3/5/2012
It all started at a Champaign apartment with a make-shift desk, in a walk-in closet. Now Microlution is based out of Chicago in an 11,000 square-foot office space....
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URBANA, Ill.--(Mar. 5, 2012)-- It all started at a Champaign apartment with a make-shift desk, in a walk-in closet.
Now Microlution is based out of Chicago in an 11,000 square-foot office space.
Microlution is a “machine tool manufacturer specializing in building high performance CNC machine tools that have been optimized to fabricate small high precision parts,” created by University of Illinois alumni Andrew Honegger and Andy Phillip.
Honegger said their products are frequently used for manufacturing medical devices, electronics, and “other bio-med applications.”
Honegger graduated in 2005 from Illinois with his master's in mechanical engineering and has been full time with the company since he and Phillip started it in February 2005.
During their research with mechanical science and engineering professors Shiv Kapoor and Richard Devor, Honegger and Phillip developed their idea for Microlution after attending a machine tool show in Chicago.
“After the show and seeing the industry had a need for the type of machine that we were making, we started thinking more seriously about starting a company,” Honegger said.
He participated in several classes through the Technology Entrepreneur Center (TEC) and got involved with the Hoeft Technology and Management Program through the College of Business at Illinois.
“Most of the entrepreneurial knowledge that I gained was from the TEC programs and once we got into the real world, that's where we learned the most,” he said.
While at the University, Honegger participated in the Cozad New Venture Competition twice, and won in March 2006. He and Phillip were awarded $20,000 and free legal counsel.
The Microlution team placed third in the Southern Angels Business Plan Contest in Carbondale, Ill. and also competed in Rice University's Business Plan Competition at the national level.
Honegger also received STTR/SBIR funding for Microlution, which “helped kick-start the company.”
“We've met some of the goals along the way for growth of the company,” he said. “Some of the major milestones are that we've grown every year since we've started. We've achieved profitability. We employ 15 people and we’ve never had to lay anyone off, even during the economic downturn.”
“Every so often, we'll be out having a beer and reflect back at where our company was six months ago, a year ago, etc. The most rewarding is seeing where we used to be and where we are now.”
“Being an entrepreneur has been really rewarding. Every day is something different. It's a little bit like a roller coaster. It keeps life interesting for sure,” he said.
His advice for students is to get off campus and start making contacts. “Getting outside of the academic bubble as much as possible is important,” he said.