V.I.O., known as Vio Sport when it started in 2000, is using a three-part strategy to keep the recession at bay.
MARQUETTE -- It started out as a way to attract tourists, showing them what it was like to ride and ski on the trails of the U.P. using a small camera on a helmet. It has quickly grown into a multi-million dollar company. Now their helmet cams are taken everywhere, from high in the sky, to under the sea, even to a war zone.
V.I.O., known as Vio Sport when it started in 2000, is using a three-part strategy to keep the recession at bay. First, they're staying on top of a growing "hands-free" camera market.
"It's not a mature market," said V.I.O. President & C.E.O. Richard Anderson. "It's a market we have an opportunity to maintain and build our leadership position in."
Revenue for V.I.O. in 2007 was $2.2 million, in 2008, it grew to $5.3 million, and in 2009, they project revenue to grow almost $7 million. But that doesn't mean they're recession proof.
"There's no doubt that domestically, we've experienced to some extent a slow down in discretionary purchasing of the camera system," Anderson said.
But global demand is a different story. Although all but 3 of their 17 employees are based in the U.P., they sell their hands-free cameras across the world, especially Europe and Australia; that's the second part of their strategy.
"We feel pretty confident that if we can diverge across, I think, almost 100 countries in the last year, it gives us a little advantage over someone who has just a small regional type market base," said David Ollila, V.I.O. Founder & Chief Product Developer.
Although the devices are still primarily used for recreational use, V.I.O. now has camera deals with the military, law enforcement agencies, and security companies. That's the third part of their strategy.
"Our largest installation with cameras domestically is with the L.A. County Sheriffs Department, which uses it for both S.W.A.T. and crowd control," Anderson said.
A little camera developed almost a decade ago is today not only withstanding rugged conditions, but also the economy.
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