Welcome to the wonderful world of the i-opener.
It causes its owner to wonder or gives its owner wonders.
Sonetimes an i-o will play dead.
The Bios should fit in the socket only one way. With the angled off corner toward the USB connector.
Two things to try:
1. plug in the wall transformer and push and hold down the power button until the led goes off. then power up normally.
2. plug in the wall transformer. push the power button to turn on the i-o. then push the reset button (located above the printer cable connector). then the i-o should power up without touching the power button again.
one of those should bring the i-o back alive unless you really did ruin the bios chip.
unless you want the i-o to be original (if so, why take out the bios chip?), you should get a replacement bios chip from Badflash. He also has replacement bios sockets.