Innovation News

Entrepreneur Boot Camp graduates 21st class this week

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January 23, 2013

Ann Arbor SPARK's Entrepreneur Boot Camp is graduating its 21st class this week, bringing another 20 start-ups a crash course in entrepreneurship and how best to beat the odds and become a successful business. What makes this class different is the way Ann Arbor SPARK, with some help from the Michigan Small Business and Technology Development Center, shows that the two-day intense learning environment is geared more toward the "Lean Start-up" model made popular by a number of different business-education books. In previous boot camps, participants focused on working out the kinks of their business plans and creating an elevator pitch to give to potential investors and customers. The lean start-up version is now focused on meeting needs in the market before launching the next great idea. "You try to come up with a market need first," says Bill Mayer, director of entrepreneurial services for Ann Arbor SPARK. "Then you come up with the technology second." The underlying notion is to help build the entrepreneur more than the business idea. For instance, this class of aspiring entrepreneurs brought ideas that included IP-protected technology, software, life sciences and crowd-funding platforms. One of the teams working to create a crowdfunding platform (what is quickly becoming a crowded field) decided to drop the idea and move on to another one when they realized the odds were against their succeeding. "You test an idea to see if it's good or bad," Mayer says. "If it's bad you shut it down and move into the next idea. It's about building the entrepreneur, not the idea." Source: Bill Mayer, director of entrepreneurial services for Ann Arbor SPARK Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

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Evigia has 80% growth, looks to expand wireless product lineup

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Economic Development

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January 23, 2013

Evigia grew its revenue by 80 percent and hired two new people in 2012, setting the stage for more of the same this year. The Ann Arbor-based company develops and creates wireless sensing products. Its EV3 platform delivers smaller-size, higher energy efficiency and lower-cost products which allow significant improvement in the performance and cost of wireless sensing networks. "We are projecting about 80-90 percent growth," says Navid Yazdi, CEO of Evigia. "We expect to hire another 5-6 people." Evigia's sales are being driven by industrial firms and companies looking to better manage workflow and inventory. Yazdi wants his company to become one of the larger players in these markets and more. Evigia is planning to expand its client base to more businesses in the chemical and energy industries. "That will increase our growth," Yazdi says. "We are also in the process of introducing new products in late 2013 and early 2014." Source: Navid Yazdi, CEO of Evigia Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Learning to be Great digitizes consulting services in Ann Arbor

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Economic Development

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January 23, 2013

A small group of consultants in the Ann Arbor area noticed a growing need for entrepreneurial expertise, so they decided to do something about it. They launched Learning to be Great six months ago. "We saw a need for a place for people to get good tools, like survey instruments -- the types of things we use as consultants." says Stephen Gill, co-founder of Learning to be Great. The website offers a number of those tools to its members in downloadable form, such as PDFs or software. The Ann Arbor-based company and its team of four people launched a Beta version last fall and is in the process of making its name in the local consulting business. Learning to be Great offers its services to customers through memberships, which give them the opportunity to purchase the company's wealth of expertise. It also plans to offer consulting services and eventually advertising and marketing opportunities. "Most of the revenue will come from the sales of the tools and memberships," Gill says. Source: Stephen Gill, co-founder of Learning to be Great Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Swift Biosciences lands $750K investment, launches 1st product

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Economic Development

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January 23, 2013

Swift Biosciences has scored a $750,000 Series A investment from the Michigan Accelerator Fund I, money that will help the life sciences start-up accelerate the commercialization of its products. "The extra financing will help us with product development and launch," says David Olson, CEO of Swift Biosciences. The Ann Arbor-based start-up is developing molecular biology reagents for research and diagnostic applications that provide new ways to examine disease-related genes. This technology is expected to help researchers analyze samples faster, at a higher volume, and at a lower price per sample. The 3-year-old company launched its first product (a consumable product for genetic analysis that helps detect mutations in things like cancer, with high sensitivity) last year and is set to launch more similar technologies this spring. Swift Biosciences has hired one person (a scientist) in 2012. It now employs 11 people and expects to add more people to its staff, but not in the next few months. "We do expect to expand but it will be later in the year and in 2014," Olson says. Source: David Olson, CEO of Swift Biosciences Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

U-M endowment invests in Detroit-based Huron Capital Partners

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Economic Development

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January 16, 2013

The University of Michigan is putting a little bit more of its money into the local economy, investing $15 million in the Huron Capital Partners. The downtown Detroit-based private equity fund recently closed on a $500 million investment fund, the company's fourth and largest to date. The 13-year-old company has invested in 61 companies in its lifespan and was named Private Equity Firm of the Year for 2010 by Mergers & Acquisitions, a leading publication for private equity. Huron Capital Partners specializes in investing $10 million to $70 million at a time into lower middle-market companies with revenues up to $200 million. It targets growing companies looking for sponsor management buyouts, family succession transactions, market-entry strategies, corporate carve-outs, and recapitalizations of niche manufacturing, specialty service, and value-added distribution. The University of Michigan Endowment Fund, worth $8 billion, made the investment in Huron Capital Partners, which was approved by the university's Board of Regents in December. The university has announced that it plans to invest more of its money locally through things like the Michigan Investment in New Technology Startups initiative. The Huron Capital Partners investment isn't part of that initiative, but fits into the university's overall goal of investing more locally. A university spokesman declined to elaborate of the reasoning behind U-M's investment in Huron Capital Partners. "There is not much to say," Rick Fitzgerald, associate director at the University of Michigan's Office of Public Affairs & Internal Communication, wrote in an email. "The Investment Office prefers not to discuss the university's investment strategy." Source: Rick Fitzgerald, associate director at the University of Michigan's Office of Public Affairs & Internal Communication Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

CrowdJuice aims to release public Beta this winter

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Arts and Culture

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January 16, 2013

CrowdJuice, an event-based tech firm, has recently secured a five-figure microloan and plans to release the public Beta of its mobile app later this winter. The Tech Brewery-based start-up is developing software that makes it easy for event participants to find the people they want to connect with and background information on them. The idea is to help maximize networking time. This web-based and mobile attendee matchmaking software and mobile conference will in essence serve as a guide for professional events. It premiered at last year's Michigan Growth Capital Symposium. "All of this is about connecting at events," says Ed Farrell, CEO & founder of CrowdJuice. "We take the traditional print guide and put it in your smartphone or tablet and add a bunch of valuable features to it." CrowdJuice, a two-person start-up, plans to use its new financing from the Michigan Microloan Fund Program to help further its product development, marketing and sales efforts. The Michigan Microloan Fund Program, launched in 2009, has provided microloans worth between $10,000 and $50,000 to 76 companies. Source: Ed Farrell, CEO & founder of CrowdJuice Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Pinoccio works to commercialize micro-controller tech

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Economic Development

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January 16, 2013

Pinoccio is looking to raise some seed capital in a new way, crowd funding. The Ann Arbor-based start-up has launched an Indiegogo campaign to raise $60,000 to produce its new microcontroller technology and the company is nearly halfway there. "We're in a state now where we feel good about reproducing them," says Sally Carson, co-founder of Pinoccio. "We just need the funding to do that." Pinoccio is developing a wireless, web-ready microcontroller with WiFi, LiPo battery and built-in radio. This technology allows users to send commands to the microcontroller, about the size of your thumb, from their laptop using the Internet. Carson and Eric Jennings began developing this technology about six months ago. They choose to base the company in Ann Arbor because Carson's husband is pursuing a PhD in biology at the University of Michigan. They hope to raise the $60,000 from the Indiegogo campaign by Valentines Day and have raised $25,000 as of Tuesday. "I'd like to see this become a sustainable business," Carson says. "I am excited to see what people build with Pinoccio. It's exciting to build a tool and see what clever and smart people build with it." Source: Sally Carson, co-founder of Pinoccio Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Real-estate software firm REthink opens Ann Arbor office

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Community Development

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January 16, 2013

REthink, a real-estate software firm has opened a satellite office in downtown Ann Arbor and grown significantly in its first few months. The Dallas-based company opened the office in October and now has a staff of 10 employees and one intern. The firm was attracted to Ann Arbor because of the presence of tech companies like Google and the ability of the University of Michigan to serve as a talent pipeline for future hires. "From a start-up perspective, it was a great place to bring on talent," says Vijay Mehra, CEO of REthink. "Plus, the cost of acquiring taken here is less than in San Francisco." REthink creates an on-demand real estate customer relationship management application for mobile devices. It partners with SaaS CRM platform Salesforce.com to create a customizable mobile software for real estate companies. Source: Vijay Mehra, CEO of REthink Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Nutriinfo makes move from Novi to Ann Arbor

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Healthy Communities

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January 16, 2013

Nutriinfo, a healthy-living technology start-up, has moved from Novi to Ann Arbor to help further the company's growth. "We thought it was the best place to be to have access to more resources," says Mia Jang, CEO of Nutriinfo. "We thought it was a great place to find people when you need to hire." Jang, who has a PhD in nutrition, started Nutriinfo in 2007 to provide a better way for people to become more healthy. She leverages online resources and other IT technology to create simple paths for the employees of companies and customers of health insurers to lose weight and lead healthier lives. Nutriinfo now employs five people and expects to to hire a few more people before the end of winter. The move to Ann Arbor in July was made to help make this sort of staff expansion easier because of the close proximity to the University of Michigan. The firm plans to launching a weight-loss challenge for corporations and communities in Michigan in March. The idea is to raise awareness about obesity and align with the current health and wellness initiatives underway with the state of Michigan. For information, click here. Source: Mia Jang, CEO of Nutriinfo Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Pharma firm Esperion adds new CEO to growing staff

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Economic Development

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January 9, 2013

Esperion Therapeutics is bringing on some familiar faces to its staff, including a new CEO that has an extensive history with the pharmaceutical firm. Tim Mayleben replaces Esperion Therapeutics' founder, Roger Newton, as president and CEO while Newton becomes the firm's executive chairman and chief scientific officer. Mayleben previously served as president and CEO of Ann Arbor-based Aastrom Biosciences before stepping down last summer. Mayleben also once served as Esperion Therapeutics' COO and CFO a decade ago, helping it raise more than $200 million in seed capital and negotiating its sale to Pfizer in 2004 for $1.3 billion. Newton bought back the company four years ago and relaunched it. "I am a business person by training. Roger is a scientist and a company builder," Mayleben says. "We complement each other really well." Esperion Therapeutic's most advanced product candidate, ETC-1002, is in Phase 2 clinical trials for patients with hypercholesterolemia and other cardiometabolic risk factors. ETC-1002 is a small-molecule metabolic regulator of imbalances in lipid and carbohydrate metabolism and inflammation. It is being developed to address the underlying causes of metabolic diseases and reduce multiple risk factors associated with them. In preclinical and clinical studies to date, treatment with ETC-1002 has been shown to be safe and well-tolerated while producing statin-like reductions in LDL-C and inflammatory markers. Esperion Therapeutics plans to wrap up it's Phase 2 clinical trials later this year and begin Phase 2 D clinical trials in 2014. Phase 2 D clinical trials are one of the final steps before FDA approval and often take two years or more to complete. The company has historically called Ann Arbor home before moving to the Michigal Life Sciences Innovation Center, managed by Ann Arbor SPARK, in Plymouth. The company now employs 11 people after hiring three recently. Source: Tim Mayleben, president & CEO of Esperion Therapeutics and Roger Newton, founder of Esperion Therapeutics Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.