U-M studentpreneurs sweep Accelerate Michigan competition

Wednesday, December 15, 2010 | Source: Concentrate

Students from the University of Michigan swept the Accelerate Michigan Innovation Competition, taking home $60,000 in prizes.

ReGenerate took the top prize of $25,000 for its Compact Organic Waste System, which transforms unwanted and costly organic waste into a renewable source of electricity and nutrient-rich compost. Software startup Reveal Design Automation took second ($15,000), MiEND-Drug Screeners took third ($10,000) and June Energy (solar charging technology) won the $10,000 People's Choice Award.

"This is a very strong indicator of our state's future as a place of creativity and innovation," says Mary Sue Coleman, president of the University of Michigan, during her speech at the Accelerate Michigan competition.

Matthew Neagle is the vice president of sales and marketing with Reveal Design Automation, a startup that provides the electronic design market with the software tools to verify the accuracy of complex, digital chip designs. It was a finalist in the $1 million Rice Intercollegiate Business Plan Competition.

Neagle calls the Accelerate Michigan competition "fantastic, especially for an inaugural event." Reveal Design Automation, an Ann Arbor SPARK Central Incubator tenant, will use the cash for product development. However, Neagle says the event was worth much more than the cash.

"Money wasn't a determining factor for us," says Neagle. "It was, 'Here is an opportunity for us to present to investors.' "

Source: Accelerate Michigan Innovation Competition and Matthew Neagle, vice president of sales and marketing with Reveal Design Automation
Writer: Jon Zemke

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