Creating and marketing a disruptive technology is no easy feat. Matthew Janes, CEO of Resonance Technology, has been working towards commercializing his innovative “resonant hammer” since winning the BMO Bank of Montreal first prize in the 2003 competition.
The hammer, which uses sonic vibrations to drive foundation pilings into the earth quickly and quietly, is destined to replace traditional pile-driving machinery.
Since winning the competition, Janes has been refining his prototype. To date, he has sold one hammer and expects 2010 to be a break-through year for selling his B.C.-manufactured technology in worldwide markets.
Janes has grown the company to four employees and expects to hire four more this year. To date, he has raised $700,000 and is in the midst of a commercialisation round seeking approximately $1.5 million.
The company has also built a resonant drill, which a Canadian distributor is now using for field demonstrations to potential clients.
“A resonant drill will tune the vibration to the natural frequency of the drill string, allowing for increased production and capacity while eliminating ground vibration,” explains Janes. “This is a significant leap beyond conventional technology or the sonic drilling techniques available today.”