Innovation means squat without sweat
Groundbreaking ideas rarely make money without patience, passion and relentlessness.
"I've been a pain in the butt, believe me," said Michael Wielgat, a Chicago firefighter and inventor of the "Hero Pipe."
Four years and tens of thousands of dollars ago, Wielgat began working on a device that enables fire crews to fight flames in high-rises from one level below. Hero Pipe is now drawing interest from the Department of Homeland Security, and last week Wielgat was recognized as a visionary during the 8th annual Chicago Innovation Awards.
It's difficult enough in white hot economies for innovators like Wielgat to introduce new ways of doing things. A recession can give detractors another reason to throw cold water on untested techniques. Sometimes the only way to get through to anyone is by being a pest.
"I want to thank the friends who I have inundated over the past four or five months for not disowning me," said Paul Everton, who's company, Visible Vote, was also honored with an award. Through applications on Facebook, the iPhone and other channels, Visible Vote syncs legislators' voting records with their constituents' own feelings on congressional bills.
While Everton hopes to raise some risk capital for his invention, Leo Melamed, chairman emeritus of the CME Group Inc., explained in his keynote address how innovation -- while initially painful and disruptive -- is the only way for a business to survive. Melamed presided over the CME's difficult 10-year transition from open outcry trading to computerized systems. Despite its colorful history, it's hard to imagine the CME transacting trillions of dollars and employing tens of thousands of Chicagoans relying only on hand signals.
"Computer technology in the beginning displaces jobs," Melamed said. "But the computer creates three jobs for every one it displaces. It just takes time."
It eventually pays to innovate now, as it is always early for whatever comes next.
While LinkedIn, Facebook and Twitter are forever changing business communication, no Web site will ever replace face-to-face meetings. The majority of communication is non-verbal. You can get a better read on potential business contacts by seeing the whites of their eyes.
To that end, Chicago entrepreneur Paul Caswell earlier this month debuted Weave the People. The Web-based software is licensed by meeting planners to coordinate introductions at conferences and multi-day events. Attendees go to custom pages built at weavethepeople.com to identify with whom they want to speak by biography, region and various conversation topics.
Caswell, who is 43 and a native of England, is currently funding the West Loop-based company out of pocket. He hopes to raise $250,000 to $300,000 in a convertible bridge loan before a possible Series A round of financing. Weave the People charges $2,500 for functions of up to 100 people for its service, and Caswell said more than 20 clients have signed on.