Springboard Technology

A Boston Community Venture Fund Portfolio Company

Tony Dolphin, President and CEO
Springfield, Massachusetts
www.springboard.com

In 1993, Tony Dolphin, an African-American entrepreneur, saw an opportunity to create his own business when Digital Equipment Corporation announced that it would close the division in which he was working. Dolphin had been a General Manager at Digital for more than 10 years and decided to approach the company with a proposal to buy out its hard drive repair division.

Digital agreed, and Dolphin formed SpringBoard Technology, carving out a niche in the competitive computer repair and contract manufacturing business. Despite early successes, Dolphin knew that to stay competitive the company would have to be able to respond rapidly to a quickly changing market. "In this business," says Dolphin, "it's either acquire or be acquired. We need to continually expand our technology capabilities if we are going to stay relevant."

But to make the kind of investment necessary to keep his business competitive, Dolphin had to secure substantial equity capital financing. The company sought and obtained $1,400,000 in equity with $500,000 coming from Boston Community Ventures Fund. This enabled the company to grow and to provide employment to over 100 individuals. More than 60% of these individuals live within a two-mile radius of the company, which is located in Springfield, Massachusetts, a low income area. SpringBoard is committed to workforce training and development and is working closely with the local community college to create a technical training partnership. "We want to bring people in from the community, give them some basic skills, and help them advance within the company," says Dolphin. "SpringBoard's inner-city employees have not only the opportunity for good jobs at good pay, but also the potential for career advancement."

"Boston Community Ventures is different," observed Dolphin. "They go beyond the money. Once they understood our business, they identified opportunities, directed us to the person to speak with, and facilitated the discussion. That's the value-added piece. That's why their investment is so important to us."

Boston Community Venture Fund Profile