For entrepreneur Felipe Arroyave, the American dream is paying off thanks in part to a partnership with the University of Georgia. Recognized by the U.S. Small Business Administration as the 2024 Small Business Exporter of the Year, Spectrum International has grown through exporting its custom-made contact lenses across 68 countries. With the help of the UGA Small Business Development Center’s (UGA SBDC) International Trade Center, the business navigated the challenges of the pandemic and continues to grow at a steady 19%.
When Arroyave moved to the U.S. from Colombia, he started college, learning English and studying international business. At the time, he worked at one of the world’s largest specialty contact lens companies in Atlanta, to cover his tuition.
During his time making contacts lenses, he had an idea. The current technology was not available to companies outside of the U.S., and the business could expand its revenue significantly by exporting its product overseas. He pitched the idea to the company’s president, convincing him to allow him to attend a conference to meet potential overseas buyers. He was successful—Arroyave secured 50 new customers in Puerto Rico, a move that began a multimillion-dollar department for the company.
When the current company’s president retired, a new CEO came in and recentered the business on domestic sales. The change pushed Arroyave to venture out on his own and in 2017, Spectrum International began.
From 2017 to 2020, Spectrum had two employees and was working toward opening its first office.
“In 2020, it was only me and one other employee. We were preparing to open our first office and the pandemic hit,” said Arroyave. “All customs were closed, and exports were stopped. I thought I was going to lose my business after only three years.”
Arroyave was introduced to Darrel Hulsey, director of the UGA SBDC International Trade Center. Hulsey assisted Arroyave in applying for and receiving funds from pandemic relief programs to keep Spectrum, a move Arroyave credits for saving his business.
“It if wasn’t for that advice, we would not be here,” said Arroyave.
The pandemic relief funds carried Spectrum through the worst of the financial hardships, allowing Arroyave to focus on moving forward and growing his business.
Hulsey connected Arroyave with a list of countries and trade associations to expand the customer base. He also encouraged the company to apply for U.S. Small Business Administration loans to expand through hiring new sales reps and a marketing team.
“Darrel has been an amazing consultant,” said Arroyave. “The resources Georgia gives small business exporters—I’ve never seen anything like it. There was never a pitch. It was always ‘let me guide you, let me help you, let me educate you.’ ”
In 2024, Spectrum has 28 employees and an annual growth rate of 19%. Revenue exceeds $3 million annually. The company has offices in Atlanta, Mexico, Colombia and Spain.
Arroyave and his team were recognized by the U.S. Small Business Administration as the 2024 Small Business Exporter of the Year.
“Felipe Arroyave immigrated to the U.S. and worked hard to eventually launch his American dream of business ownership. Today, Spectrum International sells its contact lenses across multiple continents and demonstrates how small businesses are growing our nation’s economy and helping us compete globally,” said SBA Administrator Isabel Casillas Guzman in a press release.
In addition to the guidance from the UGA SBDC, Spectrum benefitted from other small business resources in Georgia, including the Georgia Department of Economic Development, U.S. Department of Commerce, the Georgia Chamber of Commerce and the Metro Atlanta Chamber.
“The American dream is still an important aspect of our economy. The American dream does exist—I am living it—if you put in the work, sacrifice and education. Don’t give up. It is going to be hard; you are the last person to leave the office, you have to think about marketing, sales, operations and collections daily. But the fruits of your labor will be tangible to you. Use the resources of partners like the UGA SBDC. Darrel has been an angel for my business.”
All programs of the UGA SBDC are open to the public on a non-discriminatory basis. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance.
Funded in part through a Cooperative Agreement with the U.S. Small Business Administration.
The University of Georgia
Small Business Development Center
382 East Broad Street
Athens, GA 30602-5412
P: (706) 542-2762
