Virtual Incubation Company is a technology venture development firm. We develop new companies by partnering technology entrepreneurs with business experts, technology experts and seed stage investors.

We provide portfolio companies with senior management experience, intimate knowledge of technology startup companies, and proven processes to execute business strategies.

We are technology focused, business centered, and success oriented.

Technology Specialists

The present rate of technological progress is historically without parallel. This rate of change will continue to accelerate due to critical mass being reached with enabling (foundation) technologies.

This unprecedented rate of technological growth has caused a critical shortage of people who can bridge the gap between the technology and business worlds and provide the leadership necessary to maximize the probability of success for a technology-base company.

Virtual Incubation Company can help you make the journey from an idea to a successful technology-based enterprise by utilizing our virtual team approach. Specialized team members are only brought in when they are needed. This approach maximizes return and minimizes cost.

Our Mission

Virtual Incubation Company serves two separate, but mutually interested entities: Our portfolio companies and members of our investor network. Because of this, we carefully recognize and acknowledge two distinct missions:

For our portfolio companies, the mission is to maximize the probability of portfolio company success by reducing risk, implementing excellent business practices, and facilitating essential capitalization.

For investors in our portfolio companies, the mission is to provide our investor network with high return investment opportunities in thoroughly screened and assessed, well-conceived and managed, technology-based companies with excellent growth potential.

Our People

The Virtual Incubation team brings extensive experience across legal, financial, operations, marketing, capital acquisition, and technology management areas. Our established pool of experts helps technology companies meet their management and business planning goals by providing appropriate support at each stage in their development, as it is needed.

Our board consists of individuals who have not only proven themselves, but who have excelled in their many endeavors. Their backgrounds include law, finance, real estate, medical services, human resources, economics, business planning and commercialization, strategic advising, technology development, science, and engineering. Members have experience in both private and public arenas and support portfolio companies by lending their tremendous experience and personal networks.

Mr. Ramsay Ball
Mr. Ramsay Ball is a principal with Colliers International Arkansas, the state's largest commercial real estate company. Mr. Ball received his M.B.A. in Finance from the Louisiana Tech University, and his bachelor's degree in Marketing from the University of Arkansas. Ramsay Ball has formed over 30 entities that have invested in real estate and venture capital in the region. He is a manager of the technology investment company Alpha Fund I and serves on the boards of BlueInGreen, SFC Fluidics, Biologics MD and Virtual Incubation Company. Mr. Ball is Vice Chairman of Green Valley Development, promoting sustainable economic development in Arkansas and is a member of Accelerate Arkansas, a statewide group committed to building a competitive, knowledge-based economy in Arkansas. He also serves on the Foundation Board of Northwest Arkansas Community College.

Mr. Clete Brewer
Mr. Brewer was recently named Chairman of the Board and Chief Executive Officer of BlueInGreen, LLC, a Virtual Incubation portfolio company. BlueInGreen provides innovative systems that improve and maintain water quality and create sustainable ecosystems.

Previously, Mr. Brewer spent eight years with Georgetown, TX based Sport Clips Inc. as part-owner and President. Sport Clips grew from 42 stores to over 670 stores during Brewer's tenure and from $15 million revenue in 2002 to over $190 million in 2009. Entrepreneur Magazine named Sport Clips one of America's 50 Fastest Growing Franchises for the past five years. Prior to Sport Clips Inc., Mr. Brewer was Chairman and CEO of Staffmark, later named Edgewater Technology, from 1994 to 2000 where he helped grow the company from $12 million in revenue to over $1 billion in 1999. In 1998 he was named Entrepreneur of the Year by the University of Arkansas Walton School of Business. Mr. Brewer began his business career in 1988 when he and his father co-founded Brewer Personnel in Fayetteville, Arkansas and launched into the staffing industry.

Mr. Ted Dickey
Mr. Dickey received a B.A. from the University of Arkansas, where he was elected to Phi Beta Kappa. Thereafter, he earned a Juris Doctorate and was admitted to the Arkansas Bar. He spent over six years at Stephens Inc. in their Corporate Finance Department employed as a Financial Analyst, an Associate in the Financial Services Group and then as a Vice President in the Private Placement Group. During this time, he was responsible for placing debt and equity securities with institutional investors for public and private companies. Ted is a Chartered Financial Analyst, licensed with the Arkansas Real Estate Commission, a 2004 Arkansas Business selection to the "40 Under 40" list of businesspeople in Arkansas, and is the former chairman of the Arkansas Ethics Commission.

Dr. Calvin Goforth, Chairman
Dr. Goforth has extensive experience in start-up company development including intellectual property assessment, building strong development teams, raising private and government funding and bringing products to market. Early in his career, Dr. Goforth held positions at NASA and Rocketdyne, where he worked on space shuttle main engine development. He later received his Ph.D. in Mechanical Engineering with a minor in Electrical Engineering from Stanford University. In 1990, he returned to his home state of Arkansas and took a position as an Assistant Professor in Mechanical Engineering at the University of Arkansas. At the University of Arkansas, he received the school’s Halliburton Outstanding Researcher Award in Mechanical Engineering for the years 1991-92, 1992-93, and 1993-94. In 1994, he saw an opportunity for a start-up venture and left his faculty position at the UA to form Vector, Inc. with the vision to build open-architecture PC based controllers. He self-financed the company and developed its first product in one year. Product sales in the second year were over $500,000 and ramping-up quickly at which time he sold the company. Dr. Goforth’s experiences with Vector and other early stage technology companies led him to found Virtual Incubation Company in May 2000. At Virtual Incubation he developed the company’s virtual enterprising business model to support the formation and development of technology start-up companies. Dr. Goforth continues to serve as President of Virtual Incubation and on the Boards of several Virtual Incubation portfolio companies. He also serves on the Science Advisory Committee of the Arkansas Science and Technology Authority.

Dr. James P. Hendren
Dr. Hendren has been a leader in raising the awareness of the importance of technology development in Arkansas' economic growth strategy since the mid-1980's. He received his doctorate in physics from the University of Arkansas in 1972, providing a foundation for his successful career in sophisticated software development in both the defense and banking industries.

From 1980-1996, James was president, then Chairman until 1998, of Arkansas Systems, Inc. (ARKSYS), one of Arkansas' early "high-tech" companies. While growing that company from a small, home-grown company to an internationally known corporation, he served on the Arkansas Science & Technology Authority board of directors and helped organize the non-profit Association of Knowledge-based Companies of Arkansas. Appointed in 1999 by Governor Huckabee to serve on the Arkansas Economic Development Commission, he has continued his advocacy for a statewide technology strategy and most recently chaired the ADED's State Taskforce on Advancing Knowledge-Based Jobs. He also is involved as an investor/advisor to eight (8) startup technology companies. He is actively involved in a number or non-profit organizations including the Quapaw Area Council, Boy Scouts of America.

Mr. Blair Johanson
Blair R. Johanson, president of Johanson Group, has over 25 years of business operations experience with a focus on strategic planning, budgeting, hospital and physician management, and marketing and human resource management. Mr. Johanson joined Johanson Group, a management consulting firm in 1999. Johanson Group has been in business since 1972.

Prior to joining Johanson Group, Mr. Johanson was employed by Pendulum Practice Management Company, Physicians Resource Group, Inc., and Charter Medical Corporation. As a senior vice president, regional operations vice president and hospital administrator, he provided development and operations leadership for numerous physician practices and hospitals. He is a graduate of the University of Arkansas, Sam Walton School of Business with a master's degree in business administration and bachelor's degree in personnel administration.

Mr. Greg Lee
Mr. Lee is a graduate of the University of Arkansas with a B.S. in Business Administration. He retired in April 2007 from Tyson Foods, Inc. as Chief Administrative Officer and President of Tyson Foods International. He joined Tyson in 1980 as a regional sales manager in the foodservice division and rose progressively through the ranks in sales, marketing, operations, and general management both domestically and internationally. He served as Chief Operating Officer of the company when IBP was acquired in 2001, then Co-Chief Operating Officer until 2003 when he became CAO and International President. Mr. Lee serves on the board and is a past president of Big Brothers, Big Sisters of NWA. He serves on the boards of the Fayetteville Public Educational Foundation and the American Heart Association of NWA. He is a member of the Northwest Arkansas Business Council and serves on the Dean’s Advisory Board for the Walton College of Business at the University of Arkansas, the U of A’s 2010 Commission, the U of A Board of Advisors, and is chairman of the board for the U of A Technology Development Foundation. Mr. Lee is also a member of the boards of Signature Bank of Arkansas and the Washington Regional Medical System.

Ms. Ruth Whitney
Ruth H. Whitney is the founder and CEO of InVeritas Research & Consulting, Inc. She serves as a strategic advisor to corporate, political, and non-profit clients nationwide based on her expertise in law, government, politics, and public opinion. Her public affairs clients include Fortune 500 corporations Baxter Healthcare, Chesapeake Energy, Northrop Grumman and Wal-Mart, as well as Arkansas Capital Corporation, The Paper Tigers, and Youth & Family Centered Services. In addition, Ruth has worked with Congressman Marion Berry (AR), Governor Mike Beebe (AR), Attorneys General Thurbert Baker (GA), Jim Hood (MS), Chris Koster (MO), and Dustin McDaniel (AR), and Secretary of State Charlie Daniels (AR). Ruth graduated Phi Beta Kappa from the University of Arkansas at Fayetteville and earned her Juris Doctorate from the University of Arkansas at Little Rock. Before founding InVeritas, Ruth built and managed the Arkansas office of Global Strategy Group where she specialized in executing winning campaigns in the public and private sectors. Prior to joining GSG, Ruth served as Counsel and Chief of Staff to Attorney General Mike Beebe and developed professional relationships with Attorneys General across the country. As Chief of Staff, she was responsible for the legislative and intergovernmental affairs bureau, the public affairs division, as well as the divisions of communications, and community relations. Ruth has extensive legal and management experience, including over 10 years as a healthcare and administrative lawyer with the Arkansas Department of Human Services; Counsel to Mitchell, Williams, Selig, Gates & Woodyard law firm; and as Director of the Division of County Operations and Director of Youth Services for the Arkansas Department of Human Services.

Dr. Calvin Goforth, President
Dr. Goforth has extensive experience in start-up company development including intellectual property assessment, building strong development teams, raising private and government funding and bringing products to market. Early in his career, Dr. Goforth held positions at NASA and Rocketdyne, where he worked on space shuttle main engine development. He later received his Ph.D. in Mechanical Engineering with a minor in Electrical Engineering from Stanford University. In 1990, he returned to his home state of Arkansas and took a position as an Assistant Professor in Mechanical Engineering at the University of Arkansas. At the University of Arkansas, he received the school’s Halliburton Outstanding Researcher Award in Mechanical Engineering for the years 1991-92, 1992-93, and 1993-94. In 1994, he saw an opportunity for a start-up venture and left his faculty position at the UA to form Vector, Inc. with the vision to build open-architecture PC based controllers. He self-financed the company and developed its first product in one year. Product sales in the second year were over $500,000 and ramping-up quickly at which time he sold the company. Dr. Goforth’s experiences with Vector and other early stage technology companies led him to found Virtual Incubation Company in May 2000. At Virtual Incubation he developed the company’s virtual enterprising business model to support the formation and development of technology start-up companies. Dr. Goforth continues to serve as President of Virtual Incubation and on the Boards of several Virtual Incubation portfolio companies. He also serves on the Science Advisory Committee of the Arkansas Science and Technology Authority.

Omid Moghadam, Executive Vice President
Omid Moghadam is an inventor, and serial entrepreneur with 20 years of experience in commercializing new technologies. His main area of focus is on creation of new ventures and developing self-sustaining business models for them. Mr. Moghadam joined VIC from Harvard Medical School’s Center for Biomedical Informatics, where he was focusing on applications of personal genomics in clinical practice, and from Xovo, a firm he founded to commercialize new genomics tools. Prior to Harvard, he Co-Founded Integrated Analytics Solutions, an Intel division providing services to the genomics industry, and Dossia; a corporation that created the first national network for managing personally controlled health records. Today, some of the largest US corporations such as Intel, Wal-Mart and ATT are using Dossia to revolutionize their employee healthcare offerings. In the past, he also held executive positions with AMS-CGI and Eastman Kodak Corporations where he spearheaded new innovations in cardiac imaging and digital photography. He serves on the board of directors of Health-e Pty of Australia, Resounding Health Inc. and Best Shot Foundation, as well as advisory boards of Genophen Inc., Robert Wood Johnson Foundation and Children's Hospital Boston. Currently he is working on a number of new startups in Clinical Genome Analysis, Cancer Diagnostics, Medical Imaging, Consumer Health, and Disease Prevention. Mr. Moghadam blogs at http://omidmoghadam.blogspot.com

Mark Kidd, Vice President of Finance and Administration
Mr. Kidd is a certified public accountant licensed in the state of Arkansas with over 30 years experience in accounting and financial management. He graduated from the University of Arkansas at Little Rock with a B.S. in Accounting and a M.S. in Accountancy. Mr. Kidd joined Virtual Incubation in 2008 where he assumed typical CFO duties for accounting, finance, taxation, benefits, insurance, administration, and information technology as well as grant administration. He has implemented improved processes, accurate and timely financial reporting and financial projections, productivity enhancing information technology, performance focused employee evaluations, and improved employee benefits. Prior to joining Virtual Incubation, Mr. Kidd served as Vice President and Corporate Controller of Cooper Communities, Inc., a diversified real estate development company, where he was responsible for internal and external financial reporting, budgeting, financial planning, and corporate governance activities.

Kimberley Fuller - Director, Market Research & Business Development
Ms. Fuller graduated from Dalhousie University (Halifax, Nova Scotia, Canada) with a Bachelor of Science in Clinical Psychology and Statistics, and subsequently completed her M.B.A. at St. Mary’s University (also in NS, Canada). Prior to joining VIC in 2006, Ms. Fuller served as the director of financial services at one of the nation’s top competitive intelligence research and consulting firms, Fuld & Company Inc., where she helped clients determine appropriate market research objectives, managed research projects, identified ideal market niches, and assisted clients in developing product and company positioning strategies. Ms. Fuller has also worked in the pharmaceutical and telecommunications industries where she gained experience in designing quantitative market research studies, completing statistical analyses, preparing actionable marketing plans, and conducting focus groups.

Randy Andress, Senior Electrical Engineer
Mr. Andress holds a B.S.E.E. as well as a B.A. in English from the University of Arkansas. His experience includes microcontroller and DSP systems, motion control software, industrial control applications, and vision systems for military band aerospace applications. He performs circuit board design, electrical system design, and programming in C/C++ and assembly languages. He also writes technical support documents and conducts training classes for technical support personnel.

Dr. Anna Daily, Senior Scientist
Dr. Daily received her Ph.D. in Cell and Molecular Biology from the University of Arkansas in 2007. Following the completion of her Ph.D., she then took a post-doctoral research associate position in the Department of Chemistry and Biochemistry at the University of Arkansas. During her post-doctoral work, Dr. Daily contributed a significant amount of her time to mentoring undergraduate honors students in the research lab. In 2009, the University of Arkansas Honors College named her an Outstanding Undergraduate Mentor. As a member of Virtual Incubation’s scientific research support team, Dr. Daily provides expertise in the expression and purification of recombinant proteins, genetic engineering / cloning, and numerous biophysical and analytical chemistry techniques towards the characterization of proteins.

Ron Foster, Business Development Manager
Mr. Foster received his M.S. Degree in Physics from the University of Arkansas in 1980. Mr. Foster had held industry positions at Texas Instruments and Honeywell. At Honeywell he served as Engineering Manager overseeing two departments with combined annual budgets of about $2.5M. Mr. Foster has unique and varied experience as an individual contributor in design and fabrication of silicon-based integrated circuits, MEMS and electrochemical sensors, coupled with strong leadership and management skills in product development areas. In July 2001, Mr. Foster left Honeywell to join the University of Arkansas. In the capacity of Director of Innovation Incubator, Mr. Foster launched efforts to encourage small businesses within the state. This included a variety of mentoring and project management activities. With Mr. Foster’s leadership, the Innovation Incubator received strong recognition for successes in technology commercialization, leading to a new NSF-PFI award in October, 2004 titled “Building a Pathway connecting Innovation to Commercialization”. At Virtual Incubation, Mr. Foster is helping portfolio companies develop rigorous processes for identifying and capitalizing on market opportunities leading to rapid sales growth.

Dr. Robyn Goforth, Senior Scientist
Dr. Goforth received her Ph.D. in 2001 in Chemistry and Biochemistry. In addition to her work with Virtual Incubation, she is presently working as a Research Professor in the Molecular Biology Research Laboratory at the University of Arkansas. As a member of the Virtual Incubation's client development team, she provides scientific research support especially for funding proposal writing. Dr. Goforth is a 2010 recipient of the Northwest Arkansas Business Journal "40 Under 40" award for "rising stars in business", and is expected to receive a graduate certificate in Entrepreneurship in 2011 from the University of Arkansas. She has been the principal investigator on one $700,000 Phase I Small Business Innovation Research Grant, and also served as co-principal investigator on over $10 million in National Institutes of Health and Department of Energy grants related to protein structure, design and function.

Dr. Goforth has extensive experience with peptide synthesis as well as high-performance liquid chromatography systems; size-exclusion columns; circular-dichroism methods; and a variety of peptide and protein modification, purification, and characterization techniques. More recent work has been with DNA cloning, RT-PCR, protein expression and purification (including extensive work with FPLC systems), Western blotting, and other techniques such as Blue Native PAGE, co- and immuno-precipitation, and crosslinking techniques for the study of both soluble and membrane proteins.

Dr. Ron Goforth, Technology Assessment Manager
Dr. Goforth is a serial entrepreneur and has been active in management and consulting to private sector organizations, governmental agencies, and academic institutions for more than 25 years. Dr. Goforth served for 10 years as the Director of Research and Environmental Affairs for Syncrude Canada, Ltd. He was subsequently a tenured Professor of Computer Systems Engineering and adjunct Professor of Electrical Engineering at the University of Arkansas, where he was the founding director of the Center for Artificial Intelligence and Expert Systems and of the Advanced Manufacturing Technology Laboratory (AMTL). He also served as a Senior Research Fellow at the U.S. Navy NHRC in San Diego, California, was a Fulbright Fellow at the University of the South Pacific, and he also held a royal appointment as Professor of Computer Systems Engineering at the Suranaree University of Technology in Thailand. In 1999 he founded Beta-Rubicon, Inc., a consulting firm specializing in technology assessment and business due diligence services. Dr. Goforth earned his B.S. and his M.S. from the University of Arkansas and his Ph.D. at the University of Alberta, Edmonton, Canada. At Virtual Incubation, Dr. Goforth leads the opportunity assessment team which screens new technologies to assess commercial opportunity.

Dr. Kathy Hall, Technical Writer
Dr. Hall holds an MS and PhD in Animal Science from the University of Arkansas and a PhD in Exercise Physiology from the University of Arkansas and a previous certification as BOC Orthotist. Her background includes animal production experience with multiple species, teaching at the high school and college levels in various areas, including chemistry, physics, math, biology, anatomy and physiology, and pre-engineering courses for Project Lead the Way. She has experience editing medical and veterinary textbooks for major publishers.

Miriam Hudson-Courtney, Graphic Designer
Ms. Hudson-Courtney is a graphic artist with extensive experience creating a wide range of original designs and written content to successfully present companies’ products and services. She joined Virtual Incubation after managing her own graphic design business for over fifteen years, helping both startup and established companies in all areas of graphic design including identity, branding, and written communications. Previously, Ms. Hudson-Courtney spent fifteen years in corporate business and has management experience in finance, administration, operations, and distribution. Her extensive business experience brings strength to her design, due to her familiarity with the objectives of business communications. She holds a Bachelor of Fine Arts degree from Memphis College of Arts and majored in English and creative writing at Rhodes College.

Amy Lea, Research Administrator

Ms. Lea received a Bachelor of Arts in Political Science from the University of Arkansas and is a member of Pi Sigma Alpha, the National Political Science Honor Society. Currently she is seeking a Master of Arts in Public Administration from the U of A. She also has a Paralegal Certificate from the U of A Continuing Education and was named Valedictorian of her class. Ms. Lea manages and maintains the grant stream for VIC and its client companies from the submission of applications to the final closeout of awards. She also assists the company legal counsel as needed.

Jennifer Morio, Administrative Assistant
Ms. Morio provides administrative support to Virtual Incubation and its portfolio companies in the areas of executive assistance, processing new employees, and employee networking and communication programs. She serves as the hub and central information center for Virtual Incubation and its client companies by providing superior interpersonal communication skills and ensuring positive relationships.

Dianna Neely, Accounting Manager
Ms. Neely graduated Magna Cum Laude from the University of Arkansas with a B.S.B.A. in Accounting and Computer Information Systems. She has extensive experience in financial accounting and systems suppport. She most recently served as the Accounting Manager at Cooper Communities, where she was responsible for supervising the general ledger, fixed asset, and accounts payable functions. She was responsible for the financials for five business units, maintained the financial system, and prepared budgets. Ms. Neely previously worked for Staffmark, where she was a Regional Controller and the PeopleSoft Support Supervisor. As Regional Controller, she directed the financial reporting for 54 staffing branches in 4 states. As PeopleSoft Support Supervisor, she maintained the system, prepared documentation, trained users, worked with technical staff, worked on upgrades, worked on interfaces with others systems, provided help desk support, and tested patches.

Dr. Chien Nguyen, Senior Electrical Engineer
Dr. Nguyen received his Ph.D. in Electrical Engineering from the University of Arkansas in 2004. He has expertise in microfabrication of sensors, packaging and testing, and the design and implementation of microprocessor/micro-controller based systems. He programs in C++, Matlab, VHDL, and assembly languages, is experienced with CAD, and has expertise with microfabrication and analysis systems including CVD, RIE, ESEM, and AFM. Dr. Nguyen is a member of the Institute of Electrical and Electronics Engineers and of the American Chemical Society.

Kathy Overton, Accounting Coordinator
Ms. Overton joins the Virtual Incubation team with over 30 years experience in accounting. She most recently held the position as Controller of Roll Service where she was responsible for supervising the general ledger, accounts receivable, accounts payable and payroll reporting for seven locations within three states. She was also responsible for all recycling reports for Wal-Mart contracts. Her previous experience includes 23 years with Cherokee Nation Industries of which 12 years were spent in the payroll, accounts payable and the cost accounting departments. The last 11 years with Cherokee, she was manager of production and inventory control for all commercial and military contracts supporting Sikorsky Aircraft, Boeing, and McDonnell Douglas.

Virtual Incubation provides the initial management, business development and administrative teams for its portfolio companies. As the portfolio company matures and after a stable foundation for growth has been built, Virtual Incubation helps the portfolio companies identify and recruit permanent in-house employees to transition into the management team.