GENOMENON, a startup founded by University of Michigan students, walked away with the top prize at the Michigan Collegiate Innovation Prize last week. The win allows the healthcare software startup to pocket $40,000 in seed capital.
GENOMENON's technology is the product of three U-M pathologists. The trio is developing software focused on improving cancer diagnosis and treatment. The company won the top prize at the event and the competition’s health category.
This is the fifth year for the competition, which has changed names and pivoted its focus a couple of times. The
Michigan Collegiate Innovation Prize is a three-month program that helps innovators find the market for their products. It is organized by U-M's Center for Entrepreneurship and offers $100,000 in seed capital for student-led startups.
Startups from across Michigan’s colleges are eligible to compete. This year it fielded 81 student teams from 16 colleges. Twenty three of those teams made the semifinals and five of those teams walked away with seed capital prizes.
"It's about talent retention through Michigan-based ventures," says Amy Klinke, associate director at
University of Michigan’s Center for Entrepreneurship. "For us it's a win that these students stay in the state to lead these ventures."
The Michigan Collegiate Innovation Prize got its start as a business plan competition at the University of Michigan. It then pivoted to become the Michigan Clean Energy Competition and expanded its reach to include participants from across the Great Lakes State. This year it opened up the competition even further to invite participants from a number of different new economy sectors, such as software.
Source: Amy Klinke, associate director at University of Michigan’s Center for Entrepreneurship
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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