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Second Act: Capitalizing Innovation

Kris Appel - Then: Government employee; Now: Medical device maker
Featured in Money Magazine
October 29, 2010

Kris Appel as featured in Money Magazine

Back in 2003, while she was a director of internal communications at the National Security Agency, Kris Appel spent six months working at a small technology firm as part of an executive development program. She liked it so much that at the end of it, she says, "I didn't want to go back to NSA." The experience prompted her in 2006 to enroll in a course on becoming a tech entrepreneur. Researching patents for the class, the Baltimore resident came across a device designed to improve arm function in stroke survivors; the inventors had tested a prototype. Seeing business potential, Appel contacted study participants: "They were effusive." She licensed the patent for $10,000 (plus royalties) and contracted engineers to create the device, dubbed the Tailwind. She began selling it in 2009 for $3,000. "The fun," she says, "is creating something from nothing." —Josh Hyatt

How She Did It

1) By stockpiling cash. Knowing she wanted to start a business, Appel began saving in 2003. By 2006 she had $50,000. She used much of it for living costs, to supplement her husband's income.

2) By tapping state programs. For working capital to manufacture the Tailwind, Appel secured about $125,000 from two Maryland-sponsored loan programs.

3) By hiring help. In 2009, she sold the device only to patients who contacted her. With sales of $300,000, she took home $75,000, half her prior pay. She's now adding sales reps to help boost revenue.