U-M Announces Venture Shaping, Dare to Dream Grant Recipients

10/17/12Follow @XconomyDET

The University of Michigan’s Zell Lurie Institute for Entrepreneurial Studies has awarded nearly $30,000 in grants to student startups as part of its Mayleben Venture Shaping and Dare to Dream programs.

Each year, the programs award up to $100,000 to student companies semi-annually. This round’s funded entrepreneurs are working in a wide range of sectors, including IT, mobile, healthcare, clean tech, and food tech.

Tim Faley, the Zell Lurie Institute‘s managing director, says the review committee was pleased to see such a broad cross-section of companies, with about 40 total applicants to the grant program. He notes that most of the Mayleben recipients are very early on in the development of their startups, and at the heart of them is a problem that needs solving.

“The ideas were all over the place,” he says, adding that part of his job was to help young companies change direction. “Sometimes we as reviewers had to step back and admit we hated the solution they came up with, but agreed that there was a problem that probably had some really good entrepreneurial answers.”

After student startups win a $500 grant, they are encouraged to further build on their ideas by identifying markets and gauging interest. Once the companies successfully do that, another grant of $1,500 can be awarded, with a final grant of up to $10,000 awarded to those startups that commit to launch and create a fully fleshed out business plan.

Faley compares the process to carving something out of stone. “In the beginning, you’re making big changes but at the end, you’re just refining,” he says.

The Fall 2012 winners of venture-shaping grants are:

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