Start-ups coming out of the University of Michigan continue to dominate the student portion of the
Accelerate Michigan Innovation Competition. U-M-based businesses took first and third places in this year's business plan competition earlier this month.
Kymeira Advanced Materials won the top prize at Accelerate Michigan's student competition, worth $25,000 in seed capital. The University of Michigan spin-out is creating a family of new-to-the-world inorganic polymers. Its proprietary chemistry can acheive ceramic-like properties. Hope College-based Lemon Peel is developing a headband that fits comfortably around the ears and forehead and removes both the sound and light so people can sleep.
SkySpecs, a start-up developed by University of Michigan students, took third place and the $10,000 in seed capital that comes with it. The 8-month-old company is developing unmanned aerial vehicles that use artificial intelligence to gather data in hazardous locations, such as collecting structural data in hard to reach places under bridges.
?"We were quite impressed with all the competitors there," says Danny Ellis, CEO of
SkySpecs. "We were very satisfied to take third place against some stiff competition."
SkySpecs will use all of its $10,000 price to build its first working prototype. It plans to complete a seed-capital round of fundraising from friends and family in early 2013. Ellis expects to go for a larger fundraising round later in 2013 and plans to use its success at Accelerate Michigan as a significant part of its pitch.
Source: Accelerate Michigan Innovation Competition and Danny Ellis, CEO of SkySpecs
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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