Five Questions With: Walter Callender

Walter Callender, co-founder and managing partner of Práctico Innovation, discusses with Providence Business News the results of its recent competition and the private company’s mission. Two years ago, Práctico Innovation received $50,000 from the Rhode Island Foundation through its Make it Happen initiative to launch a competition to encourage Rhode Islanders of Hispanic, black and Asian backgrounds to “create 21st century products and services that address specific challenges of their communities.”

PBN: Where did the idea for Práctico Innovation come from?

CALLENDER: Práctico Innovation is a private company founded to uncover and invest in ingenious practical business ideas that use science and technology. Our idea searches are primarily focused within consumer communities of color. Our inspiration comes from the fact that many for-profit global companies have historically mined the emerging markets of Latin America, Africa and Asia for insights to create commercial products and services which are initially discovered by locals in those markets. We believe that we can identify those consumer insights right here in Rhode Island communities, which could lead to new product and service development within existing and new Rhode Island companies. We utilize a proprietary process for identifying ideas and a community showcase format to have the most ingenious ideas presented to us.

PBN: How many ideas were submitted for this year’s business contest?

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CALLENDER: Over the past two years we have received almost 50 ideas and have awarded eight winners and four runners-up with cash prizes. The winners then attend our custom workshops focused on the creation of business value and after further due diligence and idea development, we look to broker introductions to investors. (Winners received $1,200 each.)

PBN: Who won this year’s competition?
CALLENDER:
They are: Parris Wise, of Providence Cellulose Fiber, who will utilize a custom-designed machine that produces high-quality cellulose at affordable prices and uses recycled (no newsprint) materials that are nontoxic, fire retardant and animal repellant; Gertrude Jones, of DriveTrack, who presented a digital application that would replace manual recording of bus driver destination information using GPS and custom inputs via mobile devices; and Ronn Fortes, of SafeWindow Design, who presented a new construction model for reinforced steel to secure commercial and residential windows with interchangeable custom blind designs.

PBN: Tell me about some of the success past winners have had.

CALLENDER: We are still in the early stages of growth but 25 percent of our winners have patented technologies. One winning company from 2014 is utilizing a custom-patented robot to clean LEED-certified commercial structures. The company is a subsidiary of an existing 15-year-old R.I. full-service cleaning company that is smartly leveraging 21st century technology. Their first key client was a large Boston-based financial institution with global offices. Another entrepreneur in the world of video gaming uses a patented single controller targeted to multitasking gamers and also to persons with disabilities. One woman has recently received local financing to grow her custom digital engraving business, another business uses robot and app technology for pet care and, finally, an entrepreneur is developing an online self-guided learning module for workforce professionals of color. We are assisting with the refinement of their business plans and pitches for raising capital.

PBN: Can entrepreneurs apply again if they do not win the contest?

CALLENDER: While we have never had that happen, we wouldn’t want to discourage the flow of ideas. Who knows where the next Goodyear product, liquid Tide or Danimals drinkable yogurt might come from? The birth of these products can be traced to the study of consumer behavior in underrepresented global communities. We’re excited and believe that with an enhanced marketing campaign next year, the flow of ideas from invisible Rhode Island communities not only will increase, but will position us for selecting and targeting future investments with positive financial outcomes.

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