Goforth Announces VIC Investor Network

Virtual Incubation Co. has been re-branded as VIC Technology Venture Development, and in addition to its new name, VIC has some new money to offer for what founder and CEO Calvin Goforth called “world-changing technologies.”

More specifically, Goforth announced on Thursday the formation of the VIC Investor Network. The fund will place $250,000 in start-up capital into every new portfolio company that VIC forms.

The goal is to add four new companies to its portfolio each year, Goforth said. He said the capital comes from “primarily investors who have committed to fund the portfolio companies.”

“These are people who have committed to put their capital into every new company that we create, and in return we give them a favorable valuation compared to the historical norm,” he added.

Goforth made the announcement during a news conference at the Arkansas Research and Technology Park, an extension of the University of Arkansas. VIC is located at the ARTP.

Mitch Horowitz, vice president and managing director of Battelle Technology Partnership Practice in Cleveland, also spoke during the event and lauded VIC for its part in Arkansas’ ongoing effort to transition into a knowledge-based economy.

“VIC has come up with a solution that really stands out on a national footprint,” Horowitz said. “It’s not a typical commercialization initiative. It’s one that Calvin, with his associates, has really developed in a way that I don’t know of too many others around the country … [that] look like this.”

VIC, which currently has 12 companies in its portfolio, is a privately held, for-profit venture development firm.

“Our vision at VIC is really to be the best company anywhere at taking technologies out of universities and creating world-class companies around those technologies … science- and engineering-based technologies,” Goforth said.

VIC hopes to create more than 100 jobs over the next three years thanks to the introduction of the newly introduced network. Goforth said the average annual wage at current VIC companies is about $90,000.

Goforth also said VIC plans to add additional sites across the country. It recently created a sister company, Atlantic VIC, which is based in Boston. Atlantic VIC has launched two companies, and is on the verge of launching a third, according to Goforth.

A handful of current VIC companies will share $1.5 million — also known as the VIC Growth Fund — it was announced on Thursday.

“When we get another set of companies that need investment, we’ll put together another fund,” Goforth said.