Lampire brings the future to Bedford County
by Harry Zimbler, For The Bedford Gazette
One of the hottest topics in all of economic development is the impact of entrepreneurship on the success of the local, state and national economies. Organizations as diverse as Penn State and the Bedford County Development Association recognize the need to encourage the risk takers, the people excited to bring a new idea, product or service to the marketplace.
The future success of Bedford County depends on the willingness of local citizens and institutions to encourage and support the growth of startup companies. These startups, should they grow, are likely to provide the jobs of tomorrow.
A local company that understands the importance of embracing the future and encouraging entrepreneurs is Lampire Biological Labs Inc. Lampire is leading Bedford County into one of the most important sectors of growth — bio-technology.
Lampire is led by visionary entrepreneur Gregory F. Krug. In addition to being a business leader, Krug is a scientist who has helped establish local programs in biotechnology in an effort to provide jobs for the youth of Bedford County.
Krug understands fully the vital role that education will play in the creation of technology-related jobs. He continues to represent Bedford County’s interests in workforce education and as an attractive place to establish a company.
“I have always had an entrepreneurial spirit and enjoyed working for myself from a young age,” Krug said. “During my junior year in college, I made a wrong turn on my way to a job interview and ended up meeting my future business partner.”
Krug worked for an equine facility in Bucks County cleaning stables. In a short time, he and his partner Craig Tarler created a business that provided sheep blood products to a diagnostics firm. Soon he owned the company outright. As with most entrepreneurs, Krug learned that running a business is more than having a great idea.
“I received help along the way from mentors, including clients and competitors. I have always been inspired by my staff. I feel they are the company’s greatest asset,” he said.
Taking risks in business can be a frightening thing, and every entrepreneur must confront the fear.
“I started Lampire while in college. I was young with an invincible outlook on life. I was single, did not own a home and had nothing to lose. It was a win-win situation,” Krug explained.
In addition to taking risks, entrepreneurs often need to find non-traditional sources of funding for their companies.
“The business was originally funded with a small amount of private funding. As the business has grown, funding has been secured from traditional sources such as regional financial institutions and from state funds by way of local economic development agencies such as BCDA (Bedford County Development Association). I have always had a solid financial advisor who has assisted in this area,” Krug said.
Given the chance, Krug would do it all over again.
“Most definitely,” he said. “It’s almost 40 years and I have never looked back.”
Lampire faces the same challenges confronting many businesses.
“Managing cash flow is the greatest challenge,” said Krug. “The greatest opportunity is the possibility that out products will have an impact on human lives, on the diagnosis and treatment of disease.”
Krug concluded by stating that, “when Lampire was faced with opportunity, we had the courage to go after it.”