Wall Street to “Wovel”
Life, Re-engineered
“He said I was in my early forties, with a lot of life before me
And one moment came that stopped me on a dime
I spent most of the next days, looking at the X-rays
Talking bout’ the options and talking bout’ sweet times.
I asked him when it sank in, that this might really be the real end
How’s it hit ‘cha when you get that kind of news?
Man what did ya do?
He said:
I went skydiving
I went rocky mountain climbing
I went two point seven seconds on a bull named Fu Man Chu
And I loved deeper
And I spoke sweeter
And I gave forgiveness I’d been denyin’
And he said some day I hope you get the chance
To live like you were dyin’ “
- Tim McGraw, the song “Live Like You Were Dyin"
by Chris Brunson
Mark Noonan, CEO, president of Structured Solutions II, LLC with his invention, the Wovel (short for “wheeled shovel”)
Mark Noonan found success on Wall Street and accrued all the trappings of wealth and accomplishment. Then life threw him a curveball. A trip to the doctor. Diagnosis: Cancer. Oct. 2001. Surgery. Chemo. Radiation.
At age 41, Noonan looked mortality in the eyes and knew that life was something finite and precious.
He said goodbye to Wall Street and started to grow a dream of his own, a product research and development company called Structured Solutions II, LLC (SSI), based in New Canaan, Connecticut.
SSI manufacturers and distributes an innovative shovel with a wheel in its belly - called the “Wovel.” You have to see this thing to believe it.
Things didn’t happen that easily or quickly of course. Let’s back up as to how Noonan got on the path that led to re-inventing the way people move snow.
In the field, the Wovel moves snow and draws attention.
Born in New Jersey, Noonan’s corporate career track had pinstripes all over it - he graduated Duke and the Wharton School of Business, then set his sights on Wall Street. (For a short time he did major in physics, by the way, drawn to the tangible results and the mechanics of the field.)
The mid-1980s were fertile territory for ambition for those who had the talent, desire and a passionate desire for working hard. Noonan had all of the above. His work was to structure derivative deals for some of the era’s biggest names: Drexel Burnham, Merrill Lunch, Bankers Trust and finally, UBS.
“I loved the problem solving,” said Noonan. He developed strategies that had to interface for all areas of the corporation. To manage financial risk in one discipline meant it had to function without adversely affecting accounting, tax, capitol structure, and so on.
“One subtle change and I had to start from scratch. Each decision had a ripple effect, it was like a Rubik’s Cube.”
The experience gained served him well with his next challenge in life.
When Noonan was diagnosed with cancer, his treatment called for an invasive six-hour surgical procedure called a “Whipple operation.” That meant an extensive incision that involved his stomach muscles and left him with no gall bladder, and only part of his pancreas, stomach, and bile duct. It did mean life though if he endured months of chemo and radiation that followed.
“What got me through the ordeal was work,” he said. “I’d drive myself to the hospital every morning to receive chemo or radiation and be at my desk on the trading floor by 8:30. I lost more than 25 pounds, and the guys thought I was crazy. But thinking about complex strategies kept me from thinking about what else was going on.”
He looked hard at his life. Married, with three children, he re-aligned priorities.
The Innovation
By winter that year the energy-sapping fog induced by chemo had lifted. However, the physical effects left Noonan unable to lift even a shovelful of snow from the backyard ice rink he had built for his children.
“I didn’t want a snowblower, it was one more thing to take care of and to repair,” he said.
With the words “never say die” taking on new meaning, he tapped basic physics of a wheel combined with leverage to create a new product. The contraption used a 36-inch bicycle wheel, electrical conduits (tubing), sheet metal, and a “good supply” of duct tape. The prototype performed with a crude seesaw action - Noonan at one end and the snow at the other. It looked funny, but worked. The concept was born.
“It worked way better than I thought it would,” he said.
Now Noonan drew on years of experience with developing other products and patents in his spare time to finesse the new product. He applied for a patent and dubbed the snow-pusher a “Wovel” (it’s a wheeled shovel).
Shortly thereafter he left Wall Street to start his own business, of which he is president and CEO.
“I think most inventions don’t make it to market because most inventors don’t understand the complexities of launching a product or creating a company,” he said. “While the invention may be brilliant, you not only need to make sure it works, but you need to get it to market.”
People can’t buy what they don’t know about.
To Market, To Market
Now Noonan needed endurance to launch and grow Structured Solutions, LLC. He and his team took on the design, engineering, shipping logistics and office processing duties along with web business development and the other sometimes mundane aspects of a business.
The efforts paid off.
The Wovel won the Popular Mechanics Editor’s Choice Award for the “best new product” at the 2005 National Hardware Show.
The shovel with a wheel got accolades and orders placed at the 2006 International Hardware Show in Cologne, Germany.
The University of Massachusetts commissioned an independent research study to look at how the Wovel works and why it aids the human body to reduce lower back stress and reduce overall physical exertion. (The study is expected to be published in late 2006.)
“Heavy snowfalls are called ‘widow-makers’ in the northeast because people go out and stress their hearts, backs and lungs trying to lift heavy snow, often with disastrous results,” said Noonan, citing a U.S. Consumer Product Safety Commission statistic of 72,000 annual emergency room visits associated with snow removal injuries.
“If you have 40 pounds on the blade, the wheel on a Wovel is actually carrying 80 pounds, which is most of the force,” he said. “Picking up 20 pounds of snow with a regular shovel means when you lift it, you also push down with your opposing hand about 10 pounds - that’s a lot of wasted energy.”
The Wovel consists of a 34-inch wheel attached to a long shovel. Here’s how it works: Roll the wheel down a snow-covered driveway or sidewalk, and the shovel picks up snow. Then you turn your wrists to direct where to dump the snow and move forward. Repeat as needed.
The Wovel is 100 percent made in the USA, too.
SSI is now working on a number of products (all new patent-based that are in prototype phases including hardware, home/outdoor items and some military technology)
“About 12 products that are slated to be brought to market over the next few years. We focus on IP-based products, that can be protected. We spend a lot of time triaging products as to difficulty of design, technology, and implementation ability to enter a market.”
“A lot of my Wall Street buddies laughed at first when I left the Street for the Wovel. Now some of the biggest jokers are the biggest investors in my company,” he said.
Resources:
The Wovel can be ordered through www.wovel.com, which is a pretty comprehensive site. Note that an instructional DVD is included with each purchase that includes instructions on how to get the hang of using the Wovel.
For more about the song, “Live Like You Were Dyin’” sung by Tim McGraw visit www.timmcgraw.com. The song was written by Tim Nichols & Craig Wiseman, songwriters, won two Grammys.
