Product-development firm plans to hire 36 downtown

GlassBoard, a startup product-development company, said Monday that it plans to add 36 jobs downtown by 2020 to accommodate its rapid growth.

The company, which helps clients turn concepts into ready-to-manufacture products, said it will invest $850,000 to lease and equip 3,000-square-foot offices at 924 N. Pennsylvania St.

In a press release Monday, the company, which currently has five employees, did not disclose revenue but said it has increased that figure by 50 percent every quarter since its founding nine months ago. The company said it has clients in Indiana and across the nation, including Oregon, Pennsylvania, Texas and New York.

"Our team is incredibly invested in the Indianapolis area, so we're excited to build upon the success we've already experienced in the product-development industry right here in our home state," CEO Randy Parmerlee said in a statement. "The new talent we're seeking to hire will give us the momentum we need to continue growing at a sustainable yet rapid rate."

In addition to Parmerlee, who has designed products for Fishers-based Reocvery Force and Indianapolis-based DoubleMap, the leadership team includes Grant Chapman, a systems engineer, who serves as vice president of operations. Wade Cunningham, a former IndyCar Series driver, is a program manager for the company.

The company has posted $570,000 in revenue so far this year and is on track for a total of $700,000 by year's end, Parmerlee told IBJ on Monday.

The company said it is hiring for management and engineering-related positions. On average, the new positions are expected to pay more than 50 percent above the average Hoosier wage of about $45,000 a year.

The Indiana Economic Development Corp. offered GlassBoard up to $340,000 in tax credits and up to $40,000 in training grants based on its job-creation plans. The credits are performance-based, meaning that the company can't claim the incentives until workers are hired.