Michigan Microloan Fund receives payback on successful start-up loans
The Michigan Microloan Fund Program got its start two years ago loaning seed capital to start-ups, and the first of those loans are starting to come due. One has even been paid back early. "We have $400,000 in loans that are due between now and the end of the year," says Skip Simms, a senior vice president of Ann Arbor SPARK and manager of the Michigan Microloan Fund Program. The $1.5 million fund got its start in the wake of the financial... [Read More...]
Akervall Technologies Repays $15,000 Michigan Microloan Fund Program Award
Sassa Akervall, COO of Akervall Technologies, and Skip Simms, senior vice president of Ann Arbor SPARK Akervall Technologies recently repaid its Michigan Microloan Fund Program award, making it the first microloan recipient to repay funding. The company, whose work on the innovative Protech Dent™ mouth guard was also awarded phase I SBIR funding, repaid its $15,000 microloan in just 15 months, nine months before it was due. “Akervall Technologies... [Read More...]
Ann Arbor’s OWN Point of Sale adds 14 jobs, closes $250K angel round
Ann Arbor software developer OWN Point of Sale is starting to scale its principal product, an operating system for coffee shops, its staff, and its seed capital. The two-year-old start-up recently closed on a $250,000 angel round and has increased its staffing from four people a year ago to 18 employees today. Of those, 12 are full-time, and the company also has an intern and independent contractor helping push its sales forward. "Now we're... [Read More...]
Ann Arbor’s Hygieia lands $1.5 million in seed capital
Hygieia recently secured another $1.5 million in seed capital, right on the heels of a recently released study that shows tremendous potential for the 3-year-old start-up’s diabetes treatment technology. The Ann Arbor-based firm’s principal product is the Diabetes Insulin Guidance System, a handheld device that helps insulin-takers effectively manage their diabetes. The Diabetes Insulin Guidance System adjusts dosage weekly, to aid in... [Read More...]
Ann Arbor SPARK scores $10.8M for investments and programs
Ann Arbor SPARK plans to spread $10.8 million it received from the state last week toward replenishing the Michigan Pre-Seed Capital Fund, funding the Accelerate Michigan Innovation Competition and starting the Michigan Angel Fund. The Michigan Economic Development Corp awarded the money from the state’s 21st Century Jobs Fund. Most of it, $9.17 million, will go toward reloading the four-year-old Michigan Pre-Seed Capital Fund. The $14 million... [Read More...]
Michigan Pre-Seed Capital Fund Invests $2.5 Million in 2010
Several Michigan companies recently received investments from the Michigan Pre-Seed Capital Fund, pushing the total investments made through the Fund to over $11.6 million. To date, 52 Michigan companies have received seed funding from the Michigan Pre-Seed Capital Fund, a collaborative effort of Michigan’s SmartZones. “Companies that received support from the Michigan Pre-Seed Capital Fund are currently employing 285 people throughout... [Read More...]
Smart Grid Companies look at this
4 big venture firms and General Electric are dangling $200 million in seed capital for good ideas and start-ups that will dramatically improve the grid. Check out this article in cnet for more information. GE, VCs offer $200 million in smart grid challenge. Read More →
Two Ann Arbor SPARK Companies Mentioned in Fortune Article
Fortune’s recent “Tales of Rejuvenation in Motor City” includes two companies from the Ann Arbor region. Gerry Cox, courtesy of Fortune Velesco Pharmaceutical Services’ Gerry Cox talks about his transition from a large pharmaceutical company to founder of a start-up. Velesco is an Ann Arbor SPARK Business Accelerator company. Daniel Gizaw, courtesy of Fortune Danotek Motion Technologies, a company supported through the Michigan Pre-Seed... [Read More...]
California’s Innovation Model… Michigan?
A great article in the San Fransisco Business Times talks about how California can get its “innovation game back,” it should follow Michigan’s example. Photo courtesy of San Fransisco Business Times Noted venture capitalist Tom Baruch offers insight on where we’re getting it right and what other states can learn from Michigan. The article notes Michigan’s robust entrepreneurial eco-system as having an impact on our... [Read More...]
Three Companies Receive Combined $110,000 From Michigan Microloan Fund Program
Three Michigan companies recently received a combined total of $110,000 through the Michigan Microloan Fund Program, bringing the total amount invested through the Fund to over $1.69 million. GreenSand Corporation, iQ-Telematics and MyBandStock Corporation received the funding to support commercialization of their core products. Since the Michigan Microloan Fund Program was established in July 2009, 42 companies have received over $1.6 million... [Read More...]
