Student clean-tech entrepreneurs from across Michigan to compete in statewide energy venture challenge
ANN ARBOR—Sixteen student teams from six universities across Michigan will present their green technology solutions and vie for more than $100,000 in prizes at the Michigan Clean Energy Venture Challenge next week.
The Challenge, established by the University of Michigan and DTE Energy, encourages students from Michigan colleges and universities to grow clean-energy solutions into thriving businesses.
Bob Lutz, retired General Motors vice chairman, will speak at the event at 2 p.m. Feb. 17 in Blau Auditorium at the Michigan Ross School of Business.
“All of the teams participating this year have done a tremendous job in moving their clean energy business ideas forward,” said Doug Neal, executive director of the Center for Entrepreneurship at the U-M College of Engineering. “It is exciting to see teams from all over the state of Michigan working together, learning together and pushing each other to create the next cohort of clean energy entrepreneurs that will have a significant impact on our economy and the nation.”
In addition to U-M, students from these universities are involved: Lake Superior State, Michigan State, Michigan Tech, Wayne State and Western Michigan.
Eight teams from U-M are among the finalists. They are:
- PicoSpray, which is building cleaner, cheaper and more efficient small engines for motorcycles, lawnmowers and mopeds. Elevator pitch video
- Arbor Solar Technology, which is developing a hybrid solar lighting solution.
- Reversible off the Grid Heated Blankets, which is developing a non-electric blanket aimed at preventing hypothermia in premature infants in the United States and in developing nations. Elevator pitch video
- NusKu Energy Applications, which has come up with a way for companies to reduce their power consumption in computer datacenters. Elevator pitch video
- Torch Hybrid Marine, which is creating a hybrid electric propulsion systems for boats. Elevator pitch video
- Arborlight, which is commercializing better LEDs that could replace fluorescent light bulbs.
- EVStation, which is working to overcome range anxiety in electric vehicles. Elevator pitch video
- BooCycle, which is developing lightweight bicycles made of bamboo. Elevator pitch video
Pitch videos from many of the teams from other universities are posted on YouTube: http://www.youtube.com/playlist?list=PL3637A6B7D83AE5E6&feature=view_all
At the start of the competition, business ideas ranged from a sketch on a napkin to a fully formed, pre-revenue company. This year, each team competed for the full six months of the challenge and received assistance identifying their business model as well as mentoring and discussion opportunities with venture capital and angel investors.
This year, for the first time, the competition is part of a national effort encouraging young entrepreneurs to develop greener energy solutions through President Obama’s Startup America campaign. The winner of the Michigan contest will advance to a regional competition in the spring and could eventually have a shot at a national grand prize in Washington, D.C., this summer.
In addition to first- and second-place prizes at the Michigan contest, judges will give awards in six categories, including best resource conservation, increased energy efficiency and green building. They will give five special achievement awards to best prototype, most disruptive, best team assembled, best pivot(s) and judges’ choice.
Clean Energy Venture Challenge sponsors include DTE Energy, MASCO Corporation Foundation, The Kresge Foundation, the U.S. Department of Energy, Google, UBS Investment Bank, Eisbrenner Public Relations, the University of Michigan, Western Michigan University, Wayne State University, Michigan State University and Michigan Tech University. Partners include U-M’s Ross Energy Club, Energy Institute, Center for Entrepreneurship and MPowered.
February 17 will be a big day for entrepreneurship at U-M. In addition to this contest, the Michigan Ross School of Business will hold its semifinal and final rounds of the Michigan Business Challenge. Hosted by the Ross School’s Zell Lurie Institute, the competition is in its 28th year. More than $60,000 in cash prizes will be awarded. The semifinal round begins at 9 a.m. Winners will be announced at an awards reception at the Ross School from 5-7 p.m. New Dare to Dream student startup grant recipients for winter term will also be announced. For more information, visit: http://www.zli.bus.umich.edu/pdf_files/2012_MBC_Semi-finals_teams.pdf or www.zli.bus.umich.edu.
About the Clean Energy Venture Challenge
The Michigan Clean Energy Venture Challenge is a statewide competition administered by the Center for Entrepreneurship at the University of Michigan. It is a new version of the Michigan Clean Energy Prize that provides student teams interested in clean energy entrepreneurship the education, mentorship and resources to accelerate their ideas forward. Teams that are accepted into the program will be part of a cohort of clean energy entrepreneurs from across the state of Michigan. In addition to experience, connections and feedback they will receive there are also opportunities for micro grants and other prizes totaling more than $100,000. Michigan Clean Energy Venture Challenge: http://micevc.com
U-M Sustainability fosters a more sustainable world through collaborations across campus and beyond aimed at educating students, generating new knowledge, and minimizing our environmental footprint. Learn more at sustainability.umich.edu.