Biannual Program Rewards Student-Created Businesses in Southeastern Michigan
ANN ARBOR, Mich., 02/16/2004 -- University of Michigan's Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies, the world's leading university-based center for entrepreneurial studies, has announced the recipients of its Winter 2004 Dare to Dream grant program. Three student-led startups will share $35,000 of seed-funding to create their business or commence operations, with Aranum Medical Systems receiving $20,000, iHome Electronics receiving $10,000, and Caliente Grille receiving $5,000.
The Dare to Dream grant program is offered twice a year to full-time and part-time MBA students with viable business plans but lacking the financial resources to bring their ideas to fruition. Each business must have a University of Michigan Business School student on the executive team to be eligible for grant funding. The program awards up to $105,000 annually and is made possible by the generous support of the Community Foundation for Southeastern Michigan.
"The Dare to Dream program offers a valuable opportunity to evaluate the potential of the University of Michigan's student entrepreneurs," said Thomas Kinnear, executive director of the Zell Lurie Institute for Entrepreneurial Studies. "The three startups receiving funding this year presented solid business plans and effectively expressed their determination to create a productive enterprise, and their grants will help achieve those goals."
Arcanum Medical Systems, the recipient of the most funding, has developed a non-invasive glucose-monitor to replace the current blood testing process. Led by Sreeram Veeragandham, Arcanum's patent-pending technology has been demonstrated in animal trials to provide accurate results per FDA guidelines, and will result in considerable cost savings to diabetics. The $20,000 grant will be used to purchase lab equipment and cover additional prototype expenses.
Benjamin Lewis started iHome Electronics to make people's lives safer and easier by transforming their homes into a hotbed of wireless technology. The iHome solution offers an integrated media system, unified messaging system, and a home automation system all controlled by a central computer, turning the home into a wireless "smart house." The $10,000 Dare to Dream grant will be used to create the first iHome in Bloomfield Hills, Michigan.
The Caliente Grille is a Mexican fast-casual restaurant positioned to open its first restaurant in Dearborn, Michigan in summer 2004. The restaurant will feature a food assembly line where customers watch their orders being handcrafted, plus offer an extensive loyalty program and host promotional events. Jeremy Sutton leads the development efforts, and will use the $5,000 grant toward point-of-sale software and hardware, developing a marketing campaign, legal fees and upgrading the Web site.
For more information on Dare to Dream, please visit http://www.zli.bus.umich.edu/.
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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