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Five early-stage companies from Macomb, Oakland, Washtenaw and Wayne counties in the Detroit area will receive $300,000 in funding from the Innovation Fund Macomb Community College, Powered by JPMorgan Chase & Co.
Sterilogy (Bloomfield Hills/ Oakland County) has won a $25,000 award to further develop a hand sanitizer system to be worn by healthcare workers with an electronic compliance system that not only records compliance with hygiene protocols, but also prompts compliance if the healthcare worker does not follow the protocols.
The Innovation Fund is a $2.7 million effort to stimulate economic development and job growth among promising Detroit-area entrepreneurs and next-stage companies with high-growth potential. Funding is provided by Macomb Community College’s Strategic Fund and JPMorgan Chase, as part of the company’s $100 million commitment to Detroit’s economic recovery.
“The Innovation Fund is an important new way in which the college can directly support economic development while providing a different type of learning experience for our students,” says Dr. James Jacobs, president of Macomb Community College. “While classroom education is still important, education delivered in the workplace in collaboration with the economic drivers in our community and region positions our students and business community with a unique advantage.”
Companies funded by the Innovation Fund are required to provide internships or learning experiences for Macomb Community College students. Students will not only have the opportunity to develop valuable workplace skills, but will also gain first-hand exposure to entrepreneurship.
The award received by Sterilogy is designed to support early-stage businesses taking the initial steps in market introduction.
The five companies awarded funding were selected from a field of 27 qualified applicants. Each went through a two-stage process, pitching first to a screening committee. The highest-rated companies moved on to a selection committee comprised of area professionals with experience in business management, finance, law, manufacturing and technology, who made final award recommendations.
This is the second cycle of awards for the Innovation Fund, which announced $275,000 in funding to five start-ups in July. The next application cycle for the Innovation Fund will close on November 20, 2015. Entrepreneurs involved in high-growth technology-focused business, such as advanced manufacturing, information technology, alternative energy, healthcare, and logistics and supply chain are eligible to apply. The companies must locate within a nine-county region consisting of Genesee, Livingston, Macomb, Monroe, Oakland, Shiawassee, St. Clair, Washtenaw or Wayne counties.
Source: Macomb Community College