Zell Lurie Institute Awards $106,300 to University of Michigan Students Through the Michigan Business Challenge and Dare to Dream Startup Grant Program
ANN ARBOR, Mich., Feb. 22, 2011 /PRNewswire-USNewswire/ -- The Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies at the University of Michigan Ross School of Business today announced winners of its 2010-2011 Michigan Business Challenge competition awards and Eugene Applebaum Dare to Dream Grants for U-M student startups. Award winners and grant recipients received funding totaling over $106,000 for excellence in new business plans and concepts.
Award-winner MEMStim plans to sell MEMS electrode leads to medical device companies for integration into their targeted nerve stimulation devices. Ultimately, the company is committed to improving the standard of patient care in neurostimulation. The two MBA students and Doctorate student that form the company team will use the award money to quantify regulatory risks and further prototype development.
"The Michigan Business Challenge Best Business Award is an incredible honor because of the caliber of the judges and other businesses in the competition," said Angelique Johnson, 2011 EECS M.S./Ph.D. and member of the MEMStim team. "We are a strong team and have learned new entrepreneurial skills throughout the competition that build upon our diverse past experiences and will help us bring our technology to market."
Michigan Business Challenge
The four-month, multi-round Michigan Business Challenge helps students to transform their business idea from a rough concept into a sound business plan. Supported by training and shaped by invaluable feedback from judges at each phase, students are exposed to a rigorous business development "boot camp" that reinforces the notion that a solid business foundation is necessary to commercialize a great idea.
Over 50 teams from colleges and schools around campus applied to participate in this year's Michigan Business Challenge. The competition awarded a total of $54,300 in prize money to the following reci