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SOURCE Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies
Best Business Focus Receives $20,000 for Physical Therapy Device and Application
ANN ARBOR, Mich., Feb. 25, 2013 /PRNewswire-USNewswire/ -- The Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies at the University of Michigan's Stephen M. Ross School of Business today announced today the winners of the 30th Michigan Business Challenge and recipients of the Applebaum Dare to Dream Grants and Mayleben Family Venture Shaping Grants. The business plan competition and grant programs, which recognize promising student-led startups, provided grants and funding totaling $112,000 this year.
"We are developing the next generation of serial entrepreneurs and venture investors, through a combination of education and intense action-based learning experiences aimed at the discovery, shaping, formation, investment, and growth of new ventures," said Tim Faley, managing director of the Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies. "For decades, the Michigan Business Challenge and Dare to Dream grant programs have been helping us do this and we are always impressed with the quality and promise of the businesses and student entrepreneurs campus-wide that get involved."
Michigan Business Challenge
2013 marks the 30th anniversary of the Michigan Business Challenge. The four-month, multi-round competition began in the fall with nearly 200 students from across the University representing 72 teams-almost double the number of participants in last year's program.
The 72 teams were narrowed down over the course of two rounds of competition to nine semi-finalist teams. On Friday, February 22, the semi-finalist teams were weeded out further to a field of four finalists that presented their businesses in an interactive session with professional investors and competed for prizes ranging from $1,000 to $20,000.
The Pryor-Hale Award for Best Business for $20,000 went to Focus, a combination device and application for physical therapy and training. "The Michigan Business Challenge has been a comprehensive, varied, and challenging endeavor," said Grant Hughes, MBA '13. "When my business partner, Cavan Canavan, MBA '12, and I started this process we had never pitched Focus to anyone in a formal setting, much less investors. Now that MBC is behind us and we've won, we not only get $20,000 to continue product and business development, but we also take with us the experience and confidence of having won a prestigious competition such as this as we build our concept into a viable company."
Other top winners included:
Dare to Dream Student Startup Grant Recipients
The Dare to Dream Grant program funds students looking to test their business idea, formulate a plan, and work toward launching their business while earning their degree. The first phase, a Venture Shaping grant of $500 sponsored by the Mayleben family, allows teams to determine how to transform identified opportunities into businesses. More advanced teams may apply for a $1,500 Assessment grant to establish the feasibility of their business or a $10,000 Integration grant to move their company toward launch. Grants are awarded in the fall and winter terms. Grants totaling $50,500 were awarded for the 2012-2013 academic year.
The Dare to Dream Winter program awarded $22,000 in total grants to the following teams:
Applebaum Dare to Dream Integration Grants of up to $5,000 were awarded to:
Applebaum Dare to Dream Assessment Grants of $1,500 were awarded to:
Mayleben Family Venture Shaping Grants of $500 were awarded to:
An awards reception followed the competition where Challenge winners and Dare to Dream grant recipients were announced.
About the Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies
The Institute and its Center for Venture Capital and Private Equity Finance bring together a potent mix of knowledge, experience and opportunities from the front lines of entrepreneurship and alternative investments. The student learning experience is further enhanced through internships, entrepreneurial clubs and events that serve to provide viable networks and engage the business community. The School's three student-led investment funds, with over $6.5M under management, immerse students in the business assessment and investment process. Founding Board Members include Samuel Zell, Chairman of Equity Group Investments, and Eugene Applebaum, Founder of Arbor Drugs, Inc. For more information, visit the Institute at www.zli.bus.umich.edu.
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