Macomb Innovation Fund Awards $300,000 to Five Detroit-Area Technology-Focused Startups
November 18 2015 - 5:14PM
Business Wire
Unique initiative provides mentoring and capital to
early-stage businesses, as well as learning opportunities for
Macomb Community College’s students
Five early-stage companies from Macomb, Oakland, Washtenaw and
Wayne counties will receive $300,000 in funding from the Innovation
Fund Macomb Community College, Powered by JPMorgan Chase &
Co.
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The Innovation Fund is a $2.7 million effort to stimulate
economic development and job growth among promising Detroit-area
entrepreneurs and next-stage companies with high-growth potential.
Funding is provided by Macomb Community College’s Strategic Fund
and JPMorgan Chase, as part of the company’s $100 million
commitment to Detroit’s economic recovery.
“The Innovation Fund is an important new way in which the
college can directly support economic development while providing a
different type of learning experience for our students,” said Dr.
James Jacobs, president, Macomb Community College. “While classroom
education is still important, education delivered in the workplace
in collaboration with the economic drivers in our community and
region positions our students and business community with a unique
advantage.”
Companies funded by the Innovation Fund are required to provide
internships or learning experiences for Macomb Community College
students. Students will not only have the opportunity to develop
valuable workplace skills, but will also gain first-hand exposure
to entrepreneurship.
“Stronger small businesses drive job creation and economic
growth,” said Chauncy Lennon, Head of Workforce Initiatives,
JPMorgan Chase. “We are proud to be a part of the Detroit-area's
resurgence by supporting the entrepreneurs who are fueling its
recovery.”
Three companies will receive awards that are designed to advance
the progress of emerging companies toward larger-scale funding.
These companies must provide matching funding and commit to paying
back the award:
- Banza (Detroit/ Wayne County) –
$100,000 award. Banza produces pasta from chickpeas that provides
25 grams of protein and 13 grams of fiber per serving with half of
the net carbohydrates found in regular pasta.
- Lighthouse Molding (Sterling
Heights/ Macomb County) – $100,000 award. Lighthouse Molding has
developed a low-pressure overmolding technology that encapsulates
electronic assemblies using an organic polyamide resin and protects
the assemblies from water, humidity, shock, vibration, thermal
variation, dust and dirt.
- PHASIQ (Ann Arbor/ Washtenaw
County) – $50,000 award. PHASIQ has designed a method of diagnostic
testing for a variety of proteins in a single patient sample, which
has advantages over the current process of testing for proteins one
at a time. PHASIQ’s technology is applicable to research and
diagnostic tests related to cancer and other diseases affecting the
immune and cardiovascular systems.
Receiving awards of $25,000, which are designed to support
early-stage businesses taking the initial steps in market
introduction, are:
- Pro:Up (Detroit/ Wayne County) –
$25,000 award. Pro:Up is an online marketplace that matches
students to extracurricular opportunities related to their
educational and career objectives, providing a one-stop platform to
relevant classes, summer programs and internships.
- Sterilogy (Bloomfield Hills/
Oakland County) – $25,000 award. Sterilogy has developed a hand
sanitizer system to be worn by healthcare workers with an
electronic compliance system that not only records compliance with
hygiene protocols, but also prompts compliance if the healthcare
worker does not follow the protocols.
The five companies awarded funding were selected from a field of
27 qualified applicants. Each went through a two-stage process,
pitching first to a screening committee. The highest-rated
companies moved on to a selection committee comprised of area
professionals with experience in business management, finance, law,
manufacturing and technology, who made final award
recommendations.
This is the second cycle of awards for the Innovation Fund,
which announced $275,000 in funding to five start-ups in July. The
next application cycle for the Innovation Fund will close on
November 20, 2015. Entrepreneurs involved in high-growth
technology-focused business, such as advanced manufacturing,
information technology, alternative energy, healthcare, and
logistics and supply chain are eligible to apply. The companies
must locate within a nine-county region consisting of Genesee,
Livingston, Macomb, Monroe, Oakland, Shiawassee, St. Clair,
Washtenaw or Wayne counties. Information about the application
process, as well as an upcoming Information Sessions, is available
at www.macomb.edu/cie.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global
financial services firm with assets of $2.4 trillion and operations
worldwide. The Firm is a leader in investment banking, financial
services for consumers and small businesses, commercial banking,
financial transaction processing, and asset management. A component
of the Dow Jones Industrial Average, JPMorgan Chase & Co.
serves millions of consumers in the United States and many of the
world's most prominent corporate, institutional and government
clients under its J.P. Morgan and Chase brands. The firm uses its
global resources, expertise, insights and scale to address some of
the most urgent challenges facing communities around the world
including the need for increased economic opportunity. Information
about JPMorgan Chase & Co. is available at
www.jpmorganchase.com.
About Macomb Community College
Macomb Community College (www.macomb.edu) is one of the nation’s
leading community colleges, providing learning experiences to more
than 48,000 students annually. Macomb grants the largest number of
associate degrees in Michigan and nationally ranks in the top two
percent in the number of associate degrees awarded by community
colleges. The college’s comprehensive educational programming
includes pre-collegiate experiences, university transfer and career
preparation programs, bachelor-degree completion and graduate
degree programs, workforce training, professional education and
certification, and continuing education and enrichment
opportunities.
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Macomb Community CollegeJeanne Nicol586.445.7204
office248.459.9047 mobilenicolj@macomb.eduorJPMorgan Chase &
Co.Alexis Martin215.864.5715 officealexis.a.martin@chase.com
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