Tag Archives: Invention

THIS AIN’T NO LEMONADE STAND

20160402_143634-JAJ TLoop Lonagan—Verbatim

What if y’could combat starvation by producin’ yer own meat ‘n potatoes—and do it right at da local food bank? Hey, I’m lookin’ at a real working prototype here. What about a solution to student debt? Or, maybe fer yer next birthday party, ever’body plays laser tag with drones? Or learns music real fast? Or gets a little help rememberin’ stuff. I can use summa that.

This ain’t no lemonade stand—I’m talkin’ serious business ventures here. One of ‘em launched her company this year and raised $250K in revenue already. Yeah, you heard right—a quarter million bucks. IMG_6636And she’s a high school sophomore! They’s ALL high school students! This is POWER PITCH, ‘n’ we’re at IMSA—the Illinois Math ‘n’ Science Academy. Real smart kids go here. I never seen nothin’ like it—all I remember about high school is gettin’ in trouble all da time.

I sure hope John’s cleanin’ up my language before he prints this stuff.

Editor’s Note—This is a verbatim transcript. It is the policy of this journal to do each writer justice. I might point out that Lonagan doesn’t give himself enough credit. He graduated the University of Chicago with a Masters in Finance.

20160402_143634-JAJ

We got almost 40 teams pitchin’ here, and they’s all real professional-like. One o’ da mentors flew in all the way from Silicon Valley ‘n’ spent days ‘n’ days coachin-up deeze kids. They musta worked their little tails off. DSC_0055Another thing I notice—seems like nowadays, kids wanna do somethin’ good fer da world, insteada da usual greed ‘n’ avarice.

They’s buildin’ a whole wing o’ da school—exclusive fer startups. And today’s winners get thousands in prize money.

Jonelis invited a couple o’ the judges ‘n’ I don’t know why he picked me but I’m glad he did. I mean, c’mon—how can a guy pass up somethin’ like this?

DSC_0052Sixteen of us is tryin’ t’ pick da best o’ da best. Alotta these judges is big-time professional investors I know personal-like, ‘n’ I hear ‘em sayin’ stuff like, “Deeze pitches here is better den downtown.” Sheesh, I feel like a kid in a candy store. I mean, yer lookin’ at da hope o’ tomorrow! And it happens every year!

Just take a glimpse at summa deeze startups. I put ‘em in alphabetic’ order I think. And lemme say thanks t’ Carl Heine who runs dis thing. And Jim Gerry who’s retired but can’t stay away. And Britta McKenna who’s da Chief Innovation Officer. Naturally they’s all PhDs.

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Tech Ventures

  • Drone Wars—Having fun with flying laser robots—Max Orr
  • FlashFun—The Personalized Concierge in the palm of your hand—Palak Agarwal
  • Flock—A free and efficient social media platform for easily getting together with your friends—Ben Maher, Timur Javid, Michael Dow, Shrey Patel
  • HeadsUp—A projectable HUD purposed to prevent distracted driving-based accidents by keeping drivers’ eyes up and on the road—Sneha Pathuri, Ian Anderson, Andriy Sheptunov, Xinyu Guan
  • Icosadeck—Icosadeck reinvents the flashcard, making it multi-sided and adding other features to let students note more information, with more organization, and more efficiency—Gunwati Agrawal
  • NoteHub—A Website where students can buy and sell their school notes—Katreena Subramanian, Devan Grover
  • Peanut Butter—Peanut Butter motivates Millennial employees by offering a unique benefit that reduces their student debt—Aneesh Kudaravalli, Tyler StockIMG_6631
  • RemindMe—You shouldn’t have to remind yourself to remember – RemindMe is a smart phone app that uses proven techniques in memory research to help you retain information longer and retrieve it faster—Ahana Narayanan
  • Right Glow—Right Glow is a silicone bathmat that when stepped on glows red, providing the user with a light source that does not cause the temporary blinding sensation associated with turning on a light late at night—Luke Morrical
  • Snowflake—An Automatic, not manual, fridge inventory keeper and recipe recommender—Xinyu Guan, Andriy Sheptunov
  • Vestal—Social platform where you interact with other in Virtual Reality using just a smart phone and a viewer—Isabel Lee
  • XYZone—Improve your pitching accuracy with the only 3D Strike Zone—Hector Correa

Social Ventures

  • AquaFood—A permaculture company proposing aquaponics as a biotechnological solution to combat starvation and environmental problems in your own neighborhood and in the world—Erol IkizIMG_6659
  • Blabl—A mobile application that engages speech impaired children in conversation with a virtual pen-pal—Ayan Agarwal
  • HydroHero—Generate water for the people—George Moe
  • Pass Your Plate—Pass Your Plate helps businesses by taking their waste food and donating it to shelters in the area—Aneesh Kudaravalli, Tyler Stock, Shana Farhang
  • SelfHealth—SelfHealth is a system that puts you in control of your own medical information—Alex Orlov
  • SirenAlert—SirenAlert, is developing a Bluetooth app and signal monitoring hardware to help emergency vehicles avoid traffic collisions and improve response time by alerting even the most distracted drivers, saving lives—John Valin
  • SocialGood—SocialGood translates social media activity into charitable donations utilizing social media activity—Vainius NormantasIMG_6637
  • Thinkubator—Thinkubator is a co-curricular program that challenges students to think & solve pressing community issues, for graduation-required service hours—Sivam Bhatt and Nabeel Rashee
  • The Muzic Academy—It will only take a minuet to learn, but what you learn will last a lifetime—Abinaya Ramakrishnan

Other Ventures

  • AlertIsabella Ginnett, Ashritha Karuturi, Priya Kumar
  • Ask Me 101Rishi Modi, AJ Federici
  • CirclesJulian Litvak
  • FunkyPlantsAkshay Verma
  • InspireEsther Mathew, Amahlia SuDSC_0036
  • LinguLucy Liu and Rebecca Xun
  • LoopNicholas Rodriguez, Isaac Adorno
  • LynxAllAnkit Agarwal, Sweta Kotha
  • MusiWebMaya Wlodarczyk
  • OmNoteClaudia Zhu
  • PoweritForwardShriya Chennuru, Harshita Degala
  • SlipTieSushil Upadhyayula, Pranav Upadhyayula
  • Spatio StationMarc Peczka
  • SugarSmart!Aimee van den Berg, Kate Rabideau, Pranav Narayanan, Abhay Gupta
  • The CommunityMadison Mack

Also read – RAW TALENT

Contact IMSA’s Britta McKenna at bmckenna@imsa.edu

Photo credits – IMSA & John Jonelis

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 © 2016 John Jonelis – All Rights Reserved

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FEAR OF FAILURE IS NOT AN OPTION

Ed Harris as Gene Kranz 1by Tom Lemanski

From the SMART Leadership Archives

With the aid of the film, Apollo 13, let’s briefly consider the concept of failure and its role in innovation, problem solving and decision-making.

The Apollo 13 movie documents the heroic efforts of the NASA flight team in successfully returning their crew of three astronauts to earth in their ill-fated, aborted, mission to land on the moon. There’s a compelling scene where the flight engineers discuss the crippled space craft’s desperate power situation that concludes with Flight Director Gene Kranz’s (portrayed by Ed Harris as pictured at left) determined declaration:

“Failure is not an option.”

Movie Clip

(If the movie clip FAILS to come up, try, try again.)

Failure Phobia

These inspiring words of determination are all-too-often misconstrued by risk-averse leaders who embrace the belief that any form of failure is unacceptable. If you remember the rest of the film, you know that the successful solution to the space craft power crisis was solved by numerous trial and error experiments. Most of them failed to provide enough power reduction to save the crew. With each frustrating failure, the team gained insight that led to successful solutions.

In reality, when failure is not an option, the surest route to success is through failure and the resulting innovation that only evolves when we…

Try > Fail > Learn > Adapt > Innovate

And as the instructions on shampoo bottles used to say about lathering and rinsing: “Repeat as necessary“.

failure-roadsign

Culture Check

If we can agree that innovation is critical to success and acknowledge that failures are a critical components for success, allow me to ask:

How does your organization reward failures?

Or do you harbor a risk-averse culture that discourages venturesome, entrepreneurial activities? When was the last time you acknowledged a staff or team member for their willingness to try and fail? What did everyone gain?

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Too Much of a Bad Thing?

As leaders we need to develop a tolerance for those who try and fail. We also need to manage our scarce resources. An overabundance of failures that fail to generate results isn’t the answer either. So in the pursuit of balance, there’s another lesson in failure from the Apollo 13 story. It’s the need to fail fast. Gene Kranz’s team of engineers had a tiny window of time for experimentation and that was clearly communicated to them.

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Leadership Challenges

Here are some suggestions for some ways for you to fail responsibly:

  • Find innovative ways to eliminate the fear of failure that results in creating a risk-averse culture
  • Drive innovation by seeking new ways to harvest knowledge that results from ill-fated trials
  • Find new ways to promote efficient failures. Like the NASA engineers in the movie, develop an awareness of the need to fail fast. Their fast failures led to their ultimate success.

How do you do these? I recommend that you try new approaches that fit your situation. Be prepared to fail, learn and adapt. Then innovate like your mission depends on it. And remember that fear of failure is not an option.

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The Film’s Failure Footnote:

While actor Ed Harris delivered the passionate now famous line “Failure is not an option“, Gene Kranz did not. It’s a screen writer’s creation. That didn’t stop Mr. Kranz from borrowing it for the title of his autobiography. And why not? His leadership and determined attitude led to an epic, film-worthy, real life success story.

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Smart Leadership by Tom Lemanski

Tom Lemanski serves as an executive coach and trusted advisor to successful Chicago area executives who are driven to be more successful.

Find him at http://chicagoexecutivecoaching.com/

His column, “SMART Leadership” appears at http://chicagoexecutivecoaching.com/smartleadership/

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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 © 2013 John Jonelis – All Rights Reserved

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WHAT MAKES IT GOOD

Techweek Part 4 –

Two Points T

by storied business consultant, Joe Perogi,

as told to John Jonelis –

Been hearin’ complaints ‘n’ controversy about Techweek this year. People gripe so you figure there’s gotta be a good reason, right? Yeah, I hear you. Yer sayin’, where there’s smoke there’s fire. But all them critics completely miss THE HIDDEN ROOM that you and me stumple upon—the hidden room that makes this thing truly amazing. Now the dust is settled, lemme take you on a tour o’ what I seen.

First, permit me t’ introduce myself. Name’s J. P. Pierogiczikowski, but you can call me Joe Perogi. Everybody else does. They say I have way too much fun. Maybe they’re right. Confidentially, there’s alotta money in it, too.

Da Speakers

We meet at the office in the backroom o’ Ludditis Shots & Beer.

Ludditis Shots and Beer 3

It’s just a good stretch o’ the legs from here to the Chicago Merchandise Mart and we get there in fifteen minutes easy. This event takes up a whole floor and gets a special elevator.

On this tour, you and me start in a room packed with chairs and people eager to hear Sal Khan of Khan Academy—one o’ da featured speakers. I wanna hear this guy. His company solves problems in education. Uses technology to help the kids learn ‘n’ helps the teachers make better use o’ their time. That’s huge. I’m figure this is gonna be good.

Khan Academy’s gonna partner with big business—a move that’ll give ‘em a longer reach. None of us know about that at the time—all we wanna do is hear the guy talk.

Look at that outrageously pretty lady on stage. Now she’s tellin’ us how great the speaker is. Now she points out the big screen. Hey, Sal Khan ain’t even here. You’re here. I’m here. We paid to be here. All these other people are here, too. But no Sal. He’s on Skype. So I’m a little bit offended, but whaddaya gonna do? They call it Techweek, so I figure we’ll give it our best shot.

All the computers crash at Sal’s office out in California or wherever he really is. But Sal’s no quitter. He carries on—with his smartphone. Ever notice how people believe them smartphones can do anything? Maybe it’s ‘cause they call ‘em smart when they’re really just pocket-size computers waitin’ to go wrong.

THE MERCHANDISE MARTWe look at the big screen and see this faded picture of Sal Kahn. You can tell he’s holdin’ the phone too close to his face. That’s why he looks kinda distorted. And he’s got a lousy connection—maybe one bar, tops. Truth be told, none of us can get our phones working here in the Chicago Merchandise Mart. Too much concrete. But apparently the organizers think smart phones is a smart move. So we sit through snips and swipes o’ Sal’s voice, cutting in and out. Nobody knows what the hell he’s saying. It creates a feeling of suspense, doncha think? I mean, the way that distorted face skips and jerks across the faded auditorium screen.

Why don’t anybody get up and walk out? Easy. It’s that gorgeous gal on stage—she’s really somethin’. Class. Intelligent-looking. Businesslike. She apologizes. Now she’s promising they’s gonna fix the problem. Now she’s watching that big screen with such intense interest—like she can understand what he’s sayin’ and she’s hangin’ on every word. She creates in us what they call a sense of suspended belief. (I read that somewhere.) And it keeps everybody in their seats.

Sal keeps cutting in and out till his battery dies and that means, lecture over. It teaches me a lesson: It’s usually more about marketing than technology. But you don’t know that till the technology breaks down.

Did I mention that the Blackhawk’s rally is going on downtown today?Blackhawk logo You don’t wanna go? Hey—they won the Stanley Cup. It’s a big deal. Okay then, let’s crash a few more presentations.

So we take in summore lectures. Seems like every speaker talks in some important-sounding corporate lingo. It’s all meaningful stuff, right? Maybe it’s what they call high-elf—I dunno. I’m wishin’ I can be with the Blackhawk fans. So you and me ditch the lectures and hit the booths.

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Da Booths

There’s rows ‘n’ rows o’ these little islands o’ commerce packed side-by-side, with all sortsa people plugging up the floor and it all seems to go on forever. Pretty soon I get turned around and confused and everything’s a blur. Don’t it hit you that way, too? This place is so big, a guy can get lost in here real fast.

Look around. Everywhere it’s corporations hawking their wares. (There’s that word Hawk again.) Notice how most people just mill past the booths. Except fer that one—the one serving free booze. We stop there for a while. Pretty good, huh?

FREE BOOZE

So I learn a second lesson, but it don’t hit me till later: Big corporations waste lots of money. But they help an event pay the bills.

Then, just when I’m about to give up and say goodbye, we find the hidden room.

startup city logo

Da Hidden Room

See that wall with the huge Startup City logo painted on it? Looks like a dead end, don’t it? We walk up and take a closer look at the artwork. There’s a small door on our right. We go through there and WHAM! It’s a whole ‘nother room packed with booths ‘n’ people ‘n’ lotsa noise. These is all startup companies. Seventy of ‘em. Ambitious entrepreneurs, brilliant inventors and gutsy financiers ready to take a risk on a new idea. This is where the action is. So let’s do the rounds. Hey, I know summa these people! I like this place!

And whaddaya know—they got a competition goin’. The judges go from booth to booth and try to pick out the five best startups. Which o’ these folks is the judges? I can’t tell. It’s kinda like a benched dog show.

Now we find out the winners are gonna get announced at a special event with the mayor. Our tickets ain’t good enough to get in—those tickets musta cost thousands! No problemo. We crash it.

We’re in and now the mayor’s up there giving a speech:

“…I think the city of Chicago will become the mecca of the Midwest in startup cities,” he says. IMG_9067“The city of Chicago is building the digital economy as the fifth pillar…” I gotta ask you: Where’d he get all that mecca and fifth pillar stuff? I mean I like the guy but them terms don’t feel right coming outa him. Maybe if he wore a keffiyeh or a turban er somethin’. Naw, that ain’t never gonna happen.

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Da Shortlist

Then they announce the winners. But I’m an investor and I got my own short list. Lemme tell you about ‘em:

cervia diagnostic logoCervia Diagnostic Innovations is gonna wipe out cervical cancer by replacing the age-old pap smear with a better test. They got all the research and their team’s fulla PhDs and Nobel Prize winners.

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PaletteApp logoPaletteApp is bringing architects and interior designers outa da closets and into the digital world and saving companies a whole lot of money.

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youtopia logoYoutopia is gettin’ high school kids emotionally involved in those service projects they gotta do and documenting the results fer the colleges they wanna get into. You got a high school kid? Then you know that’s something worthwhile.

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faspark logoFaspark is helpin’ us all find street parking for our jalopies. It’s based on data analytics and probability of success and reduces time cruising the streets by 70%. Shows up as a map on your phone. They’re setting up in Chicago and Munich at the same time.

UPDATE – Faspark now gives you parking garage information in addition to the street parking.  Check out this article in Crain’s Chicago Business.  

None o’ them great companies made the finals ‘n’ that makes me scratch my head. And now they announce the winner:

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Da Official Finalists

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wedeliver logoWeDeliverFirst Place. I gotta say, this one’s on my short list now I get to know ‘em, and there’s an article about them in this magazine. But this is my first look at ‘em. You ever see these guys before? Great business model. Terrific CEO. Tech enabled same-day local delivery for brick and mortar businesses. These guys is gonna level the playing field with Amazon and create a buncha jobs right here in Chicago—and that’s just fer starters.

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Crowdfynd LogoCrowdFynd is a lost-n-found service that uses crowdsourcing to find yer stuff.

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Furywing LogoFurywing is is a gambling play. I don’t like online gambling, but it ain’t my place to judge.

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24Fundraiser logo24Fundraiser is a one-stop solution fer online auctions.

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neststepio logoNextStep.io helps you get yer daily workout by usin’ yer daily routine. I like that idea a lot. Gotta find out more about this one.

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trinet logoThe whole Startup City production is sponsored by TriNet. I talked to them folks at length and came away impressed.

Then I get a big surprise on the way home:

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Da Hawks

I ride the water taxi to the train and it turns out I don’t miss the Blackhawks celebration after all. The train’s loaded with drunken smiling people singin’ songs, makin’ a whole lotta noise, and generally havin’ a great time. Now it’s my turn, so I belt out The Wreck of the Edmund Fitzgerald.

IMG_9086-001

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Back to Part 3 – BNC TUESDAY NIGHT SMACKDOWN

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Photos courtesy Techweek, The Chicago Blackhawks, John Jonelis.  Logos courtesy companies.

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 © 2013 John Jonelis – All Rights Reserved

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Filed under angel, angel capital, angel investor, App, big money, Characters, chicago, Chicago Ventures, city, Donatas Ludditis, Education, Entrepreneur, Entrepreneurship, Entrepreneurship and Politics, Events, Innovation, Internet, Internet Marketing, Invention, investor, Mobile, Mobile App, Mobile Marketing, new companies, Nobel Prize, pitch, Software, Techweek, the chicago machine, The City, the machine, vc, venture capital

WORTHY OF AWARDS

The Chicago Innovation Awards – Part 3

John Jonelis

Time Share Gulfstream JetI’ve jumped aboard a Gulfstream G450 to interview the legendary Loren Bukkett. I want his take on the Chicago Innovation Awards. He finally puts away his phone and turns to me. “Okay, let’s talk,” he says.

I take that to mean he’s already finalized all the deals that peaked his interest. Nice to have a large staff to handle the details. But here in the jet cabin, it’s just Loren, his wife Aussy, and me.

Aussy is doing some form of shorthand on a tablet computer. That woman hasn’t spoken since I climbed in the plane. Maybe Loren asked his wife to keep it buttoned. Maybe he wants to control what information gets out. At this point, I’m afraid to ask her a direct question. I even wonder if this is their secret strategy to keep outsiders off balance. If so, it’s working.

They give out so many honors at the Chicago Innovation Awards tonight that I can’t keep it all straight. So much glitz and pizzazz. Jumbo screen. Music. Entertainment. Applause. Streaming internet content. I appreciate the way they present a standardized set of videos to highlight the mission of each winner. A professional job and it moves things along nicely. With sponsors like Disney, Comcast, and Wrigley, they can afford to do it right.

Chicago Innovation Awards

Chicago Innovation Awards – jaj

I pull out my notes. “Let’s do the ‘Up-and-Comer’ category first.” I proceed to read off the list but Loren waves me to a halt.

“We’ll do it my way,” he says. And he goes on to tell me about every company that won an award at that event. He does it in depth. No notes. No prompts. At his age, that kind of memory astounds me.

“Now John, keep in mind that for twelve years, every company with an award from this group is a success. And there are a lot of them. That’s impressive and gives an old investor like me a feeling of confidence. Of course my people check out these companies in depth, but you can’t help but come away with some degree of certainty—a belief deep down that every one of them will find a way to make it.”

“You said they’ll break that perfect record this year.”

“That’s the awards to those two politicos, not the companies. No as I see it, what we have here is a large pool of opportunity. I already set some wheels in motion. Don’t ask me which ones.” He clasps his hands behind his neck and leans back. “When you get to be my age, you either turn into a curmudgeon or you win back some of that idealism you enjoyed as a youth. These days, a big part of my strategy includes companies that are doing-well-by-doing-good. I saw a few tonight. One of them is BriteSeed.

I nod. “I saw them pitch earlier in the year—at BNC I think. They made a big impression on me.” I splash three fingers of his excellent Hennessy into each of our snifters. Maybe the combination of spirits and altitude will keep him loose.

“It’s a hot sector,” he says. “Their SafeSnipstm technology could be life-saving. Imagine it on a large scale. No more surgical accidents. Billions of dollars saved.” He leans toward me and lowers his voice. “Keep your eye on Northwestern Global Health and their rapid HIV diagnosis. And Recall-Connect built an automated system to match defective medical implants with patients. No more wading through reams of paper files. Medline came out with an anti-viral face mask. Preventing disease is real attractive to me, but this one’s a family company, so…”

“No need for investors?”

“We’ll wait and see. My only concern with Feeding America is scalability. But they won the Social Innovator Award so people need to take that group seriously—very seriously. Any way we can fight hunger, we oughta do it.” He gingerly takes a tiny sip of his cognac as if he’s already had enough to drink. “I’m interested in the People’s Choice Awards winner,” he says. A little company, New Futura, wants to help Latinos achieve the American dream. Naturally I’m attracted to those kinda offerings. Then there’s Moneythink helping high school kids with their careers. That’s about it for the do-gooders.”

“What about Belly?”

He pauses a moment, pats his stomach, then grins. “That’s another hot sector. That company is off and running in 10 markets with half a million customers already. I’m sure they’ll do well. But I’m not in the mobile app or social media space.”

“Doesn’t that limit your exposure to startups?”

“That it does, John. That it does.” He takes another tiny sip of cognac. “Anymore,” he says, in his Midwestern idiom, “Anymore there’s so much money chasing mobile. So many new startups and only a few will pay off. The good ones get bid-up. Way too high for my liking. New York, Boston—all those great centers for venture capital are in love with mobile and social media. Maybe it’s good for Silicon Valley but it doesn’t fit my strategy. That’s why I come to Chicago. Of course I make exceptions.”

“Do you see a bubble?”

“Well, you always need to keep that in mind. For me it’s more a problem of value.”

Anybody that follows Loren Bukkett knows that deep value is his favorite strategy. Then he shifts gears. “Do you know anything about NuMat Technologies?

That catches me off-guard and I fumble over my words. “Some. I saw them present at another Chicago event–can’t recall where. Seemed like a winner to me but with so many great offerings, the judges at that event looked elsewhere. Do you think the technology is practical? Can they actually store and transport natural gas in bulk the way they suggest?”

“Keep your eye on them,” he says. And suddenly I wish my investment portfolio could stretch that far.

“And Coyote helps trucking avoid dead runs by sharing between companies. That’s the same thinking that put you and me on this beautiful jet. I like that business model.”

He takes more from his snifter and my hopes of getting him to comment on the awards to the governor and mayor are one step closer to reality. “1871,” he says. “That is without a doubt the most significant incubator I’ve come across. They made up their minds to do it right. 50,000 square feet with an option to double. Three universities keep offices there. Venture capitalists too. A successful startup from Northwestern keeps two big rooms to teach folks to code in new languages. Lots and lots of aspiring companies—and you gotta pass their standards to get in! This is one of the new hybrids—part incubator, part accelerator. Most of their companies are outside my investment horizons but every one of them is highly interesting. It must be a great resource for you.”

“Sure, I’ve been there a number of times. They run a lot of events and always invite the community. If they expand, I may take an office there. What’s your opinion on Options City?”

Loren lifts his feet back to the tabletop. “That one hopes to cure a sore point of mine. They want to help the little guy fight back against high frequency trading syndicates. We’re talking trading in-and-out in nanoseconds. Nowadays these guys own 70% or more of the volume on most of the exchanges. And naturally, the exchanges reciprocate by giving them the same privileges as market makers. But they don’t carry any responsibility like market makers. Or risk. They don’t make orderly markets. No, they hit and run. They’re speculators. Why should they get the first look at all the trades?  It’s all driven by greed on the part of the exchanges. I think it should be illegal.”

I’m leaning forward and nodding vigorously. “It’s the High Freaks that changed my approach to trading. I had to slow my timing way down and widen my stops—take on more risk.”

“Well alotta people are going broke because of it. These operations spend upwards of $100,000 a month for the fastest hookup and shortest wire to the exchanges and then run everything by computer algorithm. This new company wants to level the playing field.”

“Can they do it?”

“The jury is still out.”

Loren talks another twenty minutes to cover it all. Food Genius, mentormob, and mobcart, all leverage the Internet to aggregate information and communication. Cummins Allison of all people is selling a document scanner for banks. Borealis makes a light that takes 90% less energy and lasts 30 years.

That leaves Bright Tag, Catamaran, Littelfuse, and SMS Assist.  An impressive event in execution, scope, and promise.  It amazes me that so many fine businesses are right here in Chicago.  All they need to succeed is a boost in the economy. 

We clink glasses. “So Loren, I still want to talk in-depth about the awards to the governor and mayor.”

He flashes me a dirty look.

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Continue to Part 4

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Find Chicago Venture Magazine at www.ChicagoVentureMagazine.com Comments and re-posts are welcomed and encouraged. This is not investment advice – do your own due diligence. I cannot guarantee accuracy but I give you my best.
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Copyright © 2012 John Jonelis – All Rights Reserved

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BOYCOTT WHO?

A dear friend forwarded this powerful article to me.  It shows yet another face of the human condition–one worthy of our constant attention and diligence.  I reproduce it here.  My only addition is the familiar photo of the most brilliant man known to history.  

Albert Einstein  

 A Jewish Boycott

A short time ago, Iran’s Supreme Leader Grand Ayatollah Ali Khomenei urged the Muslim World to boycott anything and everything that originates with the Jewish people.

In response, Meyer M. Treinkman, a pharmacist, out of the kindness of his heart, offered to assist them in their boycott as follows:

“Any Muslim who has Syphilis must not be cured by Salvarsan discovered by Dr. Ehrlich, a Jew. He should not even try to find out whether he has Syphilis, because the Wasserman Test is the discovery of a Jew. If a Muslim suspects that he has Gonorrhea, he must not seek diagnosis, because he will be using the method of a Jew named Neissner.

“A Muslim who has heart disease must not use Digitalis, a discovery by a Jew, Ludwig Traube.

Should he suffer with a toothache, he must not use Novocaine, a discovery of the Jews, Widal and Weil.

If a Muslim has Diabetes, he must not use Insulin, the result of research by Minkowsky, a Jew. If one has a headache, he must shun Pyramidon and Antypyrin, due to the Jews, Spiro and Ellege.

Muslims with convulsions must put up with them because it was a Jew, Oscar Leibreich, who proposed the use of Chloral Hydrate.

Arabs must do likewise with their psychic ailments because Freud, father of psychoanalysis, was a Jew.

Should a Muslim child get Diphtheria, he must refrain from the “Schick” reaction which was invented by the Jew, Bella Schick.

“Muslims should be ready to die in great numbers and must not permit treatment of ear and brain damage, work of Jewish Nobel Prize winner, Robert Baram.

They should continue to die or remain crippled by Infantile Paralysis because the discoverer of the anti-polio vaccine is a Jew, Jonas Salk.

“Muslims must refuse to use Streptomycin and continue to die of Tuberculosis because a Jew, Zalman Waxman, invented the wonder drug against this killing disease.

Muslim doctors must discard all discoveries and improvements by dermatologist Judas Sehn Benedict, or the lung specialist, Frawnkel, and of many other world renowned Jewish scientists and medical experts.

“In short, good and loyal Muslims properly and fittingly should remain afflicted with Syphilis, Gonorrhea, Heart Disease, Headaches, Typhus, Diabetes, Mental Disorders, Polio Convulsions and Tuberculosis and be proud to obey the Islamic boycott.”

Oh, and by the way, don’t call for a doctor on your cell phone because the cell phone was invented in Israel by a Jewish engineer.

Meanwhile I ask, what medical contributions to the world have the Muslims made?”

The Global Islamic population is approximately 1,200,000,000; that is ONE BILLION TWO HUNDRED MILLION or 20% of the world’s population.

They have received the following Nobel Prizes:

Literature:
1988 – Najib Mahfooz

Peace:
1978 – Mohamed Anwar El-Sadat
1990 – Elias James Corey
1994 – Yaser Arafat:
1999 – Ahmed Zewai

Economics:
(zero)

Physics:
(zero)

Medicine:
1960 – Peter Brian Medawar
1998 – Ferid Mourad

TOTAL: 7 SEVEN

The Global Jewish population is approximately 14,000,000; that is FOURTEEN MILLION or about 0.02% of the world’s population.

They have received the following Nobel Prizes:

Literature:
1910 – Paul Heyse
1927 – Henri Bergson
1958 – Boris Pasternak
1966 – Shmuel Yosef Agnon
1966 – Nelly Sachs
1976 – Saul Bellow
1978 – Isaac Bashevis Singer
1981 – Elias Canetti
1987 – Joseph Brodsky
1991 – Nadine Gordimer World

Peace:
1911 – Alfred Fried
1911 – Tobias Michael Carel Asser
1968 – Rene Cassin
1973 – Henry Kissinger
1978 – Menachem Begin
1986 – Elie Wiesel
1994 – Shimon Peres
1994 – Yitzhak Rabin

Physics:
1905 – Adolph Von Baeyer
1906 – Henri Moissan
1907 – Albert Abraham Michelson
1908 – Gabriel Lippmann
1910 – Otto Wallach
1915 – Richard Willstaetter
1918 – Fritz Haber
1921 – Albert Einstein
1922 – Niels Bohr
1925 – James Franck
1925 – Gustav Hertz
1943 – Gustav Stern
1943 – George Charles de Hevesy
1944 – Isidor Issac Rabi
1952 – Felix Bloch
1954 – Max Born
1958 – Igor Tamm
1959 – Emilio Segre
1960 – Donald A. Glaser
1961 – Robert Hofstadter
1961 – Melvin Calvin
1962 – Lev Davidovich Landau
1962 – Max Ferdinand Perutz
1965 – Richard Phillips Feynman
1965 – Julian Schwinger
1969 – Murray Gell-Mann
1971 – Dennis Gabor
1972 – William Howard Stein
1973 – Brian David Josephson
1975 – Benjamin Mottleson
1976 – Burton Richter
1977 – Ilya Prigogine
1978 – Arno Allan Penzias
1978 – Peter L Kapitza
1979 – Stephen Weinberg
1979 – Sheldon Glashow
1979 – Herbert Charles Brown
1980 – Paul Berg
1980 – Walter Gilbert
1981 – Roald Hoffmann
1982 – Aaron Klug
1985 – Albert A. Hauptman
1985 – Jerome Karle
1986 – Dudley R. Herschbach
1988 – Robert Huber
1988 – Leon Lederman
1988 – Melvin Schwartz
1988 – Jack Steinberger
1989 – Sidney Altman
1990 – Jerome Friedman
1992 – Rudolph Marcus
1995 – Martin Perl
2000 – Alan J. Heeger

Economics:
1970 – Paul Anthony Samuelson
1971 – Simon Kuznets
1972 – Kenneth Joseph Arrow
1975 – Leonid Kantorovich
1976 – Milton Friedman
1978 – Herbert A. Simon
1980 – Lawrence Robert Klein
1985 – Franco Modigliani
1987 – Robert M. Solow
1990 – Harry Markowitz
1990 – Merton Miller
1992 – Gary Becker
1993 – Robert Fogel

Medicine:
1908 – Elie Metchnikoff
1908 – Paul Erlich
1914 – Robert Barany
1922 – Otto Meyerhof
1930 – Karl Landsteiner
1931 – Otto Warburg
1936 – Otto Loewi
1944 – Joseph Erlanger
1944 – Herbert Spencer Gasser
1945 – Ernst Boris Chain
1946 – Hermann Joseph Muller
1950 – Tadeus Reichstein
1952 – Selman Abraham Waksman
1953 – Hans Krebs
1953 – Fritz Albert Lipmann
1958 – Joshua Lederberg
1959 – Arthur Kornberg
1964 – Konrad Bloch
1965 – Francois Jacob
1965 – Andre Lwoff
1967 – George Wald
1968 – Marshall W. Nirenberg
1969 – Salvador Luria
1970 – Julius Axelrod
1970 – Sir Bernard Katz
1972 – Gerald Maurice Edelman
1975 – Howard Martin Temin
1976 – Baruch S. Blumberg
1977 – Roselyn Sussman Yalow
1978 – Daniel Nathans
1980 – Baruj Benacerraf
1984 – Cesar Milstein
1985 – Michael Stuart Brown
1985 – Joseph L. Goldstein
1986 – Stanley Cohen [& Rita Levi-Montalcini]
1988 – Gertrude Elion
1989 – Harold Varmus
1991 – Erwin Neher
1991 – Bert Sakmann
1993 – Richard J. Roberts
1993 – Phillip Sharp
1994 – Alfred Gilman
1995 – Edward B. Lewis
1996- Lu RoseIacovino

TOTAL: 129

The Jews are NOT promoting brainwashing children in military training camps, teaching them how to blow themselves up and cause maximum deaths of Jews and other non-Muslims.

The Jews don’t hijack planes, nor kill athletes at the Olympics, or blow themselves up in German restaurants.

There is NOT one single Jew who has destroyed a church.

There is NOT a single Jew who protests by killing people. The Jews don’t traffic slaves, nor have leaders calling for Jihad and death to all the Infidels.

Perhaps the world’s Muslims should consider investing more in standard education and less in blaming the Jews for all their problems.

Muslims must ask ‘what can they do for humankind’ before they demand that humankind respects them.

Regardless of your feelings about the crisis between Israel and the Palestinians and Arab neighbors, even if you believe there is more culpability on Israel ‘s part, the following two sentences really say it all:

‘If the Arabs put down their weapons today, there would be no more violence. If the Jews put down their weapons today, there would be no more Israel.”

Benjamin Netanyahu: General Eisenhower warned us. It is a matter of history that when the Supreme Commander of the Allied Forces, General Dwight Eisenhower, found the victims of the death camps he ordered all possible photographs to be taken, and for the German people from surrounding villages to be ushered through the camps and even made to bury the dead.

He did this because he said in words to this effect: ‘Get it all on record now – get the films – get the witnesses – because somewhere down the road of history some bastard will get up and say that this never happened’

Recently, the UK debated whether to remove The Holocaust from its school curriculum because it ‘offends’ the Muslim population which claims it never occurred.

It is not removed as yet. However, this is a frightening portent of the fear that is gripping the world and how easily each country is giving into it.

It is now more than 65 years after the Second World War in Europe ended.

Now, more than ever, with Iran, among others, claiming the Holocaust to be ‘a myth,’ it is imperative to make sure the world never forgets.

This e-mail is intended to reach 400 million people. Be a link in the memorial chain and help distribute this around the world.

How many years will it be before the attack on the World Trade Center ‘NEVER HAPPENED’ because it offends some Muslim in the United States?

Tami

¸…¸ / __//\___ ___\
,·´º o`·, /__/ _/\_ ____/\
“`)¨(´´´ | | | | | | | || |l±±±±
¸,.-·²°´ ¸,.-·~·~·-.,¸ `°²·-. :º° ·~·~·-.,¸

As for me and my house, we will serve the Lord. (Joshua 24:15)

We are not human beings going through a temporary spiritual experience.
We are spiritual beings going through a temporary human experience.

 [end letter]

Thanks Tami.  And to my readers, especially those saved by faith, please pass this on.

Comment on this article — Name and email optional

.

Find Chicago Venture Magazine at www.ChicagoVentureMagazine.com Comments and re-posts are welcomed and encouraged.

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Filed under Innovation, Innovation and Culture, Invention, Nobel Prize

THE YOUNG ENTREPRENEURS

An evening with legendary international investor, Loren Bukkett

by John Jonelis

Technori PitchI’m at the Technori Pitch event in Chicago standing beside the iconic figure of Loren Bukkett–the Prophet of Pekin.  Everybody’s seen him on the news but this guy blends into to any crowd. Unassuming. Cheap rumpled suit. A hundred percent Midwestern. I knew his wife before they got hitched—she almost posed for one of my paintings but somebody stopped her—probably Bukkett himself. He shakes my hand absentmindedly and tells me not to call him “mister” as he scans the milling crowd in the lobby of the Chase Auditorium.

“I don’t see anybody over 30 here,” he says. Then his famous grin. “Except for you, John.” He grins some more.

I shake off the fact that he still knows my name. Total recall, I guess. “What brings you here, Loren? I didn’t think you invested in new ventures.”

“The ticket’s only ten dollars and the pizza’s free.”

“You flew to Chicago for free pizza?” In what, his private jet? I know this guy’s frugal, but c’mon.

He stops scanning and looks me square in the face. I feel the power of intelligence behind that casual persona. There’s a reason people hang on this guy’s every word. You don’t make that kind of money getting lucky at the racetrack, so I’m all ears when he answers my question:  “Think about it,” he says, “Did you notice something unusual about the last two stock market corrections?”

“Yeah. Everything tanked. Fast and hard.”

He looks at me from beneath his bushy brows. “Do you recognize the importance of what you just said? Markets drop all the time. In the long run it doesn’t even matter. Tell me about the recent correlations with commodities and derivatives.” He waves a hand. “Of course, the big exchanges are right here in Chicago, so you know all about that. What do you see happening?”

The crowd gets loud and thick as I try to recall what I once knew about correlation coefficients. Finally, I blurt out an answer. “Just about everything dropped the same time, even the Futures.”

“You’ve put your finger on it. Correlations are all very close to one right now. That’s what’s so significant. Now look at all these kids. Do you suppose their startup companies move with the broader markets?  What’s their correlation?”

“So you’re shopping diversification.”

“For public consumption, I’m just enjoying myself. Have you tried this pizza?”

I’m doing zero carb so I look around the room to distract myself from the food. I hear this place holds 500. Looks like they’ll fill it. The crowd presses around us. Buckkett’s been recognized. A 20 something asks for his autograph, which he grants. Some people form a line. I gesture to him and push my way through the bodies. He follows me through a door and up some stairs to the projection room. “Thought it’d be quieter up here,” I say.

Bukkett looks around at the equipment. “This is nice. Any chairs?”

I push a couple to a place where we can see the stage then decide to prod him for inside information. “Listen Loren, some of these startups are only asking for a quarter million. Isn’t that kinda small for you?”

He glances at me—a look bordering on pity. “You actually mean to say you don’t get it?” He pauses but I have no answer. “Don’t ever forget what I’m about to tell you: These kids are the future of capitalism in this country. If I see something worthwhile, I’m glad to fund it. The good ones always go through several rounds. When we’re in one of those, we’re with it all the way to IPO or buyout, or we adjust the management team and fold it into the portfolio.”

“A 100% stake? What’s that come to?”

“You figure it out.”

Looks to me like he’s talking millions,  then the stage introductions start. I was right—every seat taken. Last month was standing-room-only so they moved to this beautiful auditorium. Clay Neighbor is onstage priming the audience, saying what a special place Chicago is to do business. We all know that. He gets a round of applause.

John Paski gets in a plug for the next Chicago TechWeek. At least half the audience raises their hands when he asks who’ll attend in June. That one will be on two floors of the Merchandise Mart. Cripes. 500+ speakers, 200+ sessions. Website www.techweek.com

Seth Kravitz—Tech guro and driving force behind Technori is speaking. He’s set up a Q&A method using text messaging. The audience gets to vote on what questions get asked.

Time for the presentations. Fifteen minutes each. I ask Loren for his take on what he hears.

LockBoxer

Jennifer Morehead – jmorehead@lockboxer.com

The company helps people create a home inventory and price their possessions. Type in your items, upload photos, and prices automatically post to your list from the company database. That’s valuable for insurance, for sales, and for the taxman who audits your giving. It places a hard valuation that stands scrutiny.

We hear about the recent WSJ profile of the company and the monetization plan. Their site links to the Salvation Army and Google. Major insurance agents are signing up for a pilot project to launch in January. Lockboxer is secure like a safety deposit box—that’s where they got their name.

I poke Bukkett. “Loren. Loren.  What do you think?”

He leans over to me. “This gal is comfortable, even though the tech booth people fouled up her video. I like the idea. Home inventories are a terrible nuisance. Have you ever done one? There’s competition out there but that just proves how good the idea might be.”

BankBadger

Brian Busche

Want to teach your kids to understand money? Want to make banking fun? Want a simple way to do it? In this online bank, the parents are the bankers and control all aspects of the experience.

They use Badges instead of dollars and each badge can represent any amount the parents choose. The format avoids legal restrictions so kids under 13 can participate. Wow, I wish this was around when my kids were small.

It’s is a freemium model. They source parent’s names through Facebook. When one million users sign on, they’ll launch a premium service, perhaps with a stock market.

Bukkett: “Look at this one. He’s bootstrapping so far. It’s is a minimally viable project that’s already up and running. He’s letting it evolve. That’s how these kids are beating the big companies.”

Utellit

rishi@utell.it

Text and social media are dominating communications and they’re here to stay. Utellit enhances text messaging with voice. “Shoutouts” take the place of “Tweets.” Not only that, the system converts voice to text and posts it on Facebook. Other features make the app fun, including full-motion cartoons.

So I’m thinking, hey, I can text and I don’t need to fool around with that tiny virtual keyboard. Sounds good to me.

Bukkett makes no comment. I don’t know if that means he’s not interested or already in.

jumprope

www.jumpropetheapp.com

Loren sends me out for pizza and when I get back, he’s smiling.

Bukkett: “Look how fast these kids move. They’re launching this thing tonight. Great pitch—Don’t you get sick of waiting in lines? These guys make it possible to cut in line and the price depends on the length of the line. It’s mobile, social, local, and free to download. It interfaces with Facebook, Twitter, and email. Think this one might go?”

I can’t believe Loren Bukkett asked me a question like that. “You just like it ‘cause it’s free.” That raises a laugh out of him.

Berst

Matt & Kaleb Foster. Email: team@berstapp.com  Website: http://berstapp.com/

Where are your friends? Want to know? Want to text your group and share photos from your phone? Imagine a social media site that’s mobile and aggregates Twitter and Facebook with GPS. With Berst, you STAR members to your private group or use the search function to form an elastic group on the fly. At a sporting event, text chat becomes group chat. This one’s both Android and iPhone ready with Windows and Blackberry coming. It’s already in the App Store.

Bukkett: “This falls into the category known asl the creepy app because it keeps track of where you are. Young people don’t seem to mind it but the old folks do. They don’t like to be hunted.”

WizOra

Dan Devias, founder.

This company started at the recent Chicago TechWeek. The winner of the Bloomberg tech competition, it already has thousands of followers. It asks you five basic questions and pulls personal info from your social media sites, then feeds you recommendations for food, fun, savings and more. You rate the restaurants and see ratings posted by others. Over time, the software learns everything about you and gives highly targeted recommendations. It’s web based, with mobile on the horizon.

Loren taps me on the shoulder. “See how creepy it gets? Their asset is the knowledge of everything about you.”

“So you don’t like it?”

“I wouldn’t put it that way. Never let personal bias stifle dollars.”

Junto

Marcy Capron, Joe Poeschi, Matt Wanske, founders@thejun.to

Junto is the everyman incubator. It helps non-techs apply, fund and build their venture. Is your idea any good? Are eager users waiting? Can you build it? Can you get funding? What do you do next?

Junto helps you identify a minimally viable product then connects you with a community to crowdsource R&D, testing, mentorship, and funding. The community votes on ventures and funds them. It takes the risk out of a startup.

Most applicants are MBAs with good business plans. Junto helps these not-technical clients round out their offering. This company launched just nine hours before the presentation. They already have three startups. Junto doesn’t take equity from users, but rather a 5% share of the profits.

Speechless, I turn to Bukkett.

He nods and gives me a knowing look. “You help companies write plans and get funded, don’t you? This could run you out of business.”

We slip out into the pleasant evening air. Loren invites me for a hamburger. We wind up at Uno for a deep dish and beer.

The next Technori Pitch is Nov 29, 2011, 6:00 PM – 8:45 PM, Chase Auditorium. Sign up early—it’s bound to sell out. http://www.technori.com/

That’s what I heard. What did you hear? Comments welcome.

John Jonelis

Find Chicago Venture Magazine at
www.ChicagoVentureMagazine.com
Comments and re-posts are welcomed and encouraged. This is not investment advice – do your own due diligence. I cannot guarantee accuracy but I give you my best.

© 2011 John Jonelis – All Rights Reserved.

43 Comments

Filed under Chicago Ventures, Events, Technori