Funding Awarded to Support Viable Start-ups in Southeastern Michigan
ANN ARBOR, Mich., 03/13/2003 -- University of Michigan's Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies, the world's leading university-based center for entrepreneurial studies, has awarded $47,900 through its Dare to Dream Grant Program to support viable student-led businesses located in Southeastern Michigan. Aphera Life Sciences and The Candy Factory will receive $20,000 each and Lightkeeper Films will receive $7,900 to validate their student-created business concepts and/or to commence operations.
This is the Zell Lurie Institute's third distribution of biannual Dare to Dream Grant funds, sponsored wholly by the Ann and Carman Adams Fund and the Community Foundation for Southeastern Michigan, which awarded a total of $105,000 to promising student-led startups in 2002. In addition to funding, Dare to Dream winners receive course credit and are provided the opportunity to have free office space for one year.
"The Zell Lurie Institute works with student entrepreneurs starting new business ventures in Southeastern Michigan, and the Dare to Dream program is an excellent opportunity to help them turn their business concepts into reality," said Thomas Kinnear, executive director of the Zell Lurie Institute for Entrepreneurial Studies. "Dare to Dream clearly demonstrates that the University of Michigan and its surrounding region is committed to providing aspiring business leaders with the means to materialize their entrepreneurial dreams."
To receive a Dare to Dream grant, start-ups must meet a number of criteria including: the business has to be real; it must be a brand new start-up, meaning they can not buy an ongoing business; and it must be a fundamentally sound idea. Applications consist of an Executive Summary for the business, a line item budget of how and when the award will be used and resumes of all team members, which are evaluated by a Review Committee to fully explore the business concept and intended use of funds.
Aphera Life Sciences, led by MBA Suhas Sathe, will receive $20,000 to assist with the formation of a biopharmaceutical firm focusing on producing an HDL therapy for treatment of cardiovascular disease. Dare to Dream grant money will be used to pay for procuring intellectual property and fees associated with the patent process.
The Candy Factory plans to develop a theme based interactive learning center for children. The $20,000 grant will be used toward legal fees, consumer research, site location and design, and branding development. MBA student, Kim Gans, will lead The Candy Factory Business development efforts.
Lightkeeper Films is an on-demand DVD publishing company focused on providing independent filmmakers and film students a cost-effective way to distribute their product. Lightkeeper will receive $7,900 to register the business, finish website development and produce marketing materials. MBA student Tom Anstead will operate the business until graduation and plans to pursue this business opportunity after graduation in December 2004.
"This program was extremely rewarding financially, and after having our business plan endorsed by the Dare to Dream judges, we are much closer to launching our company," said Kim Gans, MBA and founder of The Candy Factory. "Programs such as Dare to Dream are invaluable for today's enterprising students affording them the opportunity to turn their dreams into reality."
For more information on Dare to Dream, please visit: http://www.zli.bus.umich.edu/new_venture_prg/.
About Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies
The Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies was formed in October 1999. The Institute actively engages the nation's most successful entrepreneurs and offers an outstanding faculty composed of both academic researchers and practitioners in entrepreneurship. The Institute's mission is to focus the capabilities and resources of the University of Michigan Business School to provide education, experience and opportunities in entrepreneurship; serve as a catalyst for new venture development; and contribute important research in the field of entrepreneurship. Members of the Institute's Advisory Board include Samuel Zell, Chairman of Equity Group Investments; Michael Hallman, former COO of Microsoft Corporation; and Eugene Applebaum, Founder of Arbor Drugs.
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