PORTSMOUTH – SonicWorks Inc., a developer of equipment for underwater security and inspection, received an award at the Crossroads Venture Fair for best early-stage company earlier this month after a competitive selection process.

Early-stage companies are defined as having a current annual revenue base below $500,000 and the award criteria included: viability of product/service, competitive strengths, size of target market, potential sales growth, depth and breadth of the management team, sustainability of business model and the company’s capital needs and effective strategy for deploying the raised capital. In its 11th year, Crossroads has become the largest venture fair and technology-networking event in New England.

Forrester survey finds IT executives raising budgets

CAMBRIDGE, Mass. – IT spending continues to inch upward, according to a recent Forrester Research Inc. survey of more than 870 IT decision-makers at large North American companies. The rising optimism of chief information officers about their business climate could translate into a 2.4 percent spending increase in 2004, up from the 1.7 percent originally projected six months ago.

The survey found that business services, such as consulting, transportation and construction, as well as finance and insurance firms, led other industries in year-over-year IT spending increases, with a rise in 2004 budgets of roughly 4 percent. Organizations are using their budgets to get back to basics, with plans to upgrade core technologies like security, applications and PC hardware. Spending will also focus on customer information technologies, security and mobile networking. Forrester is an independent technology research company.