EntrepreneurUniversity of Michigan, Ross School of Business
Zell Lurie Institute for Entrepreneurial StudiesYear in Review
Fall 2011/Winter 2012
CONTENTSStudent-Led Investment News •WolverineVentureFund •FrankelCommercializationFund •SocialVentureFundAchievements and Awards •ScholarshipsforEntrepreneurialRossStudents •Start-upGrantsAwardedAcrossCampus •MichiganBusinessChallengeWinnersStart-up Theme •TechArbAccelerator •MarcelGaniSummerInternships •EntrepreneurialMultidisciplinaryActionProjectsMajor Networking Events •EntrepaloozaStudentSymposium •PrivateEquityProfessionalConference •MichiganGrowthCapitalInvestmentSymposiumInstitute Highlights and Headlines
Weinviteyoutolearnhowwearedevelopingthenextgenerationofserialentrepreneursandventureinvestors,acrossthespectrumofoursixentrepreneurialskilldevelopmentareas.Wedothisthroughacombinationofeducationandintenseaction-basedlearningexperiencesaimedatthediscovery,shaping,formation,investment,andgrowthofnewventures.Duringthepastyear,wecommitted$1.8millionaimedattheseelementsandatexpandingtheentrepreneurialecosystemtonurtureourstudents.ForthesecondyearinarowwewererankedinthetopfiveGraduateEntrepreneurshipprogramsbyThe Princeton Review and Entrepreneur Magazine,furthervalidatingtheseefforts.Ihopethatasyouread,youwilldiscovermeaningfulandinnovativewayswecanworktogether.
Professor Thomas C. KinnearExecutive Director
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Ent
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Arc
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There’sanewgenerationofstudentswithverydifferentviewsoftheirfu-tures.Theyarecontemplatingcareerswheretheyfeeltheycanmakeapositivedifference.Theywanttostudywhattheyarepassionateaboutandlearnhowtoearnalivingbasedonthosepassions.WhetherseekingtolandajobatGoogle,buildtheirfirstbusiness,developaninnovativetechnologyorworktheinvestor’ssideoftheequationwithaventurecapitalorprivateequityfirm,theyneedtolearnthecompleteentrepreneurialarchthatspansfromcapabilitiesononeshoretoanongo-ingbusinessontheotherside.Thisapproachfocusesonthedevelopmentofsixcoreentrepreneurialskills–op-portunityidentification;designing,assessing,planning,andresourcingthebusiness;andmanaginggrowth–whichistaughtthroughamatrixofmulti-disciplinarycoursework,action-based
The Reign of theEntrepreneur:Teaching the
Entrepreneurial Arch
learning,staffandfacultyseminars,andalumninetworking. Since1999,theSamuelZellandRobertH.LurieInstituteforEntrepre-neurialStudieshasledthenation,thestateandtheUniversityofMichiganinpioneeringaward-winningentrepre-neurialcoursesandprograms.Duringthattime,ithasservedasacatalystincreatingavibrantentrepreneurialecosystemonandofftheU-Mcam-pus.ThroughtheInstitute’scross-disciplinaryoutreach,entrepreneur-shiphasplantedafirmfootholdattheStephenM.RossSchoolofBusiness,theCollegeofEngineering,theSchoolofMedicineand,mostrecently,theLawSchool.ThissynergyhascreatedaMichiganmodelofentrepreneurshipeducationdemonstratinghowthisholisticapproachcanbedoneacrossadynamicuniversity.
Business Assessment
Operationalize Business(Model/Plan)
BusinessDesign
ENTREPRENEURIAL ARCH
Resource/Due Diligence
OpportunityIdentification
Capabilities Business
Manage Growth/Scale Business
• Skills/Talents• Assets (physical/Intellectual)• Networks/Relationships• Interests/Passions/Aspirations Copyright © 2012 by Timothy L. Faley
Tim FaleyManaging Director
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Student-led Investment N
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Wolverine V
enture FundStudent-led Investment NewsThethreestudent-managedventurecapitalinvestmentfunds–WolverineVen-tureFund,FrankelCommercializationFundandSocialVentureFund–have$6.5millionintotalundermanagement.Togetherthesefundsoffergraduatestudentsfromacrosscampusthechancetolearnhowtosourcecandidatesforinvestment,conductinitialanalysesandnegotiatewithcompanyfoundersandmanagersandtransactdeals.
Duringthepastyearthreeinvestmentsweremadebythesefunds.TheFrankelCommercializationFundparticipatedinaSeriesAinvestmentinAreYouaHu-man,theSocialVentureFundparticipatedina$2.4millionSeriesAinvestmentinLearnZillion,andtheWolverineVentureFundparticipatedina$25millionSeriesDinvestmentinSoniutsMedical.
Wolverine Venture Fund Invests in Sonitus MedicalTheWolverineVentureFundinvests$50,000to$150,000inhigh-growth,early-stagecompaniesinpricedventurecapitalfundingroundsinsyndicationwithotherventurecapitalfunds.TheFundgenerallydoesnotinvestinangelorseedrounds.InMay2012theWolverineVentureFundmadeitssecondinvestmentinSonitusMedical.The$25millionSeriesDroundofventurecapitalinwhichthefundparticipatedwasledbyAbingworthandalsoincludedinvestmentsbyArboretumVenturesandNovartisBioVentures.TheWolverineVentureFundfirstinvestedinSonitusinMarch2011.
Portfolio InvestmentsAccordBiomaterialsArborPhotonicsDelphinusMedicalTechnologiesDirectFlowMedicalEnvironmentalOperatingSolutionsIntelePeerIntelligentClearingNetwork
KabongoLyceraNanoBioNanoceroxSilverPopSystemsSonitusTransCorp
3 funds with$6.5 million in total undermanagementby 84 students
Wolverine Venture Fund
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Investment PartnersArboretumVentures,SigvionCapital,RPMVentures,Beringea,NorthCoastTechnologyVentures,FirstStepFund,EDFVentures,SprayVentures,Johnson&JohnsonDevelopment,FoundationMedicalPartners,VantagePoint,ePlanet,StuartMillVenturePartners,KennetVenturePartners,IVSFund,VogenFund,BlackSteelInvestments,EarlyStagePartners,PerseusLLC,In-Q-TelVentures,DraperFisherJurvetson,AffinityVentures,HopenTherapeutics
WVF Student MembersDariusBanasik,MBA‘12DanBickley,MD/MBA‘13BryanChen,MBA‘13SudeepEldoCherian,MBA‘12Yih-WeiChien,MBA/MS‘12JosephDertouzos,MBA‘12JeffDorsheimer,MBA‘13NicholasDouville,MD/PhDShaneKelly,MBA‘13AshishKumar,MBAEveWenKuo,MBA‘13SallyLast,MBA‘12
The David T. Shelby Award wasgiventoJosephDertouzos(MBA‘12),SallyLast(MBA‘12)andRyanStenson(MBA‘12)fortheiroutstandingleadership.
Advisory BoardErikGordon,JD,FacultyAdvisor/ManagingDirectorThomasC.Kinnear,PhD,FacultyAdvisor/ManagingDirectorCarolynMaguire,AdministratorPeterAdriaens,PhD,PE,GlobalCleanTechLLCPeterBardwick,MBA‘84,RocketFuel,IncJeffBocan,BeringeaMaryCampbell,MBA‘79,EDFVenturesTimothyMayleben,BBA‘84,AastromBiosciencesJonathanMurray,MBA‘88,EarlyStagePartnersTimPetersen,MBA‘88,ArboretumVentures;WVFAlumniInvestmentManagerMinaPatelSooch,ApjohnVenturesRyanWaddington,MBA‘99DonaldWalker,ArborPartnersStevenWeinstein,MBA‘98,NovartisVentureFundMarcWeiser,MBA‘00,RPMVentures
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WooJinLee,MBA‘13PratheepMadasamy,MBA‘12JustinMontibello,MBA‘13EmmaMu,MBA‘13DerekOsborne,Phd‘13OmairRana,MBA‘13JigarShah,MBA‘13MikeSherman,MBAEveRyanStenson,MBA‘12VineethVijaykumar,MBA‘13Yu(Willie)Wan,MBA‘13
Frankel Commercialization Fund
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Frankel Commercialization Fund Invests in Are You a HumanThepre-seedFrankelCommercializationFundwasestablishedtoidentifyandacceleratethecommercializationofideasgeneratedwithintheUniversitycommu-nityandthesurroundingarea.InJuly2011,theFrankelFundjoinedotherinves-torsinaSeriesAround$750,000investmentintoAreYouaHuman,developerofthenextgenerationofonlinehumanverificationtoreplacetheCAPTCHA.
Portfolio InvestmentsAccioEnergyAmbiqMicroArborPhotonics
FCF Student MembersWesAllred,MBA/MS‘14MayaBen-Ari,MBA‘13BrettBergman,MBA‘12JakubBielecki,MBA‘12BenBlackmer,MBA‘12JosephBrannock,MBA‘13KwesiBuabeng,MBA‘12DustinByington,MBA‘13CarolynDaWang,PhD‘12SethGoodman,MBA‘13ChristianHicks,MBA‘12AndyHiggins,MBA‘13DanItsara,MBA‘13JustinJackson,Ph.D.AeroE‘12
Advisory BoardTomPorter,MBA‘67,FacultyAdvisor/ManagingDirectorJimAdox,MBA‘95,VentureInvestorsPeterAdriaens,PhD,PE,GlobalCleanTech,LLCLindsayAspergren,NorthCoastTechnologyInvestorsSunduBrahmasandra,LifeMagneticsTerryCrossMaryFlack,NanoBioPedroGuillen,KinetikPartnersLaurenceHagerty,MedAptus,Inc.GreggHammerman,MBA‘07KalyanHandique,DeNovoSciencesDavidHartmann,UniversityofMichiganTechTransferAlanKortesoja,MBA‘82,FormerlyCapgemini/Ernst&YoungMichaelKurek,BiotechnologyBusinessConsultantsDavidMcCann,GooglePaulMcCreadie,MBA‘03,ArboretumVenturesKimberlyReneaPargoff,A123SystemsJoshuaPokempnerPhillipRoos,BBA‘81,RoosterworksLLCChuckSalleyGerardSpencer,MBA‘68,retiredPartnerArthurAndersonKenSpenser,InterphaseCorporationSonaliVijayavargiya,AugmentVenturesRyanWaddington,MBA‘99,HuronRiverVentures
AreYouaHumanSurMod(formerlyBeholztech,Inc.)Surgimatix
StevenKawasumi,MBA‘12SatishKatpally,MBA‘12SoYoungKim,MBA'12EvanKracoff,MBA‘13SangeethaKrishnan,MBA'12VineetKshirsagar,MBA‘12DanielNash,MBA'12MatthewNewman,MBA‘13ShanyRimon,MBA'12EmiliaSibley,MBA/MS‘14SamStevenson,MBA/MS‘14JustinVincent,MBA‘13MichaelWohl,MBA/Erb'13
Student-led Investment N
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Frankel Com
mercialization Fund
Frankel Commercialization Fund
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Social Venture Fund Invests in LearnZillionTheSocialVentureFundfocusesexclusivelyonfor-profitsocialenterprises,existingindependentlyorwithinthelegalstructureofapre-existingorganiza-tion(LC3,501c3,LLC,etc.)TheFundinvests$50,000-$250,000inpre-revenueandpost-revenuecompaniesgeneratingaprofitandrespondingtocriticalchal-lengeswithinEducation,FoodSystems&Environmental,Health,andUrbanRevitalization.ItisfocusedonbusinessesbasedintheU.S.andisparticularlyinterestedinplansfortheSoutheastMichigan/Detroitarea.
InApril2012,theSocialVentureFundjoinedasyndicateof17investorsinaSeriesAroundinvestmenttotaling$2.4millioninLearnZillion,aweb-basedplatformthatgivesstudents,teachersandparentsaccesstoavideolibraryofhigh-quality,standards-basedlessonstaughtbythena-tion’stopteachers.ThismarkstheSocialVentureFund’sfirstinvestmentandthefirsteverinvestmentmadebyasocially-orientedstudent-ledventurefund.
SVF Student MembersEmilyAirey,MBA‘12JPAsta,MBA‘13JanBak,BBA‘12MarthaCampbell,MBA/MS‘13KarenChern,MBA‘13SteveDavidson,MBA/MS‘14NabomitaDutta,MBA‘12IanFlint,BBA‘13LaurenFoukes,MBA‘12RobinGilliland,MBA‘13SethGreenberg,MBA‘12PatrickHuang,MBA‘13BerryKennedy,MBA/MS‘14RobertKim,MBA‘13AprilLacroix,MBA/MS‘12NaveenLakshmipathy,MBA‘12EdLee,MBA‘13
Advisory BoardGautamKaul,FacultyAdvisorManagingDirectorDavidGreen,AshokaChrisPark,Deloitte
MichelleLin,MBA/MS‘12YasminMadrawsala,MBA‘13SamirMalviya,MBA‘13DanMorse,BBA‘13DarrinNagengast,BBA‘12MichelleOsterman,MBA/MPH‘13AlejandroPirron,MBA‘13DanielReyes,MBA‘12EmilyRinner,MBA/MPP‘12JeremySchifeling,MBA‘12HimanshuSharma,MBA‘12JamieShea,MBA/MS‘12KirbySmith,MBA/MPP‘13MeerajThaker,MBA/MPH‘12SanjayVachani,MBA‘12DaveYeh,MBA/MPH‘13KevinZussman,BBA‘12
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NarayanRamachandran,UnitusCapitalMahendraRamsinghani,FirstStepFundBrianTrelstad,AcumenFundJackieVandenBrug,CriterionVentures
Achievements and AwardsScholarships for Entrepreneurial Ross StudentsCongratulationstothe13studentswhoweresuccessfulinapplyingforscholar-shipsandreceiving$5,000eachtowardtheirtuition.
Zell ScholarsBrettBergmann,MBA‘12BenjaminC.Blackmer,MBA‘12JosephM.Dertouzos,MBAEveSatishKatpally,MBA‘12SallyLast,MBA‘12PratheepMadasamy,MBA‘12DavidS.Miller,MBA‘12JonathanM.Palay,MBA‘12RyanStenson,MBA‘12MeerajThaker,MBA‘13
Samuel Valenti Award for Exceptional EntrepreneurialDevelopment$2,500 eachDavidSpiro(BBA‘12)andChadStark(BBA‘12)
BBA, MBA and Cause-Based Entrepreneurship AwardsMadepossiblebyRonald(BBA‘66)andEileenWeiser(MM‘75),basedonachievementsinentrepreneurshipandacademicexcellence.
BBA Entrepreneur of the Year$350 EachElloraL.Gupta,BBA‘12CalvinP.Schemanski,BBA‘12
Cause-Based Entrepreneurial Leadership $1,000SethGreenberg,MBA‘12
Alan Gelband (BBA ‘65/MBA ‘67) Private Equity AwardGiventothestudentteamthatgavethebestdealpitchandwasabletodefendtheirideastoput‘real’moneyintothecompany.
$7,500 teamKevinArvoy,MBA‘12DariusBanasik,MBA‘12ThomasR.Chick,MBA‘12SaurabhDesai,MBA‘12JohnHaley,MBA‘12RytasVygantas,MBA‘12
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Achievem
ents and Aw
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oss Students
Mitchell A. Mondry ScholarsAnn-LiCooke,MBA‘12NicholasDanoff,MBA‘12
Zell Institute &Erb Institute ScholarsRyanFlynn,MBA‘13
$2,500 teamMaxwellBlume,MUP‘12AdamT.Jacob,MBA‘12AbhishekKakani,MBA‘12BenjaminPierson,MBA‘12RobertC.Raymond,MBAEve
MBA Entrepreneur of the Year $1,000 EachAnn-LiCooke,MBA‘12BrettBergmann,MBA‘12PKMishra,MBA‘12
Private Equity Award Recipients
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$61,500 inStart-up Grants
were awardedto 35 student
teams
Dare to Dream and Mayleben Venture Shaping Grants Awarded Across CampusInmid-Novemberandmid-February,theZellLurieInstituteannouncedtheresultsofitsDaretoDreamStart-upGrantProgramandthenewlymintedMaylebenFamilyVentureShapingGrantProgram.Theprogramawardsupto$100,000peracademicyear,inthefallandwinterterms,toMichiganstudentstodeveloptheirownbusinesswhileearningtheirdegree.TheDaretoDreamProgramissupportedbyagiftfromEugeneApplebaum.Congratulationstothefollowingstudents:
Integration Grants $5,000-$10,000 per team
@Fingertips ($10,000)-Afor-profitsocial-entrepreneurialcompanythatbuildsdevicesenablingtheblindtousemoderntouchscreendevices.SiyangChen(MFA‘13),P.K.Mishra(MBA‘12),RogerPotter(BSEMechanicalEngineering‘12),NickWilcox
The Beet Box ($5,000) –Providinghealthyfast-foodoptionsthatsupportandrewardahealthylifestyle.DanielMorse(BBA‘13),AlexanderPerlman(BA‘13),KayFeker(BA‘13),KendraHall(BA‘13),PeterHansWard(BA‘13)
Digital Maxim ($2,500) -ProvidingregionalbooksineBookformatforallpopulareReaderdevicestoservetheneedsofimmigrantpopulationslivingindevelopedcountries.ThirumurthiRanganathan(MBA‘13),SriramRamana-than(MBA‘13),DeviprasadTaluk(MBA‘13),RamalingamSubramaniyam,Manushyaputhiran
EVo Hair ($2,000) -BusinesstobusinesswholesalehairextensionsupplierIanGrant(BA‘13),BrittneyWright(MAcc‘11),AmberWright
SecureHealing ($10,000) -Specializinginprivacymonitoringandreportingacrossnumeroushealthcaresoftwaresystems.AmitKulkarni(MBA‘12),RamyaPanchangam(MBA‘12),JonathanRoelofs(MBA‘12)
Thru.im ($5,000) -ProvidingbusinesseswithLiveChatthatincreasesbrandequitythroughIMandtextconversation.DavidSpiro,ChadStark(BBAs‘12)
Assessment Grants$1,500 per team
AddressMe -Applicationautomaticallyupdatingelectronicaddressbook.CamSmith(MBA/MSSNRE‘13)
Conspire -Platformforindividualsseekingcollaboratorsandcompaniesseekingmanagers.SudeepEldoK.Cherian(MBA‘12),JasonGarfield(MBA‘12),Hi-manshuSharma(MBA‘12),RyanStenson(MBA‘12),JuliaTran(MBA‘12)
Dean Adam -Webretailerofhigh-endmen'sgroomingandpersonalcareitems.JasonGarfield(MBA‘12),NickLewis(MBA‘12),SamuelNathan(MBA‘12)
DIIME R&D -Companydesigninglow-costmedicaldevicesincollaborationwithdevelopingcountryclinicians.ElaineChang(MBA‘12),TheresaFisher(BSEME‘11),),RajenKumar(MSEME‘11),ChrisMaue(MSEBME‘11),CaitlinWinget(MSEBME‘12)
EVStation -Investigatingthefeasibilityofabusinessdeliveringaplatformforelectricvehiclechargingstationaccess.JavierRivera(MBA/MS‘14),LawrenceHan(MBA/MA‘14)
IFM Database -Databaseservicesforfacilitymanagementapplications.DariusBanasik(MBA‘12)
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Start-up Grants
Knuron Knowledge -Sharingplatformconnectingstudents,employersandadvertisers.SunnyArora(MSERobotics‘11),HariprasadGovardhanam(MSERobotics’11),DevinO'Rourke
Real Good Food -Platformcoordinatinghomemadefoodexchangesandcollab-orativecookinganddiningevents.DevinMcIntire(MBA/MSSNRE‘13)
Thrively -Investigatingthefeasibilityofabusinessestablishingonlineplatformforprofessionalstosharefeedback.NickFassler(MBA/MS‘12),EmilyLuke(MSI‘12),EmilyBowman(MSI‘12),RainaRahbar(MBA/MS‘12)
Torch Hybrid Marine Systems -Investigatingthefeasibilityofabusinessbasedonhybrid-electricmarinepropulsionsystems.MatthewLankowski(MSENAME,MEngMfg‘12),MichaelDaeffler(MSENAME,MSEME‘12),JustinD'Atri(MSSustainableSystems‘13),SiddharthMenon(MSEEnergySystemsEng‘13),Mat-thewSexton(MSENAME,MSEME‘12)
Vault Health Solutions -Web-basedportaldatabaseforlaboratorytestretrievalbyhealthcareproviders.ShaunSmolarz(MBA‘12),B.GabrielSmolarz,MD
Venture Shaping Grants$500 per team
Don’t Weed Me -Solvinghowtoconnecttutorstostudentsin“weedout”classesSpencerScolnick(BSEChemE‘14),ZachSimon(BBA‘14)
DrupalAI -CreatinganintelligentrecommendersystemasaDrupalmoduleMartyByle,IsisLi(MSI‘11),DanielZhou(PhDInfoSci‘12)
eRent -SolvinglandlordandtenantrentcollectionandaccountingproblemsZubairAhsan(MSEPharmE‘13),SumitGupta(JD‘14),ArshabhSarda(BBA/BSEAero‘12)
EVStation -AddressinglimitedavailabilityofelectricvehiclechargingstationsLawrenceHan(MBA/MSSNRE‘14),JavierRivera(MBA/MSSNRE‘14),AjayVaradharajan(MSSNRE/MSE‘11)
FinAsk -ConnectingpersonalfinancialadvisorstothoseseekingfinancialadviceSudeepCherian(MBA‘12),NealPancholi,NiravShroff
Medicron -Addressingneedednation-widehealthdatatrackingacrossTanzaniaZahidHasan(MSEAOSS‘11),CalvinParkMSEAOSS‘11),SangeethaKrishnan(MBA‘12)
MyInfluence -Solvinglimitedofflineinteractionsofonlinesocialnetworkingtoolusers.KwesiBuabeng(MBA‘12),AndrewRauh(BSECSE‘15),RajVir(BSECSE‘15)
Smart Peru -SolvinglimitedavailabilityofonlineinformationforPeruviansShilaArias(MBA‘12),ErickFigueroa(MBAs‘12)
Stoowards -Creatingrewardssystemconnectingcollegestudentswithlocalmer-chants.PinakDeshpande(MBA‘13),PuneetDikshit(MBA‘13)
Thrively -Addressinglackoftoolsforemployeefeedbackandself-developmentNickFassler(MBA/MS‘12),EmilyLuke(MSI‘12)
Torch Hybrid Boat Co. -Addressingcarbonemissionsandwaterpollutionsolu-tions,andthehighcostoffuelpriceswithcurrentboatingoptions.JustinD'Atri(MSSNRE‘12),MattLankowski(MSNAME/ME‘12),SiddharthMenon(MEESE‘12),MattSexton(MSNAME/ME‘12),IraShaughnessy(MBA/MS‘12)
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$500 per team
AudioCode -Addressinganopportunityutilizingsmartphonetechnology.JoeDertouzos(MBA‘12)
AutoEat - Addressingapainintherestaurantindustry.MayaBenAri(MBA‘13),DanItsara(MBA‘13)
DrankBank.com -Addressingtheissueofconnectingcampusareabusinessestostudentpopulations.JordanEckstein(BBA‘12),IanSabbag,BrianShepanek
Footnotes -Addressinganopportunitytoimprovetheimpactofeventsamongattendees.MitchAdler(BSECSE‘12),SethSamuels(BBA‘13),KrunalDesai
Google but Vocal -AddressingtheissueofconnectingruralIndianpopulationstoinformation.RachnaShukla(MBA‘13)
Ritmosim -Investigatingopportunitytodevelopnovelsolutiontospinalortho-ses.JorgeSanz-Guerrero(MME’11),DanJohnson(PhDMechE‘12),MarenBean(MBA‘13),SamBeckett(BSMechE‘12),PatMilligan(BSMaterialsSci-enceEng‘14),RikavChauhan(BSNeuroscience‘14)
Shutterhub -Addressingapainintheconsumerphotographymarket.JeffBarg-mann(MBA‘13)
StudentKit -Addressinganeedfortargetedcommunicationamonguniversitystudentpopulations.DanielHoffman(BAPoliticalScience‘14),HarrisonFor-man(BASportsMgmt‘14),ZachMandell(BSEIOE‘15)
YourCall -Addressingapaininthesportsentertainmentindustry.JoshSmith(MBA/MSI‘13),AndrewSmith(MBA‘12)
YouTrivia -Investigatingnovelapproachtoonlinemarketing.RicardoRodriguez-Laureno(MSECSE‘11),ShamikGanguly(MSECSE‘12)
Michigan Business Challenge Winners
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MichiganBusinessChallenge awarded more than $60,000 in total prize money
Achievem
ents and Aw
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ichigan Business C
hallengeMichigan Business Challenge Draws 45 Student Teams from Multiple DisciplinesForty-fivestudentteamsfromacrosscampustookadvantageoftheopportunitytoparticipateinthismulti-roundbusinessplancompetitionthatawardedmorethan$60,000intotaltowinningteams.ThecompetitionbeganinOctoberandendedwiththefinalroundsofcompetitionheldinFebruarywhereeightteamscompeted.
$20,000 Pryor-Hale Award for Best Business $2,500 Marketing Award sponsored by Mark Petroff
Fashion Forward Maternity - Asociallyresponsibleonlineboutiquewheresavvyprofessionalwomencanborrowhighqualityanddesignermaternityandnurs-ingfashionsatafractionofthepriceofnew.ErinLewis(eMBA‘12),JudySkilesLaversandSannieSapier.
$10,000 Runner-up $2,000 Outstanding Presentation
Converge Medical Technologies -Amedicaldevicecompanythatdevelopspatientbrainfunctionmonitoringsolutionsthroughprinciplesofneuroscience.MikeJohnson(MD/MBA,MICFellow‘12),JayJohnson(MSE,MICFellow‘12),AnnaNg(MHA,MICFellow‘12),AnthonyTsai(MD,MICFellow‘12),GeorgeMashour
$7,500 Erb Award for Environmental and Social Sustainability $5,000 Williamson Award for Most Successful Team of Business and Engineering Students $2,500 Marketing Award sponsored by Mark Petroff $1,000 Finalist
@FingerTips -Afor-profitsocial-entrepreneurialcompanythatbuildsdevicesen-ablingtheblindtousemoderntouchscreendevices.SiyangChen(MFA‘13),P.K.Mishra(MBA‘12),RogerPotter(BSEMechanicalEngineering‘12),NickWilcox
$2,500 Most Successful Undergraduate Team $2,000 Outstanding Presentation
Thru.im -Amobilewebsitethatletsyoutransactwithanybusinessviafreetextmessagingforconsumerswhowanttocommunicatewithbusinessesthroughtext.DavidSpiro(BBA‘12),ChadStark(BBA‘11),CalvinGee(BSInformatics‘12),ChengChen(BSComputerScienceEngineering‘12)
$2,000 Best Written Plan $1,000 Finalist
StrideSports -Adesignerandmanufactureroffitnessandexerciseequipmentwithamissiontocreatefun,exciting,innovativeproductsthatinspirepeopletolivehealthierlives.BrianBeard(MBA‘12),GrantWeber(MBA‘11)
Round Two competitors each received $200 -Semi-finaliststhatdidnotadvanceorreceivealargerawardeachreceivedanadditional$300.ASKInterfaces GinnyLiu(BSNeuroscience‘12),ChristopherMcMeeking(BSEComputerScineceEngineering‘12),JacksonBuell(MBA‘12),JeffreyMiller;AutoBikeLLC SeanSimpson(MBA‘13),JohnCzoykowski(MSEnergySystems‘13),MarkSimpson,KevinSmithand Surf-face ShijingLin(MBA‘12),HiroshiKitami(MBA‘12),EllieChang(MBA‘12)
12
Star
t-up
The
me
Tech
Arb
Acc
eler
ator TechArb Fosters College Entrepreneurs
TheU-MStudentBusinessAcceleratorfacilitymanagedbytheCenterforEntre-preneurshipattheCollegeofEngineeringandtheZellLurieInstituteattheRossSchoolofBusinessprovidedcoachingandmentoringtostudent-ledstart-upsrepresentingabroadspectrumofproductsandservices.
TechArb Accelerator2011- 2012 Student Teams
A2B –AnsgarStrother(BSE‘13),KeithPorter(BSE‘13)
Beet Box –KayFeker(BA‘13),KendraHall(BA‘13),PeterHansWard(BA‘13),DanielMorse(BBA‘13),AlexanderPerlman(BA‘13)
Brio Device –HannahHensel(MBA‘10),LauraMcCormick,PhD,DouglasMullen(MSE‘07/PhD‘10MacromolecularScienceandEngineering),andSa-binaSiddiqui,MD(MedicalInnovationCenterFellows'11)
Capillary Refill –AndrewCopp(BSEE‘12),KinshukRajan(BS‘12)
CentriCycle –JustinBeeker(BA‘13),NaveedIqball(BS/BSE‘15),JustineKunz(BSE‘14),NathanPastuzyn(BSE‘13),RachelStadelmaier(BA‘14),AlexThi-nath(BSEChemE‘13)
DIIME –ElaineChang(MBA‘12),RajenKumar(MSE‘11),ChrisMaue(MSE‘11),CaitlinWinget(MSE‘12),
EasLang –DeepakBastakoty(MSCSE‘11)
Educatarium –ChengChen(BSE'13)
EV Station –LawrenceHan(MBA/MSSNRE‘14),JavierRivera(MBA/MSSNRE‘14),AjayVaradharajan(MSSNRE/MSE‘11)
Fantasy Fitness League (formerly Team Fit) –BrianAtz(MBA‘12),JRBlaszek(MBA‘12)
Fetchnotes –AlexSchiff(BBA‘13)andChaseLee(BBA‘13)
IFM Database Services –DariusBanasik(MBA‘12)
iTunes for Art –LydiaMuwanga(MSI'12)
MyFinSight–SudeepEldoCherian(MBA‘12),NealPancholi,NiravShroff
MWrap –WeidongChen(BSE'12),GraceHsia(BSE'12),ShwethaMaddur(BSE'12),RachelRademacher(BSE'12),HeatherWilsher(BSE'12),YaoYao(BSE'12)
Secure Healing –AmitKulkarni(MBA‘12),RamyaPanchangam(MBA‘12),JonathanRoelofs(MBA‘12)
Snap Social Sports –JacobLewin(BA‘12),EvanNetzer(BSCSE‘12),TarranceVanAs(BSCSE‘13),
SynapTech –DunaRaoof-Daneshvar(MDRes‘13),EugeneDaneshvar(PhDBME‘11),StevenKoski
This Fits –BrianPienta(MBA‘12)andJustinVincent(MBA‘13)
Thrively –EmilyBowman(MSI‘12),NickFassler(MBA/MS‘12),EmilyLuke(MSI‘12),RAinaRahbar(MBA/MS‘12)
Torch Hybrid Marine Systems –JsutinD'Atri(MSSNRE‘12),MattSexton(MSNAME/ME‘12),MattLankowski(MSNAME/ME‘12),SiddharthMenon(MEESE‘12),IraShaughnessy(MBA/MS‘12)
truApp –MosesLee(BBA‘02,MAcc‘03)
You Trivia –RicardoRodriguez(MSECSE‘11),UjjwalJain(MSEEE‘11),ShamikGanguly(MSECSE‘11)
YourCall –AndrewSmith(MBA‘12),JoshSmith(MBA/MSI‘13)
TechArbawarded tenancy
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17 start-up and venture capital firms hosted 19 Marcel Gani interns
Start-up Them
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Marcel Gani Summer Interns Gain Real LifeInsights in Start-up and Venture Capital FirmsStudentshungryforhands-onentrepreneurialexperienceimmersethemselvesatstart-upandventurecapitalfirmsoverthesummertoadvancecompanydevelop-mentandhonetheirentrepreneurialskills.Thenewself-hostedinternshipsareperformingwell.Thissummertwostudentswillreceivefundingandcoachingsupporttoforwardtheirbusinesses.
2012 Internship Hosts InternsApjohnVentures AshishKumar,MBAEveBeetBox* DanMorse,BBA‘13DetroitVenturePartners ShaneKelly,MBA‘13FocusHope MiguelSossa,MBA/Erb‘14, JosephHemingway,BBA‘13FranceMonthly MarkNunez,MBAEveInovo OlgaAvrutin,MBA/Erb‘13InstituteforGoldenGate KimLittlefield,MBAEveJack&Jake’s JoseSolis,MBA/Erb‘14LearnZillion JohnathonKrasnov,MBA/MPP‘13SatoriCapital RobertKim,MBA‘13SHFT GrantHughes,MBA/Erb‘14SoCore EmilaSibley,MBA/Erb‘14Tapjoy RyanFukushima,MBA‘13U-MTechTransfer BrentElyea,MBA‘13, ArunaFonseka,MBA‘13Uncommon MichaelBrackney,MBA‘13UnitusImpactPartners SamirMalviya,MBA‘13YourCall* JoshSmith,MBA‘13
*Self-hostedInternships
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Projects Placed MBA Teams Around the WorldTeamsoffirstyearMBAstudentsworkedinthefieldapplyingtheirbusinessskillsandknowledgeatemergingcompaniesacrosstheglobe.Thesevenweekprojecttimeframemotivatedtheteamstoquicklyandeffectivelymeettheirprojectdeliverables,aswellasprovidethemauniqueopportunitytogainvalu-ableexperience.
Stage Two Innovations –Michigan-based$100millionstage2investmentfundestablishedtoacceleratethelarge-scalecommercializationofinnovative,patent-abletechnologiesintheglobalmarket.YonatanAbramovich,Jae-YoungCho,RyanJauernek,ShacharMelman,MichaelRosenbaum,ShaneKelly(MBAs‘13)
Behavioral Media Networks, Inc.–Connecticut-basedspin-offoftheMindMachineProjectatMIT.MesbahAhmad,LindsayCompton,JamesGrimes,Chia-LingLu,IliaMarkov,BrandonSledge-Mellon(MBAs‘13)
Are You a Human –Michigan-baseddeveloperofgamebasedhumanauthen-ticationtoolsforuseonwebsitescreatedbythreenewlymintedMBAsattheRossSchoolofBusiness,whileearningtheirdegrees.MDustinByington,DylanKnee,MichaelMerszei,MarcioReis(MBAs‘13)
Biological Coprocessors, Inc. –Massachusetts-basedresearchfirmfocusedoncommercializingnon-pharmacologicalbiotechnologyapplicationstodeterbraindisordersandoffernoveltreatmentmethods.EmekaAjene,AmitBathija,AmolDevgan,CharlesKelley,ThomasWerle,ArunaFonseka(MBAs‘13)
Green Gold, Ltd. –Israeli-basedproviderofpracticalbusinesssolutionsforthelowcarboneconomy.BrunoBarros,ClemensEder,JeremiahNeal,PreetiPandey,LuckyAbraham(MBAs‘13)
JPAquaKnit, Ltd. –Israeli-basedfirmfocusedonthedevelopmentandcom-mercializationofexceedinglyefficientandaffordableattachedbiomasscarriertechnologyforwastewaterpurificationtreatmentprocesses.MichaelBathurst,JosephBrannock,DorothyGregg,CynthiaShih(MBAs‘13)
Smart Wind, Ltd. –Israeli-basedfirmfocusedonthedevelopmentofanin-novativesmallverticalaxiswindturbine(VAWT)forresidentialsettings.PrerakBathia,MichaelKolarik,Yi-HuiLee,JuhwanSuk,SagarUpadhyaya,MurielMakarim(MBAs‘13)
EMAP placed 37 first year MBAs
at start-ups in the field around
the globe
Major Networking EventsEntrepalooza Energizes Students with Insights fromTop Entrepreneurs and InvestorsEntrepalooza is the kick-off event of the year celebrating entrepreneurship. Hosted at the Ross School of Business and with support from the Entrepreneur and Venture Capital Club, this event gave students and members of the greater business community the opportunity to hear from Brad Keywell (BBA ‘91, JD ‘93), Co-founder of Groupon, who talked about his journey as an entre-preneur.Paneltopicsincludedturningbusinessideasintoreality,bestbusinessdevelopmentpractices,howventurecapitalistlookatstart-upsandentrepreneur-ialcareers.Thesymposiumendedwithaspecialnetworking‘lunch&learn’forstudentswheretheycouldmeetinformallywithentrepreneursandinvestors.
Entrepalooza Entrepreneur and Venture ClubBusiness Model Competition Winners
$1,000 Judges’ AwardEZ Cab -ScottTopper,JigarShah,WhitneyHwang,HuzefaBharmal
$500 Audience AwardThreads -AdamByrnes,SamStevenson,HongdaJiang,CatherineDyson
$500 Organizers’ AwardYoMamaPacked It -JessicaLai,EmilyPotter,Ta-WeiLin
$250 Best VideoCareer Launch -PatrickMilligan,ErinBraddock,RyanJacobs,MarkKempa
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Vibes Upbeat at 31st Michigan Growth Capital SymposiumGoodnews,goodnumbersandgoodvibescontributedtoanupbeatattitudeamongtherecord-breaking450participantswhoattendedthe2012MichiganGrowthCapitalSymposiumonMay15and16.Overthepastyear,entrepre-neurialactivitycrackledwithnew-foundenergyasstateofficials,venturecapitalfunds,angelinvestors,andtheUniversityofMichiganrampedupfinancialsup-portfornewventurecreationandstart-upgrowth. Thisyear’sMichiganGrowthCapitalSymposium,nowinits31styear,attractedventureinvestorsfromMichigan,theMidwest,andbothcoasts,foundersandmanagersofearly-stageandgrowthcompanies,andrelatedstakeholdersfortwodaysofinsightsfromindustryleaders,in-depthpaneldiscussions,companypresentationsandinformaldealmakingattheMarriottEagleCrestConferenceCenterinYpsilanti,Mich.“Ithinkyouguysarerockin’andallthingsarepoint-ingup,”saidopeningkeynotespeakerJasonMendelson,managingdirectorandco-founderofFoundryGroup,anearlystageventurecapitalfirmbasedinBoulder,Colo.
DuringaspecialguestappearanceatMGCS,U-MPresidentMarySueColemansaidthestateislookingforaverydifferentMichiganthaninthe20thcentury,andtheUniversityofMichiganiseagertohelpleadthetransformation,Cole-mansaid.“Ihavealotoffaiththatwe’reontherightpath,”sheadded. KeynotespeakerNoubarAfeyan,managingpartnerandCEOofFlagshipVentures,aCambridge,Mass.-based,earlystageventurecapitalfirm,examinedtoday’srapidlyevolvingentrepreneuriallandscape.Healsolaidouthisvisionforthecriticalroleacademiacanplaybyteachingstudents“entrepreneuring”topreparethemforprofessionalcareersinnewcompanyformationandventureinvestment.
ApanelofseasonedVCsofferedadviceforimprovingday-to-dayoperationsandoverallperformance.Toshinealightonpreparingforgrowth-stageinvest-ment,apanelofventureinvestorsandcompanyCEOsfocusedontheinvest-mentpathwaysoftwoestablishedfirms.Anotherpaneldiscussedthesignificantshiftawayfromearlystagelifesciencesinvestingbetween2004and2009andhowthishasreducedthenumberofcompaniesgoingthroughthepipelinebutopenedupopportunitiesforVCs.Examiningtheprosandconsofoutsourc-ingR&Dtolower-costcountries,suchasChinaandIndia,werediscussedbyapanelofVCsfocusedoninvestmentsinhealthcare,technologyandlifescienc-es.Inaddition,VCslookedatthechallenges,opportunitiesandconsiderationforgeographicexpansionoftheirventurecapitalfundandprovidedinsightonstrategiesforITinvesting.
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Private Equity Conference Provides Unique Forum forAlumni and Industry Professionals to ConnectAfteradecade-longroller-coasterridethatcametoasuddenhaltduringthefinancialcrisisof2008-2009,theprivate-equityindustryismakingaslow,butsteady,recovery.Nothingisguaranteed,industryexpertstoldagatheringof175executivesandprofessionalsfromprivate-equitygroupsandinvestmentbankswhoattendedthe6thannualMichiganPrivateEquityConferenceonOct.28inAnnArbor.TheeventissponsoredannuallybytheCenterforVentureCapi-talandPrivateEquityFinanceoftheSamuelZellandRobertH.LurieInstituteforEntrepreneurialStudiesattheRossSchoolofBusiness.KeynotespeakerStewartKohl,co-CEOoftheRiversideCompany,aglobalprivate-equityfirmfo-cusedatthesmallendofthemiddlemarket,laidoutaframeworkoffouractionsthePEindustrymusttakeinordertoadaptandsurvive,and,infact,tothriveintoday’suncertaininvestmentlandscape.
FollowingKohl’skeynoteaddress,the2011PEconferencefeaturedaseriesofin-depthpaneldiscussionsonkeyissuesofconcerntoindustryprofessionals.Afive-memberpanelfocusedonthecurrentandfutureprospectsforprivateequityfromtheviewpointoflimitedpartners.Fourindustryexpertsshinedthespotlightonexitsforportfoliocompanies,whichhavefalteredoverthepastseveralyears.Theyagreedthatdealflowisnowgainingtraction.Athree-memberpanelassessedsignificantlegaltrendsandrecentdevelopmentsinprivate-equitymergersandacquisitions.
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Institute Highlights and HeadlinesInstitute H
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Ross Professor Tom Kinnear Honored with U-M Ted Doan AwardAttheOctober2011U-MTechTransfer'sCelebrateInventionProfessorTomKinnearwasrecognizedforhisoutstandingleadershipandsignificantcontribu-tionsmadetoentrepreneurshipandinnovationbothatU-MandinthestateofMichigan.U-MPresidentMarySueColemanpraisedhisenergy,vision,andpassionfornewideasandinventions,andcreditedhimwithhaving"enhancedthequalityoflifeintheentirestateofMichigan."Theawardisonlygivenwhenaworthypersonfitsthecriteria.TomKinnearistheEugeneApplebaumProfessorofEntrepreneurialStudies,executivedirectoroftheSamuelZellandRobertH.LurieInstituteforEntrepreneurialStudies,andprofessorofmarketing.Hesup-portstheU-MOfficeofTechTransfer,isChairmanofthestate-backedVentureMichiganFundmisontheboardoftheMichiganVentureCapitalAssociationandco-foundedseveralsuccessfulMichigan-basedcompaniesoverthelast20years.
The Zell Lurie Institute joins forces with Michigan State University to Create the Michigan Entrepreneurship Education Leaders Forum
TheZellLurieInstitutejoinedforceswithMichiganStateUniversity'sInstituteofEntrepreneurshipandInnovationintheBroadCollegeofBusinesstocreatetheMichiganEntrepreneurshipEducationLeadersForum.InDecember2011,theforumbroughttogethersevenentrepreneurialeducatorsfromthetopMBAprogramsacrossthestatetoidentifyopportunitiesforimprovementandcollabo-ration,withtheultimategoalofadvancingentrepreneurshipamongstudentsandalumniinMichigan.
University of Michigan’s Zell Lurie Institute Lauded as Top 5Entrepreneurship Program by The Princeton Review andEntrepreneur Magazine
PartoftheInstitute’ssuccessstemsfromitsidentificationofandfocusonsixcoreentrepreneurialskills,whichhavebeenhighlightedintheInstitute’sFallReport2011.Thoseskills—identifyingtheopportunity;designing,assessing,planning,andresourcingthebusiness;andmanaginggrowth—aretaughtthroughamatrixofmultidisciplinarycoursework,action-basedlearning,seminars,andalumninetworking.Programsincludeadiversefamilyofstudent-ledventurefunds,anan-nualMichiganBusinessChallengebusinessplancompetition,theDaretoDreamgrantprogramandtheMichiganGrowthCapitalSymposiumandEntrepaloozaevent.TherankingsappearedintheOctoberissueofEntrepreneur.
Sam Zell's $5 million Gift Establishes Zell Entrepreneurand Law Center
Launchedinfall2011,theZellEntrepreneurshipandLawProgramwillestab-lishaclinictoofferfreelegaladvicetoMichigan'sstudententrepreneurs,whilesimultaneouslyboostingtheLawSchool'scurriculumtotrainstudentstobetterservebothstartupandexistingentrepreneurialbusinesses.Theclinicalaspectofthenewprogramwilldeploystudent-attorneys,supervisedbyfacultymembers,tohelpfoundersofpromisingstudentventuresironoutthebusinessformation,trademark,finance,patent,regulatoryandotherissuesrelativetotheestablish-mentofanyentrepreneurialbusiness.TheprogramwillsupportinitiativessuchastheRossSchool'sZellLurieInstitute,whichZellco-foundedin1999andsinceitsinceptionhasgrantedmorethan$2.3millioninsupportofstartupsforgraduatestudentsandundergraduatesalike.
STAFFThomasKinnear,ExecutiveDirectorTimothyFaley,ManagingDirectorDavidJ.Brophy,CenterforVentureCapital&PrivateEquityFinanceErikGordon,ClinicalAssistantProfessorThomasS.Porter,ExecutiveinResidencePeterAdriaens,ProfessorofEntrepreneurshipMaryNickson,MarketingProgramManager/EditorMarybethDavis,ProgramAssistantCarolynMaguire,Administrator
ADVISORY BOARDEugeneApplebaum,ArborInvestmentsGroupJohnW.Barfield,TheBartechGroup,Inc.JonnBehrman,SerialEntrepreneurD.TheodoreBerghorst,VectorSecuritiesInternational,LLCPaulBrentlinger,MorgenthalerVenturesKennethBuckfire,MillerBuckfire&Co.,LLCMaryL.Campbell,EDFVentures,LPDwightCarlson,Coherix,Inc.HalDavis,Entrepreneur&InvestorRichardEidswick,ArborPartners,LLCStanleyFrankel,FrankelAssociatesMarcelGani,ConsultantJanGarfinkle,ArboretumVenturesWilliamK.Hall,ProcyonAdvisors,LLPMichaelHallman,TheHallmanGroupJohnC.Kennedy,AutocamCorporationBradleyKeywell,LightBankHansKoch,WebcorDevelopmentAdvisorsAnnLurie,LurieInvestmentsStevenMcKean,Acceller,Inc.ClydeE.McKenzie,TellurexCorporationRaviMohan,ShastaVenturesMitchMondry,MGroup,LLCMarvinParnes,UniversityofMichiganOraH.Pescovitz,UniversityofMichiganRichardRogel,Tomay,Inc.JeffreyC.Sinclair,McKinsey&CompanyMarkSlezak,LurieInvestmentsMichaelStaebler,PepperHamilton,LLPMariaA.Thompson,ArsenalVenturePartnersSamuelValentiIII,ValentiCapitalJeffWeedman,TheProcter&GambleCompanyRonaldN.Weiser,Ambassador,McKinleyAssociates,Inc.JeffreyS.Williams,LifeMagneticsWarrenP.Williamson,SkyeManagementSamuelZell,EquityGroupInvestmentsThomasZurbuchen,UniversityofMichigan
701 Tappan StreetAnnArbor,Michigan(734)615-4419www.zli.bus.umich.edu
2011 Scholarship Recipients