Durval Tavares is the president and CEO of Aquabotix Technology Corp., a startup specializing in submersible vehicles and underwater viewing systems.
Aquabotix spent its infancy at the University of Massachusetts Dartmouth’s Advanced Technology & Manufacturing Center and chose Fall River to establish its corporate headquarters in October.
PBN: First, tell us a little bit about your company. What kind of market is there for your products?
TAVARES: Aquabotix is a technology company that is providing its customers with a window to the underwater world. It was founded in March 2011, after identifying a problem that boaters face—seeing under their boats.
After speaking with a close friend, who sailed around the world, he explained a good night’s sleep wasn’t possible. He could never see if his anchor was properly set. As an engineer, I knew that I could solve this problem in a fun and innovative way. Our initial market will be the boating consumer, which contains more than 82 million people.
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PBN: You received a $400,000 loan from the Fall River Office of Economic Development. What was the primary factor in your decision to move there?
TAVARES: We chose to remain in Fall River because many of us are originally from this area. Fall River’s location on the water is ideal for our products and working atmosphere, due to our relationship to the underwater world. With the support of the city of Fall River and many of its residents—mixed with our passion, we anticipate growth for the city and ourselves.
Our goal is to reenergize the area with high quality jobs and soaring energy to get people more interested in the underwater world.
PBN: Aquabotix recently participated in the Newport International Boat Show, debuting its first two products. How did that go?
TAVARES: We had a very successful maiden show. The consumers and industry were excited to see our products, as well as interact with them. We received leads, such as getting some editorial coverage and establishing relationships with retailers. Coming in the next year, Aquabotix will have a comprehensive accessory line, including two other major products.
PBN: What are your expansion/five-year plans? How do you see the company growing? How many products could you be producing in the near future?
You mentioned in the news release that you plan on hiring more staff – how many people are you looking to add and in what fields?
TAVARES: As far as an expansion plan goes, Aquabotix plans on adding: one engineering position, one marketing, three administration, and 11 operational jobs. This will take place towards the end of 2012.
By adding jobs, we plan on expanding the market from the boater consumer to other markets. We feel our products can be useful in other places other than boating, such as education. Many ideas for other products, including two, will be produced in the next year.
PBN: Rhode Island is always looking to attract startup tech companies. What’s the one thing you would say local officials could provide to woo startups like yours?
TAVARES: We are committed to the local area and the local economy, which extends beyond Fall River to include Rhode Island and New Hampshire. For example, our electronic components are produced in New Hampshire, our product bodies are manufactured in Worcester.
What is most needed is local officials that are willing to work with start up companies with financial resources, infrastructure and help in navigating rules and regulations. Fall River was very pro-active about our company being headquartered here and worked with us on several aspects to make that a reality.
