By Cara Aungst
In 2003, DiamondBack Covers was born out of an assignment in an Engineering Entrepreneurship class at Penn State, when Matt Chverchko had some equipment stolen from the back of his truck and he decided to create a truck cover to keep his belongings secure. He and classmate Ethan Wendle worked on a prototype for a load-bearing, durable truck cover that could securely stow goods in the truck bed and still carry heavy loads, like a stack of firewood or an ATV, on top.
It didn’t take long to realize their idea had immense potential outside of their class assignment. However, they needed lots of help to move from a prototype to a fully-fledged company. That’s where Ben Franklin Technology Partners came in.
“Without Ben Franklin’s funding, it would have been quite challenging to find funding for our company at the time we needed it.”
“Ben Franklin was instrumental in helping us survive the early years,” Wendle said. “After receiving funds from friends and family, Ben Franklin was our next round of funding, which brought much-needed startup capital into the company. Without Ben Franklin’s funding, it would have been quite challenging to find funding for our company at the time we needed it.”
He says that Ben Franklin’s help went far beyond financial backing.
“Ben Franklin brought a team of mentors from business development, to marketing and accounting,” he said. “By far the greatest support for DiamondBack was Sherry Davidson in accounting [who is now Director of Operations], who helped me figure out how to set up proper accounting systems. Sherry spent hours and hours with us over many years.”
In 2019, DiamondBack Truck Covers was named Pennsylvania’s Small Business of the Year, and today employs 150 employees at its production facility in Philipsburg. It’s known as the producer of the best heavy-duty hard tonneau covers built in the USA, with customers around the globe. But Wendle says that it took years to get where they are today, and Ben Franklin was there to help them get their feet off the ground.
“Textbook” example of how Ben Franklin can help a company reach viability
“Ben Franklin’s support was pivotal during DiamondBack’s crucial first 10 years,” Wendle said. “Despite our significant success now, the company really struggled in the first 10 years and it took us about that long to break even and reach viability. Ben Franklin was heavily involved during that time.”
“Ben Franklin’s support was pivotal during DiamondBack’s crucial first 10 years.”
He calls the help a “textbook example” of how organizations like Ben Franklin can make an impact in PA business. “Ben Franklin provided funding and support at the very early and risky stages of the company when many others would not,” he explained. “They coached and mentored us to help us reach viability.”
Helping businesses get through those intimidating first years is what Ben Franklin exists to do, Todd Erdley says. As the Central Region director and portfolio manager at Ben Franklin Technology Partners of Central and Northern Pennsylvania, Erdley comes alongside entrepreneurs and works with them as they gain traction.
“Many startups start with a great idea, but it takes a lot of risk, work and heart to turn it into a thriving company,” Erdley said. “Ben Franklin is there to help fuel that growth so that the founders can focus on innovation.”
“Many startups start with a great idea, but it takes a lot of risk, work and heart to turn it into a thriving company. Ben Franklin is there to help fuel that growth so that the founders can focus on innovation.”
“DiamondBack Covers is a perfect example of that,” he continued. “What Matt Chverchko and Ethan Wendle created has solved a pain point in the industry, and made an incredible economic impact for our region. It’s such an honor to have had a small part in their ongoing success.”
Learn more about Ben Franklin Technology Partners of Central and Northern Pennsylvania at cnp.benfranklin.org.
Cara Aungst is a freelance lifestyle and business writer who writes about people, events, and how Happy Valley ideas change the world. She can be reached at caraaungst@gmail.com.
