MTEC SmartZone’s Inaugural AMMP Accelerator Program Ends on a High Note in Detroit
Delivering direct funding and in-kind services for Michigan-based startups
DETROIT and HOUGHTON, Mich., Aug. 20, 2024 – The Michigan Tech Enterprise Corporation SmartZone (MTEC) concluded its first of three annual Demo Days in Detroit as part of their Advanced Materials and Manufacturing Program (AMMP) Accelerator.
The Demo Day, held at NewLab in the Michigan Central Station in Detroit on Friday, Aug. 16, saw the five AMMP Accelerator cohort participants pitch their organizations to a panel of judges in pursuit of obtaining funding through awards for People’s Choice, runner-up Most Investable Company, and the Most Investable Company.
After an exciting and competitive pitch event, BioMang won $2,000 as the runner-up for the Most Investable Company. Integrated Molecular Innovations won the $1,000 People’s Choice Award and $4,000 as the Most Investable Company. All five cohort participants benefited from $8,000 of in-kind services throughout the program.
“We are extraordinarily proud of all of our entrepreneurs for everything they accomplished throughout our inaugural AMMP Accelerator cohort, and for their remarkable pitches at our first Demo Day in Detroit,” said Katie Kirsch, co-director of the AMMP Accelerator. “While BioMang and Integrated Molecular Innovations ultimately received investment as part of the competition, each of our companies are well-poised for future success and we are honored to be part of their journey.”
AMMP Accelerator participants who pitched their companies at the Detroit Demo Day include:
Flow Shield Nano who operates under The Waterborne Biosensor Project, leading the charge in introducing revolutionary monitoring technology to combat water pollution and ensure water safety.
BioMang is building on research conducted since 2005 to use metal-reducing bacteria for low-cost, environmentally sustainable recovery of industrially important metals, particularly manganese and iron.
Resurgent Innovations is in the process of commercializing a new pyrolysis reactor design that aims to handle plastic waste by building a missing link in the circular economy of plastics.
Integrated Molecular Innovations, LLC is revolutionizing healthcare by shifting from reactive diagnostics to proactive health monitoring with their cutting-edge biosensing technology.
O2 Innovate (AIRS) has developed a medical device that integrates a higher oxygen concentrator and user monitoring to enable oxygen users to finally be mobile again.
Integrated Molecular Innovations’ pitch centered on its bio-wearables technology, which measures the molecules in sweat, as opposed to blood. It differentiates itself from other companies in this space by providing direct and precise measurements of glucose, cortisol, lactate and hydration. Similar products on the market use heart rate and other data points to provide similar, yet less exact, insight.
“We couldn’t be more excited to win both the most investable company award as well as the people’s choice award at the AMMP Accelerator Demo Day,” said Rourke Sylvain, founder and CEO of Integrated Molecular Innovations. “This award reflects that our company resonates with the public and is well-positioned for immediate growth as we aim to disrupt the wearable technology industry.”
AMMP Accelerator Program
The AMMP Accelerator is a $1.45 million multi-year program. The EDA Venture Challenge Build, which funds the program, will support five to eight cohort companies each year for three years and establish a sustainable model for startup acceleration.
The program aims to create 40 full time equivalent jobs in the Upper Midwest region, advise 120 companies in the community, and establish the Keweenaw Peninsula as a startup innovation hub for advanced materials and manufacturing.
The inaugural AMMP Accelerator cohort, which culminated at the Demo Day in Detroit, featured 14 weeks of intensive programming, 60 classes (180 class hours), 40 guest speakers, and 17 office-hours speakers. Companies received high-value educational programming about market insight, strategic planning, access to investors, peer support and more.
“The ultimate goal of the AMMP Accelerator is to ensure that each of our cohort participants received well-rounded and comprehensive educational programming that sets them up for success as they progress along their entrepreneurial journey,” said Jason Mack, vice president of business development for MTEC. “The AMMP Accelerator Demo Day provided valuable experience for these entrepreneurs to hone their pitch and become effective advocates for their company as they pursue the capital they need to grow and scale their business.”
Detroit Demo Day
The Demo Day in Detroit featured a dynamic keynote address from Ara Topouzian, the Executive Director of the Michigan Venture Capital Association (MVCA). In his leadership role at MVCA, Topouzian advocates for Michigan’s entrepreneurial and venture investor community with legislative and government officials and promotes Michigan venture investment opportunities to regional and national markets.
Topouzian highlighted Michigan’s growing venture capital industry, which features nearly forty active funds that closed more than 180 deals in 2023, resulting in more than $1 billion in investment in 2023. He shared how critical events like the AMMP Accelerator are in providing access to early-stage capital and attracting and retaining top talent in the state of Michigan.
The pitch competition provided each company five minutes to highlight their organization, share their successes, and articulate how investment will be utilized. There was an additional, five-minute question and answer period from the panel of judges.
AMMP Accelerator Detroit Demo Day judges included David Rowe, CEO at MTEC SmartZone; Lisa Casper, venture partner at Kupari Ventures and the associate director of startup capital programs at Michigan Technology University; Nikhil Patel, deputy CFO and treasurer for the City of Detroit; and Matt Okoneski, director of venture investments at Michigan Rise.
After the awards ceremony, AMMP Accelerator cohort companies had the opportunity to network with sponsors, investors, and select guests.
The event was sponsored by MTEC SmartZone, Kupari Ventures and our silver and bronze sponsors.
To learn more about the AMMP Accelerator, you can visit ammpaccelerator.com.
About AMMP Accelerator
The AMMP Accelerator program is designed to support around five cohort companies every three years, fostering a sustainable model for startup acceleration. Through targeted training and mentorship, the initiative aims to catalyze economic growth, with a projected creation of 40 full-time equivalent (FTE) jobs in the Upper Midwest region. Additionally, the program will provide guidance and mentorship to approximately 120 companies in the community, driving forward the region's entrepreneurial ecosystem.
About MTEC
Michigan Tech Enterprise Corporation (MTEC) is one of 21 SmartZones in the State of Michigan. MTEC is a 501(c)(3) non-profit organization working with the Michigan Economic Development Corporation (MEDC), its mission is to facilitate the creation and ongoing success of high-tech value propositions in conjunction with the local entrepreneurial ecosystem. Since 2003, the MTEC SmartZone has provided mentoring, technical support, and other services to local companies that have led to the creation of over 800 high-tech jobs in the Houghton and Hancock Michigan area.
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