The Accelerate Michigan Innovation Competition awarded over $1 million in cash and in-kind services on Saturday to the winners of the world’s largest business plan competition. The grand prize of $500,000 in cash was awarded to Kalamazoo, Mich.-based Armune BioScience and grand prize of $25,000 for the student portion of the competition was awarded to University of Michigan students Hunt Briggs, Paul M. Davis, Robert Levine and Nolan Orfield for their company ReGenerate.
The awards were given by the Business Accelerator Network for Southeast Michigan in partnership with the New Economy Initiative for Southeast Michigan, Business Leaders for Michigan and the University Research Corridor during the inaugural Accelerate Michigan Innovation Competition at the University of Michigan’s North Campus Research Complex in Ann Arbor, Mich.
Armune BioScience, a molecular diagnostic company, took the top company award for developing a technology that utilizes autoantibodies created by the body’s own immune system to detect cancer at an early stage. Ann Arbor, Mich.-based Arbor Photonics received the $150,000 company first runner up prize for the development of a fiber optic technology platform used in high power laser solutions which will improve manufacturing efficiencies and enable new capabilities in advanced manufacturing and defense.
In the student category, ReGenerate received the top student prize for their Compact Organic Waste System (COWS) which transforms unwanted and costly organic waste into a renewable source of electricity and nutrient-rich compost. Targeted toward university cafeterias and supermarkets, the system provides a lower cost and environmentally preferable alternative to traditional waste disposal. University of Michigan Students Zaher Andraus, Vimal B. Bhalodia and Matthew Neagle received the $15,000 first runner up prize for their company Reveal Design Automation which provides the electronic design market with the software tools to verify correctness of complex, digital chip designs.
“We congratulate all the companies and students this year for demonstrating their competitive entrepreneurial spirit,” said Dave Egner, Executive Director of the New Economy Initiative for Southeast Michigan. “Armune BioScience and ReGenerate topped a list of nearly 600 outstanding businesses and students that initially entered the competition. These companies demonstrate how the entrepreneurial ecosystem continues to grow and thrive in a state that was built on the foundation of innovation.”
The competition began with a total of 600 entries and was then narrowed down to 50 company semi-finalists, and 28 student/student team semi-finalists. Ten company and 10 student/student-team finalists competed on the final days of the competition for a chance at a piece of the more $1 million in cash, in-kind services, staffing and software.
Additional Award winners for the Accelerate Michigan Innovation Competition include:
Company Competition:
People’s Choice – $10,000: Sproxil
AARP Encore Award – $25,000: Life Magnetics
Tweet Award – $5,000: CYJ Enterprises
Company Sector awards – $25,000 prize each
* Advanced Materials: The Mackinac Technology Company
* Advanced Transportation: ENRG Power Systems
* Alternative Energy: Accio Energy
* Defense and Homeland Security: Evigia Systems
* Information Technology: MatchRX
* Life Sciences: Innovative Surgical Solutions
* Medical Devices: Hygieia
* Next Gen manufacturing: CSquared Innovations
* Products and Services: Ix Innovations
Student Competition:
* First Runner Up – $15,000: Reveal Design Automation; Zaher Andraus, Vimal B. Bhalodia, Matthew Neagle – University of Michigan
* Second Runner Up – $10,000: MiEND- Drug Screeners; Darius Banasik, Trushal V. Chokshi – University of Michigan
* People’s Choice Award – $10,000: June Energy; Md. Shahnoor Amin, Allan R. Taylor, Abdrahamane Traore – University of Michigan
The Accelerate Michigan Innovation Competition also recognized Sam Valenti as their first Spirit of Michigan Award winner. The Spirit of Michigan Award winner recognizes a person that epitomizes the entrepreneurial spirit and understands the need to support entrepreneurialism from the ground up.
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