Author: Thomas Lee

Thomas Lee came to Xconomy from Internet news startup MedCityNews.com, where he launched its Minnesota Bureau. He previously spent six years as a business reporter with the Star Tribune in Minneapolis. Lee has also written for the St. Louis Post-Dispatch, Seattle Times, and China Daily USA. He has been recognized several times for his work, including the National Press Foundation Fellowship on Alzheimer's disease, the East West Center's Jefferson Fellowship, and the MIT Knight Center Kavli Science Journalism Fellowship on Nanotechnology. Lee is also a former Minnesota chapter president for the Asian American Journalists Association and a former board member with Mu Performing Arts in Minneapolis.

Great Lakes Angels Vet Deals, Try Not To Be A–holes

What’s the secret to a successful angel investor group? “No assholes,” John May, chairman emeritus of the Angel Capital Association, told the Great Lakes Angels Thursday. People laughed, but May was perfectly serious. “The group has to treat entrepreneurs well,” says May, the co-founder and managing director of New Vantage Group in Vienna, VA. “You … Continue reading “Great Lakes Angels Vet Deals, Try Not To Be A–holes”

Delmia Pushes Its Digital Manufacturing Software Beyond Automobiles

When I was in elementary school, we played kickball during recess. There weren’t any umpires, so we had to police ourselves. If there was an intractable dispute, we would yell “Do Over!” and simply repeated the play. No harm, no foul. However, things are little more complicated–and expensive– in the adult world. For manufacturers of … Continue reading “Delmia Pushes Its Digital Manufacturing Software Beyond Automobiles”

Can’t Buy Me Love: Michigan Life Science Startups Best Cleantech In Cash, Not Attention

Given Michigan’s expertise in batteries and automobiles, the state’s top high tech sectors should be clean technology and advanced manufacturing, right? Wrong. Michigan, home to the Ford, Chrysler, and General Motors, is actually a life sciences state, at least according to the annual report of the Michigan Venture Capital Association (MVCA). Of the $215 million … Continue reading “Can’t Buy Me Love: Michigan Life Science Startups Best Cleantech In Cash, Not Attention”

Belle Capital Pulls The Trigger; Invests Up To $500,000 In Electric Motorcycle Startup Current Motor

Belle Capital, a new Michigan-based angel fund that backs women-run companies, has made its first investment, as much as $500,000, in Current Motor, an electric motorcycle startup in Ann Arbor, MI. Current Motor also raised another $200,000 from Belle Capital co-managing director Lauren Flanagan, the Michigan Pre-Seed Capital Fund, and former General Motors vice chairman … Continue reading “Belle Capital Pulls The Trigger; Invests Up To $500,000 In Electric Motorcycle Startup Current Motor”

David Brophy and the Michigan Growth Capital Symposium: A 30-Year-Old Growth Story

When I first started at Xconomy three months ago, people consistently urged me to meet two people: Dug Song and David Brophy. Song, a successful local Internet entrepreneur, was obvious. But why Brophy, a long time business professor at the University of Michigan? Well, it’s a little something called the Michigan Growth Capital Symposium (MGCS). … Continue reading “David Brophy and the Michigan Growth Capital Symposium: A 30-Year-Old Growth Story”

MK Capital Receives First Commitment From $120M Venture Michigan Fund II

Venture Michigan Fund II, a $120 million state-financed limited partnership designed to stimulate early stage venture capital, said Tuesday it will commit an unspecified amount of dollars to MK Capital. MK Capital, the Chicago-based venture firm which specializes in digital media, software, and education technology, is the first venture firm to receive money from the … Continue reading “MK Capital Receives First Commitment From $120M Venture Michigan Fund II”

Serial Entrepreneur Jeff Williams To Lead Life Magnetics

If it ain’t broke, don’t fix it. Arboretum Ventures in Ann Arbor, MI, is once again teaming up with serial CEO Jeff Williams to try to spin a University of Michigan-bred company into investor gold. This time Williams will lead Life Magnetics, a startup developing a desktop diagnostic device that uses disposable cartridges to rapidly … Continue reading “Serial Entrepreneur Jeff Williams To Lead Life Magnetics”

Arbor Photonics Raises $200,000 In Follow On Financing

Arbor Photonics has raised $200,000 from the sale of equity, according to SEC documents. The University of Michigan spinoff, based in Ann Arbor, MI, is seeking a total of $617,153 in follow-on financing, the documents say. Investors include RPM Ventures, the university’s Frankel Commercialization Fund, and Michigan’s 21st Century Job Fund, according to RPM Ventures … Continue reading “Arbor Photonics Raises $200,000 In Follow On Financing”

Xconomy’s Michigan 2031 Forum: The Juice Is Worth The Squeeze

What’s the best way to snap a state out of a post-industrial, Rust Belt funk? Get together about a dozen of your smartest and most successful friends and neighbors and ask them to envision a vibrant high tech economy twenty years into the future. That’s exactly what Xconomy did last week with Michigan 2031, our … Continue reading “Xconomy’s Michigan 2031 Forum: The Juice Is Worth The Squeeze”

Former Pfizer R&D Chief Urges Big Pharma To Go Small

Dr. Peter Corr thinks the business model that underpinned Big Pharma for years is irrevocably broken. And he should know. Dr. Corr, a former global research and development chief for Pfizer, witnessed firsthand how big corporations approached product development, which, he says, was not particularly impressive. In fact, it was downright dysfunctional, Dr. Corr says. … Continue reading “Former Pfizer R&D Chief Urges Big Pharma To Go Small”

MIT Tech Review Lauds Sakti3’s Next Generation Battery Technology

If you haven’t heard about Ann Marie Sastry by now, then maybe you’ve been spending too much time (and money) pumping gas into your internal combustion engine. The University of Michigan professor has won plenty of kudos and cash for her efforts to develop a solid-state lithium ion battery for next generation electric cars. Her … Continue reading “MIT Tech Review Lauds Sakti3’s Next Generation Battery Technology”

NanoBio and U-M To Develop Vaccine Against Urinary Tract Infections

NanoBio said today it signed a licensing deal with the University of Michigan to help commercialize a vaccine against urinary tract infections (UTI). The biopharmaceutical startup, based in Ann Arbor, MI, wants to use its NanoStat platform technology to deliver through the nose an antigen developed by U-M scientists designed to kill E. coli bacteria … Continue reading “NanoBio and U-M To Develop Vaccine Against Urinary Tract Infections”

Back For More: Renaissance Venture Capital Funding Arboretum Ventures III

The Renaissance Venture Capital Fund is doubling down on Arboretum Ventures. After already committing $5 million to Arboretum II, Renaissance is helping to bankroll Arboretum’s new $125 million fund, its third since 2002, Renaissance CEO Chris Rizik told Xconomy. Arboretum previously pulled together $73 million and $24 million for its first two funds. The Ann … Continue reading “Back For More: Renaissance Venture Capital Funding Arboretum Ventures III”

Delphi Showcases WiTricity’s Wireless Electric Vehicle Charging Technology at SAE Conference

Randy Sumner takes the hockey puck- like device and holds it several inches above a pad. The light on the device instantly turns on. “Pretty cool, huh?” says Sumner, Delphi’s director of global hybrid vehicle business development. Very cool. Even cooler was the nearby Think City EV parked over a much larger pad. Electricity wirelessly … Continue reading “Delphi Showcases WiTricity’s Wireless Electric Vehicle Charging Technology at SAE Conference”

Huron River Ventures: Locked, Loaded, and Ready to Invest In Cleantech

The boys are back in town. Fresh from the high finance worlds of Chicago and New York, University of Michigan grads Tim Streit and Ryan Waddington have returned to the state to launch Huron River Ventures (HRV), a $15 million fund aimed squarely at cleantech startups. HRV has so far raised half of the money … Continue reading “Huron River Ventures: Locked, Loaded, and Ready to Invest In Cleantech”

Grab Those Michigan 2031 Tickets While You Can

You know you want to go. So obey those instincts and come out to Xconomy’s Michigan 2031 forum Thursday evening at TechTown in downtown Detroit. Since I’ve arrived in the area three months ago, I’ve seen firsthand the tremendous amount of innovation and initiative circulating in Michigan. What’s now needed is context, a thoughtful discussion … Continue reading “Grab Those Michigan 2031 Tickets While You Can”

Countdown to Michigan 2031: All In On Cleantech

Michigan may have potential in medical devices and software but in the end, the state’s high tech future, for better for worse, is really tied to cleantech. For one thing, it offers the most natural and logical extension of Michigan’s core expertise in automobiles/manufacturing, experts say. Think lithium batteries, electric cars, next generation engines equipped … Continue reading “Countdown to Michigan 2031: All In On Cleantech”

Get Your Ticket Now for Michigan 2031 on April 14 and Get a Free Copy of Josh Linkner’s NYT Best Selling Book, Disciplined Dreaming

Here at Xconomy, we know something about the great investor-entrepreneur relationships that are often behind the best companies: not only are we a startup ourselves, we write about the venture capital and startup scene every day—often chronicling the efforts of investors and entrepreneurs needed to weather the storms a company faces before it can be … Continue reading “Get Your Ticket Now for Michigan 2031 on April 14 and Get a Free Copy of Josh Linkner’s NYT Best Selling Book, Disciplined Dreaming”

Forbes Ranks Detroit, Other Xconomy Cities Poorly In Minority Entrepreneurship

Forbes recently ranked the best cities for minority entrepreneurs and perhaps not surprisingly, Detroit finished near the bottom of the list. Despite Detroit’s large African American population, the magazine ranked the Motor City 47th out of 52 metropolitan areas. You can probably blame the usual suspects: lack of venture capital, the loss of population, downsizing … Continue reading “Forbes Ranks Detroit, Other Xconomy Cities Poorly In Minority Entrepreneurship”

Need More Light? Powerleap Would Like You to Step On this Panel

Elizabeth Redmond was a fourth-year design student at the University of Michigan when the idea hit her like…well, like a jolt of electricity. “I was going to find a way to harvest energy from people,” she says. “I was interested in this idea of social responsibility, how do you teach people to take responsibility for … Continue reading “Need More Light? Powerleap Would Like You to Step On this Panel”

Expedia To Roll Out New Hotel iPhone App Designed By Mobiata

Ben Kazez needs a place to live. Preferably a warehouse loft he can rent somewhere in Ann Arbor, MI. A quiet place where he can finally grab some ZZZZs. You can forgive Kazez for neglecting his living situation. Since selling his startup Mobiata to online travel giant Expedia (Nasdaq:[[ticker:EXPE]]) last fall, Kazez has been hard … Continue reading “Expedia To Roll Out New Hotel iPhone App Designed By Mobiata”

Phrixus Pharma Wins NIH Grants

Phrixus Pharmaceuticals of Ann Arbor, MI has won $890,000 in grants from the National Institutes of Health. The University of Michigan spinoff is developing drugs to treat muscular dystrophy and heart failure.

Countdown to Michigan 2031: Release The Hackers!

Something is brewing in Southeastern Michigan, and it smells more like innovation than beer. Inside a former brewery in Ann Arbor, MI just northeast of Kerrytown, a group of techies and recent college graduates stare at computer screens, sustained by a copious supply of Diet Coke and fruit juice boxes. There are no leases or … Continue reading “Countdown to Michigan 2031: Release The Hackers!”

DVP Ready To Rock N’ Roll. Will Others Follow?

Detroit Venture Partners (DVP), the much-hyped tech fund launched by Quicken Loans founder/Cleveland Cavaliers owner Dan Gilbert, will soon debut its inaugural class of homegrown startups. DVP currently has six term sheets out and expects to make an announcement on its first investments in 30 days, says CEO and managing partner Josh Linkner. The fund … Continue reading “DVP Ready To Rock N’ Roll. Will Others Follow?”

Accuri Exit Showers Michigan With A Lot Of Love

The more you look at Becton, Dickinson & Co.’s (NYSE:[[ticker:BDX]]) recently completed acquisition of Accuri Cytometers in Ann Arbor, MI, the more there is to like. Even savor. BD did not disclose financial terms, which is a little annoying since the medical device and equipment maker, based in Franklin Lakes, NJ, had no problem telling … Continue reading “Accuri Exit Showers Michigan With A Lot Of Love”

Silicon Valley Veteran To Lead Ann Arbor SPARK

Ann Arbor is getting a fresh infusion of Silicon Valley. Ann Arbor SPARK, one of four business accelerators in Southeast Michigan, said Tuesday that it named Paul Krutko president and CEO. Krutko, previously the chief development officer for San Jose, CA., will replace Mike Finney, who’s now CEO of the Michigan Economic Development Corp. Krutko … Continue reading “Silicon Valley Veteran To Lead Ann Arbor SPARK”

Device Coating Startup Biotectix Buys IP From Chameleon BioSurfaces

Biotectix is putting some of its new financial firepower to work. The Ann Arbor, MI-based startup, a spinoff from the University of Michigan, said Monday that it acquired the intellectual property portfolio of Chameleon BioSurfaces in Cambridge, England. Terms of the deal were not disclosed. Biotectix is developing polymer materials designed to improve how implantable … Continue reading “Device Coating Startup Biotectix Buys IP From Chameleon BioSurfaces”

Countdown to Michigan 2031: Will Medical Devices Lead the Way?

If Michigan was looking for an industry to bolster its future high tech economy beyond automobiles, medical devices would appear to be a good bet. HandyLabs and Accuri Cytometers, both University of Michigan spinoffs based in Ann Arbor, MI, were recently purchased by Benton, Dickinson & Co. With nearly $8 billion in revenue last year, … Continue reading “Countdown to Michigan 2031: Will Medical Devices Lead the Way?”

Southwest Michigan First Life Science Fund Seeks Additional Firepower

The Southwest Michigan First Life Science Fund (SWMF) is close to completing an add-on round of financing to bolster its original $50 million fund. Managing director Pat Morand said he expects to announce something in a month or two. Though Morand declined to disclose the size of the add-on, he said it would be at … Continue reading “Southwest Michigan First Life Science Fund Seeks Additional Firepower”

Own Raises Another $50,000, Nabs Coffee House Customers

It has been nearly two years of hard work but Own president/founder Verdi Erel Ergun can finally say what every new company wants to say. “We now have a real product with real paying customers!” Ergun e-mails me. Since Xconomy first profiled the Ann Arbor, MI-based startup last summer, Own has raised $50,000 from Invest … Continue reading “Own Raises Another $50,000, Nabs Coffee House Customers”

Arboretum Helps NxThera Raise Nearly $13M

NxThera Inc., a medical device maker based in St. Paul, MN, said it raised $12.6 million in a Series B round from a group of investors that includes Arboretum Ventures in Ann Arbor, MI. Other investors include American Medical Systems, Aberdare Ventures, and GDN Holdings, the investment firm of former Medtronic vice chairman Dr. Glen … Continue reading “Arboretum Helps NxThera Raise Nearly $13M”

Can Southeast Michigan’s Four Accelerators Play Nice With Each Other?

Last week, the Kauffman Foundation released details from a six-month study that cataloged the capabilities of the region’s four top economic development groups: Ann Arbor Spark, TechTown in Detroit, Automation Alley in Troy, and Macomb-OU Incubator. Collectively, the report boasts, the groups “have created more than 1,000 jobs and invested approximately $18 million in hundreds … Continue reading “Can Southeast Michigan’s Four Accelerators Play Nice With Each Other?”

From Human Tissue Supplier to R&D Contractor to BioBank Builder, Asterand Seeks Its Future

When Asterand acquired BioSeek last year, the company wasn’t just buying another fast growing San Francisco area startup. Asterand was buying a big chunk of its future. Faced with slowing growth in its core business of supplying drug makers with human tissue, the Detroit-based company has been trying to position itself as a full scale … Continue reading “From Human Tissue Supplier to R&D Contractor to BioBank Builder, Asterand Seeks Its Future”

Xconomy Editor Successfully Avoids Wrecking Electric Car. Entire World Rejoices.

Who Killed The Electric Car? Hopefully not me. As I surveyed the commotion at the Environmental Protection Agency’s National Vehicle and Fuel Emissions Laboratory in Ann Arbor Monday morning, I couldn’t help but think of that documentary for a couple of reasons. One, I was just about to test drive one of the next-generation electric … Continue reading “Xconomy Editor Successfully Avoids Wrecking Electric Car. Entire World Rejoices.”

University of Michigan Tech Transfer Makes Great Progress in Ten Years. But Is It Enough?

When Ken Nisbet arrived at the University of Michigan in 2001, the Office of Technology Transfer (OTT) was an office in name only. Like at most universities at the time, tech transfer at U-M was an afterthought, a low priority enterprise usually staffed by people with little or no industry experience. But after witnessing the … Continue reading “University of Michigan Tech Transfer Makes Great Progress in Ten Years. But Is It Enough?”

Beringea Holds “Office Hours” For Entrepreneurs. 15 Minutes To Sell A Dream.

“Steve Beeler,” says the cheery, bespectacled man sporting a bright green tie as he extends his hand to me. “Nice to meet you,” I reply. “Do you have a business card?” “Um…no,” Beeler says somewhat sheepishly. “We just settled some issues with our [web]domain name.” Ah, the life of a high tech startup! We’re sitting … Continue reading “Beringea Holds “Office Hours” For Entrepreneurs. 15 Minutes To Sell A Dream.”

Fluke or Trend? One Investor Reflects on HealthMedia Acquisition —Sees Promise, but Not Critical Mass, in Michigan Innovation Ecosystem

One exit does not a trend make. In 2005, Chrysalis Ventures led a $2 million investment in HealthMedia, based in Ann Arbor, MI. Three years later, Johnson & Johnson bought HealthMedia. Terms of the deal weren’t disclosed but Chrysalis says it ultimately earned 18 times its initial investment. Not too bad. Despite its success with … Continue reading “Fluke or Trend? One Investor Reflects on HealthMedia Acquisition —Sees Promise, but Not Critical Mass, in Michigan Innovation Ecosystem”

Michigan Economic Development Chief Defends Governor’s Tax Proposals

Republican Gov. Rick Snyder’s top economic development official defended a controversial plan to eliminate certain tax credits in favor of a flat corporate tax rate, arguing the state’s economy would better benefit from broad tax reform than tax breaks aimed at specific industries. The best way to lower the state’s 11 percent unemployment rate is … Continue reading “Michigan Economic Development Chief Defends Governor’s Tax Proposals”

U-M Startup Aims to “Reveal” Design Flaws In Computer Chips

Designing a next generation computer chip can be a real pain in the…uh, hard drive. Just ask Intel. In January, the world’s largest maker of chips said it stopped shipments of chips that power its most advanced Sandy Bridge line of PC processors because of a design flaw, a recall Intel said would cost it … Continue reading “U-M Startup Aims to “Reveal” Design Flaws In Computer Chips”

Who Needs a CEO? Lycera Strikes Deal with Pharma Giant Merck

Lycera founder and chief scientific officer Gary Glick is feeling pretty good these days. And who can blame him? Just last fall, CEO Bill Sibold left the Plymouth, MI-based drug startup after less than a year on the job. That’s usually not a good sign. Six months later, Lycera still doesn’t have a CEO. But … Continue reading “Who Needs a CEO? Lycera Strikes Deal with Pharma Giant Merck”

Cut! Michigan’s Film and Video Game Startups Fear Loss of Popular Tax Credits

[Corrected, 3/4/11, 3:44 p.m.]When Republican Gov. Rick Snyder recently proposed eliminating generous tax breaks that have made Michigan a top destination for Hollywood-produced film and TV shows, heads started to roll. Pity the poor politician who would deny voters the chance to see George Clooney in the flesh! But beyond robbing screaming fans of the … Continue reading “Cut! Michigan’s Film and Video Game Startups Fear Loss of Popular Tax Credits”

What Happened to the Smart Cars? Ford’s Efforts to Impress NYT Columnist Evidently Fall Short

Ford wants to build “smart” cars that can communicate with each other and the road to boost safety, an aim we can all presumably get behind. But when it comes to cars facilitating human to human communication…well, that’s another story. In her Sunday column, New York Times columnist Maureen Dowd said she feared that Ford’s … Continue reading “What Happened to the Smart Cars? Ford’s Efforts to Impress NYT Columnist Evidently Fall Short”

Terry Cross: Michigan Needs to Break Down Its Proverbial Silos

It’s Oscar weekend folks! Come Sunday, we’ll know if a stammering King outshines a boozy U.S. Marshal or whether a crazy ballerina edges out a lesbian mother. God, I love the movies! But one actor won’t be taking home any hardware because…well, he wasn’t nominated. And that’s a damn shame because he was really good, … Continue reading “Terry Cross: Michigan Needs to Break Down Its Proverbial Silos”