InVenture Prize winner and archery startup surpasses $1M in revenue
By Jessica Barber
Earlier this month, 2018 InVenture Prize winner, entrepreneur, and CEO Kolby Hanley celebrated the milestone of surpassing $1M in revenue. His Duluth-based company ULTRAVIEW Archery offers state-of-the-art products to competitive archers across the world. Hanley, a 2019 Georgia Tech Materials Science and Engineering graduate, is still fond of his roots as the company sees more and more success.
“I was a competitive archer, and we used lights all the time for low-light conditions. However, there was never really a solution for it. You’d have to buy an external light kit that mounted to your bow, and it just wasn’t good,” Hanley described.
Deciding to take matters into his own hands, Hanley worked to develop his very own scope with integrated lighting, ultimately taking it to the 2018 InVenture Prize. Here he refined his product, began his startup, and later took home the $20,000 grand prize with StarLight, a scope since updated and sold as The ULTRAVIEW 2.
Since graduation, Hanley has been working to bring a wider variety of products to the competitive archery community. The company’s most recent one is The Hinge, a hand-sized release designed for compound archers.
“The goal behind ULTRAVIEW is to offer the best product in each category for competitive archers,” Hanley stated. Judging by their product reviews, Hanley and his team seem to be doing just that. With their array of scopes, releases, and grips, ULTRAVIEW seeks to prioritize archers’ performance and comfort above all.
By the end of the year, ULTRAVIEW is projected to reach $1.2-1.4M in sales, and revenue growth should reach 450%. The team has expanded to approximately ten members since Hanley’s one-man InVenture victory in 2018, and the company is currently recruiting a COO.
“With InVenture, you’ll know what product you’re offering and what problems you’re solving — it really helps you clarify what you’re doing with your business idea. It definitely changed my life,” said Hanley in reflection of his time spent competing.
With the holidays approaching, Hanley and his team expect to see an increase in orders, and their dedication to competitive archers remains strong. The company has a presence on Facebook and Instagram, and more info can be found at www.ultraviewarchery.com.
Applications for the 2021 competition are open now on the InVenture Prize website, and the competition will move briskly toward the finals:
- Jan. 18 – Registration Deadline
- Jan. 27 – Preliminary Round
- Feb. 11 – Semifinal Round
- March 17 – 2021 InVenture Prize Finals