More good news for Michigan’s auto industry came this week when, at the annual Center for Automotive Research conference, auto supplier American Axle announced it would spend approximately $20 million to open a new technology development center in Detroit. “We’re pleased to be growing here in Detroit again,” says Chris Son, American Axle’s director of … Continue reading “Good News for Detroit: American Axle Plans New $20M Tech Center”
Author: Sarah Schmid Stevenson
Sarah is a former Xconomy editor. Prior to joining Xconomy in 2011, she did communications work for the Michigan Economic Development Corporation and the Michigan House of Representatives. She has also worked as a reporter and copy editor at the Missoula Independent and the Lansing State Journal. She holds a bachelor's degree in Journalism and Native American Studies from the University of Montana and proudly calls Detroit "the most fascinating city I've ever lived in."
CrowdRise is On a Mission to Make Crowdfunding Fun and Easy
In 2009, the actor Ed Norton, Moosejaw founder Robert Wolfe, and a small team of their friends launched a fundraising campaign to raise money for the Maasai Wilderness Conservation Trust during the New York City Marathon. In less than eight weeks, the group raised $1.2 million, much of it from small donors who gave more … Continue reading “CrowdRise is On a Mission to Make Crowdfunding Fun and Easy”
Roundup: JEMS, MSU Bootcamp, FordDirect, Start Garden, U-M Solar Car
Here’s a look at news from around Michigan’s innovation hubs: —War Memorial Hospital in Sault Ste. Marie, MI, is now using technology from Orion, MI-based healthtech startup JEMS to connect patients to specialist health care providers remotely. JEMS’ telehealth platform allows War Memorial staff to send live, streaming videos through iPhones, iPads, or Android devices … Continue reading “Roundup: JEMS, MSU Bootcamp, FordDirect, Start Garden, U-M Solar Car”
MHA Partners with ArborMetrix to Analyze Readmissions, Improve Care
The Michigan Health & Hospital Association (MHA), which lobbies the state and federal government on behalf of healthcare providers, said this month that its nonprofit Keystone Center will form a partnership with ArborMetrix to analyze state hospital data in order to find where providers can improve care and cut costs. ArborMetrix is an Ann Arbor, … Continue reading “MHA Partners with ArborMetrix to Analyze Readmissions, Improve Care”
Venture for America Fellows Fall in Love with Detroit, Start TernPro
After Brian Bosche graduated from Dartmouth in 2012, he headed for Detroit, sight unseen, as part of the Venture for America program. “I had heard not-great things in the media, but seeing all the development and the startup scene really impressed me,” he says. “I realized it was a community I wanted to be a … Continue reading “Venture for America Fellows Fall in Love with Detroit, Start TernPro”
Investors Talk Venture Capital and the Midwestern Talent Gap
Earlier this month, MoneyTree released its quarterly venture capital report, and the news was overwhelmingly positive. VCs invested almost $13 billion in 1,114 U.S. startups during the second quarter, which is the highest level of VC funding in 13 years. That included a strong showing by the Midwest, which isn’t known for its VC investing. … Continue reading “Investors Talk Venture Capital and the Midwestern Talent Gap”
Detroit Chosen as Location for $148M Manufacturing Innovation Center
In February, President Barack Obama announced that Michigan had won a competitive national bidding process to host the new, $148 million American Lightweight Manufacturing Innovation Institute (ALMII) created as part of the National Network of Manufacturing Innovation (NNMI) initiative. This week, officials revealed that ALMII will be headquartered on Rosa Parks Boulevard in Detroit’s Corktown … Continue reading “Detroit Chosen as Location for $148M Manufacturing Innovation Center”
MI Roundup: Plymouth Ventures, DTE app, MTRAC awards, Beringea, more
Here’s a look at news from around Michigan’s innovation hubs: —Ann Arbor-based Plymouth Ventures has announced the final close for its $60 million Plymouth Venture Partners III (PVPIII) fund. The fund will invest in growth-stage startups headquartered in the Great Lakes region. Managing partner Mark Horne says the fund-raising process for PVPIII took eight months. … Continue reading “MI Roundup: Plymouth Ventures, DTE app, MTRAC awards, Beringea, more”
MoneyTree Reports $121M in MI Venture Deals Last Quarter
Venture Capital investors had a very active second quarter of 2014, according to the latest MoneyTree report. VCs invested almost $13 billion in 1,114 U.S. startups during the second quarter, which is the highest level of VC funding in 13 years. Michigan also had a banner quarter for VC activity, with $121 million invested in … Continue reading “MoneyTree Reports $121M in MI Venture Deals Last Quarter”
Automation Alley’s #hackDPL Event Yields New Library App
When the tech and business association Automation Alley opened an office in Detroit last fall, it wanted to find a way to give back to the community. Officials with the Detroit Public Library (DPL) had said to Automation Alley’s director of member relations, Cynthia Hutchison, that they were concerned that the library was behind other … Continue reading “Automation Alley’s #hackDPL Event Yields New Library App”
Midwest VCs Hope For Replenished State Capital Funds, Despite Tight Budgets
When the Michigan Venture Capital Association (MVCA) released its annual report about the state of venture capital earlier this summer, there was plenty to be optimistic about. In 2013, Michigan bucked national trends by increasing the number of VC professionals statewide by 84 percent, compared with a 13 percent decline nationally. VC-backed companies in Michigan … Continue reading “Midwest VCs Hope For Replenished State Capital Funds, Despite Tight Budgets”
How Dan Gilbert Helped Tame the Incorrigible Rap Genius
You may have missed the story Business Insider published Friday detailing Rap Genius’s turmoil on the way to raising $40 million. Rap Genius is a New York City startup that started as a website where people on the Internet could analyze the lyrics of rap songs. Now, rebranded as Genius, the company wants to annotate … Continue reading “How Dan Gilbert Helped Tame the Incorrigible Rap Genius”
Michigan Pre-Seed Fund 2.0 Makes First Investment in ENT Biotech
[Updated 7/15/14 at 4:49 p.m. See below.] The Michigan Pre-Seed Fund 2.0, a $6.8 million statewide investment fund, announced today that it has made the fund’s first investment in ENT Biotech Solutions, a Detroit-based medical device startup. The company will receive $100,000 toward the development of a surgical tool for use in tonsil, adenoid, and … Continue reading “Michigan Pre-Seed Fund 2.0 Makes First Investment in ENT Biotech”
Roundup: Accelerate MI, Beringea, Compuware, LevelEleven & More
Here’s a look at news from around Michigan’s innovation hubs: —I’ve publicly expressed my dismay toward lazy reporting about Detroit on the part of the national media, so it’s only fair to offer praise when praise is due. The New York Times took another foray into Detroit for a lengthy piece in the Times magazine … Continue reading “Roundup: Accelerate MI, Beringea, Compuware, LevelEleven & More”
NanoSteel Inks Deal with Lincoln Electric, Readies Automotive Trials
NanoSteel, a Providence, RI-based company focused on developing iron-based alloys for the auto, mining, power, and oil and gas industries, has announced a licensing deal with Lincoln Electric for a steel coating technology used in weld overlays and thermal spray applications. The terms of the deal were not disclosed. Lincoln Electric, based in Cleveland, OH, … Continue reading “NanoSteel Inks Deal with Lincoln Electric, Readies Automotive Trials”
CureLauncher Aims to Match Patients With Clinical Trials
Two years ago, Steve Goldner was at a funeral. He started chatting with a family friend, a strapping young man in his late 20s who had a girlfriend, a great job in Boston, and his whole life in front of him, except for one thing: He kept blinking his eyes despite the fact that they … Continue reading “CureLauncher Aims to Match Patients With Clinical Trials”
Never Forget a Face? How About Names? Spincard App Could Help
How many times have you been at a party or crowded networking reception, and the introductions are coming so quickly that you forget people’s names almost as soon as you’re introduced to them? A Detroit-based startup called Spincard is trying to build a better mousetrap when it comes to the exchange of personal information. Spincard’s … Continue reading “Never Forget a Face? How About Names? Spincard App Could Help”
Photo Sharing + Playlists = Selocial
David Baird was working in London as a musician and producer—he’s had his songs featured on the Showtime series “House of Lies” as well as the Wayans Brothers movie “White Chicks”—when he hit upon on the idea of a photo-sharing app that allows users to pair the photographs that they post with short playlists. So … Continue reading “Photo Sharing + Playlists = Selocial”
IncWell Invests in Seattle Digital Marketing Startup Inside Social
IncWell, the Birmingham, MI-based venture capital fund led by former auto executive Tom LaSorda, said today that it has invested in Inside Social, a Seattle-based startup that has built software to help companies measure how social media engagement translates to actual business results. The terms of the deal were not disclosed. Evonna Karchon, IncWell’s director … Continue reading “IncWell Invests in Seattle Digital Marketing Startup Inside Social”
Roundup: Upwardly Global, BoostUp, Jacapps, Quicken Loans, Sakti3
Here’s a look at news from around Michigan’s innovation ecosystem: —On June 20, we published an article in which Steve Tobocman, director of Global Detroit, predicted that Detroit Mayor Mike Duggan would soon announce new “immigration reform strategies.” On June 23, the city did indeed announce that the San Francisco-based nonprofit Upwardly Global has opened … Continue reading “Roundup: Upwardly Global, BoostUp, Jacapps, Quicken Loans, Sakti3”
TurtleCell Announces Partnership, Prepares National Product Launch
When we spoke to the Ann Arbor, MI-based startup TurtleCell last year, the company had recently won the $10,000 first-place prize at the annual American Society of Mechanical Engineers Innovation Showcase for its iPhone case with headphones embedded inside on a retractable cord. Earlier this month, TurtleCell finally made the headphone case for the iPhone … Continue reading “TurtleCell Announces Partnership, Prepares National Product Launch”
Ann Arbor SPARK Snags $500K From MEDC to Establish New Angel Fund
The business development agency Ann Arbor SPARK said on Wednesday that it has been awarded $500,000 from the Michigan Economic Development Corporation (MEDC) to continue the Michigan Angel Fund and to raise the group’s second fund, called Michigan Angel Fund II. “The whole idea behind the Michigan Angel Fund is to allow qualified investors to … Continue reading “Ann Arbor SPARK Snags $500K From MEDC to Establish New Angel Fund”
AOL Founder Steve Case: Detroit Has All the Ingredients for a Comeback
The Rise of the Rest bus tour kicked off in Detroit yesterday as part of a broader effort to shine a national spotlight on a shift in the geography of high-growth entrepreneurship and the emergence of strong startup ecosystems in the nation’s heartland. The bus tour, sponsored by AOL founder and philanthropist Steve Case’s company … Continue reading “AOL Founder Steve Case: Detroit Has All the Ingredients for a Comeback”
Social Entrepreneurship Challenge Awards $60K to Michigan Startups
On Friday, the Michigan Social Entrepreneurship Challenge, a statewide competition months in the making, concluded with a showcase celebrating the 11 startups that are this year’s winners. On the table were $60,000 in cash awards, a host of in-kind services provided by partner organizations, and admission to Michigan Corps’ Impact Investment Fellowship, a summer training … Continue reading “Social Entrepreneurship Challenge Awards $60K to Michigan Startups”
Tobocman: Eric Cantor’s Defeat Hardly the End of Immigration Reform
Steve Tobocman, director of the immigration reform group Global Detroit, was at the second annual Global Great Lakes Network Convening last week when he heard the news: Eric Cantor, the sitting House Majority Leader, had been defeated in a Republican primary by a political novice, Dave Brat, who ran a grassroots campaign on what amounts … Continue reading “Tobocman: Eric Cantor’s Defeat Hardly the End of Immigration Reform”
TechTown Hires Paul Riser Jr. to Run Tech-Based Entrepreneurship
Last week, the Detroit-based business accelerator TechTown announced it had hired Paul Riser Jr. as its new managing director of technology-based entrepreneurship. Riser replaces Charlie Moret, who left earlier this year to lead the new nonprofit Invest Michigan, which manages the Michigan Pre-Seed Fund 2.0. Riser has an extensive background as an entrepreneur, information officer, … Continue reading “TechTown Hires Paul Riser Jr. to Run Tech-Based Entrepreneurship”
MI Roundup: Contest Deadlines, Personnel Changes, New Investments, More
Here’s a look at news briefs from around Michigan’s innovation hubs: —Applications for the third annual Entrepreneur-YOU business plan competition are now being accepted from women-owned businesses or women with a hot startup idea. The competition will award cash prizes to six winners and coaching to 10 businesses, which includes advice on marketing, financial management, … Continue reading “MI Roundup: Contest Deadlines, Personnel Changes, New Investments, More”
Michigan Venture Capital Report Highlights 2013 Successes and Growth
On Tuesday night, the University of Michigan’s Office of Technology Transfer held its semi-annual Entrepreneurs Engage event, an “unconference” that brings together entrepreneurs, investors, and innovators for networking and small-group discussions. It’s always a fun and thought-provoking event, and this time around, discussion topics ranged from understanding the MILE Act and angel investing to bridging … Continue reading “Michigan Venture Capital Report Highlights 2013 Successes and Growth”
Can the Auto Industry Make Silicon Valley Developers Feel Welcome?
It’s often said that today’s automobiles are close to being to computers on wheels, with more than 50 million lines of code—10 times more than what’s in a Boeing 777 jet—controlling everything from braking systems to navigation units to entertainment. Software development has never been more critical to a vehicle’s design and operation. But the … Continue reading “Can the Auto Industry Make Silicon Valley Developers Feel Welcome?”
U-M Student Startup Seelio Acquired by PlattForm
Three years ago, the University of Michigan student startup Seelio began on a kitchen table in Ann Arbor as a prototype website to help students better tell the story of their academic achievements. This week, Seelio announced it has been acquired by PlattForm, a Kansas-based company specializing in academic program support, career preparation, marketing, and … Continue reading “U-M Student Startup Seelio Acquired by PlattForm”
Banza Wins Project Startup Live’s Detroit Pitch Competition
The national spotlight was shining on Detroit’s entrepreneurial ecosystem yesterday as A&E and the crowdfunding website RocketHub were in town for Project Startup Live, a series of entrepreneurship forums held across the country in partnership with Comcast Business. The series began in Wasatch Front, UT, on May 20 before stopping in the Motor City this … Continue reading “Banza Wins Project Startup Live’s Detroit Pitch Competition”
Coming Soon to Detroit’s Blight Fight: People’s Property Dashboard
In January, Xconomy reported on the Motor City Mapping project to survey the city’s entire 139 square miles—nearly 400,000 parcels of land—and identify blighted properties in need of demolition. Back then, a team of about 200 surveyors hit the snowy streets and spent roughly two months crisscrossing the city, using an app to catalog each … Continue reading “Coming Soon to Detroit’s Blight Fight: People’s Property Dashboard”
Detroit’s Locqus Gives Simple Mobile Tools to Contractors, Plumbers
There’s hardly a plumber, electrician, or contractor these days who doesn’t have a smartphone with them on service calls. But much of the software available for managing jobs and customers in the field is overly complicated and hopelessly outdated. That’s what gave serial entrepreneur Sandy Kronenberg the idea for his latest venture, Detroit-based Locqus, back … Continue reading “Detroit’s Locqus Gives Simple Mobile Tools to Contractors, Plumbers”
MI Roundup: BANSEM’s Impact, Versicor, Hatch Detroit, Co-Lab Detroit
Here’s a look at recent news from Michigan’s innovation hubs: —Today, Ann Arbor SPARK, Automation Alley, Macomb-OU Incubator, and TechTown Detroit announced their collective impact on Michigan’s innovation economy: 7,725 technology jobs and 225 technology companies created. Those companies have gone on to garner $300 million in follow-on investment. After a $3 million grant from … Continue reading “MI Roundup: BANSEM’s Impact, Versicor, Hatch Detroit, Co-Lab Detroit”
Steve Case’s “Rise of the Rest” Startup Tour to Kick Off in Detroit
Investor and AOL co-founder Steve Case announced on Thursday he will embark on a bus tour in June to highlight emerging entrepreneurial ecosystems. Called “Rise of the Rest” and co-sponsored by UP Global, Revolution, and Google for Entrepreneurs, the tour kicks off in Detroit on June 24 and continues on to Pittsburgh, Cincinnati, and Nashville. … Continue reading “Steve Case’s “Rise of the Rest” Startup Tour to Kick Off in Detroit”
Cribspot Wins Techweek Detroit Startup Competition
Since Monday, Techweek Detroit has taken downtown by storm, hosting discussions and keynote speeches featuring tech titans, a show highlighting local fashion designers, a town hall meeting, a “food truck face-off,” and cocktail parties galore. Techweek’s two-day conference, held Thursday and today at the old federal building on Fort Street, was a fun atmosphere when … Continue reading “Cribspot Wins Techweek Detroit Startup Competition”
TechTown, Bizdom to Use JPMorgan Chase Grants to Support Startups
Yesterday, JPMorgan Chase chairman and CEO Jamie Dimon joined Governor Rick Snyder and Detroit Mayor Mike Duggan to announce the global financial services firm plans to invest $100 million in Detroit over the next five years—including some funding for local startup initiatives. Critics immediately pointed out that $100 million is a drop in the bucket … Continue reading “TechTown, Bizdom to Use JPMorgan Chase Grants to Support Startups”
Roundup: Ann Arbor SPARK, WSU, MCWT, Beringea, Start Garden, FarmLogs
Here’s a look at news from around Southeast Michigan’s innovation community: —Ann Arbor SPARK held its annual meeting yesterday at the University of Michigan’s North Campus Research Complex, where the business development organization detailed the results of its work over the past year. According to SPARK, its efforts netted $148 million in new investments committed … Continue reading “Roundup: Ann Arbor SPARK, WSU, MCWT, Beringea, Start Garden, FarmLogs”
Frustrated Student Artists Can Meet Amateur Art Buyers on Folyo
After Victoria Bujny spent last summer interning at Google, she wanted to celebrate the end of her tenure there by purchasing a piece of original artwork. “I went to a gallery, but I felt out of place and uncomfortable,” Bujny says. “I wondered if it’s not at a gallery, where do people get art?” Bujny … Continue reading “Frustrated Student Artists Can Meet Amateur Art Buyers on Folyo”
NeuMoDx and Jeff Williams Capitalize on Lessons Learned at Handylab
Jeff Williams is one of Michigan’s most successful biotech entrepreneurs, with two of Michigan’s biggest exits—Accuri and Handylab—on his ledger. Now he’s hoping the third time’s a charm, too. Williams’ new molecular diagnostic startup, NeuMoDx, just closed a $21 million Series B round in April. Pfizer Ventures led the round, with participation from Baird Capital … Continue reading “NeuMoDx and Jeff Williams Capitalize on Lessons Learned at Handylab”
MI’s Power Electronics Industry Collaborative Snags $500K Award
Today, NextEnergy announced that the Power Electronics Industry Collaborative (PEIC) has been awarded a two-year, $500,000 grant from the National Institute of Standards and Technology (NIST). The award was given as part of the Advanced Manufacturing Technology Consortia, or AMTech, program to fund the PEIC’s efforts toward strengthening the domestic power electronics cluster and supply … Continue reading “MI’s Power Electronics Industry Collaborative Snags $500K Award”
U-M Student Funds Talk About First 2014 Acquisition, New Investment
In April, the Wolverine Venture Fund, which is managed by students from the University of Michigan’s Zell Lurie Institute for Entrepreneurial Studies and Ross School of Business, announced that one of its portfolio companies, Silverpop, has been acquired by IBM. The terms of the deal were not disclosed. Erik Gordon, faculty managing director for the … Continue reading “U-M Student Funds Talk About First 2014 Acquisition, New Investment”
MI Roundup: Sandberg, U-M Mobility Center, Detroit Trends
Here’s a look at some of the news from around southeast Michigan’s innovation community that you may have missed: —Facebook COO and bestselling author Sheryl Sandberg was in town last week to talk marketing strategies at a meeting of the Adcraft Club in Troy, MI. The informal theme of the presentation was Detroit’s importance in … Continue reading “MI Roundup: Sandberg, U-M Mobility Center, Detroit Trends”
Osborn Students Go Inside the Tech Bubble With Grand Circus Program
On Monday afternoon, a group of students from Detroit’s Osborn High School sat on the fourth floor of the Grand Circus office downtown, glued to their computer screens. They were there as part of a 10-week pilot program, in partnership with the Detroit Employment Solutions Corporation, called the Hacker Society—which aims to teach kids outside … Continue reading “Osborn Students Go Inside the Tech Bubble With Grand Circus Program”
Microsoft Ventures Opens Downtown Detroit Office
Microsoft Ventures today announced it will open an office in downtown Detroit’s Madison Building, the Dan Gilbert-owned tech hub that houses homegrown startups like UpTo and Detroit Labs as well as the local offices of tech giants like Google and Twitter. Microsoft Ventures partners with startups to offer funding, acceleration services, or general mentorship. According … Continue reading “Microsoft Ventures Opens Downtown Detroit Office”
Algal Scientific’s Breakthrough Animal-Health Discoveries Draw Investor Interest
Algal Scientific, a Northville, MI-based startup focused on improving animal feed and human nutrition as well as wastewater treatment, said last week that it has raised $3 million in new venture capital funding. Participating in the round were Evonik Venture Capital, based in Germany; San Francisco-based Formation8 Partners; and Independence Equity, which is based in … Continue reading “Algal Scientific’s Breakthrough Animal-Health Discoveries Draw Investor Interest”
Serial Entrepreneur’s Website Highlights Detroit’s Hidden Gems
When I was riding in an Uber car the other day, the driver and I got to talking about Detroit and the misperceptions that people who don’t spend any time here have about the city. He told me about an out-of-town friend who asked him if he worried about people shooting at him as he … Continue reading “Serial Entrepreneur’s Website Highlights Detroit’s Hidden Gems”
Michigan Roundup: Renaissance VC Fund, ICIC, Cadillac, Urban Science
Here’s a look at some of the news from around Southeast Michigan’s innovation community that you might have missed: —Earlier this month, Renaissance Venture Capital Fund, a Detroit-based fund-of-funds created by Business Leaders for Michigan, invested in Ann Arbor, MI-based VC fund Plymouth Venture Partners III. The terms of the deal were not disclosed. Plymouth … Continue reading “Michigan Roundup: Renaissance VC Fund, ICIC, Cadillac, Urban Science”
Detroit’s Canvas Watch Co. Wants Customers’ Design Input
What makes a 26-year-old Michigan native leave a job working for Tesla in Silicon Valley? Shaun Reinhold, founder of the Canvas Watch Company, wanted to apply what he’d learned about supply chain management to a custom watch e-commerce business. “It started with the idea of building a physical product and selling it online,” Reinhold says. … Continue reading “Detroit’s Canvas Watch Co. Wants Customers’ Design Input”
In Need Of Revenues, Aastrom Buys Sanofi’s Cell Therapy Products
More than a year after the failure of its lead program forced a major overhaul, Aastrom Biosciences (NASDAQ:ASTM) announced Monday it had acquired pharmaceutical giant Sanofi’s cell therapy and regenerative medicine business for $6.5 million. “We’ve taken steps to strengthen Aastrom and broaden the business, and I think this transaction is a clear reflection of … Continue reading “In Need Of Revenues, Aastrom Buys Sanofi’s Cell Therapy Products”