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Entrepreneur
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pg. 3)
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This month
the company will launch Ioxphere,
its first software product.
Ioxphere is a Web survey development tool, which allows users
to quickly create, publish and distribute online surveys. The software
is also capable of developing various other Web forms such as an online
menu for restaurants.
Results
from the surveys can be tabulated in seconds -- a huge plus for Chris
Orr, director of Cygnus Interactive for Cygnus Business Media.
"As a business-to-business media organization,
we're always talking to our reader base," says Orr.
With Ioxphere "you can reach the market more often at
a faster pace."
Cygnus owns
more than 50 magazines and will use Ioxphere to provide surveys for
its online publications. Orr says he feels the Ioxphere will give
the company a much higher rate of response then a paper survey could.
The state
of Illinois Health Department and several local companies have expressed
interest in Ioxphere as well, Bakar says.
Xorbix
has been working on the new software for more than a year and a half.
It spent nearly $300,000 on development;
sweat equity brings the cost to more than $1 million, Bakar
says. Other new software
products are already in development, he said.
Xorbix's annual revenue is approaching
$1 million and is expected to grow.
The numbers are made even rosier by the company's complete
lack of debt. "I
financed everything from the money generated from consulting,"
says Bakar.
The
32-year-old Bakar attributes his success to the values he learned
from his family. "I
get a lot of my work ethic from my parents," he says.
He
grew up with three siblings in Pakistan where his mother was a doctor
and his father worked as a journalist.
Both are now retired and remain a strong support system for
Bakar.
Bakar
received a Bachelor of Science in computer engineering from Milwaukee
School of Engineering. He
became a US citizen a year ago.