CHICAGO INNOVATION AWARDS

PrepMe

revolutionizing test preparation

Kaplan and Princeton Review use one standardized method for teaching their students. PrepMe, instead, uses many. Students communicate online with tutors from top universities such as Harvard, Stanford, and the University of Chicago. PrepMe constantly customizes the program based on the students strengths and weaknesses. Participants raised their SAT scores an average of 305 points, which is twice the average point increase from a Princeton Review or Kaplan course. And get this, ladies and gentlemen: PrepMe is 1/3 the price. In addition to standardized test preparation, PrepMe offers college application support and tools, many of which are free of charge. The sight plans to launch LSAT and GMAT test prep this year. PrepMe recently surpassed the 44,000 student mark, and has drawn participants from all over the U.S. and five continents.

Molex

Molex engineers came up with a new method that strengthens electric micro-wiring and lengthens the life span of consumer products. The typical way of soldering materials is to plant beads of metal alloy on an array, insert circuit-board pins, and melt the solder to make a connection. Molex Solder Charge technology instead applies thin strips of solder material and pushes the pins in with a heated stamp. Molex customers can expect a longer lifespan on their products with increased functionality. Because the method uses no lead, Molex delivers a greener product. The product's superior, more reliable technology has resulted in more than $2 million in revenues since inception and has enthusiastic orders from companies in the automotive, computer, and telecom industries.

Flashpoint

Imagine if college actually enabled you to have a future career in film direction, video game development, or computer animation, and accomplished all of it in 2 years? Flashpoint, the first accredited college of its kind in the United States, makes this a reality. Students learn by doing in real-world, state-of-the-art facilities. Half of your time in the program is spent doing real work outside the classroom. This new-to-the world education innovation located in the heart of The Loop provides a practical, effective alternative to traditional higher education. Majors include film, recording arts, visual effects & animation, game development, and broadcast media. Flashpoint graduates see results, period. The number of jobs for multi-media animators, producers, and directors increases by more than 12% each year. Flashpoint feeds directly into these exciting, lucrative industries. It is no surprise, then, that Flaspoint has successfully raised over $16 million to build and equip the College. The school now has an annual revenue run rate of more than $5 million.

First Alert

In 2008, First Alert developed the safest, most efficient and affordable small fire-fighting technology and managed to put it in a spray can! First Alert altered aerosol technology so that the can does not require shaking, and the spray does not agitate fires. You would think, aerosol can? Fire? Sounds like an explosion waiting to happen! Not so, an internal pouch isolates the contents from the pressure. The spray is non-toxic and biodegradable and requires only a damp cloth for clean-up. It produces no fumes and will not damage stoves or countertops. The can has no pin, making for a quicker response time than traditional ABC fire extinguishers. All in all, it is a revolutionary fire-safety product. In less than two years, Tundra Fire Extinguishing Spray has quickly become First Alerts fastest growing safety product. The product is available in many nationwide retailers.

Zorch

Collaborative Portal

For many years, distributors within the promotional products industry have been consolidating. The $18 billion industry has been plagued by increased bureaucracy, which has lowered the quality of customer brand maintenance. In response, Nicole Loftus created a shortened supply chain model called the Collaborative Zorch Portal. This total game-changing innovation for the promotional products industry eliminates the middle men and establishes a seamless and transparent supply chain. Zorch took what looks like a traditional promotional products catalogue and turned it into a collaborative online buying community, allowing manufacturing companies to share their customer service and merchandising knowledge with the largest corporations in the world. Now, large companies can buy their promotional products directly from the manufacturer using the Zorch Collaborative Portal, ensuring maintenance of their brand and control over the final product in the process. Since then, large institutions such as BP, JP Morgan-Chase, and AT&T have switched to this more efficient model to save millions.

The Gas Technology Institute

The Gas Technology Institute is a not-for-profit research, development and training organization serving the natural gas industry. With members in every state, gas companies look to GTI for innovation. In a survey of 2000 different boilers nation wide, they found that most were more than 30 years old and had an average fuel-to-steam efficiency of 76%. Seeing the need for greener, more fuel-efficient industrial products, GTI scientists developed the Method for Enhanced Heat Recovery from Steam Generators and Water Heaters. This revolutionary new process achieves 95% fuel-to steam efficiency. The process saves roughly 10% of the natural gas needed and reclaims 20% of the water used in the process. New boilers can be manufactured with this technology, or it can be retrofitted. Through continuous innovation GTI has managed to lower the cost of this technology by more than 60 percent and payoff period is only 2 years. Demand for this product is so high that municipalities and institutions are lining up for contracts. Currently, GTI has large-scale contracts with the New York City housing authority, China Lake Naval Weapons station, and Oak Ridge National Labs and plans to start construction at more sites as soon as possible.

Cleversafe

Cleversafe is the first company to disperse digital information in order to enhance data security. Usually companies back up all of their information in central locations. But what happens if one of those locations is compromised? They are up a creek! The cleversafe solution breaks the data into pieces and disperses it in multiple locations, but is able to instantly retrieve it when needed. Because the data pieces would not be useful alone, the system is designed for maximum safety and efficiency. This eliminates the need for multiple copies and does not rely on hard drives. 1-2% of hard drives crash every year, resulting in years worth of lost data. Cleversafe's reliable storage system is solution for small and large businesses and organizations. Within their first year, Cleversafe sold over eight large-scale commercial deployments, and had 10,000 downloads of their opensource software.

Fieldglass Insight

Fieldglass Insight is a software tool that is a one-stop shop for companies to organize and conceptualize their human resources operations. The software's many functions allow corporations to source workers through staffing firms, and ensure that workers have the materials, information, and social networks to be successful. This global human resources software company developed its product to fit the needs of a changing workplace. With the baby boomer generation retiring, companies are relying more on temporary workers, contractors, and consulting firms. Meanwhile, labor regulations are becoming more complicated, and there is a greater need for large corporations to track and manage talent. Fieldglass Insite not only consolidates operations, it provides both managers and workers with tools to improve interoffice relations and productivity. Fieldglass Insight is a market leader for human resources software solutions, with customers such as Verizon, Allstate, GlaxoSmithKline, and Johnson & Johnson. The company has been profitable since 2006, and its revenues are $38 million to date.

Abbott Laboratories

XIENCE V

This year Abbott brought to market a second generation Drug Eluting Stent, the XIENCE V. A stent is a tiny balloon that holds open a clogged artery. A drug eluting stent, prevents the arteries that it opens from reclosing. One of only four FDA approved, the XIENCE V has proven to be far superior to its competitors in all clinical trials. Abbott scientists increased the efficacy and safety of this drug eluting stent by rethinking structure, delivery system, the drug that is used, and the concentration of the drug. The XIENCE V represents a significant advance in the treatment of coronary artery disease. In clinical data from more than 1,300 people, patients have had a 45% lower risk of experiencing a major adverse heart-related event when compared to the first generation stent. The XIENCE V earned a 20% market share in Europe after only 18 months, and anticipates a 25-35% market share within 12 months of being introduced in the United States.