CRG was named to the annual Inc. 5000 list, considered one of the most prestigious rankings of the fastest-growing private companies in the U.S. The rankings are based on percentage revenue growth from 2018 to 2021, and companies must be U.S.-based, privately held, for-profit, and independent.
CRG saw 98% growth during this period, despite the coronavirus pandemic and other challenges. As of this year, CRG has been named to this list eight times – 2007, 2008, 2009, 2010, 2011, 2015, 2020, and 2022.
According to INC. magazine, the companies on the 2022 Inc. 5000 list have “demonstrated resilience amid supply chain woes, labor shortages and the ongoing impact of Covid-19.”
The Miami Valley area saw 11 companies make this year’s annual list.
Cornerstone Research Group, Inc. (CRG), with support from licensing partners Kineticure, LLC and Heatcon Composite Systems, Inc., launched the Rapid Cure System (RCS)™ to accelerate the cure of bonding materials throughout production and sustainment life cycles. This makes the RCS a must-have for OEMs and MRO organizations performing in-field and depot repairs.
Successful development of the RCS was accomplished through the Air Force Small Business Innovation Research (SBIR) Program.
The patented RCS is a quick, portable curing system that utilizes safe, localized heating methods and includes multiple, independent control zones. RCS products permit a single user to perform several cure processes concurrently, increasing efficiency and reducing costs. In one use case the RCS can reduce ambient cure time from 24 hours to less than 4 hours, meeting needs driven by 5th generation aircraft.
For more information about RCS products or to place an order, visit Heatcon’s website.
Karman Space & Defense, backed by Dallas-based private equity firm Trive Capital, has partnered with CRG to acquire the MG Resin family of technologies formerly marketed through Mach 5 Materials. The acquisition of MG Resins represents a significant expansion of Karman’s core competencies in integrated composite systems for space and defense applications and assures their leadership in the carbon/carbon market.
CRG developed the patented MG family of resins to address the growing need for ultra-high-temp materials with higher char yields, improved processability, and reduced cycle times. CRG designed an innovative solution that enables the production of best-in-class, high-strength carbon-carbon parts at temperatures above 1200 °C.
Karman Space & Defense is one of the largest independently owned suppliers of mission-critical flight hardware and complex sub-assemblies to the space, missile, and hypersonic markets. They provide design and engineering, precision machining, large part forming, high-temperature and structural composite material processing, and sub-assembly services, while actively adding new capabilities in collaboration with customers.
Pat Hood, CEO of CRG, commented, “We are excited to partner with Karman and believe their set of differentiated capabilities, capacity and talented team makes them the right strategic partner to deliver the MG Resin value proposition to customers across the space, missile, defense and hypersonic supply chains. We believe joining forces with Karman will accelerate the commercialization of carbon-carbon technologies, and we look forward to creating value for customers.”
On Thursday, September 30, 2021, at a “Collider Event,” from 2:00-4:00 PM, at the Wright Brothers Institute, Cornerstone Research Group will be sharing their success story and strategies and helping other small businesses interested in succeeding in the SBIR (small business innovative research) contract process.
CRG is a nationally recognized technology leader in the aerospace and defense field. One of CRG’s greatest accolades is being Ohio’s #1 SBIR awardee – no other company in Ohio has won more SBIRs. CRG is willing and excited to speak about their pathways to success.
At the Sept. 30 event, CRG will be sharing their overall strategy and lessons learned throughout their history. Their Venture Studio leadership team will share insights on the topics below and more.
SBIR and non-SBIR BAA
Working with government customers
Strategies on leading and growing this type of organization
Technology commercialization, including the formation of CRG’s Venture Studio, launched in 2020
Inc. magazine revealed that CRG was one of three Dayton-based businesses to make the Inc. 5000 Regionals: Midwest 2021 list of 250 fastest growing companies. The Midwest region covers a 12-state territory that includes Ohio, Indiana, Illinois, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wisconsin.
The Inc. 5000 rating looked at revenue growth from 2017 to 2019. CRG ranked No. 152 with a growth rate of 93%.
The FAA is coming out with new rules requiring that drones have no exposed rotating parts — good news for Lectratek’s ducted fan propulsion systems. The final rules will be released in January.
Under the Operation of Small Unmanned Aircraft Systems Over People rules, drones will be required to have no exposed rotating parts that could potentially lacerate human skin. For example, if the propellers that provide lift and thrust for the small unmanned aircraft are internal to the unmanned aircraft, such as in a ducted fan configuration, and are incapable of making contact with a person as a result of an impact, then the parts would not be exposed, and the aircraft would satisfy this proposed requirement.
Lectratek is poised to provide the suitable propulsion systems as well as lightweight batteries required for electric flight.
Launch Dayton, Dayton’s on-line startup community of entrepreneurial “ecosystem builders,” announced the top 10 startups to watch in 2021. Lectratek was listed among them.
“Lectratek LLC is looking to power the world’s first flying cars. The startup is focused on powering eAviation technologies for an industry poised for dramatic growth in the coming years. A spinout of private aerospace and defense firm Cornerstone Research Group, Lectratek leverages two decades’ worth of federally sponsored research into electric aviation for applications from commercial and industrial drones to mid-tier commercial airliners. The current team is actively recruiting for executive leadership and business development positions.” –Launch Dayton
CRG’s Venture Studio today has launched an electric aviation (eAviation) technology company, Lectratek LLC. This new company is focused on powering eAviation technologies for an industry poised for dramatic growth.
Lectratek leverages core proprietary technologies developed over the years by CRG. Initial offerings will include engineering services and aircraft components related to electric propulsion, advanced affordable composites, and safe energy storage. Growth over time is anticipated to eventually touch virtually all aspects of electric aviation powertrains and some structural components. The new company is already off to a strong start, leveraging over $25 million of prior DoD/NASA investment at CRG, including three new Agility Prime contracts.
“Nothing could be more appropriate to the Dayton region’s inventive roots than growing a company to be a leader in the next wave of aviation,” said CRG’s CEO Patrick Hood. “Electric aviation is rapidly moving from something people dream about to something people will use every day, and Lectratek is positioned to be a leader in the field.”
Lectratek is the first new company coming out of CRG’s recently formed Venture Studio to gain critical mass, according to Andrew Cothrel, CRG’s Chief Venture Officer. “We are really pleased with how quickly customer demand is becoming tangible for Lectratek, particularly for our highly unique propulsion solutions,” said Cothrel. “While it is still early days in eAviation, this is a market forecasting to be worth $178B by 2040, and we think Lectratek has something to offer that can lead to enduring success.”
NASA has selected 17 U.S. companies for partnerships to mature industry-developed space technologies for the Moon and beyond through the Space Technology Mission Directorate’s 2020 Announcement of Collaboration Opportunity.
CRG will evaluate a 3-D printing method that makes use of slurry-based thermoset resins to fabricate thermal protective systems. CRG will partner with NASA centers to test and evaluate the material’s performance in flight-relevant environments, utilizing NASA facilities and experts at Johnson and Ames.
Other companies involved in these space technologies include Elon Musk’s SpaceX and Jeff Bezos’ Blue Origin.
The Dayton Business Journal posted an article about CRG’s zoning approval to commence a battery manufacturing process at its new facility at 8821 Washington Church Road. CRG acquired the property in January, 2020, and it added 126,000 square feet of manufacturing or production space, 36,000 square feet of warehouse space and 12,000 square feet of office space.
“The [zoning] decision will enable CRG to outfit a 2,000-square-foot space inside the building to develop batteries for the Department of Defense that are approximately the size and thickness of a credit card,” said Jeffrey Bennett, CRG’s Vice President of Operations. “Five to eight of them will be put together in a pack, so it will be about the size of a deck of cards. It is then incorporated into body armor for troops on the ground.”
Upon completion and renovation, the new facility will be CRG’s third location in the Dayton region.