunity for the company. Manufacturers at Ikonics developed a process related to digital printing or ink-jet printing of specialty materials called digital texturing. In that process, a transfer film is made for companies who make molds for plastic injection molders. “There are other Bill Ulland, Ikonics Corp., Duluth competing ways to do this, which are, in our opinion, pretty old-fashioned and pretty expensive,” explains Ulland. “So we’re offering the customer something that’s much more convenient and will have a lower cost to them.”
As proof that digital texturing is an up-and-coming manufacturing process, Ikonics has teamed with Imaging Technology International, a company based in Boulder, Colo., that develops industrial-grade or ink-jet printers, to better utilize this new tool. “We are making product right now for this market. Our business plan is to initially sell the printed image to these mold makers [and] eventually sell them the machine and our consumable and substrate fluids so they can bring that work in-house.”
While Ulland is pleased that the company is quite profitable, he believes it should be growing faster and looks forward to 2008 to push Ikonics to yet another level of growth. Though the tough economy hasn’t affected Ikonics as much as other companies, Ulland knows Ikonics products are vulnerable to recession. This motivates Ulland and his colleagues to get involved in new businesses so they can buffer themselves against a difficult economy. Since Ikonics has been a pioneer in innovation and growth, that shouldn’t be a problem.
— N.R.