MTEC SmartZone Client Lasalletech Receives $50K Grant to Expand into New Markets
HANCOCK -- LaSalle Technology Group LLC announced it had received a state Business Accelerator Fund grant of $50,000. They will use the funds to employ two marketing agencies to assist them in growing their customer base in the financial trade market.
The collaboration involves Upper Michigan's leading full-service marketing agency, Houghton-based Upper Peninsula Marketing Department Inc., and PropelGrowth in New York City.
Upper Peninsula Marketing Department Inc. serves a local, diverse clientele from health care to technology companies. PropelGrowth is a marketing agency that works exclusively with capital markets, specializing in developing programs to build awareness and drive demand. The agencies will work together to develop and implement strategies that will grow Lasalletech into new markets, focusing on New York City.
Karyn Olsson, Chief Marketing Officer for Upper Peninsula Marketing Department Inc., said she looks forward to partnering with PropelGrowth to help Lasalletech expand its customer base.
"While we have several years' experience working with Lasalletech, it has been difficult for us to understand the market in great depth because of its complexity. This is why we're so excited to have PropelGrowth on board," Olsson said. "They have incredible experience and intimate knowledge of the financial trading industry which will help guide us to make smart marketing decisions and grow business for Lasalletech."
"Our largest markets right now are Chicago, Germany and Brazil. New York is a next natural step for us," Lasalletech co-founder Jim Northey said. "This grant is fueling our marketing into a much more strategic direction."
Lasalletech, founded in 2006 by Jim and Jacob Northey, delivers software for the high-tech financial trade industry. The Hancock-based firm established itself as an industry leader with its innovative FIX Conductor certification and on-boarding solution. Fix Conductor is among a suite of tools Lasalletech designed to lower the cost and hassle of FIX adoption and usage. Lasalletech's FIX Product Suite is sold and used worldwide.
The Financial Information eXchange (FIX) Protocol is a series of messaging specifications for the electronic communication of trade-related messages. It has been developed through the collaboration of banks, broker-dealers, exchanges, industry utilities and associations, institutional investors, and IT providers from around the world. These market participants share a vision of a common, global language for the automated trading of financial instruments.
Lasalletech operates out of MTEC SmartZone's Jutila Center campus, using technology, loan programs and marketing resources provided by the small business incubator.
MTEC SmartZone Program Director Jonathan Leinonen says MTEC SmartZone is partnering with the Michigan Small Business Technology & Development Center and the Michigan Economic Development Corp. to assist companies that demonstrate solid growth opportunities.
"Because Lasalletech is able to use the funding to open significant new market opportunities, our community stands to benefit from this investment with new technology-based jobs," he said.
In order to receive a BAF grant, companies must apply through MTEC SmartZone and pass a rigorous, competitive review process. Applicants must meet certain financial criteria, operate in one of Michigan's core-technology industries, and demonstrate how the grant will provide significant opportunities for job creation in Michigan.
The Business Accelerator Fund is a two-year, $3 million fund accessed by participating business accelerators statewide, to provide specialized services to companies commercializing advanced technology. The program was developed with input from 13 Michigan business accelerators, using that network to spread best practices statewide, in tandem with MI-SBTDC business consulting, entrepreneurial education, and information-based planning services.
For more information about Lasalletech, visit www.lasalletech.com.
For more information about Upper Peninsula Marketing Department Inc., visit www.marketingdepartmentinc.com.
For more information about PropelGrowth, visit www.propelgrowth.com
