Sam Kaplan and Louie Harboe’s company, Tapware, is one of the more promising technology startups in Chicago. For the two seventh-graders at the University of Chicago Laboratory School, Tapware has significantly more upside than opening up a lemonade stand, reports the Chicago Sun-Times. Based in Hyde Park with guidance and a bit of seed funding from one of the University of Chicago’ s top business school professors, Tapware recently released its first iPhone application called "The Mathmaster" and has a second app in the works. With as much institutional knowledge of the iPhone development platform as arguably anyone on the planet, Kaplan and Harboe seek to profit from an industry that has spawned more than 1 billion downloads of commercial applications within its first year of existence. "Since the fifth grade, we’ve had this idea of working together and becoming successful with our web site ideas," said Harboe. "We’ve thought of a lot of strange and different ideas." The Mathmaster is pretty straightforward. For 99 cents per download, the application is marketed to parents as a fun tool to get their children more enthusiastic about things like square roots and multiplication tables. The application took about a month to develop and then a week to get approved by Apple’ s App Store. The two hope to launch a second, quirkier advertising-based application around their site sipthatdrink.com in the coming months…

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