Entrepreneurship

Coverage of those starting up businesses and community resources to help them thrive.

SkySpecs wins Accelerate Michigan, spot at Techstars incubator

By Newsroom

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November 12, 2014

Third time turned out to be the charm for SkySpecs. It took the Ann Arbor-based drone startup three tries at the Accelerate Michigan Innovation Competition before it won it all and a hefty payday to go with it. SkySpecs first participated in Accelerate Michigan's student competition in 2012 when the startup was being launched by some University of Michigan students. It took third place in the student portion that year. It came back again in 2013 and made the semifinals of Accelerate Michigan. This year it went all the way and took home $500,000 in seed capital. "The biggest things for us is it's going to really accelerate our product development," says Danny Ellis, CEO of SkySpecs. "It will enable us to do what we need to do to get our project out into the world and hire more people." SkySpecs is developing aerial drones that use artificial intelligence to inspect infrastructure in dangerous locations, such as the blade of wind turbines. It's WingMan platform allows the aircraft to hover near an object without fear of hitting it. Check out a demonstration company’s WingMan technology here. SkySpecs has hired two people (business development and computer programer) over the last year, expanding its staff to nine employees. Those nine people are currently working in New York City at the Techstars incubator. The company plans to wrap up its tour there and return to Michigan by February when it hopes to have 10 prototypes working in the field. "We thought (Techstars) was going to help us to take it to the next level," Ellis says. "They have the right network and the right skill set." Source: Danny Ellis, CEO of SkySpecs Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

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Yeo & Yeo more than doubles staff, expands into new, 10,000 sq ft location

By Natalie Burg

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Community Development

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November 12, 2014

The Ann Arbor branch of Saginaw-based accounting, audit, tax and business consulting firm Yeo & Yeo is now the company's second largest with about 25 employees and a brand new office that is 2.5 times the size of their original location. "We are outgrowing our previous location," says Kimberlee Kelley, director of marketing for Yeo & Yeo. "Last year we merged with a firm in Southgate, Hungerford & Co. We wanted to bring some staff from that office into one office so we could make a stronger foundation of resources for our clients." Between the merger with the Southgate company and their own growth, the Ann Arbor staff has more than doubled in size over the past year, even as some Southgate employees remained in a satellite office in the metro Detroit office. Such growth attracted the firm to a 10,000 square foot space less than a mile from their former location on E. Eisenhower. "It's not too far from our current office, so it's convenient for our clients," Kelley says. "We're happy to be able to grow and expand in the Ann Arbor area. It's been an ideal location for us." Construction began on the new space in July and included a complete remodel of the office. The firm moved in on Oct. 31. Source: Kimberlee Kelley, Yeo & Yeo Writer: Natalie Burg

Ann Arbor-based startups all but sweep Accelerate Michigan

By Newsroom

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Economic Development

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November 12, 2014

Ann Arbor-based startups all but swept the awards at the Accelerate Michigan Innovation Competition last week, taking home a combined $740,000 in seed capital. Startups from Tree Town took the top two spots, and won six out of the nine sub categories. A startup led by University of Michigan students also took second place in Accelerate Michigan's student portion of the competition. The big winner was SkySpecs, a startup developing drone technology, taking home the $500,000 first place prize. Getting here has been a long road for Ann Arbor-based company, originally placing in the student portion of the competition in 2012. "This was our third year doing it," says Danny Ellis, CEO of SkySpecs. "It was a really, really good competition. I was impressed with so many of the competitors." Cribspot, which calls Kerrytown home and has an office in downtown Detroit, took second place in the overall competition. That showing earned it $100,000 in seed capital, which company plans to use to adds staff to help further develop and expand its online-student-housing platform. The following Ann Arbor-based companies took home category awards: - Ornicept won the IT prize (worth $25,000) for its software platform that helps field workers collect and manage data. - Solartonic won the Alternative Energy prize ($25,000) for its flexible solar panel technology, solarap, that attaches to non-traditional surfaces, such as wrapping around the pole of a street lamp. - Akervall Technologies won the Advanced Materials prize ($25,000) for its thin-yet-tough mouthguard made of non-compressible, perforated materials. - Freestride Therapeutics won the Life Science prize ($25,000) for its drug that relieves and even prevents shin pain for racing horses. - AlertWatch won the Advanced Transportation prize ($25,000) for its patient-monitoring technology. - TurtleCell won the People's Choice award ($10,000) for the second year in a row for its Phone case that comes with retractable earbuds. HeelSecret took second place in Accelerate Michigan's student competition ($5,000) for its shoe attachment that helps better connect high heels to the people wearing them. The startup is led by University of Michigan students. Source: Danny Ellis, CEO of SkySpecs Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Ann Arbor lands office for Texas-based VC firm, Mercury Fund

By Newsroom

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Economic Development

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November 12, 2014

Mercury Fund, a Houston-based venture capital firm, is opening its Midwestern office in Ann Arbor and is taking aim at making investments in Michigan-based startups. To solidify its plans it has brought on Adrian Fortino as a partner to run the Ann Arbor office. Fortino had been running the Invest Detroit fund (he will remain an advisor) and will utilize his local expertise to make more investments in local startups. "We are deeply interested in exploring the research and industrial background here," says Adrian Fortino, partner with Mercury Fund. "I see an immense opportunity in the industrial and research corridors." Mercury Fund is in the midst of raising a $100-million investment vehicle, which Fortino expects to close before the end of the year. Mercury Fund has made investments in two local startups, DeepField and Swift Biosciences, and is currently looking at other potential investments. The Ann Arbor office of Mercury Fund is located in the Headwaters space in Kerrytown. Headwaters is a small community of startups and early stage investors led by Ann Arbor-based Huron River Ventures. "There is an incredible value to being around other investors in town," Fortino says. Source: Adrian Fortino, partner with Mercury Fund Writer: Jon Zemke

Houston VC firm opens in Ann Arbor

By Newsroom

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Economic Development

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November 12, 2014

Somebody smells money. If there's one thing Texans don't fool around about it's football, oil and, of course, making money. To wit, Houston-based venture capital firm Mercury Fund has set up shop in The Deuce. Excerpt: "He said there is a depth of engineering, computer science and machine-learning talent in the area, bolstered by graduates of the University of Michigan. One of Mercury's main areas of investment is biotech, and there are numerous contract research organizations in Ann Arbor that were founded by former Pfizer Inc. employees after it closed its local operations in 2008." Read the rest here.

The Dixson Agency is a new player in Ann Arbor insurance scene

By Natalie Burg

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Development News

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November 12, 2014

After a decade working in insurance repair, Mark Dixson says he understands a side of the insurance business many agents haven't experienced firsthand: clients who are not properly covered. Now that he's an agent himself, and opening his first Ann Arbor office, he says that is a quality that sets him apart. "I've dealt with so many clients in the past who were under-insured. I wanted to think about those clients and bring the the kind of policy they need," says Dixson, whose The Dixson Agency is slated to open by the end of December. "When a client is paying a premium, they want to make sure all of their property is covered." Often, he says, people don't realize until after a flood or sewage break that they didn't have the coverage they thought they had. That is something he hopes to address when opening his office, which is tentatively planned for a 500 square foot space in South State Street Commons. "We're here to stay in the Ann Arbor area, and we're bringing some value for clients," Dixson say "We're just happy to be in Ann Arbor." The Dixson Agency has been operating for about a year from a location in Canton. Dixson plans to hire two staff members to help operate his new Ann Arbor office. Source: Mark Dixson, The Dixson Agency Writer: Natalie Burg

The Bridge breaks down Ann Arbor’s economy

By Newsroom

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Community Development

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November 12, 2014

Did you know we rank third among Michigan's economic regions but 241st among the nations top 382 metro areas? Check out The Bridge's thumbnail analysis of Ann Arbor's economy and enlighten yourself! Read it here.

Ann Arbor “Hackomotive” winner sell stake in mobile app

By Newsroom

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Economic Development

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November 5, 2014

Ann Arborite Steve Schwartz is one third of a trio of entrepreneurs (one in Lansing, one in Seattle) who developed an app called Carcode, that connects customers and auto dealerships via text message. Success took less than a year. Excerpt: "Berkowitz would not disclose financial terms of the deal. But Gorton and his team said the transaction was “life-changing.” The group also declined to accept investment offers while launching Carcode, which allowed each of them to keep a larger ownership share." Read the rest here.

New State St. Area men’s barber spa aims for December opening

By Natalie Burg

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Development News

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November 5, 2014

If men in Ann Arbor's State Street Area start looking a little more dapper in 2015, there's a reason why. Toronto-based men's barber spa Taylor & Colt is bringing its grooming services south of the border, and Ann Arbor will host its first U.S. location. "We’re beginning to see men have an appreciation for the precise grooming techniques of their fathers and grandfathers," says Taylor & Colt's Birdie White. "We also want men to enjoy taking a bit of time for themselves in a space exclusively designed for them, rather than in a salon designed for women." White says Ann Arbor was chosen as the first U.S. Taylor & Colt for its unique, bustling downtown vibe. The shop's buildout is now underway in their 1,100 space on E. Liberty. "The physical space will be completely renovated, right down to the studs. Ann Arbor will be our flagship location, so we didn’t hold back," says White. From here, Taylor & Colt plans to open a shop in Rochester Hills next year, followed by Birmingham, Grand Rapids, Lansing and then on to other states. White hopes to finish renovations by mid-December and open in time for the holiday rush. They are currently hiring 7 to 8 barbers, as well as support staff and managers. Source: Birdie White, Taylor & Colt Writer: Natalie Burg

Neighborhood oriented Bake Me Crazy brings cookies and pizza to E. Madison

By Natalie Burg

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Arts & Culture

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November 5, 2014

If there's such thing as the perfect resumé for a pizza and cookie bakery entrepreneur, Harold Solomon has it. He began his career working for a French bakery before spending a decade in research and development for Dominos, working for and being a franchisee for Cottage Inn and then bringing the Insomnia Cookie truck to town. Now, he's shed those big business names and has opened his very own twist on all of it: Bake Me Crazy on E. Madison. "I liked the Insomnia Cookie concept, but I'm a pizza guy," Solomon says. "We're, in effect, complicating their business model with other items we think people would like delivered." Though the menu is still under development, that will include pastries, shakes, lunches, breakfast sandwiches, and, of course, pizza. Both with his full pizzas and the pizza by the slice he sells now, he plans to follow through on the "crazy" part of his company name with such pies as pot roast pizza, spaghetti and meatball pizza, Asian fusion pizza and more. Solomon's experience in the food industry has taught him the importance of a good, long slow opening, during which he can perfect his menu and get everything up to snuff. He's been quietly serving to residents and workers in his neighborhood for a couple of months now, but is looking forward to a big roll out soon. "We're almost there now, at the final menu stage" he says. "I'm thinking a couple of weeks." Bake Me Crazy currently employs a staff of four in the 900 square foot location near the corner of Main and Madison. As his delivery services and grand opening gets underway, Solomon estimates he'll employ between 10 and 20 workers. Source: Harold Solomon, Bake Me Crazy Writer: Natalie Burg