Category Archives: new companies

THE BIG LITTLE TRAP

by Scott M. Anderson

An investor, Sally, recently heard two pitches. The first was from A-Dot-Co, which will produce polka-dot jellybeans using a new patented process. The second was from BetterBean, will produce purple jellybeans using a trade secret method which improves existing manufacturing processes.

Having spent several years owning a candy company, Sally was interested in both opportunities.

Jellybean T

Sally knows that the jellybean market is large and well established. With a few regional exceptions, she knows the annual market growth has been 3% for many years.

sales projection MS Office

Accordingly, she was a bit surprised to see strong growth projections in the presentations from both A-Dot-Co and BetterBean. More diligence would be required.

Sally asked both companies to submit detailed materials in support of the projections they presented. She was particularly focused on the factors responsible for revenue growth. Since the market is large and established, Sally knew that growth for a new entrant must come from either expansion of the overall market or from switching behavior (customers switching from established providers to new providers). She was hopeful that the detailed support material for each revenue projection, would reflect management’s understanding of these market dynamics.

 

A-Dot-Co

A-Dot-Co

Sally received the following support detail from A-Dot-Co:

A-Dot-Co Revenue

She knew from prior experience that the total candy market was very large and she was glad to see the jelly bean sub-market in excess of $2 billion. There would be plenty of upside for A-Dot-Co. She was also glad to see that in year 5, the founder did not expect to exceed 1.0% of the market. Any larger share percentage would require major resources and additional funding rounds.

However, before investing, Sally still needed more information on the detail behind the market share projections. She scheduled a follow-up call.

On the call, A-Dot-Co was very enthusiastic. It went like this:

Sally: “Thank you for your revenue detail. I have some follow up questions. How do you expect to land nearly $2 million in revenue in the first 2 years?”

Founder: “A-Dot-Co is well positioned to achieve our revenue goals. We have a seasoned team who formed many candy company startups in the past.”

Sally: “That’s great. But how do you intend to land $600K of sales in year 1?”

Founder: “My team has deep knowledge about the jelly bean market. We only need a mere 0.03% of the market to land the projected $600K! Surely there are enough polka-dot jelly bean eaters out there to achieve this projection!”

A-Dot-Co’s founder fell into The Big Little Trap.

trap MS Office

 

The Trap

The Big Little Trap occurs when a founder believes his future projections are achievable because the market is so big and the market share percentage is so little. Specifically, that the sales goal will be very easy to accomplish because the market goal is such a small percentage, such as 0.03% with A-Dot-Co. (“It’s so small that anyone can reach it…as easy as falling off a log!”) In fact, the Trap victim might further say that the percentage is so tiny, that it may take only a few customers to reach it, and “…clearly the market has more than just a few customers!”

The response to an enthusiastic Trap victim: “I’m glad you’re excited. Name the customers!”

 

BetterBean

BetterBean

BetterBean submitted the following detail to Sally:

BetterBean Revenue

 

As before, Sally was glad to see confirmation of the jelly bean market. (They must have used the same market study). But she was even happier to see customer detail behind the revenue projection.

target market MS Office

The detail reveals several important items:

  1. BetterBean knows his target customers and may already have relationships established with them.
  2. Knowing BetterBean’s target customers should lead to a more efficient operation by helping the company prioritize the company’s limited time with its important customers over less strategic prospects.
  3. BetterBean has applied the 80/20 rule—at least 80% of the revenue is derived from specific, identified customers. The remaining revenue will come from other customers, currently unknown. Forecasting is an inexact science and to communicate over-precision in the detail implies the founder may be taking his projections too seriously. BetterBean has not been overly precise.
  4. When—not if—BetterBean misses its projections, the detail will provide insight as to why the projections were missed. The “why” is more important for fixing future revenue projections.
  5. BetterBean is more transparent than A-Dot-Co. Specifically, BetterBean’s founder has shared his target customer list, perhaps with the hope that Sally may have contacts to be leveraged at those customer accounts. Conversely, A-Dot-Co has shared no customer detail, suggesting that its founder may not know who his customers will be. This is concerning if true.

 

Decision Time

Sally rejected the opportunity with A-Dot-Co. It fell into The Big Little Trap—and didn’t even realize it. The lack of transparency did not generate confidence in the company’s management team.

Sally proceeded with further diligence on BetterBean.

The Big Little Trap grabs victims all the time. Like Sally, an investor should consider the market size, but only in the context of the startup’s upside potential. As she observed, there’s, “…plenty of upside for A-Dot-Co.” However, market share is not the justification of year-to-year or month-to-month revenue goals. Market share is best seen as a byproduct of sales efforts.

The jellybean example is fictitious, but the Trap is very real. Watch for The Big Little Trap at your next pitch session. See if the founder falls into it!

 

About the Author

Scott M. Anderson is a principal at Anderson Financial Services, LLC and has been performing cash projections for decades as an investment banker, a workout specialist, and recently, as an advisor to investors and startups. He can be reached at scott@andersonfsllc.com

Graphics from MS Office

 

This article appeared in NEWS FROM HEARTLAND

NEWS FROM HEARTLAND – The Journal of the Heartland Angels is published tri-annually for its members. We encourage reproduction and quotation of articles, if done with with attribution. Copyright © 2017 Heartland Angels. John Jonelis, Editor – John@HeartlandAngels.com

FOR MEMBERSHIP IN THE HEARTLAND ANGELS, contact Ron Kirschner Ron@HeartlandAngels.com

FOR FUNDING, apply online. Go to www.HeartlandAngels.com

NEWSLETTER SITE – View past and present editions at News.HeartlandAngels.com

Chicago Venture Magazine is a publication of Nathaniel Press www.ChicagoVentureMagazine.com Comments and re-posts in full or in part are welcomed and encouraged if accompanied by attribution and a web link. This is not investment advice. We do not guarantee accuracy. Please perform your own due diligence. It’s not our fault if you lose money.
.Copyright © 2017 John Jonelis – All Rights Reserved
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THE SUM OF ALL PARTS

Optimizing Human Behavior with a STEM Model

by Moises Goldman PhD

 

The Human Conundrum

For the last 15 years I have given numerous seminars aimed at optimizing executive and managerial performance in technology driven firms. The goal is to optimize departmental performance resulting in the larger optimization of an entire firm. As the theory goes: If the whole is the sum of the parts, and each part is optimized, then the whole is optimized.

These experiences have challenged my ability to communicate with people involved in STEM fields. This group represents a highly gifted segment of the population, and they tend to be very results driven. How does one reason, interpret, and convince scientists to modify their own behavior?

At first, I struggled with the appropriate lingo. I pondered how to describe my ideas using managerial jargon. I realized that I needed another language—a language that both empirical and intuitive thinkers will readily grasp and put to good use.

Then my eureka moment came to me. STEM initiatives are defined by basic human bevavior and not the other way around.

To some, this may seem counterintuitive, so let me elaborate. If we first accept and understand any given issue at hand through basic human reasoning, we can then interpret it in a STEM format. Once we do that, we can use the tools of science to bring about an optimized outcome. Let me add some clarity with the following example:

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Kalman Filtering

My Ph.D. is in Inertial Navigation and my Masters in Control Systems. I spent many years as an executive in the aerospace industry and came to be expert in Kalman Filtering, a complex mathematical algorithm used in the guidance and navigation of aerospace vehicles. It occurred to me to apply this knowledge to the human equation.

Kalman Filtering is also known as Linear Quadratic Estimation (LQE), but it’s not necessary to go into the math here. I will attempt to make this example clear and concise. All we need is a simple diagram. I’ll describe it in layman’s terms and then apply it to the human condition.

The diagram below describes the guidance control of a space vehicle. The vehicle is at position “time-zero” or T(0). We want to get to position T(1,000,000). We calculate the location of our target relative to our present location. We recognize that any internal disturbance, such as bad sensors, electronics, and perhaps bad computations must be eliminated. (We get rid of them.)

  • We predict the trajectory of the vehicle over a short increment of time.
  • We measure the actual flight path against our target and factor in real environmental conditions (noise), such as wind speed, meteorites, etc.
  • We correct our trajectory.

The vehicle is now at T(1)—a very small part of the entire trip. T(1) is the next starting position. The algorithm repeats, bringing the vehicle to the next position T(2), then T(3), and so on. We iterate—continue to perform the same steps—predict, measure, correct—to optimize the overall trajectory to the target—T(1,000,000).

Perhaps you recognize this as a description of the way a child learns to walk. It’s commonly called a feedback loop. It governs behavior in many human pursuits. It’s the way our central nervous system directs us to negotiate a curve while driving down the road. It’s the way a baseball player catches a ball and executes a play. It’s how a circus performer walks a tightrope. It’s the way we all learn optimum behaviors.

Our minds perform this function intuitively through ordinary mental concentration, focus, or attentiveness. Concentration is an iterative process and the higher the number of iterations, the higher the degree of accuracy.

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Optimizing Human Behavior

If we can model our human behavior and reasoning in STEM format then we are able to optimize it. As an example, let’s choose a simple human behavior and describe it using Kalman Filtering:

Behavior—Tomorrow I’m taking a final exam; I need to arrive at 8 am—the target.

Method—My class always meets at that time, so I already know approximately when to wake up. Since there cannot be any internal disturbances, I eat a good dinner, plan my breakfast and what to wear to school. I give myself time to study and get to bed early. I set my alarm for 7 am. I’m at position T(0) on the diagram.

  • Prediction—I estimate the time it takes to get ready and walk to the exam. (About the same as a normal day.)
  • Measurement—I reach the door and glance at my watch. It’s raining and I’m running late.
  • Correction—I grab an umbrella while at the same time speeding up my pace.

I get to the exam location on time, and the algorithm repeats itself for the next activity (assuming my intention is to optimize the next behavior).

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A Simple Model for STEM Communication

It’s amazing how simply human behavior can be optimized using a STEM model—whatever the circumstances may be.

We know our current state. [We are on a diet, T(0).]

  • We predict the meal that we are going to eat. [A nice juicy zero carb steak.]
  • We eliminate any internal errors [If we’re cooking it, we make sure all the ingredients are there; check the labels for carbohydrate count; grill in working order; plates and glasses, etc.]
  • We set out to eat, then get a call that we’re needed immediately somewhere else. We make a correction. [Either we eat extremely fast or put the meal away for later, at T(1).]

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Optimizing Complex Behavior

Now let’s apply this same optimization process to a non-linear human behavior—investing in the stock market. We have some money to invest, T(0), in a given company stock. We eliminate all the internal disturbances by doing our homework. We read quarterly statements, look at the fundamentals, research the competition, analyze price and volume activity on a stock chart, and interpret technical indicators such as MACD and Slow Stochastics.

  • We predict our next move—[buy the stock]—T(0).
  • As we are getting ready to buy the stock we hear news of the latest unemployment report and we realize it will have a direct effect on the stock we are buying. We must correct. [We buy more, less, a different stock, or sit tight. Which correction we use will have a direct effect on the optimization.]
  • We decide to buy more of the stock. Now we are at T(1), and must predict T(2)—[sell, hold, or add to position].

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Achieving Greater Accuracy

The more we are able to reduce the size of T (time), the more we increase the Kalman iterations, and the better the optimization. In human terms, optimization is inversely proportional to the size of T, and directly proportional to Intelligence. Please note that human thinking is continuous in time, so the smaller our intervals, the closer we approximate a continuum.

As you see, I found my language for communicating optimization of human activity in any given organization. It is an amazingly powerful tool.

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MORE FROM MOISES COMING SOON

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Moises Goldman at IMSA

About the Author

Dr. Moises Goldman is uniquely involved with STEM (Science, Technology, Engineering, and Mathematics). He is a member of several advisory boards at MIT and is a founding member of the TALENT program at IMSA.

 

Kalman Diagram—Moises Goldman

Portrait of Moises & Chicago Globe—John Jonelis

Other graphics—MS Office

Chicago Venture Magazine is a publication of Nathaniel Press www.ChicagoVentureMagazine.com Comments and re-posts in full or in part are welcomed and encouraged if accompanied by attribution and a web link. This is not investment advice. We do not guarantee accuracy. Please perform your own due diligence. It’s not our fault if you lose money.
.Copyright © 2017 John Jonelis – All Rights Reserved
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THE TRUMP EFFECT

WHAT THE NEW ADMINISTRATION MIGHT MEAN FOR HEALTH CARE

By Erik Clausen

Several months have passed since the U.S. Presidential election, and…we’re still here, folks. After years of political rhetoric and theatrics, and a few months of uncertainty, we are starting to gain some clarity around exactly what the new administration and its policies might mean for the life science industry and, by extension, marketers within it.

Most importantly and as a wise man wrote before the election, “There is no need for panic.”

the scream EdvardMunch

Edvard Munch – The Scream

Now that the rhetoric has momentarily quieted, we need to balance Trump’s desire to make dramatic policy changes with the realities of the legislative process and with the expectations of a public that benefits from life science and healthcare innovation. Widespread policy changes take time to implement and often require strong Congressional support, even with a Republican-controlled House and Senate. The recent defeat of the health care bill is a case in point.

In other words, as we look at the major policy changes that are likely to affect life science marketing in the years ahead, we need to recognize that there will be time to adjust marketing strategies and tactics accordingly. This may even mean building multiple marketing plans to address different contingencies.

fear MS Office

 

Possible repatriation of US dollars

U.S. pharmaceutical companies have substantial funds tied up in accounts overseas due to punitive tax laws. The administration has proposed, as part of his economic stimulus plan, to dramatically reduce this tax rate and encourage those dollars to come back to the U.S.

In theory, by lowering the tax burden on these businesses, the economy will see an uptick as businesses are encouraged to invest. These companies benefitting from tax relief would in turn reinvest those dollars domestically in the form of new deals, R&D, acquisition and job creation.

Since pharmaceutical and instrumentation companies typically grow based on acquisition, we could see a resurgence in life science M&A and dramatic increases in the value of emerging biotech, diagnostic and tools companies. No doubt, these topics are top of mind at industry gatherings like the January 2017 J.P. Morgan Healthcare conference.

dollars MS Office

If this move does have the immediate and positive effect on the life science sector as promised, it would give corporate brand managers and marketers much to do to position their companies correctly to take full advantage of the M&A environment.

Of course, this assumes that the financial boon to corporations is reinvested or used for acquisition and not simply distributed to shareholders. Increased deal-flow will lead to increased budgets. This will undoubtedly bring increased noise in a busy economy. Therefore, we should focus on building long-term brand equity in an expanding GDP and economy.

 

Corporate tax rate reduction

The administration will also propose in the President’s Budget Bill, a much lower corporate tax rate. This plan would significantly reduce the cost of capital and reduce the marginal tax rate on labor.

By most analyses, these incentives could increase the U.S. economy’s size in the long run, boost wages, and result in more full-time equivalent jobs—including in the life science sector. The question remains, what the estimated reduction in federal revenue will mean for federal funding of medical and scientific research. Such grants often precipitate early discovery that soon become commercialized.

 

tax tax tax MS Office

The size of the proposed tax breaks for corporations are, simply put, Huge.” But if the administration can actually get it through Congress, it has the potential to give corporations exponential buying power, increase cash flow, build up inventory, and re-invest in technology. Dismissing any possibility of a bubble and or the rich simply getting richer, these tax breaks should create jobs and boost all sectors of the economy, including life science and healthcare.

 

Reforming the FDA

In his 100-day plan, Trump specifically cited, “…cutting the red tape at the FDA…” as among his highest priorities. In the plan, he stated that, “…there are over 4,000 drugs awaiting approval, and we especially want to speed the approval of life-saving medications.” We can only assume that such reforms would also have a direct effect on approval and clearances for new medical devices and diagnostic tests, as well.

An accelerated approval process at the FDA could potentially have a positive effect—at least in the short-term—on the life science sector. With therapeutic candidates and devices moving more rapidly through review than anticipated, biotech, pharmaceutical and device companies in mid to late stage clinical phases could see increased valuations of companies with early approvals.

fda MS Office

Additionally, this could encourage earlier stage companies to get more ambitious about moving candidates to the clinic and could make would-be acquirers more bullish.

In the long term, if that accelerated review brings products to market too quickly, it could threaten public health, cause another costly set of reforms, and damage the brands of those companies.

 

What does the new agenda mean for marketers?

While it will take some time to feel the effects on any proposed legislation or policy changes, the administration will tie everything back to growing the economy: no small challenge. A lot has to come together with or without a cooperative Congress. The President will have to build a consensus.

marketing MS Office

For now, as marketers we need to do what we’ve always done—assess market opportunities, pinpoint our target audiences, develop smart strategies to reach and influence their behavior, and measure outcomes. Certainly, researching the impact of policy decisions is part of that research, but acting too quickly on proposed policy changes only fuels uncertainty.

And, if there is one truth in the market, it doesn’t like uncertainty.

screaming robot MS Office

In the end, even if the President is able to pass a fraction of what he’s proposing, it should lead to economic prosperity and marketing opportunity in our industry.

Now, if we could just turn off his Twitter account, we might make social media great again, as well.

 

chempetitive group logo

About the Author

Erik Clausen is part of the Chempetitive Group, a Chicago based marketing initiative for pharmaceutical, chemical, biotechnology, diagnostics, and medical devices.

This article was previously posted online

Graphics: THE SCREAM courtesy www.EdvardMunch.org

All other graphics from MS Office.

 

Chicago Venture Magazine is a publication of Nathaniel Press www.ChicagoVentureMagazine.com Comments and re-posts in full or in part are welcomed and encouraged if accompanied by attribution and a web link. This is not investment advice. We do not guarantee accuracy. Please perform your own due diligence. It’s not our fault if you lose money.
.Copyright © 2017 John Jonelis – All Rights Reserved
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CHICAGO—THE BEST INCUBATOR IN AMERICA?

by Denny O’Malley

Recently, Inc.com published an article about the best cities for early-stage companies. The premise: Chicago is the surprise winner.

Why would that be? San Francisco and New York are both beautiful, thriving cities that dramatically represent the diversity of American ideas. San Fran—younger, more venture-oriented, with beautiful natural vistas. New York—the classic, bustling private and public equity concrete jungle.

What do they have in common? It costs a kidney to pay rent for a closet. Continue reading

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INQUIRY AND INNOVATION

by John Jonelis

What happens when you invite the community into your high school and send your high school students into the community?

Amazing things! You create a THIRD SPACE in people’s lives.

[Britta McKenna is the Chief Innovation Officer at IMSA.]

Britta – “You have your home and you have your work and you have third spaces in your life where you feel comfortable and find a community. Robert Putnam believed in third spaces. He has a book called Bowling Alone 1. It used to be that bowling leagues were that third space. People at the bar. Cheers. We want IN2 to be that third space in people’s lives.”

“Look at the ceiling. Look at the lights. Do you see the pattern?

IN2 – Symbolism in Architecture

It’s that intersection of outside and inside. Community coming together to make this a real learning laboratory experience. We want to come in and work on real-world problems and opportunities.

“People can bring problems and opportunities to us and say, let’s figure out how we can work together. Like the State of Illinois with the hackathon we just did—finding solutions to childhood lead poisoning.

“Think about all the things kids are doing that are not helping. Here’s a great place. I hope IN2 can be a third space in people’s lives.”

[The grandness of the idea and the imaginative scope hit home, but ask Britta how IN2 will implement it.]

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Innovation

“We can’t stand still. Education—if it’s doing the same thing over and over and over—is not moving ahead—it’s falling behind.

“IN2 is the intersection of what we do at IMSA and the community. We’re partnering with Invest Aurora, the Woman’s Business Development Center, the Fox Valley Entrepreneurship Center—they are all resources to help what we’re doing here grow and scale.

Business Mentor

[Britta anticipates my next question and gets even more specific.]

“We’ve opened up a cohort of LINKubators 2 These are actual startup companies.  We have three working in the space as a pilot.  Our students intern with them and our network can help them grow.  Our MENTORS, our IDEA BARISTAS, our SUBJECT MATTER EXPERTS can all help them grow. 

“Next fall we hope to have ten LINKubator startups working in the IN2 space during the day when the kids are in class. We’re trying to see what we’re good at and get a rhythm to the space.

“So whether it’s somebody in the community with an idea or a problem—whether it’s students that want to accomplish something new—whether it’s mentors from the community coming here to help the next generation of learners—whether it’s subject matter experts helping a non-profit grow—we want IN2 to inspire students and community to go on and be entrepreneurs and develop their ideas.

“Our goal at IN2 is to blend in with IMSA and be that resource for students and community beyond the classroom. That’s what this is all about.”

Student Entrepreneur

Inquiry

“I think one of our signature programs is our STUDENT INQUIRY AND RESEARCH program or SIR. That really distinguishes us because we don’t have class on ‘I-DAYS.’ Those are inquiry days—that happens most every Wednesday. Traditional class shuts down. We have class Monday, Tuesday, Thursday, and Friday.

“‘I-DAYS are meant for independent exploration—inquiry or research. On ‘I-DAYS, student go down to 1871 and other locations to intern for startups. Now, with the new IN2 facility, our students can work with entrepreneurs right here as well. Either way, through the SIR program, they’re doing research with mentors and business teams.”

Sue Fricano & Tami Armstrong

[I’m joined by Sue Fricano—IN2 site coordinator, Tami Armstrong—Director of Public Affairs]

Sue – “MONDAY NIGHT LIVE is an event put on by Dr. Carl Heine each week. He brings in speakers and he develops programs for entrepreneurs.

Carl Heine

“He puts external students on his TALENT board—entrepreneurial students coming in to learn the different stages of building a business and different skills used in building businesses.”

Tami – “A lot of the students here are part of that as well as members of the community that come to learn more about entrepreneurship.”

Sue – “At IN2 we are trying to give them the expertise to go out and make the initial steps of developing.”

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[Betty Hart is the Innovation Center Program Manager.]

Betty – “We have girls in the STEM program, which is a mentoring peer-to-peer program for girls in 6th to 12th grade.  We have events such as IMSA DAY OF CYBER, which focuses on encouraging students to seek cyber security careers.” 

Betty Hart

Betty – “We have TEAM STEM CAFE, which is a network of local high school students who host quarterly events focused on STEM related topics. And we have THINK CAFE, which is a community initiative that invites organizations to come in and pitch a problem or an idea.”

Britta – “Our charges really are this: The first is to be a STEM teaching/learning laboratory for our best and brightest students across the state. Then we have the FUSION programs.3 These are after-school programs at schools, grade 4-8, all around the state. And we also have the charge of educating the educators. We bring the teachers in and give them professional development, which helps them in science and math.”

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Bring Back Socrates

[I pose a thorny question:  Why teach entrepreneurship at such an early age, rather than prepare the students for college or jobs?]

Tami – “What we’re doing is launching the students so when they leave here, they’re prepared. There’s a big demand for ideas and innovation. Innovation is valuable, and very coveted. We’re supplying that to the workforce.

“We’re also launching research. How can students advance the human condition and solve the world’s grandest challenges?

“That’s what comes from IN2—the ability to make very difficult innovations. When you can harness them, bring them to a place like this, and connect the students with business and industry, dream and idea become reality.”

[Suddenly I get it. I asked the wrong question and now realize the goal is really quite straightforward—to encourage students to think for themselves—to let them discover how to learn. IMSA does it the same way it was done almost 2,500 years ago—self-directed inquiry and innovation—the Socratic Method.]

Student Entrepreneur

Possibilities

Britta – “People think we’re just this gifted school for 650 sophomores, juniors, and seniors from around the state, but we’re not. And people think we’re a private school and we’re not—we’re public. We don’t want to be the best-kept secret in Illinois.”

“And we have a student team called IMSA ELEMENT that teaches the lean startup methodology. Build—measure—learn. Students developed a whole curriculum and teach it to each other. We’re entertaining possibilities.”

  • “We need to be open to ideas, be able to move quickly, and say YES.”
  • “And have FAST FAILS.”
  • “And move toward SUCCESS and ITERATE.”

“We’re not afraid to do that here. In a world where you’re dealing with high-caliber students who don’t fail often, failure is a difficult concept. But once they get the hang of it, they actually become quite good at fast fails.”

Entrepreneur with a solution

The 17%

Britta – “We’re not looking for the vast majority to really understand this space, because we can’t hold everybody. But about 17% in the world are innovators. That’s who we’re looking for—that 17%. Once we get a few of those, they bring their networks. Those are the early adopters, innovators, and they see things much earlier.”

Those are the people IN2 was built to serve.

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This is the final article in this series.

Go to Part 1 – THE NAME IS IN2

Go to Part 2 – POWER PITCH

 

References

  1. BOWLING ALONE – Robert Putnam
  2. IN2 Launches LINKubator for Fox Valley Startups
  3. IMSA FUSION

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IN2 Contact Info

Address – 1500 Sullivan Rd. Aurora, IL 60506

Website – https://www.imsa.edu/

Carl Heine – heine@imsa.edu

Britta McKenna – bmckenna@imsa.edu

Tami Armstrong – tarmstrong@imsa.edu

 

Chicago Venture Magazine is a publication of Nathaniel Press www.ChicagoVentureMagazine.com Comments and re-posts in full or in part are welcomed and encouraged if accompanied by attribution and a web link. This is not investment advice. We do not guarantee accuracy. It’s not our fault if you lose money.
.Copyright © 2017 John Jonelis – All Rights Reserved
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Filed under 1871, angel, angel capital, angel investor, App, Chicago Startup, Chicago Ventures, Education, Entrepreneur, Entrepreneurship, Impact Investing, IMSA, Innovation, Innovation and Culture, Invention, investor, Mobile App, new companies, Public Schools, Social Entrepreneur, Social Media, Software, Startup, startup company, Venture

THE NAME IS IN2

by John Jonelis

What happens when you give kids—highly gifted in math and science—a state-of-the-art facility entirely dedicated to entrepreneurship? This could be the best-designed business incubator on the planet and the students are going to create real businesses here. Hey—this is too much fun! It sure doesn’t look like high school to me! Where did they put the usual long halls walled by the usual rows of lockers? Where are the standardized rigid rectangular classrooms?

This is IN2, the new entrepreneurship center at IMSA—the Illinois Mathematics and Science Academy—the Statewide high school for the best and the brightest. It’s located near Chicago and students live on campus, as if attending a university four years too soon.

IMSA will host a big party and ribbon cutting for the new IN2 innovation space on the 30th of the month—that’s the 30th anniversary of the school’s founding. I had the unique opportunity to preview this amazing facility. Here’s a sneak peek:

IN2 at IMSA (Note the unique tables and ping pong net)

Britta McKenna is the Chief Innovation Officer here, and led the team that put this together. As I fumble to get my recorder going, I ask her how they pulled it off. Without any hesitation, she pours out an amazing story—so here it is, verbatim:

[First of all, I asked about the name—IN2. What does it mean?]

“Innovation and Inquiry. When people were in focus groups and asked about IMSA, those were the two words that came up over and over. So the company we worked with used Inquiry & Innovation as IN-IN. That’s why it’s called IN2. So you can say, ‘What are you IN2?’ It can be playful.”

Britta McKenna, Chief Innovation Officer

“The story actually goes back 10 years. It was decided an innovation hub would be built—a physical space and a virtual space.

“Three and a half years ago, we got a gift of one million dollars from Steve Chen to build the innovation center, so then the work really began.”

[Chen is an IMSA alum and co-founder of YouTube and AVOS. I asked Britta how they came up with such a wonderful design]

“I got tapped, as chief innovation officer, to figure out what this would be, what it would look like, how it would operate, how it would be funded. It would have to be a private revenue stream to support this.”

[ALERT—All you budget hawks. She’s talking private funding—and she’s got the corporate connections and alumni to do it.]

Maker Space

“So I brought along students to Silicon Valley—15 of them. We went through Chicago to spaces like Northwestern, IIT, University of Chicago, Fermilab, Argon, 1871, Private Industry Chicago, Next Door, and we also went out to Boston to visit MIT Media Lab, and other spaces out there, including artist colonies to be inspired to by what people were doing coast-to-coast in innovation spaces.”

Multi-use conference rooms

“That was a 2-year research project and included the students all the way. They worked in three teams—Developing Technology, Programming, and Facilities. They helped co-design the space, because they are the users, and too many times, we design things in a box outside of the users. So we implemented a user-designed thinking approach.”

Lab space

“We went to Facebook, Google, Dropbox, AVOS, which is Steve Chen’s newest startup, WeWork, which is a co-working space, and Stanford’s StartX, so we literally have done our due diligence.

“And I asked, ‘What space gets used the most? What’s your favorite thing? And what did you do wrong?’

“It doesn’t mean that those things will all work here, but it’s likely that we might have success if somebody else already has. So we synthesized all of that and I became what is known as the ‘hashtag’ Super-User. And the Super-User is the one that funnels all of this information to the architects, because now it actually has to be designed.”

Idea space

“We went to the community. We came together—58 of us—anyone from a Chicago Public School teacher to a city administrator with City of St. Charles. We got public, private, parents, past parents, teachers—everybody came together and literally built models of this space. We went through the design process with architects, we used Cordogan Clark in Aurora, and we built this—it took about a year to build from the time we broke ground and now we’re opening up.”

Sharing space

“So all the spaces here are influenced either by student ideas or places coast-to-coast that we visited. And so we’d probably say that we’re the first secondary school innovation center in Illinois, and dare we say the United States because we haven’t been able to find something like this. First-to-market is great for Illinois, great for Aurora, and puts IMSA on the map. We invite people to come in and see what we’ve built here.”

Collaboration space

“This is really meant as a convening space. Innovation doesn’t happen unless there are people here. We learned from going coast-to-coast that you can have the coolest space ever, but if there’s nobody there, there’s no innovation happening. There’s nothing happening. It’s all about connecting people.”

Coffee Bar

“One of the biggest places we found is around food. So we have a built-in cafe around the corner because you want to meet somebody for a cup of coffee. You just want to have a casual conversation. You want to have a back-of-the-napkin sketch, that can happen there or it can happen in our idea bar.

“We have Idea Baristas that we’re training. They actually wear aprons, and will help people advance their ideas here. They’re all volunteers.”

Idea Baristas.

We’ve got a mentoring office like 1871. We hope by the fall to have regular office hours. So I am a non-profit mentor. On Tuesdays from 4-6:00, I volunteer my time to mentor non-profits in the community. I can go to them. They can come to us.”

Mentoring Office

“Mike McCool, who’s an alum and a software engineer, wanted to donate and I said, ‘How ‘bout we get the McCool View?’ So he funded the beautiful windows that we have.”

The McCool View

“Our reach—about advancing the human condition—can, I think, really be actualized through this space. Not that we weren’t doing it—it just gives us that new front door. The space is just literally right by the front door.”

A huge competition between student startup companies— POWER PITCH—is going on here today. I’ll give you an inside look at that in the second article in this series.

Moises Goldman – Judge at POWER PITCH

I run into an old friend, Moises Goldman—angel investor, a big driver at MIT, and an important contributor at IMSA. Today he’s one of 17 judges at POWER PITCH. I ask him what he thinks of the new facility. Moises responds in his gentle, deliberate, and old-world manner, condensing his thoughts into a few words:

“I think it’s always been the desire to be in a type of space that recognized talented students. This is our recognition of these students. That makes a difference to me.”

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Notable IMSA Alums

The school’s alumni reflect its excellence. Browse through a few:

Steve Chen – Co-founder/Chief Technology Officer of YouTube and AVOS. Early engineer at PayPal.

https://en.wikipedia.org/wiki/Steve_Chen

Steve Crutchfield – Chicago Trading Company. CBOE Advisory Board, Head of Options, ETPs, Bonds at NYSE Euronext.  2012 Crain’s Forty Under 40.

http://marketswiki.com/wiki/Steven_Crutchfield

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Dr. Julia Comerford – Astronomer. Discovered several supermassive black hole pairs—occurring in the merger of galaxies.

http://www.sci-news.com/astronomy/pair-black-holes-distant-galaxy-03546.html

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Dr. Scott Gaudi – Astronomer, discovered over a dozen new planets and a new solar system.

https://www.imsa.edu/news/releases/2012/08/06/president-obama-honors-dr-b-scott-gaudi-91-highest-honor-early-career-scien

http://www.astronomy.ohio-state.edu/~gaudi/

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Nathan Gettings – Co-founder of Palantir. Founder of robotics company Robotex.

https://en.wikipedia.org/wiki/Palantir_Technologies

Also – http://www.robotex.com/

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Ramez Naam – Software developer and international bestselling author. Developer at Microsoft Outlook and Internet Explorer projects.

https://www.amazon.com/Ramez-Naam/e/B001IOH84S/ref=sr_tc_2_0?qid=1489516515&sr=8-2-ent

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Mike McCool – Software Engineer at Google, Robot Invader, Aechelon Technology, Netscape, and many others.

https://play.google.com/store/apps/details?id=com.robotinvader.fooding&hl=en

Rob McCool – Software developer and author. Developed the original NCSA Web server, later known as the Apache HTTP Server. Part of original NCSA Mosaic team with his twin brother Mike.

https://en.wikipedia.org/wiki/Robert_McCool

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Tim Meyer, PhD – Chief Operating Officer, Fermilab

http://www.fnal.gov/pub/about/timothy-meyer.html

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Yu Pan – Co-creator of PayPal and the first employee at You Tube. Co-founder of kid’s kraft company Kiwi Crate.

https://en.wikipedia.org/wiki/Yu_Pan

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Dwan Prude – Financial Analyst, Boeing Company. Motivational speaker.

https://www.imsa.edu/news/releases/2012/08/20/dwan-prude-97-gives-passionate-and-motivational-2012-convocation-address

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Russel Simmons – Co-founder of Yelp. Early developer at PayPal.

https://en.wikipedia.org/wiki/Russel_Simmons

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Clara Shih – Bestselling author, THE FACEBOOK ERA. Founder of Hearsay systems. In 2010, she was named one of most influential women in tech.

https://en.wikipedia.org/wiki/Clara_Shih

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Kevin Wang – Founder of TL;DR Legal. Theil Foundation fellowship recipient.

https://www.imsa.edu/academics/talent/kevin-wang-new-thiel-fellow

Also – http://www.geekwire.com/2012/kevin-wang/

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Sam Yagan – American internet entrepreneur. Co-founder of SparkNotes and OkCupid. CEO Match.com. Named in Time Magazine’s 100 most influential people in the world list.

https://en.wikipedia.org/wiki/Sam_Yagan

 

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Hope you enjoyed Part 1 – THE NAME IS IN2

Read Part 2 – POWER PITCH

Go to Part 3 – INQUIRY & INNOVATION

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IN2 Contact Info

Address – 1500 Sullivan Rd. Aurora, IL 60506

Website – https://www.imsa.edu/

Carl Heine – heine@imsa.edu

Britta McKenna – bmckenna@imsa.edu

Tami Armstrong – tarmstrong@imsa.edu

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Chicago Venture Magazine is a publication of Nathaniel Press www.ChicagoVentureMagazine.com Comments and re-posts in full or in part are welcomed and encouraged if accompanied by attribution and a web link. This is not investment advice. We do not guarantee accuracy. It’s not our fault if you lose money.
.Copyright © 2017 John Jonelis – All Rights Reserved
.
.

3 Comments

Filed under Chicago Startup, Chicago Ventures, Education, Entrepreneur, Entrepreneurship, IMSA, Innovation, Innovation and Culture, Invention, new companies, Public Schools, Social Entrepreneur, Startup, startup company

HAT TRICK

20161220-20150207-_jaj5090tby John Jonelis

He can feel it, hear it—his heart—beating hard, beating fast. Pounding above the din of those big nubbly tires and the blast of snow hitting the wheel wells. Is it anticipation? Fear? Primeval blood lust?

How will it feel to gun down a living animal? Can he really pull the trigger?

Today, Loop Lonagan joins seven seasoned hunters and four highly trained dogs to indulge in what his editor calls one of the great joys in life—slaughtering a few of God’s creatures. He’s a last-minute stand-in and rounds out the party to eight. Two hunters per dog. Perfect! How did he let himself get roped into this?

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Seasoned hunters?

Loop is a man that loves a brawl—loves it more than anything in the world. He still uses his fists when he gets a chance, but he’s never taken the life of a fellow creature—at least nothing bigger than a cockroach. Today, for the first time, he will attempt to kill pheasant with a shotgun—and for some reason it makes him itch.

Pretty soon, the storm gets mean and he wonders if it could be the weather that’s crawling under his skin. Both highway and horizon fade to white. Only a stray stop sign proves they’re even on a road. And the driver tools along as if nothing’s the matter. Loop shakes his head and mutters under his breath, “Dis is ridiculous. Gotta get myself under control.”

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White out

“Hmm?” Jonelis flips on the wipers and smears half-frozen slop off the windshield. “You say something, Loop?”

“No—no, nothin’ John” Loop goes silent. No way he’s gonna slobber all over the boss with his stupid fears. Just look at the guy! He’s barely touchin’ the wheel. He’s wearin’ that big satisfied grin like he’s in some kinda bliss. What’s he thinkin’?

Wind buffets the truck. Loop looks mournfully out the window.

Finally he can hold it all in no longer. Pointing to the GPS, he shouts, “Dis don’t look much like Route 47 to me, John boy. We shoulda oughta turn back.”

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What road?

The driver squints out the corner of his eye. “Turn back? TURN BACK?” He raises his voice to a roar. “WHAT ON EARTH FOR?”

Loop goes silent. He’s stuck here. He’s gotta tough it out.

“C’mon Loop—don’t pout like that. It snows in Chicago—every year it snows—you noticed that, right? And this whole bottom end always gets hit worst.

No response.

“Thirteen years, and my F-150 still gets me where I wanna go. It’s made for this weather.”

Still no response.

John suddenly cranks the wheel hard.

The truck swerves.

The faint white horizon flashes past the windshield at sickening speed and Loop grabs hold of something, anything.

When the truck straightens out, they’re again pointed the way they started. A 360 degree donut maneuver. Jonelis drives down the snowy path grinning and placid as if nothing happened. The guy’s gone psycho!

“Man, I love winter. Here, I’ll show you again.”

“NO!” Loop breathes fast and hard. “ARE YOU CRAZY?

“Sorry Loop. I guess I just enjoy being immune to the elements. This front is supposed to be headed east in a narrow band. We’ll probably break out of it soon.”

Loop shakes his head, grunts, and takes his hand off the sissy bar. Certifiable—the guy’s certifiable. On pure reflex, he balls his powerful hands into fists and utters a silent prayer for a different ride home. But what’s he gonna do now—walk? He drops his chin to his chest and quietly moans.

John reaches across and pats his shoulder. “Loop, you’re a bundle of nerves. Get control of yourself or you’ll be useless during the hunt.”

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Soggy bottom

Further south, they break out of the winter storm, just as forecast. The sun bursts through the clouds. Now it’s leftover snow banks and soggy ice-water puddles.

So they’re gonna live after all.

And Loop’s brand new Gore-Tex boots will prove a good investment today. He likes good investments and for the first time feels a twinge of optimism about this excursion.

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At the Club

Everybody’s in the clubhouse. But Loop still sits in the parking lot, staring out at a field, trying to ease his racing heart.

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Hunting field

All his life, he’s feared nothing, but that truck ride riled him up bad. Now he tastes bile. He swallows hard. Slows his breathing. Gotta focus on what happens next.

He goes over his fears one by one. What if he can’t hit what he aims at? What if he accidentally shoots another hunter? Or worse, a dog? These guys might forgive the first, but never the second. They spend way too much time training those little mutts.

Funny—none of that seems like such a big deal any more—not since the boss pulled that donut stunt. For the first time, Loop cracks a smile.

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Zeke on point

When he steps out of the truck, his new boots sink into mud and gravel. This sure ain’t the streets of the big city. He opens the tailgate and rummages through his gear, slips on a borrowed blaze orange hat, a borrowed blaze orange hunting vest, and dumps a borrowed box of twenty five high-brass #5 shells in the big pockets.

Slowly unzipping a soft camo gun case, he hefts a borrowed 12-gauge side-by-side, replete with elegant scrollwork and Turkish walnut stock. This is a heavy and absolutely gorgeous field piece. It’s gotta take guts to lend $3,500 worth of the gunsmith’s art to a sloppy amateur.

He works the safety and practices loading shells. Loop has never actually fired a shotgun and his doubts run wild. Sure, he aims a rifle or maybe his favorite Smith & Wesson Shield at stationary targets. But from what he’s heard, this sport sounds more like baseball or maybe even golf than the gun range.

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Practice

He practices mounting the shotgun one last time, swinging the muzzle past a nearby stand of trees, following through after each imaginary shot—just like they told him. It feels smooth and surprisingly natural. The stock fits him well.

“Okay, dat’s DAT! Time t’ face da music.”

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Clubhouse

Inside, Loop joins the party lounging around a big table. Introductions fly by him like dry leaves on a high wind, and in this cloud of new ideas he forgets every single hunter’s name. Strange—he remembers what they call all four of the dogs. Loop loves dogs.

Then one of them lays out the ground rules and mechanics of the hunt. It sounds a whole lot more organized than he imagined and he wonders if his 85 lb bull terrier Clamps can be trained to do this.

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Clamps

A sweet gal sits at the table and slides across a mug of beer. “Initiation time!” she says. “We don’t drink before a hunt but you’re new. You get one beer—just one. Afterwards I’ll allow you the pleasure of buying the first round for the rest of us.”

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Some gals hunt

Loop slurps off the foam and downs the lager with relish. He wipes a sleeve across his mouth, and sighs.

Another group of hunters come in from the barbeque grill and offer a plate of pheasant tamales. Loop bites into his. Delicious! Like nothing he ever tasted before.

Now he’s leaning back in his chair. No more pounding heartbeat. Yeah—everything’s gonna be fine. Time for da hunt.

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Killing Fields

The group’s got two large fields today—one next to the other—all to themselves. They form a line and slowly march side-by-side, spaced well apart, dogs running all over the place, sniffing for birds ahead.

It’s almost impossible to see a pheasant running through this grass. But when one hunkers down in the brush, the dog finds it and holds its point until a hunter flushes the bird. A good dog will hold its position till the shot is fired.

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Hunting formation

Today each hunter will log 5 miles over broken ground, rocks, holes, tall grass and brambles, and slog through wet snow and water, but these little dogs each put in at least 15 miles and get wet doing it. They never seem to tire out.

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Exuberant dogs

Loop’s realizes that his bull terrier would plop down for a nap after half a mile. If he ever retrieved a bird, he’d crush and shake it until it was no longer fit for the table. But hey—Clamps is at home in the city, where he belongs. Every dog has his job.

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Clamps in his element

The guy next to him (Rick, Gregg, Bob?—Loop can’t recall) moves ahead of Shiloh’s point, flushes a bird, and fires. The pheasant drops a leg and flutters down about fifty yards away. When the dog retrieves it, the bird is wounded but still alive. The hunter immediately breaks its neck to stop any suffering. All done so precisely. Very neat and clean.

Loop gapes at that rooster in awe. This is what they’re hunting? The color of its plumage takes his breath away. And look at the size of that thing—there’s gotta be alotta good meat on that bird.

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The beautiful pheasant

When the hunter slips it in the game sack at the back of his vest, they continue their march. Loop looks at his elegant field piece and something changes inside of him.

Maybe it’s the sight of blood.

Maybe the finality of the kill.

As boots crunch through the brush, instinct takes a firm hold and his fear and doubt fade to the background. He zones in on his surroundings with a focus more intense than he’s ever experienced. The bite of fresh air. The array of indescribable wild smells. Four dogs running, leaping. Subtle pheasant prints in the snow. A sparrow flock bursts skyward to his left. A hawk circles high overhead. But most of all the dogs. He tries to keep them all in sight. Impossible.

Mud sucks at his boots, and looking ahead, he sees the field entirely drown in snow melt. No way around it. He utters a silent prayer of thanks for Gore-Tex boots, checks the line of his fellow hunters, and adjusts his position.

They slog on to the next snow bank.

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Dry feet

“Duke’s on point! Hey Loop—your turn!” He sees Duke in thick cover just ahead—nose down, teeth clenched, saliva dripping from his mouth. The animal can barely restrain himself. Wow, do these dogs love to hunt! Loop knows a bird hides somewhere within 20 feet.

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Duke on point

He makes his approach and a huge gaudy rooster flushes, cackling as it flies.

He mounts his gun. Swings the muzzle to shoot. Suddenly two dogs run into his sight picture, chasing under the bird. Nope—can’t risk a shot over them. The pheasant glides safely beyond the tree line. Yeah, those dogs broke training, but after all, they’re excited, just like he is. So what? He might still get another chance today. And maybe somebody will take that bird later.

Just like investing, hunting is lots of hope.

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Upland game field

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Hat Trick

One guy is shouting at the white dog named Jack. That one ranges too far and finally breaks with the group to sniff out an area hundreds of yards to the side.  Loop likes Jack best of all the dogs and breaking from the line of hunters, follows him.  He feels one with him and shares the joy of the hunt as if he were an extension of the animal.

When he gets close, the dog is already holding point. Without warning, a rooster takes wing!

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Jack on point

Without stopping to think, Loop swings his shotgun and fires. Bird #1 tumbles into high grass.

Beginner’s luck.

He’s about to search for it when Jack goes on point again. Loop moves ahead of the dog and kicks at a tangle of brush, then he tries another clump. It seems impossible that a big colorful bird can hide here, but Jack’s still holding that point.

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Flushing a pheasant

The pheasant flushes behind his back.

On pure instinct, he wheels and shoots. An explosion of feathers—the bird drops straight to the ground. Loop fired way too soon—way too close. A real waste—not much meat left on that carcass. He chalks it up to inexperience and tells himself to slow down. But that’s bird #2.

Both barrels empty, he pauses to re-load. But Jack is on point again!

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Jack on point again

He moves ahead of the dog, eyes wide open, searching, wanting the kill. The pheasant erupts from the brush and into the sky. This time, he waits for some shooting distance, then the muzzle roars. Bird #3 down!

Three shells, three birds—all in the space of a couple minutes!

A hat trick!

Jack retrieves one bird, then another, his tail wagging. Loop stuffs both in his vest and picks up the one he pulverized by shooting too soon. He glances at his hands, smeared with blood from the ruined bird, and amazingly, it doesn’t bother him. A couple hours ago he wondered if he could pull the trigger and now he doesn’t even want to wipe his hands clean. He reflects that the blood of these birds is a gift. His game pouch bulges out behind and he enjoys the weight of it. He can hardly believe that he gets this privilege—to experience this primal sport and come away with real food. Again, he utters a silent prayer of thanks.

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One for the Road

Giddy from the hunt, Loop heads back toward the group, all his misgivings gone, every emotion urging him to break into dance. For the most part, he restrains himself. Zeke joins up with Jack, and Loop closely watches those two dogs.

He hears hunters call to each other in the woods.

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Jack and Zeke

Two shots! He pivots toward the sound. Two more shots in rapid succession! A pheasant flies out of the trees, fast as it can go, well out of range of the barrage of pellets aimed at its tail.

Before it can fly past him, Loop swings his gun, leads the bird, and fires.

A head shot! It instantly falls out of the sky.

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Zeke retrieves

Zeke retrieves the bird and Loop stows it, feeling a deep satisfaction he’s never known. That’s bird #4—and he’s spent only four shells! Plenty for the day! He won’t fire his shotgun again this trip.

The hunters form ranks and march across another field. And Loop gets treated to an amazing site. Shiloh points a bird. Zeke and Jack honor that point like the well-bred canines they are. How do they train dogs to do that?

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Zeke and Jack honor Shiloh’s point

Loop draws in a lungful of cold air. What a great day! Everybody gets at least three birds. Even John shot birds, but he claims it happened by accident.

On the way in, he pulls out his phone and snaps off a photo of the group.

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Hunting party

Then they head back to the clubhouse to clean up, drink beer, smoke the compulsory cigar, and tell lies.

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Meat on the Table

Back at the lodge, Loop makes a proposal that they all immediately accept. Dinner at his downtown penthouse.

He phones home. “Yeah Meadows—tell Anatole t’ dig out dat recipe fer Pheasant Zummer. I’m brinin’ da birds. And pick out da best wine. Yeah, all da trimmins, too. I’m showin’ up in an hour with seven happy guests in muddy boots!

He hears a professional, Very good sir,” and can hardly wait to experience the joy of a feast with his friends. These aren’t just any birds—these are HIS birds—birds he hunted down alive and killed himself! He’s sure every one of those hunters feel the same way about their kill. And he remembers something John said—words that got him here: “That feeling of satisfaction lasts for days, maybe weeks.”

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By accident?

Loop’s fallen in love with this place. A hunter’s paradise! It’s gotta be one of Chicago’s best startups and he wonders if they need another investor. The place looks prosperous enough. There’s no membership fee—no monthly dues—no volunteer work—you pay for your birds—that’s it. Nice clubhouse and bar. Good fields. Extended season and no bag limit. You can hire a guide and dog here. They even clean your kill. Wanna go?

And he decides to ride home with the same crazy driver that got him here.

..

Erienna Hunt Club is located one hour south of downtown Chicago. The season runs from September 1st to April 15th. If you’ve got any primeval instincts left in your modern mind, check it out!

http://www.eriennahuntclub.com/

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Favorite club

 

All photography by John Jonelis and Loop Lonagan, with thanks to all his hunting mentors, especially Gregg Patz, Rick Bohning, and Frank Spellman.

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Chicago Venture Magazine is a publication of Nathaniel Press www.ChicagoVentureMagazine.com Comments and re-posts in full or in part are welcomed and encouraged if accompanied by attribution and a web link. This is not investment advice. We do not guarantee accuracy. It’s not our fault if you lose money.
.Copyright © 2017 John Jonelis – All Rights Reserved
.
.

Leave a comment

Filed under angel, angel capital, angel investor, Characters, Chicago Ventures, Entrepreneur, Entrepreneurship, new companies, Startup, startup company, vc, venture capital