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Article Excerpt
THE ENTREPRENEURS: Steve Vetorino, 45, founder of Applied Innovative Technologies Inc. in Fort Lupton, Colorado, and inventor of the NightStar; electrical engineer Jim Platt, 39, who helped Vetorino create the design and prototypes; and Todd Brown, 46, president of AIT, who provided business expertise for the product
PRODUCT DESCRIPTION: The NightStar flashlight uses magnetic-force charging instead of batteries to power the light. Users gently shake the flashlight for a charge that lasts up to 30 minutes. Today, the $39.95 product (as well as a compact version that's $29.95) is sold via QVC, catalogs, hardware stores, marine stores and more. Customers also include the U.S. military and distributors serving industrial markets such as mining and petroleum companies.
STARTUP: Approximately $10,000, which was spent on developing operational and marketable prototypes. When AIT received their first catalog order in 1998, an additional $280,000--raised by the inventors and by selling stock to family and friends--was spent to...
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