U-M start-ups look to repeat successes at Clean Energy Prize

Wednesday, January 19, 2011 | Source: Concentrate

Don't call it a come back. The Clean Energy Prize has been in Ann Arbor for a number of years for a number of reasons.

They include a sponsorship from the University of Michigan. The last two first-place finishers came from U-M. This year looks like a repeat performance with two-thirds of the 23 start-ups competing this year from Ann Arbor. Organizers are proud to point out that start-ups from seven other Michigan colleges are participating this year, up from three last year, making it more of a statewide event.

Fifteen start-ups made it past the first round of the competition (co-sponsored by U-M and DTE Energy) and will compete for the last eight spots this weekend. Those start-ups focus on renewable energy, energy efficiency, smart grid technologies, environmental control technologies, plug-in electric vehicles or energy storage, and a team creating a mechanism to allow organizations to use their self-created biodiesel through Fuel Purchase Agreements.

The Clean Energy Prize's first place finisher will receive $65,000 to help develop a technology and business plan. Second and third places receive $25,000 and $10,000 respectively. The last two first place finishers include Algal Scientific and Enertia. Doug Neal, director of the Center for Entrepreneurship at the University of Michigan's School of Engineering, says the winners often get not only money, but mentorship and in-kind services that help them grow.

"All of these things provide value to the start-ups," Neal says. "All of these play an important part in our entrepreneurial ecosystem."

For information on the competition, click here.

Source: DTE Energy and Doug Neal, director of the Center for Entrepreneurship at the University of Michigan
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.