Michigan Tech Researchers' Companies Win Accelerate Michigan Competition
Startup companies founded by Michigan Tech professors brought home more than half a million dollars from the 2017 Accelerate Michigan Innovation Competition.
Orbion Space Technology, a firm founded by L. Brad King (MEEM), took top prize in the competition in Detroit Thursday (Nov. 16). Orbion won $500,000 in cash and an additional $39,000 in in-kind services. King is the Ron and Elaine Starr Professor in Space Systems in the Department of Mechanical Engineering-Engineering Mechanics.
“Orbion is honored to be chosen from the dozens of exciting new companies that participated in the competition,” King said. “Our biggest challenge right now as a space start-up is getting our product to market quickly. The award will accelerate our product development and help Orbion continue on our upward trajectory.”
StabiLux Biosciences (NovoLux), a firm founded to market technology developed by Yoke Khin Yap, won the competition’s “Up and Comer Award,” receiving $20,000 in cash and $5,000 in legal services.
"We are glad to be recognized,” said Yap. “It goes a long way to build our technical and business track record.“ He thanked Steve Tokarz, CEO of StabiLux Biosciences, and Jonathan Leinonen (SBE) for taking the lead on the Accelerate Michigan competition. “Special thanks to Jim Baker and his Michigan Tech team who support our venture with help from the Michigan Economic Development Corporation (MEDC)," Yap added.
“This is an amazing accomplishment for both companies,” said Baker, executive director of innovation and industry engagement at Michigan Tech. “Their wins, as well as the performance of all Michigan Tech-affiliated participants, clearly demonstrates the effectiveness of the rich resource network for innovation that we have built on campus and in the community.”
Read the full story on the Michigan Tech news site.