EntrepreneurZell Lurie Institute Year-in-Review

FALL 2009/WINTER 2010 www.zli.bus.umich.edu

from the executive director In this issue Thomas C. KinneAr With our reputation as a national leader in entre- Wolverine Venture Fund preneurship education firmly established during the Frankel Commercialization Fund past decade, the Samuel Zell and Robert H. Lurie Social Venture Fund Institute for Entrepreneurial Studies has continued to innovate deepening its substantial footprint on Awards & Scholarships the entrepreneurial ecosystem within the Stephen Marcel Gani Internships M. Ross School of Business, across the University Business Plan Competitions of Michigan campus and throughout the state of Entrepreneurial Multidisciplinary Action Projects Michigan. Within these pages many different venues Dare to Dream Student Start-up Grants are represented that serve to enrich the complex TechArb Incubator for Student Start-ups mosaic of new-venture creation and venture-capital Entrepreneur & Venture Club Highlights investment where our students learn and our gradu- ates pursue fulfilling careers. Thank you for your Institute’s 10 Year Anniversary Celebration continued support and participation as we prepare Entreplaooza Entrepreneurship Symposium our students for entrepreneurial success. Michigan Growth Capital Symposium Michigan Private Equity Conference Wolverine Venture Fund: Achieves Record $2 Million Return on HandyLab Acquisition Fund Award Recipients Michael Godwin and Jason Townsend (MBAs ’10) were honored with the David T. Shelby Award for their The acquisition of HandyLab Inc. by Becton Dickinson and Company in outstanding leadership of the Fund, in honor of the WVF’s first alumni manager and co-founder, David Shelby. November 2009, provided a record-setting $2 million return on the fund’s strategic venture capital investments in HandyLab increasing the WVF Student Members fund’s size to $5.2 million. In January 2010 Mobius Microsystems, MBAs ‘10 MBAs ‘11 another company in the fund’s portfolio, was acquired by Integrated Katie Austin Gil Adato Device Technology, Inc. providing yet another return to the fund. Luis Calderon (MBA/MS ’10) Jacob Cohen (JD/MBA ’11) Venkata Srikanth Chakka Joseph Dertouzos HandyLab was added to the WVF portfolio in 2000 when the fund participated in the company’s “Series Carrie Frost (MACC ’10) Renata Gomide A” round. Between 2000 and 2005, WVF invested $350,000 over six rounds and, upon exit, earned Michael Godwin Michael Johnson (MD/MBA ’11) a six-fold, cash-on-cash return. Approximately 100 Ross students participated in the fund’s investment Arie Jongejan (MBA/MS ’10) Erica Kang activities over that time span. Overall, HandyLab raised a total of $47 million in seed and early-stage Thomas Leahy (MBA/MS ’10) Ada Kong financing from a pool of investors, including Ann Arbor, Michigan-based EDF Ventures, who helped found Carlos Matos Jack Li (MD/MBA ’11) the company and provided the seed capital, as well as Ardesta and Arboretum Ventures. Alex Melnyk Chad Marchewka Luca Testa Joshua Mellinger The HandyLab acquisition is not the fund’s first “home run.” Students also directed WVF’s investment of Jason Townsend William Pucillo $250,000 over four rounds in IntraLase which became the first firm in the fund’s portfolio to go Matt Turner Nirav Shah public. In 2004, the WVF sold its shares in the initial offering, returning over $1 million in proceeds and Aniebiet Udofia Kanishka Thakur Wolverine Venture Fund expanding the overall size of the fund. Elizabeth Uhlhorn (MBA/MS ’10) Paul (Zihao) Wang Wolverine Venture Fund

The Wolverine Venture Fund, launched in 1997, is the first student-run venture fund in the United States MBA ‘12 and a signature program of the Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies. The Pingan He fund is thankful to the venture funds who support participation of the in their deals and to the advisors for their leadership and guidance. Advisory Board Peter Adriaens, PhD, PE, U-M College of Engineering pp.2- Portfolio Investments Investment Partners Peter Bardwick (MBA ’84), Zecco Holdings Inc. 3 Mary L. Campbell (MBA ’79), EDF Ventures Accord Biomaterials April 2008, October 2008 Arboretum Ventures, Sigvion Capital Timothy M. Mayleben (BBA ’94), Arbor Photonics February 2009 RPM Ventures Aastrom Biosciences Jonathan P. Murray (MBA ’88), Delphinus Medical Technologies May 2010 Arboretum Ventures Early Stage Partners Direct Flow Medical March 2005, EDF Ventures, Spray Ventures, Johnson & Timothy B. Petersen (MBA ’98), September 2007, October 2009 Johnson Development, Foundation medical Arboretum Ventures – Partners, Vantage Point, ePlanet Alumni Investment Manager Environmental Operating Solutions July 2008 EDF Ventures, Angel Investors Mina Patel Sooch, Apjohn Ventures Fund HandyLab Inc. August 2000, November 2001, EDF Ventures, Arboretum Ventures, Ardesta, Donald Walker, Arbor Partners June 2002, May 2004, December 2005 Pfizer Ventures Steven D. Weinstein (MBA ’98), IntelePeer January 2008 EDF Ventures, Kennet Venture Partners, IVA Fund, novartis Venture Fund Vogen Fund, Black Steel Investments Marc Weiser (MBA ’00), RPM Ventures Intelligent Clearing Network May 2010 Early Stage Partners Faculty/Staff Lycera Corporation July 2008 EDF Ventures, Angel Investors Richard (Erik) Gordon, JD, Faculty Advisor Mobius Microsystems April 2004, November 2007 Waypoint Ventures, Angel Funds, Menlo Ventures, Thomas C. Kinnear, PhD, Faculty Advisor Foundation Ventures Carolyn M. Maguire, Administrator NanoBio March 2006, November 2008 Angel Funds, Perseus LLC Nanocerox, Inc. November 2005, December Angel Funds 2006, May 2008

Quantum Learning Technologies (Kabongo) April RPM Ventures 2008

Rhevision Technology March 2006 EDF Ventures, In-Q-Tel Ventures SilverPop Systems August 2000 Draper Fisher Jurvetson Cover: Wolverine Venture Fund celebrates HandyLab acquisition

Top: Celebrating the Handylab acquisition, November 2009. Bottom: Wolverine Venture Fund student and advisory board members, Fall 2009. Frankel Commercialization Fund: Social Venture Fund: Trailblazing Program Puts Social Student Run Pre-Seed Fund Invests in Two Firms Enterprise at the Heart of Entrepreneurial Education The Frankel Commercialization Fund, the country’s first student-led Launched in September 2009, the Fund is the first student-managed pre-seed investment fund, announced two new investments this year in venture capital fund in the U.S. to invest in mission-driven, social-enterprise Accio Energy and Ambiq Micro. To date, the fund has invested close to start-ups. The Social Venture Fund is the third fund in the Zell Lurie $400,000 in five companies. Institute’s family of student-led funds. The other two funds are the Wolverine Venture Fund, which invests in early-stage, emerging growth companies, The Frankel Fund was established in 2005 to identify and accelerate the commercialization of ideas and the Frankel Commercialization Fund, which provides pre-seed capital generated within the University community and the surrounding area. The team adopts a hands-on to identify and accelerate the commercialization of ideas generated within approach to investing that leverages the talents and resources available at the Stephen M. Ross School of the University of Michigan community. Business at the University of Michigan to make a real impact for the entrepreneur and the University. The Frankel Fund is organized into student teams that function as independently financed venture capital Building upon the Ross School’s leadership position in integrating social and environmental responsibility companies providing very early-stage company investing, often known as “seed or pre-seed” investing. into business education, the Social Venture Fund has been initially funded by a class gift from the Ross Each student team reports to a board of directors comprised of venture capitalists, entrepreneurs, industry School of Business MBA Class of 2010 and will be managed by Gautam Kaul, Professor of Finance. experts and CEOs who provide additional mentoring and learning opportunities for the Ross School students. Ultimately, the fund will provide early-stage investments of up to $200,000 to for-profit organizations that can deliver “double bottom line” return — a combination of standard profit measurement and measurement of social impact — in industries ranging from financial services and healthcare to food and nutrition and Investments urban revitalization. Fourteen Ross School of Business MBA students manage the fund, which is supported Accio Energy is an Ann Arbor-based developer of an innovative wind energy system. (June 2009) by Kaul and a four-member student advisory board.

Ambiq Micro is an Ann Arbor-based developer of next generation energy-efficient microprocessors that Student Founders Faculty Frankel Commercialization Fund have the potential to substantially extend the battery life of wireless devices. (August 2010) Luis Calderon (MBA/MS ‘10) Gautam Kaul, Managing Director Social Venture Fund Gilad Meiri (MBA ‘10) Arbor Photonics is an Ann Arbor-based developer of optical fiber technology that enables high-power Eric Rosenthal (MBA ‘10) fiber lasers to be used in a variety of new materials-processing applications in the automotive, electronics Michael Yifrah (MBA ‘10) and aerospace industries. (November 2007) Inaugural Student Members BeholzTech Inc. is a Flint, Michigan-based company that effectively coats polyolefin plastics, making Anita Bhat (MBA ’11) pp.4- them easier to modify and adhere to other materials. (May 2008) Christina Browne (MBA ’11) 5 Diego Dimes (MBA ’11) Surgimatix has developed an innovative wound-closure device that combines the convenience of a Thomas Eisner (MBA ’10) surgical stapler with the aesthetic and closure strength benefits of manual sutures. (August 2008) Asish Gupta (MBA ’10) Hueling Lee (MBA ’11) Michelle Lin (MBA/MS ’12) Vinayak Manchanda (MBA ’11) Lauren Miller (MBA ’11) Ned Tomasevic (MBA ’11)

Student Members

Cleantech Health Care Faculty Advisor Medical Technology/Life Sciences Hanns Anders (MBA/MS ’11) Asaf Alkoby (MBA ’11) Tom Porter, Managing Director (MBA ’67) Advisory Board Theo Ludwick (MBA/MS ’10) Andrew Dorin (MBA ’11) Advisory Board Mary R. Flack, NanoBio Mark Leo (MBA/MS ’10) Kofi Kumi (MBA ’11) Larry Hagerty, MedAptus, Inc. Krishna Parab (MBA ’11) Dane Johnson (MBA ’11) Cleantech Advisory Board Kaylan Handique, Becton Dickinson Alanya Schofield (MBA/MS ’11) David Landman (MBA ’10) Peter Adriaens, Global CleanTech, LLC. Michael P. Kurek, Biotechnology Business Consultants Nic Wetzler (MBA/MS ’11) Sangeetha Krishnan Mahadevan (MBA ’11) Michael H. Edison “MBA ’08), Paul McCreadie, Arboretum Ventures Yaseen Oweis (MBA/MD ’11) DTE Energy Resources Consumer Pedro Guillen (MBA ’07), NextEnergy Technology Advisory Board Brian Boyd (MBA ’10) Technology Kim Pargoff, Cleantech Group, LLC Jim Adox (MBA ’95), Venture Investors Christopher Cheung (MBA ’11) Sohin Chinoy (MBA ’10) Lindsay Aspegren, North Coast Technology Investors Michael Gitig (MBA ’10) Amrita Kumar (MBA/MS ’10) Consumer Advisory Board Gregg Hammerman (MBA ’07), GloStream Rosedel Davies-Adewebi (MBA ’11) Jeffrey Lin (MBA ’10) Frank Legacki (MBA ’64), Fletcher Spaght Ventures David Hartmann, Arbor Blue Nicolas Leon (MBA ’11) Phil O’Niel (MBA ’10) David McCann, Google Al Kortesoja (MBA ’82), Ronald Ro (MBA ’10) Biswaroop Palit (MBA ’11) Joshua Pokempner Formerly Capgemini/Ernst & Young Kevin Phillips (MBA ’11) Phil Roos, GfK Strategic Innovation Chuck Salley (MBA ’76), Robert Wolfe, Crowdrise CAS Ventures Advisor-at-Large Ken Nisbet (MBA ’76), U-M Office of Technology Transfer Awards & Scholarships pp.6- Scholarshiprecipients competitions. Phil and his team were finalists in the Rice competition and secured $4,000 in cash cash Mercury. DFJin from $4,000 investment secured and $50,000 a and competition Rice the in finalists were team his and Phil competitions. also received a round of angel funding to develop their business. their develop to funding angel of round a received also and Accelerator Business TechArb the in space awarded were camp, boot SPARK Arbor Ann Bobby attended and Drew artists. favorite their to fans for access direct and networking social on capitalizes that way a in club fan traditional the reinvents MyBandStock.com start-up Their business. successful a into it turned and music for passion their ‘10) took (BBA Matson Bobby ‘10) (BA and Leahy Drew Year. the of Entrepreneur Student 2009 a as Entrepreneurship for Center U-M the by the and 2009 the as program incubator business Momentum Advantage’s Lakeshore by recognized was Mary program. grant Dream to Dare the in and Challenge Business Michigan the in Business Challenge. Phil also received grant funding through the Dare to Dream program and he he and program Dream to Dare participated the through funding grant received also Phil Challenge. Business semiconductor 2010the $20,000at Michiganof prizefabless top the a microcontroller, took power low ultra sellingan company Ambiq, Microsystems. Ambiq into morphed quickly which Microsystems, Phoenix found to PhD engineering electrical an with up met he Michigan Upon of University degree. the his at arriving earning while entrepreneurship of avenues many ‘10)explored (MBA O’Niel Phil throughthe Institute’s Dare to Dream program. She also participated in the Marcel Gani internship Challengecompetitions, program. competed inexternal intercollegiate competitions, andwas awarded grant funding web-basedinterface that tapsinto talenteda basedesigners.of Sheparticipated inthe Michigan Business a via homeowners to services design professional company,brings Her Roomations, MBA. of her earning process the through moved she as company a create to dream her ‘10) pursued (MBA Miller Katie Ron and Eileen Weiser. Recipients are selected based in part on their their ambassadorship,on part passionentrepreneurship forin based andacademic excellence. selected are Recipients Weiser. Eileen and Ron of generosity the through possible made were awards following The Leadersat the Ross School of Business Awards& Scholarships: Outstanding Entrepreneurial Conscious Construction, PaperFeet, Energy Bank, Bank, Energy PaperFeet, Construction, Conscious Hydro, Vortex Perks, Carbon Service, Food Sustainable including start-ups several in involved became immediately she Ross to acceptance Upon school. high in Growth senior a was Michigan she the when at Symposium, Capital Institute Lurie Zell the to herself introduced ‘10)first (BBA each Lemmer Mary $350 - BBA a for Award Year the of Entrepreneur thefoundation inplace forthefund andrecruited theinaugural groupthe offund’s student advisors. interestedpartiesabout founding Sociala Venture Fund attheBusiness School. Within theyear, they had Shortlytheirafter arrival attheRoss School Business, of thesenewly-enrolled students begantalking with ‘10) (MBA Yifrah Michael ‘10) (MBA Rosenthal Eric ‘10) (MBA Meiri Gilad ‘10) (MBA/MS Calderon Luis each $250 - Awards Leadership Entrepreneurial Cause-Based each $500 - MBA an for Award Year the of Entrepreneur i n the Michigan Business Challenge as well as in several intercollegiate business plan plan business intercollegiate several in as well as Challenge Business Michigan the n O verheard@U, and Flip Clip. She also participated participated also She Clip. Flip and verheard@U, N ext Top Entrepreneur Entrepreneur Top ext

Jason Townsend (MBA ‘10) (MBA Townsend Jason ‘10) (MBA/MArch Miller Katie $5,000 - Awards Scholarship Mondry A. Mitchell N ‘10) (MBA/MS Cieminis David $5,000 - Scholars Entrepreneurial Returning Institute Erb and Zell naomitaYadav (MBA/JD’11) URefer, MI UM OfficeofTechnology Transfer, MI Roomations, MI Planet Metrics,CA MyBandStock.com, MI Michigan Venture CapitalAssociation, MI Medical InnovationCenter, MI Frazier HealthcareVentures, WA Environmental OperatingSolutions,MA Early StagePartners, OH Colt Venture, Tx Axio Power, CA ArmyProperty, MI Apjohn Ventures, MI Accuri Cytometers,MI Company 2009 Placements Internship ductsitself areoutstanding models foranaspiring entrepreneur.” Hanns Anders (MBA/MS ’11) pursuecareera inentrepreneurship. Theculture that hecultivated atE guiderapidlya expanding venture. Theexposure totheCE deepa understanding ofthewater andenergy nexus, andprovided mewith insight into what ittakes to “Myinternship experience atEnvironmental pany’splanning and execution, and in an investment firm’s due diligence process for potential U.S.investments. Students typically spend up to 14 weeks in this full-immersion experience where they participate internship.in a com The internship program places other students at start-up and venture capital firms emergingfrom across companies the “living the life of an entrepreneur” for 12 weeks over the summer through a self-hosted T AnExpanded Program with a New Twist MarcelGani Internships: Eachrecipient maintained a meritorious GPA while succeeding in previous or ongoing entrepreneurial Thefollowing scholarship activity. recipients proved themselves both in the classroom Recipients and as entrepreneurial Scholarship leaders. herecently expanded Marcel Gani Internship program enables student entrepreneurs to work in their own ic Wetzler (MBA/MS ‘11) (MBA/MS Wetzler ic

O peratingSolutions, based inMassachusetts, provided mewith Robert Madorsky(BBA’10) Sundus Kubba (MBA’09) Katie Miller, (MBA/MArch’10) Jamie Mikkelson (MBA/MS’11) Bobby Matson(BBA’10) Adrian Fortino (MBAEve) Kyle Beeman(MBA’10) Stephen Brown(MBA’11) Elliott Yamada (MBA’10) Hanns Anders(MBA/MS’11) Luis Calderon(MBA/MS’10) James Mertz(MBA’10) David Cieminis(MBA/MS’10) Scott Bender(MBA’10) Alex Melnyk(MBA’10) Pat Walsh (MBA/MS’10) Intern ‘10) Tayal(MBA Manisha Philip ‘10) (MBA Mertz James ‘10) (MBA Meiri Gilad ‘10) (MBA Liwnicz Benjamin ‘10) (MBA Landman David ‘10) (MBA/MS Katzman Brian Eve) (MBA Fortino Adrian ‘10) (MBA/MS Calderon Luis $5,000 - Awards Scholarship Zell Samuel O andthe rest oftheteam further inspired meto O ’ N iel (MBA ‘10) (MBA iel O S andSthe way the company con - - 7 Marcel Gani Internships Competitions: Empowering Student Entrepreneurs across Campus Michigan Business Challenge Judges Jack Ahrens, TGap Ventures; Jim Baker, Michigan Technological University; John Barrie, Appropriate Technology The Michigan Business Challenge is a University-wide multi-stage business plan competition comprising Collaborative; Josh Botkin (MBA ’06), Inovo; Amy Cell (BBA ’91, MBA ’95), Ann Arbor SPARK; Nick Cucinelli three successive rounds of team competition over four months. The Institute also offers a series of business- (MBA ’05), Diverse Energy Ltd.; Arthur Demonte, SummitTech BD; John Diebel, Michigan Technological University; development seminars that parallel the multistage competition process. These sessions provide ongoing Diane Durance, Great Lakes Entrepreneurs Quest; Amanda Edmonds, Growing Hope; Annette Fisch, UM Ross coaching and help to advance the competing teams’ efforts. Nearly half of the competing teams include School of Business; Jan Garfinkle, Arboretum Ventures; Charles Fry, American Sweet Bean Company; Merrill non-business students drawn from the College of Engineering, the School of Medicine and other Guerra (MBA ’08), RealKidz; Neel Hajra, NEW; David Hartmann, Arbor Blue; Neil Hawkins, Dow; Oran disciplines. Many top winners of the Michigan Business Challenge continue to develop and launch their Hesterman, Fair Food Network; Mary Sue Hoffman, Michigan SBTDC; Wes Huffstutter, UM Office of Technology business ventures, often with assistance from another highly effective Zell Lurie Institute program: Dare Transfer; Tammie Jones (MBA ’09), The Skillman Foundation; Tom Kinnear (PhD ’72), U-M Zell Lurie Institute; to Dream. Many of these teams are also sponsored and coaches by the Institute as they go on to Nancy Kotzian, UM Ross School of Business; Andy Lawlor, U-M Ross School of Business; Karl LaPeer (MBA ‘;93), compete in intercollegiate competitions. Peninsula Capital Partners; Rod Lowe, A2 Resources; Len Middleton, U-M Ross School of Business; Jason Miller (BBA ’01, MBA ’06), PRS Equities; Mitch Mondry (MBA ’86), M Group; Rishi Moudgil (BBA ’00, MBA/MSEd ’08); Jonathan Murray (MBA ’88), Early Stage Partners; David Peralta (BBA ’89), NanoBio; Tim Petersen (MBA ’98), Williamson Award for Cross-Functional Teams - 2010 Michigan Business Challenge Arboretum Ventures; Mark Petroff (MBA ’98), Marketing Associates, LLC; Skip Pruss, Michigan Department of The UofM Business Plan Competition Undergraduate Award - $2,500 Energy, Labor and Economic Growth; Mahendra Ramsinghani, Chrysalis Ventures; Paula Rhoades, Third Eye In 2010, 73 teams entered the competition, 10 Innovation; Michael Rodocker (BBA ’88), Just-in-Time CFO Solutions, LLC; Chuck Salley (MBA ’76), NextCAT; teams participated in the final rounds held in Magnetic Ventures will offer the Magnetically- Larry Schmitt, Inovo; Gus Simiao (MBA ’07), Vortex Hydro Energy; Phil Tepley, Michigan SBTDC; Matt Turner, February. The 27th Michigan Business Challenge Assisted Artificial Joint at a low cost to hospitals. Amherst Fund; John Viera (MBA ’93), Ford Motor Company; Don Walker, Arbor Partners. awarded more than $60,000 in prize money. The joint is designed to be long lasting and reduce the likelihood of revision surgery. 27th Pryor-Hale Award for Best Business - $20,000 Team: Nicholas Clay and John Sidhom (BSEs ’11), Intercollegiate and U.S. Business Plan, Case and Business Plan Competitions Williamson Award for Outstanding Business Jerry Zhao (BBA ’11) and Lily Chen (BBA ’11) Venture Capital Competitions Business Plan Competitions and Engineering Team - $5,000 2010 Michigan Business Challenge Winner, Ambiq Micro, secures Outstanding Presentation - $2,000 Best Written Plan - $2,000 North Coast Fisheries is an aquaculture firm that $250,000 investment prize at Global Business Plan Competition Ambiq Micro is a fabless semiconductor company is free of antibiotics, growth hormones and methyl- Ambiq Micro was selected as the winner of the Global Business Plan Competition netting a $250,000 that has developed the world’s most energy- mercury, which will provide fish native to the upper investment as first place winner. Ambiq Micro also won the Pryor-Hale Award for Best Business as part efficient microcontroller (MCU). Midwest for stocking and consumption. of the Institute’s Michigan Business Challenge in February and was selected to present at the national Team: Scott Hanson (Post-doctoral Research Team: Andrew Chamaj, Philip O’Niel, Aaron Michigan Growth Capital Symposium in May. Partnering across multi-disciplines, team members Scott pp.8- Fellow), David Landman (MBA ’10) and Philip Skrocki and Matt Turner (MBAs ’10) 9 Hanson from the College of Engineering and Phil O’Niel from the Ross School of Business, presented. O’Niel (MBA ’10) Finalists - $1,000 Ball State University Runner-up for Best Business - $10,000 Milo is a premium online beauty e-commerce site for Great Lakes Entrepreneur’s Quest Business Enterprise 8 Business Plan Competition (March) Outstanding Presentation - $2,000 black women seeking high-end hair care products. Plan Competition (January) Team: Kimberly Dillon, Oswaldo Maxwell and Kelly SanoBio Therapeutics: Zubair Ahsan (BBA/BSE ’11), Nalu Solar Tools: Jennifer McLaughlin (MBA/MS ’10) James Li (BSE ’11) and Boyang Zhao (BSE ’11) Enertia brings to market a breakthrough energy Washington (MBAs ’10) Second Place, New Business Idea - $1,000 scavenging technology that supplies life-cycle Carnegie Mellon University power to wireless sensor networks. Semi-Finalists - $500 Great Lakes Entrepreneur’s Quest Business McGinnis Venture Competition (March) Team: Ethem Aktakka (PhD ’11), Adam Carver Innovascular is a biomedical design company Plan Competition (June) Enertia: Etham Aktakka (PhD ’11), Adam Carver (MBA/MS ’12) and Tzeno Galchev (PhD ’10) focused solely on the cardiovascular space. SanoBio Therapeutics: Zubair Ahsan (BBA/BSE ’11) (MBA/MS ’12) and Tzeno Galchev (PhD ’10) Team: Jeffrey Groom (MSE ’09), Yuri Haverman Best of Biotech Award - $5,000 Second Place, Technology - $5,000 Erb Award for Sustainability - $7,500 (MBA ’09), Sanjay Shah (MBA ’08) and Aaron Runner Up, New Business Idea - $2,500 (Co-sponsored by the Erb Institute) Swick (MSE ’08). June Energy: Md. Shahnoor Amin (MSE ’10) and Lakeshore Advantage Abdrahame Traore Green Silane is an Ann Arbor-based company that Reveal Design Automation is an automated soft- The Lakeshore’s Next Top Entrepreneur produces silane gas for customers on-site in a manner ware solution for performing scalable and compre- Competition (November) Colorado School of Mines that is flexible, low-cost, and environmentally benign. hensive verification of digital logic designs. Energy Bank: Mary Lemmer (BBA ’10) 8th Continent Business Plan Competition (April) Team: Russell Baruffi (MBA/MS ’10), Brian Katzman Team: Zaher Andraus (Post-Doctoral ’11) and First Place - $1,000 Advanced Battery Control: Drew Demuth (MBA (MBA/MS ’10) and Matt Schaar (MBA/MPP ’10) Vimal Bhalodia (MBA ’11) ’11) and Paul Gruber (MBA/MS ’10) OWN: Verdi Ergun (MBA ’12) Social Impact Award - $7,500 Shepherd Intelligent Systems is an SaaS compa- Second Place - $350 Draper Fisher Jurvetson and Cisco Systems, Inc. (Co-sponsored by the Center for Entrepreneurship) ny that provides real-time vehicle location informa- tion directly to the passengers and managers of Global Business Plan Competition (July) Northwestern University Ambiq Micro: Scott Hanson (Post-Doctorate ’11), Hippo Water International is a U.S.-based NGO public transit through novel, low cost technology. Entrepreneur Idol (November) David Landman (MBA ’10) and Phil O’Niel (MBA ’10) that aims to reduce the physical and time burdens Team: Adrian Fortino (MBA ’10), Jahan Khanna Evertread: Alexander Kruger (BBA ’11) First Place - $250,000 investment of water collection by manufacturing and distribut- (MSE ’11) and Manisha Tayal (MBA ’10) Energy and Sustainability Award - $500 ing the Hippo water roller, an innovative water DTE Energy - Clean Energy Prize Competition transportation tool. OWN: Verdi Ergun (MBA ‘12) Enertia - 1st $50,000; Advanced Battery Control - Team: Colm Fay (MBA/MS ’12), Cynthia Koenig 2nd $25,000; Green Silane - 3rd $10,000; (MBA/MS ’11) and Chris Mueller (MBA/MPP ’11) MyBandStock: Bobby Matson (BBA ’10) Regenerate - 4th $7,500 Rice University University of Louisville Entrepreneurial Multidisciplinary Action Projects: Business Plan Competition (April) Cardinal Challenge Business Plan Competition MBAs Executing High-Level Management Ambiq Micro: Scott Hanson (Post-Doctorate ’11), (February) David Landman (MBA ’10) and Phil O’Niel (MBA ’10) Charter Jet Connect: Andy Ellerhorst (MBA ’11) Assignments at Start-up Companies Fifth Place - $4,000 and $50,000 investment and Bradley Hart (MBA ’11) MAP is a course in which student teams collaborate in global, entrepreneurial Reveal Design Automation: Zaher Andrus (Post- University of Manitoba and experimental settings. Entrepreneurial Map students are assigned to Doctorate ’11), Vimal Bhalodia (MBA ’11) and Stuart Clark Venture Challenge (March) multidisciplinary action projects at start-up companies. Over a seven-week Matthew Neagle (MBA ’11) Green Silane: Brian Katzman (MBA/MS ’10) and period, the MAP teams execute high-level management assignments, such Sixth Place - $3,000 Russell Baruffi (MBA/MS ’10) as developing business plans, identifying new product opportunities and formulating strategies for market entry. San Diego State University University of Nebraska Venture Challenge (March) New Ventures World Competition (March) Entrepreneurial MAP Company Hosts 2010 IRIZ Technologies: David Yeung (MBA ’10) and Hyperion Design: Jeff Rodrian (MBA ’10) Adaptive Materials - Ann Arbor, MI Dan Zetu (MBA ’10) Project: Develop a market expansion plan for a commercial application for AMI’s fuel cell technology for University of North Carolina specific power levels to supplement the company’s existing plan to enter other markets. TiECon Midwest Business Plan Competition Sustainable Venture Capital Investment (October) Competition (March) Team: Breck Bailey (MBA ’11), Zack Gordon (MBA ’11), Adam Grauer (MBA ’11), Michael Kasameyer Roomations: Katie Miller (MBA/MArch ’10) Luis Calderon (MBA/MS ’10), Jessica Meyer (MBA (MBA ’12) and Hoa Phan (MBA ’11) First Place - $25,000 in-kind support ’11), Lauren Miller (MBA ’11), Jorge Rodriguez (MBA ’10) and Eric Rosenthal (MBA ’10) Applied Technologies - Maumee, OH Business Plan Competitions Project: Develop a strategy for expanding the organizational and product capability of the Applied Energy Entrepreneurial Multidisciplinary Action Projects Technologies division to be able to deliver total project capability and explore market entry potential with this expanded capacity.

Team: Dan Cantor (MBA ’12), Charlotte Coutrap-Bagg (MBA/MS ’11), Bhushan Giri (MBA ’11), Tyler Paxton (MBA ’11), Kevin Phillips (MBA ’11) and Rajat Sapra (BBA ’05, MBA ’11)

BRIDGE PTS - San Antonio, TX pp.10- Project: Develop an acquisition growth strategy to help BRIDGE PTS accelerate its growth by developing a 11 Team Ambiq Micro presenting at the final round Team Hippo receiving award check process to identify potential acquisitions, price each business, suggest financing plans for acquisition and University of Cincinnati University of Oregon then prioritize a list of potential businesses which the team has identified. Spirit of Enterprise Graduate Business Plan New Venture Championship (April) Competition (February) Nalu Solar Software: Jennifer McLaughlin (MBA/MS Team: John Beltran Velasquez (MBA ’11), Marina Crocker (MBA ’11), Omer A. Cygler (MBA ’11), Stephen North Coast Fisheries: Andrew Chamaj (MBA ’10), ’10), Prahanth Prasad (MBA ’10) and Imogen Taylor Li (MBA ’11) and Vishakha Mahajan Phil O’Neil (MBA ’10), Aaron Skrocki (MBA ’10) (MBA/MS ’10) and Matt Turner (MBA ’10) Esperion Therapeutics - Ann Arbor, MI University of San Francisco Project: As an extension of a 2009 MAP program, identify high-value, strategic transactions within a University of Colorado International Business Plan Competition (March) specific industry and establish a benchmark for project valuation. Recommendations should include specific Venture Capital Investment Competition (February) Endocutter: Taarif Jafferi (MSE ’09) and Rahul business development/ license strategy, and supportive data/materials should be assembled that include Asaf Alkoby (MBA ’11), Luis Calderon (MBA/MS Rattan (PhD ’12) potential partners, transaction terms and anticipated value. ’10), Kristopher Caldwell (MBA ’11), Dane Johnson (MBA ’11) and Yaseen Oweis (MBA ’11) University of Texas Team: Gil Adato MBA ’11), Umang Belwal (MBA ’11), Laura Grund (MBA ’11), Yaseen Oweis (MBA/MD Moot Corp Competition (May) ’11), Mauricio Rincon (MBA ’11) and Seth Trier (MBA ’11) University of Colorado Ambiq Micro: Scott Hanson (Post-Doctorate ’11) Cleantech Venture Challenge (March) and Phil O’Niel (MBA ’10) Phoenix Modular Elevator - Mount Vernon, IL Food Waste Energy: Bhushan Giri (MBA ’11), Matt Project: Develop a well-defined and research-based market and channel analysis with specific recommendations Johndrow (MBA ’11) and Kurt Liethen (MSE ’10) Wake Forest University for growth that fit within the company’s strategy to expand sales of the company’s modular elevator product. Third Place - $2,500 Elevator Competition (March) AYaH: Jim Collins and Tyler Paxton (MBA ’11) Team: Cole Confer, Matt Fisher, Mark Jensen and Matthew Neagle (MBAs ’11) Carbon Perks: Paul Gruber (MBA/MS ’10), Mary ScoutForce: Todd Emaus (MBA ’11) Lemmer (BBA ’10) and Rajesh Nerlikar (MBA ’10) Walmart University of Evansville Better Living Competition (April) New Venture Creation Competition (March) Green Silane: Russell Baruffi (MBA/MS ’10), Brian MyBandStock: Bobby Matson (BBA ’10) Katzman (MBA/MS ’10) and Matt Schaar (MBA/MPP ’10) Third Place - $1,000 First Place - $20,000

13 pp.12-

Dare to Dream Student Start-up Grants andInvestor Pitch RecipientsComplete Businessa Plan Haque(PhD ’10) and Wasim Quadir (MBA/JD ’09) Team:Vikas Gujadhur (MBA/MA ’10), Razi-ul BootCamp. package.$1,000 scholarship to Ann Arbor SPARK’s dimensionallystacked integrated circuits in a single MicrosystemsStructured($10,000) Three- Skrocki(MBAs ’10) Team:Andrew Chamaj, Philip Antibioticfree, hormone free native fishery Aquaculture($5,000) Natural Leahy(BA ’10) and Bobby Matson (BBA ’10) Team: forperforming artists. ($5,000)MyBandStock Rodrian(MBAs ’10) Team:Karim Fanous, David Landman and Jeff manufacture. ($5,000)Hyperion Light sport aircraft design and Fall2009 IntegrationGrant withtotal awards upto$100,000 peracademic year. encouragednon-business students attheUniversity tocompete forfunding businessdesign, business assessment andbusiness plan. Theprogram developmentoftheir ownbusinesses atthree critical developmental stages: DaretoDream provides grant awards tostudents tofund andsupport the Dare to Dream Grants for Student Start-ups Tayal(MBA ’10) (BSE’10), Jahan Khanna (MSE ’11) and Manisha Team:Adrian Fortino (MBA ’10), Thomas Gellatly managersof public transit. vehiclelocation information for the passengers and Systems Intelligent Shepherd Sawhney(MBA ’09) Team:Seema Sawhney (MBA ’11) and Puneet vendorsin India. ing ($5,000)Bee Bazaar (MBA’10) Fellow),David Landman (MBA ’10) and Philip Team:Scott Hanson (Post Doctoral Research tiontags. cessorsto battery-powered radio frequency identifica Micro($10,000) Ambiq Ultra-low power micropro Winter2010 N orthAmerican-based Asian Indians to wedding John-MichaelFischer (MSE ’10), Andrew O s nlinemarketplace connect O

nlinefundraising platform O ’ N ($5,000)Real-time ieland Aaron O ’ N iel - - - Slackand Team:Sarika Gupta, Dora Lam, Shreyas Patel, Eli capturesReceipts Digital and stores receipts digitally. andRajani Yellamanchili (MBAs ‘10) Team: investin energy efficient projects. servicescompanies and property owners reluctant to Capital Lodestone (BBA’11) and Jessica Meyer (MBA ’11) (MBA’12), Jeremy Klaben (BBA ‘13), Alexander Kruger Team:Manvendu Bharadwaj (MBA ’11), Verdi Ergun isOWN a point of sale system for coffee shops. Team:Daniel Irimia (PhD ’01) and Dan Zetu (MBA ’10) of compounds on the motility of target cancerIRIZ cell Technologies lines. (MBA‘08) and Aaron Swick (MSE ’08) (MSE’09), Yuri Haverman (MBA ’09), Sanjay Shah Team:Mohamed Elgamel (MD ‘06), Jeffrey Groom bleeding. isInnovascular a device to localize and control severe Team:Sai Tong governmentservice. Connect City Team:Andrew Ellerhorst and Bradley Hart (MBAs ‘11) bookingcharter aircraft. isConnect Jet an Charter online marketplace for Qian(BBAs ‘11) ’09),Timothy Marzullo (PhD ’08), Sanjiv Rao and John Team:Connie Chung (BBA ’11), Gregory Gage (PhD rosciencekits for educational purposes. Brains Backyard Team:Tyler Paxton (MBA ’11) ofwebsite visitors. isAyah an alternative method to test the “human-ness” Fall2009 AssessmentGrants FeasibilityStudy RecipientsWork Toward Completing a SamLines and N athanWilliams (MBAs ‘10) isa process solution for location-based N specialized service to screen the effect g,Saritha Puttagunta, designsand markets affordable neu bridgesthe divide between energy N ielsZellers (MBA/MSs ‘11)

- $1,500- eachteam O nurSencer - ’11),Paul Marinec (PhD) and Boyang Zhao (BSE ’11) Team:Zubair Ahsan (BBA/BSE ’11), James Li (BSE fordiabetic ulcers. isTherapeutics SanoBio a low-cost topical treatment (MBA/MS’10) and Abdrahamane Traore Team:Shahnoor Amin (MSE ’10), David Cieminis electricityand lighting in rural Africa and Asia. Energydesigns June portable solar energy products for Team: tionand safety of clinical tools. InnoMotus Team:Sara Jones (MBA ‘10) forfemale college students. designs Graffiti Heart silver commemorative jewelry ’12)and Raghav Wate (MBA ’11) ’11),Kurt Liethen (MSE ’10), Allison Shapiro (MBA/MS Team: oforganic waste. industrycaptures gas produced from the decomposition WasteEnergybiodigestersFood for the restaurant N (MBA/MS’10), Mary Lemmer (BBA ’10) and Rajesh Team:Paul Gruber (MBA/MS ’10), Arie Jongejan utilities,and retailers. Perks Carbon Team: servicecall center for fishing industry. isOutdoors AME acollective reservation website and (MBA’10) Team:Jorge Pernillo (PhD ‘10) and YuanYuan Fang circuitdesign. TechnologiesA2D provides analog to digital converter Winter2010 Team:Matthew productsfor urban gardening. Gardeneris Food anUrban online information and Team:Cole Confer (MBA ’11) and Maria Confer phonetechnology. isSecurilink a personal safety device that utilizes cell MS’10) PrashanthPrasad (MBA ’10) and Imogen Taylor (MBA/ McLaughlin,and Jennifer McLaughlin (MBA/MS ’10), Team:Kelly McKenzie (MBA/MSW ’09), Brian operationalsupport for solar PV contractors. ToolsSolar Nalu erlikar(MBA ’10) Eric Jacuzzi (MSE ’12) and Chandler Yao (MBA ’10) Bhushan Giri and Matthew Johndrow (MBAs AdamYoung (MBA ’10) createsproducts for use to verify steriliza onlinerewards system links consumers, N eagle(MBA ‘11) isa web-based software that offers - TheirProduct Technologyor RecipientsPropose Businessa Created around Sharma(PhD ’11) (MSE’11), William Harrison (PhD ’10) and Deepak Team: Pool The (MBAs‘11) Team: tionaltravelers. Carddebit Debit “No-Worries” card is for interna BenYelian (BBA ’12) ’11),Yisi Lu (BBA ’12), Fozoh Saliki (MSE ‘11) and Team: housing. gency emer temporary and low-income for refrigerator efficient energy low-cost, a designs Global Navitus Team: sustainablecommercial buildings. providesAgency Insurance LEAD insurance for Team: forfemale college students. Graffiti Heart Team:Jason Jacob and Alexander Kruger (BBAs ’11) patronsto daily specials from local restaurants. isGrabber Grub a web application that alerts Team:Patrick Julius (BS ‘10) anelectrical generator. Energyis Eco Exercise a stationary bicycle that is Team: companies. systemis for small and medium sized manufacturing DesignFloor Team:Don Tappan (BBA/BSE ‘11) motecrop growth. Growthsystem Carbon uses carbon dioxide to pro N Team: ty and transfers it directly back into theCapture electrical Fitness grid. Team:Jorge Pernillo (PhD ‘10) vertercircuit design. TechnologiesA2D provides analog to digital con Fall2009 BusinessDesign Grants eely and Tyson Macomber, Chad Marchewka, Richard N DhananjayAhnad (PhD ‘12), Jeffrey Fletcher N AnandBharath (MSE ’10), Allen Kim (BS I SaraJones (MBA ‘10) AbhijitDastidar (MBA ’11) and David Tolsma athanFink (BBA ‘11) orbertKalman and John Beltran Velasquez N isspeed dating through interactive gaming. irav Shah (MBAs ’11) productLifecycle Management software

designssilver commemorative jewelry is an eco-gym that generates electrici

-$500 each team - - O - - E - 13

Dare to Dream Student Start-up Grants TechArb: A New Home for Incubating Student RIPE Group biomimicry is based non-slip applica- Hippo Water International provides a product to Start-ups from Across Campus tion for various applications. transport water in rural undeveloped areas that Team: Ellen Binder (BFA ’11), Craig Foldes (BA ’11), decreases water gathering effort and raises productivity TechArb was launched early in 2009 as a home for student start-ups Justin Isaacs (BSE ’11), Brittani Kagan (BA ’11), Josh of local populations. located on the 4th floor of the Google building in downtown Ann Arbor. Kappel (BBA ’11), Ross Nacht (BA ’11), Samantha Team: Colm Fay (MBA/MS ’12), Cynthia Koenig Funded jointly by the Center for Entrepreneurship, Office of the Vice Orshan (BFA ’11) and Stuart Siegel (BSE ’11) (MBA/MS ’11) and Chris Mueller (MBA/MPP ’11) President of Research and the Zell Lurie Institute, student teams apply for incubator space in concert with the Dare to Dream program. Eight Samaj Indian is a senior-living facility in United States. IMAGINE Africa is a solar powered internet connec- students businesses were awarded office space in TechArb in its inaugural Team: Geetika Bhargava (MBA ‘10) tivity hub. year. Of this group, Mobile 33t was acquired and two others have Team: Bo Zhu (BSE ’11), Todd Zusman (BSE ’10), received funding. Unnamed Product provides hand-held device that Eleni Kottaki (MSE ’10), Jacob Smith (BBA ’10) and combines technologies targeted at youth in China. Laura Haselhuhn (BBA ’10) Team: Anthony Chen (BBA/BSE ‘11), Tracy Li and Winter 2010 Backyard Brains designs and markets affordable neuroscience kits to help children and amateur scientists Wendy Yu (BBA ’11) Next Generation Seton is a device to heal fistulas better understand the brain. internally and more rapidly than current solutions. Team: Connie Chung (BBA ’11), Gregory Gage (PhD ’09), Timothy Marzullo (PhD ’08), Sanjiv Rao (BBA Winter 2010 Team: Samantha Passen, Thomas Peter and Jason ’11) and John Qian (BBA ’11) Air 2 O is a device to extract water from ambient air. Stibbe (MSEs ’10) Team: David Sheng (BSE ’10), Joshua Demb (BS Carrier Mobile a mobile phone-based software applications for common problems faced by North ’11), Joe Cha (BSE ’11), Nicholas Kaylor (BSE ’11) Sentient Wings adds intelligence and functionality to American truck drivers. and Rohan Bhargava (BBA ’11) unmanned aerial vehicles. Team: Brian Coatta (BSE ’11), Andrew Matti (BSE ’10), Andrew Rolph (MSE ‘10) and Brett Wejurwski (BSE ’11) Team: Zahid Hasan (BSE ’09), Yu-hsien Chang (MSE Dare to Dream Student Start-up Grants Calypso Power is a module that mixes fresh and ’09), Justin Jackson (PhD ’12) and Calvin Park (BSE ’09) TechArb Incubator for Student Start-ups CrowdClarity addresses the growing need for a proper sales forecasting solution. saltwater to produce electricity using the process of Team: Dylan Barrell (MBA ’04), Jonathan Carender (MSE ’10), Anik Ganguly and Dylan Imre (LSA ’11) reverse electro-dialysis. SiCAR collision is a avoidance radar for automobiles. Team: Casady Wyckoff (BSE ’10), Katharina Maisel Team: Danial Ehyaie (PhD ‘10) Mobiata LLC mobile applications for travelers and travel companies. (BSE ’10), Tamir Arbel (BSE ’10), Mark Hendryx Team: Ben Kazez and Jason Bornhorst (BSE ‘09) (MSE ’10), Mike Thompson (MSE ’11) and Mit Shah STIgma Free provides private in-home testing for (BSE ’10) several sexually transmitted diseases. Mobile 33t focuses on the iPhone marketplace developing innovative and robust mobile applications. Team: Rameshwar Rao (MS ’10), Jeremy Holzwarth pp.14- Team: Jason Bornhorst (BSE ‘09), Kunal Jham (BSE ‘09) and Mayank Garg (BA ’09) 15 CWIC Technologies is a personal vision tracking (PhD ’14), Patrick Ingram (PhD ’14), Joshua White device to capture what a person’s eye actually sees. (PhD ’14) and Sasha Cai Lesher-Perez (PhD ’14) My Bandstock offers an online community where artists sell shares to their fan base in exchange for access Team: Ryan Bernstein (BSE ’10), Cooper Fallek (BS to their music, videos, blogs and other personal benefits in order to raise money for album production. ’10) and Kasey King (BA ’10) Sure Secure Lead Anchoring Solutions is a medi- Team: Drew Leahy (BA ’10) and Bobby Matson (BBA ’10) cal device for securing pacemaker leads to the pecto- Drag Stopper is an attachment for over-the-road ral muscle. Phonagle LLC designs mobile games that use the real world as the game board. trucks and trailers to reduce drag and increase fuel Team: Annie Mitsak (PhD ’11), Sarah Jameson (MSE Team: Jeremy Canfield, Eric Garcia (MSI ‘10), Benjamin Malley (MSI ’10) and Sergio Mendez-Baiges (MSI ’10) efficiency. ’10), Justin Sweet (MSE ’10) and Nathaniel Skinner Team: Glenn McDonald (BSE ’10) (PhD ’13) Roomations LLC an online design and how-to advisor that connects homeowners undertaking remodeling projects with professional architects and interior designers. ELTwo is a novel treatment for glaucoma. Team: Jenny Casler (MBA/MS ’11), Katie Miller (MBA/MArch ’10), Ilan Poonjolai (MBA ’11), Nate Stevens Team: Doug Anderson (MSE ’10), Emilia Fracz (MSE (BA ’10) and Natasha Thomas (MBA ’10) ’10), Alan Harrell (MSE ’10) and David Rolek (MSE ’10)

Shepherd Intelligent Systems a SaaS company providing real-time vehicle location information directly to EmboLess is a medical device to safely remove passengers and managers of public transit through novel, low cost technology. embolisms. Team: Adrian Fortino (MBA ’10), Thomas Gellatly (BSE ’10), Jahan Khanna (MSE ’11) and Manisha Team: Kim DeGraaf (MSE ’10), Whitney Hovan Tayal (MBA ’10) (MSE ’10), Choi Li (MSE ’10), Adam Biddle (MSE ’10), Shishira Nagesh (MSE ’10) and Joseph Perosky (MSE ’11) Summer 2010 Bebaroo “Netflix” for baby clothes which provides baby clothes for rent for 0-3 year-olds. Team: Luis Calderon (MBA/MS ’10) and Allen Kim (BSE ’11) The Gupta Company provides piezoelectric treat- ment for deep vein thrombosis. CWIC Technologies personal vision tracking device to capture what a person’s eye actually sees. Team: Sumit Gupta (BBA ’11) Team: Ryan Bernstein (BSE ’10), Cooper Fallek (BA ’10) and Kasey King (BA ’10) Gutbuster! is a pill-sized camera with location-based Giving Grows a web-based donation processor for donors. sensing to help evaluate conditions within the diges- Team: Jeremy Verbit (BSE ‘10) and Jay Rosenblum (BSE ‘11) tive tract. Team: Jonathan Yap, Yuri Inoue, Amir Sabet Sarvestani and Douglas Yeung (MSEs ’10) Lecture Tools classroom tools designed to increase class participation particularly in large introductory Michigan Entrepreneur & Venture Club University classes. Team: Ari Parnes (MSI ‘11), Jason Aubrey (BA ‘10) and Gayathri Balasubramaniam (MSI ‘11) 2009-2010 Club Officers Luis Calderon (MBA’10) Co-President OWN (formerly Joe) point of sale system for coffee houses and related targeted businesses. James Mertz (MBA’10) Co-President Team: Jessica Meyer (MBA ’11), Alexander Kruger (BBA ’11), Jeremy Klaben (BBA ’13) and Verdi Ergun Patricia Stansbury (MBA ’10) Chief Financial Officer (MBA ’12) Eli Slack (MBA ’10) Vice President, Competitions Edward Speyer (MBA ’10) Vice President, Events June Energy portable solar energy products for electricity and lighting in rural Africa and Asia. Sara Jones (MBA ’10) Vice President, Education Team: Shahnoor Amin (MSE ’10), David Cieminis (MBA/MS ’10) and Abdrahamane Traore (MSE ’10 Jason Townsend (MBA ’10) Co-Vice President, Career Outreach Kettering) Jeffrey Linn (MBA ’10) Co-Vice President, Career Outreach Jack Xuan (MBA ’10) Vice President, Communications Heart Graffiti silver commemorative jewelry for female college students. Jennifer Wolf (BBA ’11) Associate Vice President, Undergraduates Team: Sara Jones (MBA ‘10) Adam Kietz (BBA ’11) Associate Vice President, Undergraduates

Fibril Scan an accurate diagnostic test to scan large populations for osteoporosis 2009-2010 Events and Guest Speakers Team: Douglas Mullen (PhD ’10) and Mark Banaszak Holl September 18 – Entrepalooza 2009 A New Time and a New Home for Entrepreneurship Next Generation Seton device to heal fistulas internally and more rapidly than current solutions. The annual entrepreneurship symposium featured four panel discussions, three breakout networking sessions, Team: Samantha Passen, Thomas Peter and Jason Stibbe (MSEs ’10) and two keynote speakers: Roger Frock (MBA ’59), Former General Manager, FedEx, and Ravi Mohan (MBA ’96), Co-founder and Managing Director, Shasta Ventures, Menlo Park, CA. At the symposium, Mr. TechArb Incubator for Student Start-ups Resonant Capital is aMichigan based venture capital firm. Frock was presented with the 2009 Alumni Entrepreneur of the Year Award. Entrepreneur & Venture Club Highlights Team: Michael Godwin and Jason Townsend (MBAs ’10) September 18 – Entreplaooza Student Luncheon Sentient Wings adds intelligence and functionality to unmanned aerial vehicles. The lunch and learn session brought together business students with entrepreneurial alumni. Team: Zahid Hasan (BSE ’09), Yu-hsien Chang (MSE ’09), Justin Jackson (PhD ’12) and Participating alumni included Ian Dailey (MBA ’09) of Husk Insulation, LLC; Merrill Guerra (MBA ’08) of Calvin Park (BSE ’09) Real Kidz Inc.; Robert Mazur (MBA ’03) of B.A. Maze Inc. (Purrfect Opener); Aaron Nelson (MBA ’09) of Audiallo; and Sherman Powell (MBA ’09) of ArmyProperty. pp.16- SiCAR collision avoidance radar for automobiles. 17 Team: Danial Ehyaie (PhD ‘10) September 24 – Private Equity Career Panel Private equity professionals spoke about career opportunities in private equity to students. Panelists included Adam Conrad (MBA ’02) of Rockwood Equity Partners; Ted Kramer of Hammond Kennedy Whitney & Co.; Craig Majernik of Windjammer Capital; and Amy Ludwig Weisman (BBA ’85) of Sterling Investment Partners.

October 8 – EVC Speaker Series The Entrepreneur in the Big Corporation: Ball and Chain or Win-Win? A video conference with Adam Brotman, Vice President, Digital Ventures, Starbucks Adam Brotman, VP of Digital Ventures for Starbucks, is an entrepreneur who at 26 successfully founded PlayNetwork, which grossed $40 million annually by the time he left. Today, Adam leads Starbucks innovative efforts to break into the digital world. He spoke to the students from Seattle via video conference on the entrepreneur’s relationship with the large corporation.

October 28 – Round Table Lunch with Managing Director of Lilly Ventures Ed Torres (MBA ’89) who oversees Lilly Ventures’ operations talked to students about his 20 years of pharmaceutical and venture capital experience. Since co-founding Lilly Ventures, Torres has led the investments in, and previously served on the boards of, Serenex (acquired by Pfizer); Conforma Therapeutics (acquired by Biogen Idec); and Cabrellis Pharmaceuticals (acquired by Pharmion Corporation).

October 29-30 – West Coast Forum, San Francisco, California Ross School of Business students joined area businesses and alumni for two days of informative panels, roundtable discussions, competitions, company tours and a networking reception. This annual event provides important networking opportunities for students interested in meeting West Coat alumni and representatives of leading companies located on the West Coast.

November 6 – IGNITE Ann Arbor EVC hosted IGNITE Ann Arbor, an opportunity to practice presentation skills in a five minute talk on any subject. pp.18-

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Students Business Latino & Hispanic the by Co-hosted VentureCapitalist a Meet – 12 November WarrenBuffet. visit to trip EVC the on spot coveted a TopLeprechaun.won Blue teams at three night trivia WarrenBuffet-themed a hosted EVC TriviaWarren Night Buffet – 11 November apjoy, a mobile app monetization platform featuring ad aggregation/ optimization and virtual good good virtual and optimization aggregation/ ad featuring platform monetization app mobile a apjoy, cation plan, understanding the market, and launching startup. launching and market, the understanding plan, tool that walks entrepreneurs through the process of developing a product, writing up a up writing product, a developing of process the through entrepreneurs walks that tool ecently featured in TechCrunch.in featured ecently N ITE Ann Arbor, an opportunity to practice presentation skills in a five minute talk on any subject. anoracks and prominent space entrepreneur, spoke about the changing face of face entrepreneur,changing space the prominent about spokeand Nanoracks rphans of Apollo, was Apollo, of Orphans Tonight, we should celebrate what an extraordinary adventure this has been.” has this adventure extraordinary an what Tonight,celebrate should we accomplished. been has what of proud extremely I’m participate. who those all challenges that neurship] entrepre- [to exposure unique and experience unique a created we’ve end, the “In saying, concluded, Zell entrepreneur.”an being of satisfaction and ZellLurie Institute. later,the years created 10 So,we it. appreciate didn’t and science’ ‘junk as education] [entrepreneurship viewed faculty however. early,”opposition,“The too strong recalled. were faced “WeZell stint teaching one-year a winner the awarding and design coursework entrepreneurship for contest a running by 1980s the in School Business Michigan the at education entrepreneurship establish to efforts pioneering Their remarked. 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Robert Dean Business of School Ross outstandingleadership oftheInstitute. DeanDolan presenting award toThomas Kinnear for said. Kinnear began,” Institute the since flourished has and 1920s the in began that education entrepreneurship of culmination the together celebrate to have “We decade. past the over success Institute’s the to contributed have resources and money time, of gifts whose individuals dinner.many celebration the thanked He Thursday’s during guests and advisors supporters, donors, Institute of gathering a told Kinnear C. Thomas Director Executive Lurie Zell accomplished,” be can what of dream to and accomplished been has what celebrate to here are “We Celebrating‘An Extraordinary Adventure’ campus. central Michigan’s of University the on Business of School Ross the at facility multimillion-dollar new the in time first the for staged Friday,were on events symposium, These 18. 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SamuelZell - 19 Institute’s 10 Year Anniversary Celebration pp.20-

Entreplaooza Entrepreneurship Symposium Lurie Institute Executive Director TomDirector Executive Kinnear.Institute Lurie Zell by achievements his of recognition Yearin the Award of Entrepreneur 2009 the with presented was Frockremarks, opening his of conclusion the At Frocksaid. done,” this get could we feeling the had “We cessalso was driven by its insistence on listening to customers, valuing employees and planning fortune” carried FedEx to ever greater heights of expansion, growth “goodsome and culture and company profit.supportive a leadership, ethical and The company’sexemplary concept, outstanding An pioneering suc infinancing, making it the largest venture-capital start-up in the country’s history at that poin 25cities and had 185 packages in the system. By e DuringFedEx’s first city test onMarch 12,1973, only sixpackages were shipped. Smith, Frock andtheir recalled. he promising,” were we what done had one no because do, to going were we what in believed “ headwinds. operational and financial logistical, regulatory, strong of face the in operations Lookingback onthose heady, butchallenging, times, Frock said ittook “entrepreneurial spirit” toramp up Federal Express, he joined that organization as senior vice president and general manager in 1972, 1972, in manager general and assuming president vice senior as organization that joined he Express, Federal for study concept-feasibility the completing After Manhattan. in practice transportation firm’s the of charge took later and Chicago in Consultants Management ATKearney with career business his began Frock enterprise. business new entirely an create to roadblocks these overcame they chronicled Frock Success, to Journey Incredible FedEx’s Business: Does World the How Changing book, his In enterprise. billion $33 a today is what into it build and shortfalls, and setbacks of series a despite 1973, in ground the off company delivery small-package overnight an for idea his get FredSmith founder FederalExpress helped Inc., Management Quest of CEO and president now is Frock,Rogerwho forEntrepreneurship EntrepaloozaNewA 2009: Time and Newa Home Arbor SPARK, said her organization offers funding, education and networking events for start-ups. for events networking and education funding, offers organization SPARK,her Arbor said Ann at Education Entrepreneurial of president vice the Cell, Amy discoveries. research commercialize to need they resources U-M the with connect entrepreneurs help can that organizations the of few a just are University’s The state. the throughout Technologylocated & Centers Business Development Small 12 and SmartZones 15 of network a through offered is noted, she Assistance, Corp. Development Economic Michigan the at Initiatives Entrepreneurship of director Viges, Kapila said others.” from learning and networking resources, using is success to key “The Start-ups.” for Resources Local Connections: “Making panel the on experts said launch, company mentorsand consultants - that can help them advance their business concepts available readily and from events monthly initial organizations, established groups, informal ideationincluding - assistance to actual of variety wide a entrepreneurs offer community Arbor Ann the and Michigan University,of The state the ca adequate venture Entrepalooza’sfour concurrent morning panel discussions, led by seasoned entrepreneurs, PanelcompanyDiscussions: founders Connecting Entrepreneurs Resourcesto Frock,ManagementQuest Inc.FedEx’s SuccessRoadto KeynoteSpeaker andEntrepreneur Yearthe of Award Recipient: Roger communityand the general public attended the half-day symposium. estimated350 University of Michigan students and members of the Zellbusiness Lurie Institute with the student-led Entrepreneur and Venture venturesClub. in the An for-profit and social-enterprise realms. It was turedco-hostedpanel discussions onlaunching, by the financing andgrowing entrepreneurial Mohan,MBA’96, headlined Entrepalooza 2009. Friday’s event also fea Twoparadigm-breaking business leaders, Roger Frock, MBA’59, andRavi mployeestook the setback in stride and redoubled their efforts. Five weeks later, the company had expanded to investors and business consultants, explored various aspects of launching start-ups, securing securing start-ups, launching of aspects various explored consultants, business and investors the legal, financial and operational crises that confronted Smith and his FedEx team and how and FedExteam his and Smith confronted that crises operational and financial legal, the management responsibility for start-up operations the following year.following the operations start-up for responsibility management pital, entering the realm of social entrepreneurship and identifying local resources. local identifying and entrepreneurship social of realm the entering pital, ffice of Technologyof Office Center Transfer,Innovation Medical and Center Engagement Business N ovemberof 1973, the company had secured $52 million t. for the future. the for N o one else else one o - - , the2009 Entrepreneur oftheYear award recipient ThomasKinnear andRoger Frock - concluded. Mohan it,” against execution relentless and insight customer unique a with category any to brought be can innovation and “Entrepreneurship million. $75 hit revenue company’s the 2007, In formulas. friendly environmentally and aromas pleasing packaging, display attractive have that andEric Ryan, went head-to-head Lowry with giants ProcterAdam Gamble& andClorox bymarketing entrepreneurs, cleaning Michigan products two by started was which Method, Amazon. by recently purchased was company the and years, nine in billion $1 to zero from went Revenues strategies. customer-oriented other implementing and deliveries for expectations exceeding items, of stock available its maintaining ing, train- employee call-center in investing by loyalty cultivated and experience customer the enhanced Zappos did. competitors their than better customers their and market the understood they because niches their in succeeded also Method, company cleaning-products and Zappos retailer shoe Twoonline companies, other Quickenrunning software program, and in early September, Intuit purchased long- Intuit’s challenged venture His Mint opportunities. money-saving for identify $170 and spending million.their track to way financial-managementservice, in2006, designed businessa model that offered customer free,a quick, easy thatknocked well-established corporate giants off their pedestals. Aaron Patzer, Towho foundedsubstantiate Mint, an his online statement, he presented three examples where savvy entrepreneurs launched small start-ups throughsuperior customer insight and understanding, and creating created products/servicesbe can advantage “Competitive insisted. he advantage,” competitive a create that to technology meetneed those needs.” wrappedup the public portion of the symposium by firing a counter-intuitive salvo over the bow. Entrepalooza“You don’tkeynote speaker Ravi Mohan, MBA ’96, the co-founder and managing director Advantage Competitive a ofAchieving Shasta Ventures, KeynoteSpeaker: RaviMohan, ShastaVentures goodtime forVCs toinvest inyoung companies, ifthecapital forinvestments isavailable. businessmodel. We’re investing business,ina nottechnology.”ina Panelists generally agreed that nowisa plewhotechnology-driven,are very butyou also have tothink about themarket, thecustomers andthe building,”advised Armando Pauker, MBA’95, general partner atApex Venture Partners. “We seemany peo Approachingventure-capitala firm forseed orearly-stage investment money “isrelationshipa that youare running.” and up is company your that and investors, existing have you if see to looking usually “We’re approval. loan for expectations high banks’ of unaware are often entrepreneurs Trappsaid Tim President Vice Bank Comerica solution, easy an be to appear loans bank conventional Although companies. technology small for funding development and research early-stage provide which partneratBiotechnology Business Consultants. Eleven federal agencies qualify forSBIR andSTTR grants, managing Kurek, Lisa said funding, of sources overlooked frequently are also grants and Federalcontracts business.” your fund help to family,products and sell friends or from help for “Look funding. venture-capital for suitable are businesses small all of 1% than fewer Mercury,that noting Money? advised bust,’” “Got or the ‘VC on think “Don’t sat panel. who Business” Your Financing consultants and financiers said However, capital, of entrepreneurs. sources for key task overlook daunting many a often is company start-up a launch to money the Finding said. he you,” refer can them about know University,who people and noted Grassrootsactivities, such as A2 Dug Song, chief architect at Barracuda Barracuda at architect chief Song, Dug N ewTech, provide opportunities for pitching new ideas and getting feedback, N etworks. “There are many different entry points at the the at points entry different many are “There etworks. Keynotespeaker, Ravi Mohan ofShasta Ventures N ed Hill, managing director of DFJ DFJ of director managing Hill, ed - 21 Entreplaooza Entrepreneurship Symposium pp.22-

Michigan Growth Capital Symposium success. ultimate their to critical be can ventures new to bring angels time and expertise the that adding said, she important,” extremely is investing angel and seed think “I stage. earlier an at companies smaller in capital of amounts smaller investing toward trend a seeing is industry the that reported Mitchell improve. will levels, pre-recession compared paltry still are which returns, However,that less. predicted with she more do to fundraising the that conceded She climate entrepreneurs. and companies portfolio managers, fund for means it what and industry venture-capital the in occurred has that downsizing the at look a took Association, the of Venturechairman-elect PartnersScale and of co-founder a Mitchell, Kate KeynoteAddressKateMitchellby and technology information technology. sciences, advanced life energy, in products innovative and their Michigan in showcased states operating other companies growth and emerging 32 from representatives and Founders technology.information Brailer, J. David Dr. health-care and and investing venture in developments new Partners,examined Evolution Health of chairman Association, Capital Venture national the of chairman-elect Mitchell, Kate by addresses Keynote funding. research and capital venture in trends as well as vehicles, electric/hybrid and sciences life care, health in opportunities entrepreneurial discussed experts industry of panels Seven Institutefor Entrepreneurial Studies at the Ross School of Business. Capitaland Private Equity Finance of the Samuel Zell and Robert Ypsilanti,H. Lurie Michigan. The event was presented by the Center for Venture andrelated stakeholders-to the Marriott Eagle Crest Conference acrossCenter the country,in executives of early-stage and from emerging-growthinvestors including - participants 375 year,drew symposium the companies 11-12. May on Symposium Capital Growth Michigan 2010 the attending entrepreneurs and investors angel capitalists, ture ven- among confidence and optimism renewed fueled sector investment recovering and markets, stock rising economy, U.S. rebounding The Investorsand Entrepreneurs RenewedOptimism and Confidence Among TheMichigan Growth Capital Symposium: investment and entrepreneurial sector.entrepreneurial and investment regulatory-app investors. is Theinnovative intersection ofthelife andphysical sciences with computerization andengineering technology Panel:ConvergenceThe Healthof andTechnologyCare era. digital the into care health ushering for strategy f the as W. Bush George then-President by 2004 in appointed was who physician, the said government,” federal the in item line fastest-growing the is IT “Health care. health in work people how of calculus the change fundamentally to potential greatest the has information-technology health Dr.that predicted Brailer perseverance. dogged and mentality grind-it-out a by markedinnovation, experimental and genius, of flash rare a as characterized innovation, citedthewritings ofUniversity ofChicago economist David Galenson, whodistinguished between conceptual Dr.said. he Brailer Apples,” and Microsofts Ciscos, Intels, the the are innovations find life’s of to most when Google trying is have we challenges real the of one think “I evolve. to longer much took which Intel, and Microsoft as such companies, forever,IT landscape in-the-trenches IT and the altered dramatically and quickly which Google, as such companies, IT transformative between Partners,distinguished Evolution Health industry,of information-technology chairman Dr.Brailer,the the J. in PhD, David down MD, Drilling KeynoteRemarks Dr.by David J.Brailer irst transforming university research and opening up new opportunities for entrepreneurs and venture venture and entrepreneurs for opportunities new up opening and research university transforming ational Coordinator for Health Information Technology. In that role, he developed and led the nation’s the led Technology.and Information developed Health he for role, Coordinator that National In is still challenging and that shrinking fund sizes are compelling investors and portfolio companies portfolio and investors compelling are sizes fund shrinking that and challenging still is At the same time, convergence is raising concerns about intellectual-property rights and the the and rights intellectual-property about concerns raising is convergence time, same the At roval process, said a panel comprising professionals working in the health-care research, health-care the in working professionals comprising panel a said process, roval ow in its 29th its in Now ational VentureCapital National first, as opposed to fully electric vehicles. electric fully to opposed as first, manager fleet one just with deal to [rather easier is it “Also, observed. he patterns,” driving it predictable because has point entry good a is market, overall the of percent 10 to five representing market, fleet “The U.S. the in driven miles of percent 70 than more for accounts which market, fleet commercial the geted tar initially has company his said Controls, Johnson at development market of president Schaaf,vice John independence. oil greater to U.S. the lead will hope they that roadmap a out laid sector automotive the in investors and manufacturers innovators, representing panel A breaks. tax and subsidies government more for pressing are who makers, auto for challenge daunting a is 2015 PresidentAchieving Panel: partnering.” for mechanism new a created have we initiatives, other and Center Engagement Business the “Through research. for president vice and professor Forrest,Stephen said resources, and talent campus utilize and identify to companies and entrepreneurs for easier it made sector,has private U-M the the with partnerships new of Toformation the encourage ecosystem.” entrepreneurial an build silos and the reduce walls, the down bring to hard working We’re hire. to want you people of hotbed the as known be to University our want “We added: Institute, Lurie Faley,TimothyZell the of director managing U-M said create,” and world Engineering. the of College the in at programs entrepreneurial for out dean associate Zurbuchen, ProfessorThomas go and discovery drive will who people educate to want “We added. she creativity,” and of discovery acceleration an to “lead will University and government the and sector public and private the linking “adjacencies” New “ System. Health Michigan of University the of CEO and affairs medical for president said level;” next the to research bench-to-bedside take to need “We economy.state’s the transform and health human for research translate entrepreneurship, faculty and student empower to potential research University’s the unleashing for plans ambitious outlined members faculty and administrators Michigan of University of panel a pus, cam- on building momentum With years. 10 next the over jobs 2,000 estimated an create and percent 10 by capacity research University’s the expand will space research of feet square million 1.3 The Complex. the as redeveloped being facility,now pharmaceutical-research is Pfizer which former a purchased and spending research in mark billion $1 the hit Michigan year,of Last University the Panel:The U-M Passes $1 Billion In Research: What This Means For Start-Ups frequently overlap several sectors. “Therethey isbecause devices, amedical minefieldtechnology-enabled for broader much is landscape intellectual-property the of IP for entrepreneurs forming companies,”that observed also She trials.” clinical lengthy expect Rogersand FDA the educate to “Youhave Inc. added.Cereve of CEO and president Rogers, Erica said devices,” predicate no are there where care health to approaches nological tech- inventing now “We’re challenges. additional presented has devices, medical on tightening regulatory Thegrowing complexity ofnewconvergence products, coupled with theU.S. Food andDrug Administration’s said. she catalyst,” a as expertise outside and research interdisciplinary pub that noted Foundation, Research Alumni Wisconsin the at programming Heisler,of Laura director collaborative.” the more now is it and changed, has “This VentureInvestors. of “Twenty-fiveyears ago, theresearch coming outofuniversities was‘raw,’” said John Panel:Roger private partnering are now becoming the norm. “We’re beginning to put things together and use use and together things put to beginning “We’re norm. the becoming now are partnering lic-private than many individual consumers].” Schaaf predicted hybrids and plug-in hybrids will be introduced be will hybrids plug-in and hybrids predicted Schaaf consumers].” individual many than N Charging Forward: Vc, Evs And O ewton,Hugh Golden, Blair Garrou, Terry Cross bama’s goal of putting one million electric or plug-in hybrid vehicles on the road by road the on vehicles hybrid plug-in or electric million one putting of goal Obama’s

ther N N etworkinginthepresenting company display area ext-Generation Vehicles ra Hirsch Pescovitz, executive vice Pescovitz,executive Hirsch Ora orth Campus Research Campus North N eis,managing director - 23 Michigan Growth Capital Symposium “In the fleet market, we’ve found a preference for hybrid vehicles that run on compressed natural gas,” said Panel: What Entrepreneurs Seeking Capital Need To Know: Searching and John Thomas, the co-founder and CEO of ALTe. “We’re being encouraged to align with natural gas as the ‘new Sourcing Deals from an Investor’s Perspective In Today’s Market oil.’ While we ultimately see electric as the destination, fuels are still a necessary evil during the transition.” The landscape for venture investing has changed dramatically in recent years, and today’s entrepreneurs must navigate over rocky terrain to procure funding. Panelists offered tips on how to be successful in a Panel: Trends In The Life Sciences challenging business climate. They stressed the importance of company management, lean processes, Nearly half of Michigan’s venture-capital funds are now targeting the health-care sector and most view the market size and acceptance of a new product. passage of health-care reform, which is drawing more insured individuals into the system, as a net positive for the industry, a panel of venture investors reported. “Angels like to invest in serial entrepreneurs and look for strong teams with specific domain expertise and management,” said Terry Cross, founder of Windward Associates. “Founders should be willing to collabo- “Michigan is doing very well,” said Jan Garfinkle, founder and managing director of Arboretum Ventures. rate with others to save money and to take small tranches against specific milestones.” “We’ve had several successful exits recently, including University of Michigan spinout HandyLab (acquired in November 2009 by Becton, Dickinson and Co.), and these entrepreneurs are now starting “Times have changed,” said Roger Newton, the co-inventor of Lipitor. He said investors these days are looking other new companies.” for companies with proof of concept and, in the case of a medical device, a prototype that actually works.

New discoveries continue to spawn investment opportunities in the life sciences. “We like products driven Blair Garrou, managing director of DFJ Mercury, suggested entrepreneurs go to the East or West Coast to by advances in remote monitoring, which helps to reduce costs and improve patient care,” said Guido look for capital. “For the seed round, we like to see entrepreneurs with lots of ‘scar tissue,’ and for the Neels, managing director of Essex Woodlands Health Ventures. Dan Lemaitre, president and CEO of White series A round, we want to see capital efficiency in the short- and long-term,” he said. Pre-money valuation, Pine Medical, predicted that the data captured by medical implants and other monitoring devices will especially in the early stages, “is more an art than a science,” Garrou observes. “We are now funding for become increasingly important. “There’s no doubt that the real opportunity in medicine is data, but the 18 months rather than nine to 12 months.” challenge is to create a business model around it,” he said. Michigan Growth Capital Symposium Michigan Growth Capital Symposium pp.24- 25 David J. Brailer, Health Evolution Partners Kate Mitchell, Scale Venture Partners Panel: Thomas Zurbuchen, Ora Hirsch Pescovitz, Stephen Forrest Company presentation to investors Panel: Andrew J. Schwab, Koleman Karleski, Mark Heesen and Jan Garfinkle

Enabling technologies that make medical procedures cheaper and better, with fewer complications, As a late-stage investor, Hugh Golden, managing director at GE Capital, said he prefers emerging compa- represent an area where entrepreneurial and venture-investment opportunities are growing, observed Louis nies with a game-changing technology, revenues exceeding $10 million and a capable management team. Cannon, founder and senior managing director of BioStar Ventures. “We also like to see other institutional investors and a good, independent board of directors before we invest in a series B or C round,” he added. “On the exit side, we prefer a strategic sale rather than an initial Panel: The Role Of State Government In Michigan’s Economic Development public offering.” The state of Michigan, in partnership with local economic-development agencies and public universities, has mounted a concerted effort to diversity the state’s economic base by supporting the creation and Panel: Trends In Venture Capital growth of entrepreneurial companies focused on alternative energy, defense, life sciences and medical After the economic devastation of 2008 and 2009, the venture-capital industry has undergone a signifi- devices. A panel of government and business leaders presented a snapshot of economic-development cant contraction, and the investment pace has slowed. Fewer VC firms are raising new funds, and most initiatives, accomplishments and aspirations. are investing less money. A panel of VCs examined the industry’s prospects for the future and weighed in with their predictions for recovery. The Michigan Economic Development Corporation is focused on attracting new investment to the state, retaining existing companies and fostering their expansion, and nurturing the growth of early-stage “I think we’re working ourselves out of the 2008-2009 economic downturn, and there’s growing tepid companies, said Greg Main, MEDC president and CEO. “We’ve worked hard to create an entrepreneurial optimism in the industry,” said Mark Heesen, president of the National Venture Capital Association. “The infrastructure by delivering quality commercialization services, making sources of capital accessible for entrepreneurs who are left standing are solid. If you can invest today, it is a phenomenal time to do so.” each stage of development, and connecting companies with the technology available at the University,” he Raising funds is still difficult, however, and Heesen predicted that the venture-investing environment will explained. remain challenging for several years.

The Michigan University Research Corridor, a coalition formed three years ago by the presidents of the Andrew Schwab, founder and managing partner of 5AM Ventures, said he has seen a dichotomy in the U-M, Michigan State University and Wayne State University, is fueling economic growth on college cam- venture-capital market, which now favors early-stage over later-stage investments. “The best series A deals puses by supporting the commercialization of research, developing the entrepreneurial talent of students, are still getting done with terms similar to those in 2008,” Schwab explained. “But later-stage companies and engaging companies in commercialization efforts. “The universities are making tremendous strides,” are getting crushed.” reported Jeff Mason, the Research Corridor’s executive director. Koleman Karleski, managing director of Chrysalis Ventures, spoke favorably about the future direction of Michigan’s economy. “I think the momentum here is very positive,” he said. “The state has taken great interest in forming pools of capital that incentivize VCs such as Chrysalis to spend more time in Michigan, searching for the next generation of great young companies. A lot of smart people are working together to create more critical mass and to assemble the necessary assets to build great businesses.” pp.26-

Michigan Private Equity Conference understand.” truly you what in “invest and patient, and flexible creative, be to need firms Toseen.”opportunity,private-equity that concluded, capture he ever I’ve that opportunity most the represent will probably years five next the think I and years, 30 almost for business this in been “I’ve saying, optimism, some expressed Levitt considerations, these Despite have.” we cash the for returns higher requiring and ently,leveraging less with money.differ us business lend our We’reto running likely less are they and banks, fewer lot a are There GlobalAutoIndustry Decline transparency more provide to pressure greater face will partners general future, the In legislation. cap-and-trade and Vanic,senior managing director ofThrivent Financial, citing thepossible implications ofhealth-care reform morecautious. “For thefirst time, wearetryingtounderwrite political riskdeal onevery wedo,” said Glen J. said.Looming changes inthepolitical andregulatory environment aremaking investment-portfolio managers future.“Money being deployed today hasbettera chance than money deployed atthetop ofthe cycle,” he KevinKester, managing director ofSiguler GuffCo., & predicted that investment returns mayimprove inthe investors. to commitment long-term a making and portfolio diversified a having in believes firm his said Huebner added. he bad,” so not it’s “But Advisors. RCP of Huebner,Charlie principal stated down,”managing clearly “It’s in. invest they funds of number the reduce to sector,expect private-equity one-third the and to allocation their reduce to expect partners limited all of one-fifth that However, reported. observed panelists they industry investment- of group a commitments, decline 64% over thea comparable period in2008, represented money isstill being2009 raised, of andlimited partnershalf arestill makingfirst the during raised capital private-equity of amount the Although Panel:Limited PartnersandGeneral Partners: MarketplacetheState of factors. “Companies are making their numberscomplicating other to bypointed assets, cuttingcredit in billion $40 manages economy.”firm the whose costs.with Levitt, Investors are overcommittedissues andreal are there cash-constrainedsaying, is everyone what despite And continuing. is crisis credit “The remarks. opening his during LLC, TowerCapital Stone of founder Levitt, Michael said yet,” woods the of out not “We’re KeynoteSpeaker: Michael Levitt,Founder, StoneTower Capital LLC Business. of School Ross the at Institute Lurie Zell the of Finance PrivateEquity and Capital Venturefor Center the by presented was event The decline. auto-industry global the by created opportunities and dislocation market of advantage take to utilize could shops private-equity that strategies discussed and marketplace the of state current the assessed panelists and speakers note keysession,- half-day the During 25. Sept. on Conference PrivateEquity Michigan annual 4th the for gathered U.S. the in banks investment and groups private-equity from professionals and executives 140 Nearly EconomyCreditand Markets Nation’sChallenges the Opportunitiesandin MichiganPrivate 2009 Equity Conference: areas such as aftermarket nondiscretionary parts and green energy offer investment possibilities for for possibilities investment shops. offer energy private-equity green and parts nondiscretionary aftermarket as such areas Until andChrysler, it’s like crossing thin ice,” said Jason Runco, co-foundera andpartner atBlack Eagle Partners. Ford,GM on dependence and environment today’s given but space, auto the in customers great are “There said. she is “This aggressive,” LLC. be to Capital time a Relativity of definitely co-head and director managing senior Johnson-Miller, Joyce advised industries, several across capabilities manufacturing their deploy to flexibility the with those particularly doing,there is opportunity.” Private-equity investors you’re what know will you if findbut losses, taken good has equity industry,investmentprivate tough and a “It’s said Capital, GE opportunities in niche companies, at president vice senior Brockmann, Beth outlook, gloomy the Despite observed. managers turnaround and Atfirst glance, investment opportunities intheautomotive sector look bleak, panela offinanciers, investors, Panel:ImpactPrivate on Equityand O EMs (original-equipment manufacturers) complete their painful transformation, subsectors plays in in plays subsectors transformation, painful their complete manufacturers) (original-equipment EMs intheir portfolios andtopursue deals with “home-run potential,” Kester stated. O pportunitiesCreatedtheby - . grow.”them making and them saving companies, good finding is which findmiddlea ground, aswealways have inthis country, andwewill beable togetback toourreal business, blowing.” is wind the way which see to out eye weather a keep and careful very be all should we and out, come to going is this where yet know don’t“We said. Buckfire clients,” your to capital bring to need you support the find to investors growth as you for difficult very be will it markets, capital the in vacancy that up pick and cycle this in up grow banks investment of generation new a see we “Until commented. Buckfire consolidation,” of era an see to going clearly “we’re costs, capital higher and demand slack unemployment, high persistently growth, economic flat of continuation likely the With time.” long a for this like stay will and better any get to going not are things that idea the with go to have you -- assets distressed or capital growth start-ups, are they whether -- in invest to products select you as “So, said. he up,” go to has capital goes of cost the down, investment private-sector for capital of supply the as that means “This effect. out” “crowding a this money.the termed of Buckfire some for government federal the with competing themselves find will also investors private-equity wealth, of pool large a create will savings higher Although rate. savings personal the in increase an and spending consumer flat to contributing are employment about uncertainty tinuing con- and Boomers Baby the of aging The investing. and economy the for implications negative and positive both have will these predicted and emerge to starting are that trends powerful several identified Buckfire offeredinsights into theU.S. financial crisis andits impact oncurrent andfuture investment opportunities. Buckfire, Miller at director managing and co-founder the Buckfire, Kenneth remarks, keynote closing In KeynoteSpeaker: Kenneth Buckfire, Managing Director, Miller Buckfire return.” generate reasonable a and business a sell to market today’s in even opportunity is “There said. he market,” the in out buyers strategic however.are demand, pent-up “There about optimism expressed Majernik exits. for closed JamesF. Martin, founder andmanaging partner atACMCapital Partners. Atpresent, themarket isvirtually observed value,” rebuild and turnarounds execute to groups private-equity and teams management between alignment more much seeing “We’re bedfellows. strange for made have conditions market Challenging improvements.” operations marginal through gains additional generate “We said. he value,” create to diligence due conduct and companies good very on focus “We Majernik. Craig director company remarked Investors, Capital Windjammer at paramount is preservation Capital explained. Theodore execution,” forcing and origination through both value add “We companies. industrial complex and underperforming in invests firm his said Capital, Wynnchurch at partner Theodore, arbitragetoimproveand totry management,” said Salam Chaudhary, principal atWind Point Partners. Terry panelofseasoned investors told their audience. “ a companies, portfolio their to value add to strategies of variety a employ can managers Private-equityfund Panel:Taking Advantage Marketof Dislocation O n a more optimistic note, he added, “We will probably will “We added, he note, optimistic more a On urstrategy hasbeen tounlock value through management 27 Michigan Private Equity Conference 701 Tappan Street Ann Arbor, Michigan 48109-1234 (734) 615-4419 www.zli.bus.umich.edu

Executive Committee Robert J. Dolan President, Zell Lurie Institute Thomas Kinnear (ex-officio), Department of Marketing Timothy Faley (ex-officio) David Brophy Department of Finance Michael Gordon Department of Business Information Technology Andy Lawlor Department of Strategy Len Middleton Department of Strategy James Price Department of Entrepreneurial Studies

ADVISORY BOARD Staff Keith Alessi, Westmoreland Coal Company Thomas Kinnear, Executive Director Eugene Applebaum, Arbor Investments Group Timothy Faley, Managing Director John Barfield, The Bartech Group, Inc. David J. Brophy, Center for Venture Capital & Private Equity Finance John Behrman, Serial Entrepreneur Erik Gordon, Clinical Assistant Professor D. Theodore Berghorst, Vector Securities International, LLC Thomas S. Porter, Executive in Residence Paul Brentlinger, Morgenthaler Ventures Peter Adriaens, Professor of Entrepreneurship Kenneth Buckfire, Miller Buckfire & Co., LLC Paul Kirsch, Associate Director Mary Campbell, EDF Ventures, LP Mary Nickson, Marketing Program Manager, M Entrepreneur Editor Dwight Carlson, Coherix, Inc. Anne Perigo, Program Coordinator Hal Davis, Entrepreneur & Investor Marybeth Davis, Program Assistant Richard Eidswick, Arbor Partners LLC Carolyn Maguire, Administrator Stanley Frankel, Frankel Associates Marcel Gani, Santa Clara University Jan Garfinkle, Arboretum Ventures Michael Hallman, The Hallman Group John Kennedy, Autocam Corporation Bradley Keywell, Echo Global Logistics, LLC Hans Koch, Webcor Development Advisors Ann Lurie, Lurie Investments Steven McKean, Acceller, Inc. Clyde E. McKenzie, Tellurex Corporation Mitch Mondry, M Group, Inc. Marvin Parnes, University of Michigan Richard Rogel, Tomay, Inc. Michael Staebler, Pepper Hamilton, LLP Maria A. Thompson, T/J Technologies Samuel Valenti III, Valenti Capital Jeff Weedman, The Procter & Gamble Company Ronald N. Weiser, Ambassador, McKinley Associates, Inc. Jeffrey Williams, Accuri Cytometers Warren P. Williamson, Skye Management Samuel Zell, Equity Group Investments Thomas Zurbuchen, University of Michigan