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Greg Davidge, founder of Hawaii-based Tortoise Products, demonstrates Disc Defense, product No. 1 from his soon-to-go-public company. (Photograph by Mark S. Wexler)
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ike the storybook character that shares its name, Tortoise Products of Hawaii hopes that taking the most direct path in its business dealings will win the startup first place. This small manufacturer of innovative consumer goods --
like golfing glasses and a universal locking device, plans to go straight to potential investors via the Internet. In preparation, everyone -- from teams of financial experts to the five Tortoise employees -- has been putting in overtime.
"The (Securities and Exchange Commission) pulls out the big magnifying glass for a situation like this. We have to prepare and over-prepare," explains Greg Davidge, the company's founder. Despite the long hours, Greg is convinced that this novel approach will positively affect the bottom line. "People like to say that there's equal opportunity for small businesses, but you need a big war chest to make yourself heard. An online offering saves us mail costs and lets us reach more people faster and cheaper," says Greg. One year ago, Spring Street Brewing Company, a New York microbrewery, broke ground with the first online public offering in history. The company raised $1.6 million in five months. Greg believes that Tortoise can follow suit, though at its own pace. He hopes to raise $5 million in 16 months. Davidge's investment bankers (Albequerque-based Ben Ezra, Weinstein & Co.) think Tortoise will beat that estimate. "I'm confident we can do it. We're not afraid to stick our necks out even in cyberspace," says Greg. In early spring, when the company announces its public offering on the Tortoise Products home page, Davidge will get a chance to do just that.
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