The Institute Blog

The Latest News in Economic Development

Geoff Foster standing in front of his equipment

Geoff Foster understands the value of ownership.

He designed a part for Ford Motor Co. in 1999 while working as an engineer in corporate America. He received a plaque from the U.S. Patent Office for his efforts. The company for which he worked made $31 million.

That experience led Foster to start Core Technology Molding Corp. The Greensboro, N.C.-based company combines its expertise in plastic injection molding, marketing, engineering and manufacturing to offer lower pricing by removing costs from the manufacturing process.

The company did well, but Foster owned only 51 percent of it. NCIMED's expert staff helped him craft a business plan and obtain financing to gain full ownership of his company in 2012. Today, his clients include Bausch & Lomb Global Surgical, Husqvarna Consumer Outdoor Products N.A., Newell Rubbermaid, Tyco Electronics and Novant Health.

"There were things I thought I knew as an engineer and through business school," Foster says. "NCIMED helped me to drill down and get the information I need. They asked the tough questions. When I didn't have the answers, they helped me and pointed me in a direction."

NCIMED also guided Foster through the process of becoming a certified MBE (Minority Business Enterprise) by the Carolinas Virginia Minority Supplier Development Council.

Foster has taken his experiences and lessons about the value of ownership and applied them to helping North Carolina communities take back jobs that have gone offshore.

"In manufacturing in the past 10 years, jobs have gone to low-cost providers, like Mexico, China and India, because we're paying someone $13 an hour and they pay someone $0.90 an hour," he says. "We are using robots, which enables us to take the cost out of the product. By doing that, you are able to hire more people with technical expertise instead of having someone put parts in a box."

Foster credits NCIMED with helping him get the financing for the robots, a Class 10,000 Clean Room and other machines. This has allowed Foster to become more efficient, as well as keep jobs and opportunities in North Carolina.

"NCIMED helped me put together a persuasive, robust presentation for financing," Foster says. "Now, we're taking business back from China."

For more information on Core Technology Molding Corp., visit www.coretechnologycorp.com.