U-M student start-ups take 98K from Mich Biz Competition

Wednesday, March 3, 2010 | Source: Concentrate

More seed capital is creeping into the coffers of local start-ups now that the Michigan Business Challenge has awarded nearly $100,000 to student-led start-ups from the University of Michigan.

The Zell Lurie Institute for Entrepreneurial Studies at the U-M Ross School of Business awarded the grants to these new economy-based start-ups for excellence in new business plans and concepts. Eighty-five teams competed for the grants with a couple dozen walking away with money. That's a new record for the competition that is now in its fourth year.

Two of the start-ups that landed four figures in seed money include $2,000 to North Coast Fisheries (an organic fish farm firm) for "Best Written Business Plan" and $1,000 to Miilo (an e-commerce site for cosmetics for women of color) for advancing to the final round. Each found immediate uses for their winnings.

"These funds are a great first step as far as exploring all of the legal issues to create a legal entity," says Aaron Skrocki, a MBA student at U-M and CEO of North Coast Fisheries.

"The $1,000 went straight to the web designer," says Kimberly Dillon, a U-M MBA student and founder of Miilo.

The Michigan Business Challenge lets the student entrepreneurs receive support, training and feedback from judges at each phase of the competition. The students are exposed to a rigorous business development boot camp that reinforces the notion that a solid business foundation is necessary to commercialize a great idea.

A list of this year's major winners of the competition can be found here.

Source: University of Michigan, Kimberly Dillon, founder of Miilo and Aaron Skrocki, CEO of North Coast Fisheries
Writer: Jon Zemke