Corn is big business in Iowa, but high technology corn is becoming an even bigger business. Third generation seed man John Latham, along with his wife, Shannon, and brother, Chris, seized an opportunity to begin supplying corn seed with multiple traits to farmers across the upper Midwest. They started Latham Hi-Tech Hybrids in Sheffield, Iowa in 2004. With a motto of “brings world-class technology home”, the company has become one of Iowa’s fastest growing family-owned seed companies. In April 2006, the Lathams turned to the North Iowa Area SBDC for help accelerating their business and preparing financially for rapid growth.

The North Iowa Area SBDC is housed inside the John Pappajohn Entrepreneurial Center on the North Iowa Community College Campus in Mason City. This setting offers huge opportunities for collaboration with other JPEC members, including the North Iowa Business Accelerator, Iowa Workforce Development, North Iowa Venture Capital Fund and Wellmark Community Venture Fund. By utilizing all the assets at its disposal, SBDC Director Ted Bair was able to help the Lathams refine all aspects of their business plan, including marketing, financing and operations. He also critiqued and helped them prepare their venture capital presentation for the Venture Network of Iowa and submission of their business plan to the statewide Pappajohn Business Plan Competition contest.

The company:

• is successfully penetrating a five state region
• Met the sales plan for FY2006, and is exceeding it in FY2007, with continuing triple digit percentage increases.
• Presented to the Venture Network of Iowa, drawing the interest of venture capitalists and angel investors
• Placed 3rd out of 87 entries statewide in the Pappajohn Business Plan Competition, winning a $10,000 prize
• Was awarded $100,000 in funding from the Wellmark Community Venture Fund
• Accelerated its hiring plan and is on track to add at least 1 new sales pro/rep employee every other month in 2007, with ultimate goal of 45 employees earning in excess of $75,000 annually by 2010.

“We faced the same problems every new company faces - although we had the background, the connections and the education to be successful, we needed to supplement it with the skills and experience of the North Iowa Area SBDC in the Pappajohn Center at NIACC. We were given access to capital sources and to a network of specialists that shaved years off the execution of our business plan. No one did the work for us, but because of the SBDC, the work we did was much more effective.” - John Latham, President, Latham Hi-Tech Hybrids LLC, Sheffield, Iowa