Macomb Innovation Fund announces $275,000 in inaugural awards to five Detroit-area technology-focused startups
July 21 2015 - 8:00AM
Business Wire
JPMorgan Chase and Macomb Community College-backed initiative
will provide mentoring and capital to early-stage entrepreneurs, as
well as unique learning opportunities for the college’s
students
Five early-stage businesses from Macomb, Oakland and Washtenaw
counties will receive a total of $275,000 in funding in the
inaugural round of awards 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 businesses with high growth potential.
Awards of $25,000 will be distributed to start-up businesses to
assist with market introduction and awards up to $100,000 will be
given to advance the progress of emerging companies toward
larger-scale equity funding. The larger awards must be matched
dollar for dollar by the company to the Innovation Fund. Funding is
provided by Macomb Community College’s Strategic Fund and JPMorgan
Chase, as part of their $100 million commitment to Detroit’s
economic recovery.
“Entrepreneurs are helping to drive Detroit’s economic revival,”
said Chauncy Lennon, Head of Workforce Initiatives, JPMorgan Chase.
“JPMorgan Chase is proud to support these innovative businesses
that will support job growth, skills development and innovation in
the region for years to come.”
The 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 the entrepreneurial process.
“This first cycle of the Innovation Fund awards attracted a
dynamic group of entrepreneurs with a wide range of promising
concepts in an engaging and competitive process,” said Dr. James
Jacobs, President, Macomb Community College. “The robust level of
participation and quality of applicants in our inaugural round of
funding underscores the importance of the Innovation Fund’s unique
approach – pairing early access to capital and education – to
building a strong regional entrepreneurial ecosphere that
accelerates economic development and job growth.”
The five companies awarded funding were selected from a field of
30 qualified applicants. They went through a two-stage process,
pitching first to a screening committee. The highest-rated
companies moved onto a Selection Committee comprised of area
professionals with experience in business management, finance, law,
marketing and technology, who made final award recommendations.
Receiving awards of $25,000, which are designed to support
early-stage companies, are:
- AQUASIGHT (Rochester Hills/
Oakland County) – A real-time intelligence solution for water
pumping systems that can be applied to surface and ground water
systems, as well as wastewater pumping stations, to identify
performance issues that, once corrected, conserve energy and water.
Currently, five percent of U.S. energy is employed in pumping and
moving water, and 70 percent of this energy is related to pumping
systems.
- GAP Quality Systems (Southfield/
Oakland County) – An automated process for inspecting chrome-plated
and high-gloss painted parts to replace the automotive industry’s
current “human” visual inspection process. The computer-aided
visual inspection process will allow for establishment of numeric
standards recognized by both supplier and customer, reducing waste
of parts and environmental impact.
- KTISIS (Sterling Heights/ Macomb
County) – A composite container system to enable fleet vehicles to
use either compressed natural gas or liquefied gas. Leveraging NASA
technology related to advanced composite materials and
manufacturing technologies, the universal storage system maximizes
the existing natural gas refueling infrastructure.
Receiving awards of $100,000, designed to advance the progress
of emerging companies toward larger-scale funding, are:
- MyFab5 (Ann Arbor/ Washtenaw
County) – An online marketing platform that streamlines social
media marketing for restaurants. The software provides a single
dashboard that automates or streamlines creation of custom
marketing plans, analyzing audience, generating leads, creating and
publishing social media posts, tracking and engaging fans, and
creating analytics reports.
- TurtleCell (Ann Arbor/ Washtenaw
County) – A thin-profile smartphone case with retractable
headphones, designed as an all-in-one solution to tangled, broken
and lost headphones.
The second application cycle for the Innovation Fund will close
on July 31. 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 and the upcoming information session at Bizdom on July 29
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. 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 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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Jeanne Nicol, 586-445-7204 office248-459-9047
mobilenicolj@macomb.eduorAlexis Martin, 215-864-5715
officealexis.a.martin@chase.com
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