UA undergrads found $10 million company on the side.
There’s nothing like real-world experience to bring textbook content vividly to life. Just ask UA students Aasim Saied, Miran Maric (BSBA Business Economics ’10), Jermaine Ramsey, and Anna Deng: they are also executives at a growing cell phone company, Logic Wireless.
The scrappy team made a splash at the 2009 Consumer Electronics Show in Las Vegas when they debuted the world’s first projector cell phone. At the last minute, Samsung flew in a prototype of its projector phone, but it was too late. Logic Wireless beat them to the punch, scoring media coverage in top industry publications.
“That really earned us a lot of credibility in the field,” says Maric, a senior business economics major. In March, Logic Wireless attracted $10 million in venture capital funding. They are now working with international carriers Etisalat, Telekom Austria, and Vimpelcom in rolling out the launch of the Logic Wireless Bolt V 1.5.
The company, which is based in Tucson, has 19 employees. “We’re an LLC, so we have a board of directors and a team of executives,” Maric says.
Maric and Saied, a psychology major and business minor, met in the UA Investments Club. “We share the same entrepreneurial energy,” explains Saied.
Saied, who has founded two other software companies, surveyed the market and began looking for opportunities in the communications industry in 2008. He and Maric partnered to incorporate projector technology into cell phones, which they believe has significant market potential in business.
“We’re targeting business professionals, but also people who are into multimedia,” Maric says. The phone can project a 36-to-64-inch image in 640 x 480 resolution. It’s also a quad-band device, which means that it can be used internationally. The phones are in production at a factory the company acquired in China.
“We also have futurists on staff looking at trends,” says Maric. “We don’t want to become a one-product company that becomes stagnant over time.”