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Tech Start-ups Spurn NASDAQ for London

Alternative Investment Market offers faster funds and simpler rules

5 min read

Protonex Technology Corp. is a company in Southborough, Mass., that develops fuel-cell systems for military and commercial applications. By early 2006, it had raised private equity from venture capital investors twice and was ready to go public. Protonex was seeking money for R&D, ­commercialization of new products, and overseas expansion at a time when ­alternative energy companies were being well received in equity markets in countries that had signed the Kyoto Protocol. While Protonex did consider NASDAQ, the stalwart of technology stock markets, for its initial public offering (IPO), it ­concluded that this was not the best option.

”Early-stage technology companies with low revenue [and] no profits but a lot of potential are typically too small for today’s NASDAQ market,” says Protonex CEO Scott Pearson. What’s more, it would have been ”financially difficult” to comply with the demanding reporting required under the Sarbanes-Oxley rules adopted by the United States in the wake of the Enron and Worldcom scandals.

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Asad Madni and the Life-Saving Sensor

His pivot from defense helped a tiny tuning-fork prevent SUV rollovers and plane crashes

11 min read
Asad Madni and the Life-Saving Sensor

In 1992, Asad M. Madni sat at the helm of BEI Sensors and Controls, overseeing a product line that included a variety of sensor and inertial-navigation devices, but its customers were less varied—mainly, the aerospace and defense electronics industries.

And he had a problem.

The Cold War had ended, crashing the U.S. defense industry. And business wasn’t going to come back anytime soon. BEI needed to identify and capture new customers—and quickly.

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