EntrepreneurUniversity of Michigan, Ross School of Business

Zell Lurie Institute for Entrepreneurial StudiesYear in Review

Fall 2011/Winter 2012

CONTENTSStudent-Led Investment News •WolverineVentureFund •FrankelCommercializationFund •SocialVentureFundAchievements and Awards •ScholarshipsforEntrepreneurialRossStudents •Start-upGrantsAwardedAcrossCampus •MichiganBusinessChallengeWinnersStart-up Theme •TechArbAccelerator •MarcelGaniSummerInternships •EntrepreneurialMultidisciplinaryActionProjectsMajor Networking Events •EntrepaloozaStudentSymposium •PrivateEquityProfessionalConference •MichiganGrowthCapitalInvestmentSymposiumInstitute Highlights and Headlines

Weinviteyoutolearnhowwearedevelopingthenextgenerationofserialentrepreneursandventureinvestors,acrossthespectrumofoursixentrepreneurialskilldevelopmentareas.Wedothisthroughacombinationofeducationandintenseaction-basedlearningexperiencesaimedatthediscovery,shaping,formation,investment,andgrowthofnewventures.Duringthepastyear,wecommitted$1.8millionaimedattheseelementsandatexpandingtheentrepreneurialecosystemtonurtureourstudents.ForthesecondyearinarowwewererankedinthetopfiveGraduateEntrepreneurshipprogramsbyThe Princeton Review and Entrepreneur Magazine,furthervalidatingtheseefforts.Ihopethatasyouread,youwilldiscovermeaningfulandinnovativewayswecanworktogether.

Professor Thomas C. KinnearExecutive Director

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There’sanewgenerationofstudentswithverydifferentviewsoftheirfu-tures.Theyarecontemplatingcareerswheretheyfeeltheycanmakeapositivedifference.Theywanttostudywhattheyarepassionateaboutandlearnhowtoearnalivingbasedonthosepassions.WhetherseekingtolandajobatGoogle,buildtheirfirstbusiness,developaninnovativetechnologyorworktheinvestor’ssideoftheequationwithaventurecapitalorprivateequityfirm,theyneedtolearnthecompleteentrepreneurialarchthatspansfromcapabilitiesononeshoretoanongo-ingbusinessontheotherside.Thisapproachfocusesonthedevelopmentofsixcoreentrepreneurialskills–op-portunityidentification;designing,assessing,planning,andresourcingthebusiness;andmanaginggrowth–whichistaughtthroughamatrixofmulti-disciplinarycoursework,action-based

The Reign of theEntrepreneur:Teaching the

Entrepreneurial Arch

learning,staffandfacultyseminars,andalumninetworking. Since1999,theSamuelZellandRobertH.LurieInstituteforEntrepre-neurialStudieshasledthenation,thestateandtheUniversityofMichiganinpioneeringaward-winningentrepre-neurialcoursesandprograms.Duringthattime,ithasservedasacatalystincreatingavibrantentrepreneurialecosystemonandofftheU-Mcam-pus.ThroughtheInstitute’scross-disciplinaryoutreach,entrepreneur-shiphasplantedafirmfootholdattheStephenM.RossSchoolofBusiness,theCollegeofEngineering,theSchoolofMedicineand,mostrecently,theLawSchool.ThissynergyhascreatedaMichiganmodelofentrepreneurshipeducationdemonstratinghowthisholisticapproachcanbedoneacrossadynamicuniversity.

Business Assessment

Operationalize Business(Model/Plan)

BusinessDesign

ENTREPRENEURIAL ARCH

Resource/Due Diligence

OpportunityIdentification

Capabilities Business

Manage Growth/Scale Business

• Skills/Talents• Assets (physical/Intellectual)• Networks/Relationships• Interests/Passions/Aspirations Copyright © 2012 by Timothy L. Faley

Tim FaleyManaging Director

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Wolverine V

enture FundStudent-led Investment NewsThethreestudent-managedventurecapitalinvestmentfunds–WolverineVen-tureFund,FrankelCommercializationFundandSocialVentureFund–have$6.5millionintotalundermanagement.Togetherthesefundsoffergraduatestudentsfromacrosscampusthechancetolearnhowtosourcecandidatesforinvestment,conductinitialanalysesandnegotiatewithcompanyfoundersandmanagersandtransactdeals.

Duringthepastyearthreeinvestmentsweremadebythesefunds.TheFrankelCommercializationFundparticipatedinaSeriesAinvestmentinAreYouaHu-man,theSocialVentureFundparticipatedina$2.4millionSeriesAinvestmentinLearnZillion,andtheWolverineVentureFundparticipatedina$25millionSeriesDinvestmentinSoniutsMedical.

Wolverine Venture Fund Invests in Sonitus MedicalTheWolverineVentureFundinvests$50,000to$150,000inhigh-growth,early-stagecompaniesinpricedventurecapitalfundingroundsinsyndicationwithotherventurecapitalfunds.TheFundgenerallydoesnotinvestinangelorseedrounds.InMay2012theWolverineVentureFundmadeitssecondinvestmentinSonitusMedical.The$25millionSeriesDroundofventurecapitalinwhichthefundparticipatedwasledbyAbingworthandalsoincludedinvestmentsbyArboretumVenturesandNovartisBioVentures.TheWolverineVentureFundfirstinvestedinSonitusinMarch2011.

Portfolio InvestmentsAccordBiomaterialsArborPhotonicsDelphinusMedicalTechnologiesDirectFlowMedicalEnvironmentalOperatingSolutionsIntelePeerIntelligentClearingNetwork

KabongoLyceraNanoBioNanoceroxSilverPopSystemsSonitusTransCorp

3 funds with$6.5 million in total undermanagementby 84 students

Wolverine Venture Fund

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Investment PartnersArboretumVentures,SigvionCapital,RPMVentures,Beringea,NorthCoastTechnologyVentures,FirstStepFund,EDFVentures,SprayVentures,Johnson&JohnsonDevelopment,FoundationMedicalPartners,VantagePoint,ePlanet,StuartMillVenturePartners,KennetVenturePartners,IVSFund,VogenFund,BlackSteelInvestments,EarlyStagePartners,PerseusLLC,In-Q-TelVentures,DraperFisherJurvetson,AffinityVentures,HopenTherapeutics

WVF Student MembersDariusBanasik,MBA‘12DanBickley,MD/MBA‘13BryanChen,MBA‘13SudeepEldoCherian,MBA‘12Yih-WeiChien,MBA/MS‘12JosephDertouzos,MBA‘12JeffDorsheimer,MBA‘13NicholasDouville,MD/PhDShaneKelly,MBA‘13AshishKumar,MBAEveWenKuo,MBA‘13SallyLast,MBA‘12

The David T. Shelby Award wasgiventoJosephDertouzos(MBA‘12),SallyLast(MBA‘12)andRyanStenson(MBA‘12)fortheiroutstandingleadership.

Advisory BoardErikGordon,JD,FacultyAdvisor/ManagingDirectorThomasC.Kinnear,PhD,FacultyAdvisor/ManagingDirectorCarolynMaguire,AdministratorPeterAdriaens,PhD,PE,GlobalCleanTechLLCPeterBardwick,MBA‘84,RocketFuel,IncJeffBocan,BeringeaMaryCampbell,MBA‘79,EDFVenturesTimothyMayleben,BBA‘84,AastromBiosciencesJonathanMurray,MBA‘88,EarlyStagePartnersTimPetersen,MBA‘88,ArboretumVentures;WVFAlumniInvestmentManagerMinaPatelSooch,ApjohnVenturesRyanWaddington,MBA‘99DonaldWalker,ArborPartnersStevenWeinstein,MBA‘98,NovartisVentureFundMarcWeiser,MBA‘00,RPMVentures

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WooJinLee,MBA‘13PratheepMadasamy,MBA‘12JustinMontibello,MBA‘13EmmaMu,MBA‘13DerekOsborne,Phd‘13OmairRana,MBA‘13JigarShah,MBA‘13MikeSherman,MBAEveRyanStenson,MBA‘12VineethVijaykumar,MBA‘13Yu(Willie)Wan,MBA‘13

Frankel Commercialization Fund

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Frankel Commercialization Fund Invests in Are You a HumanThepre-seedFrankelCommercializationFundwasestablishedtoidentifyandacceleratethecommercializationofideasgeneratedwithintheUniversitycommu-nityandthesurroundingarea.InJuly2011,theFrankelFundjoinedotherinves-torsinaSeriesAround$750,000investmentintoAreYouaHuman,developerofthenextgenerationofonlinehumanverificationtoreplacetheCAPTCHA.

Portfolio InvestmentsAccioEnergyAmbiqMicroArborPhotonics

FCF Student MembersWesAllred,MBA/MS‘14MayaBen-Ari,MBA‘13BrettBergman,MBA‘12JakubBielecki,MBA‘12BenBlackmer,MBA‘12JosephBrannock,MBA‘13KwesiBuabeng,MBA‘12DustinByington,MBA‘13CarolynDaWang,PhD‘12SethGoodman,MBA‘13ChristianHicks,MBA‘12AndyHiggins,MBA‘13DanItsara,MBA‘13JustinJackson,Ph.D.AeroE‘12

Advisory BoardTomPorter,MBA‘67,FacultyAdvisor/ManagingDirectorJimAdox,MBA‘95,VentureInvestorsPeterAdriaens,PhD,PE,GlobalCleanTech,LLCLindsayAspergren,NorthCoastTechnologyInvestorsSunduBrahmasandra,LifeMagneticsTerryCrossMaryFlack,NanoBioPedroGuillen,KinetikPartnersLaurenceHagerty,MedAptus,Inc.GreggHammerman,MBA‘07KalyanHandique,DeNovoSciencesDavidHartmann,UniversityofMichiganTechTransferAlanKortesoja,MBA‘82,FormerlyCapgemini/Ernst&YoungMichaelKurek,BiotechnologyBusinessConsultantsDavidMcCann,GooglePaulMcCreadie,MBA‘03,ArboretumVenturesKimberlyReneaPargoff,A123SystemsJoshuaPokempnerPhillipRoos,BBA‘81,RoosterworksLLCChuckSalleyGerardSpencer,MBA‘68,retiredPartnerArthurAndersonKenSpenser,InterphaseCorporationSonaliVijayavargiya,AugmentVenturesRyanWaddington,MBA‘99,HuronRiverVentures

AreYouaHumanSurMod(formerlyBeholztech,Inc.)Surgimatix

StevenKawasumi,MBA‘12SatishKatpally,MBA‘12SoYoungKim,MBA'12EvanKracoff,MBA‘13SangeethaKrishnan,MBA'12VineetKshirsagar,MBA‘12DanielNash,MBA'12MatthewNewman,MBA‘13ShanyRimon,MBA'12EmiliaSibley,MBA/MS‘14SamStevenson,MBA/MS‘14JustinVincent,MBA‘13MichaelWohl,MBA/Erb'13

Student-led Investment N

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Frankel Commercialization Fund

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Social Venture Fund Invests in LearnZillionTheSocialVentureFundfocusesexclusivelyonfor-profitsocialenterprises,existingindependentlyorwithinthelegalstructureofapre-existingorganiza-tion(LC3,501c3,LLC,etc.)TheFundinvests$50,000-$250,000inpre-revenueandpost-revenuecompaniesgeneratingaprofitandrespondingtocriticalchal-lengeswithinEducation,FoodSystems&Environmental,Health,andUrbanRevitalization.ItisfocusedonbusinessesbasedintheU.S.andisparticularlyinterestedinplansfortheSoutheastMichigan/Detroitarea.

InApril2012,theSocialVentureFundjoinedasyndicateof17investorsinaSeriesAroundinvestmenttotaling$2.4millioninLearnZillion,aweb-basedplatformthatgivesstudents,teachersandparentsaccesstoavideolibraryofhigh-quality,standards-basedlessonstaughtbythena-tion’stopteachers.ThismarkstheSocialVentureFund’sfirstinvestmentandthefirsteverinvestmentmadebyasocially-orientedstudent-ledventurefund.

SVF Student MembersEmilyAirey,MBA‘12JPAsta,MBA‘13JanBak,BBA‘12MarthaCampbell,MBA/MS‘13KarenChern,MBA‘13SteveDavidson,MBA/MS‘14NabomitaDutta,MBA‘12IanFlint,BBA‘13LaurenFoukes,MBA‘12RobinGilliland,MBA‘13SethGreenberg,MBA‘12PatrickHuang,MBA‘13BerryKennedy,MBA/MS‘14RobertKim,MBA‘13AprilLacroix,MBA/MS‘12NaveenLakshmipathy,MBA‘12EdLee,MBA‘13

Advisory BoardGautamKaul,FacultyAdvisorManagingDirectorDavidGreen,AshokaChrisPark,Deloitte

MichelleLin,MBA/MS‘12YasminMadrawsala,MBA‘13SamirMalviya,MBA‘13DanMorse,BBA‘13DarrinNagengast,BBA‘12MichelleOsterman,MBA/MPH‘13AlejandroPirron,MBA‘13DanielReyes,MBA‘12EmilyRinner,MBA/MPP‘12JeremySchifeling,MBA‘12HimanshuSharma,MBA‘12JamieShea,MBA/MS‘12KirbySmith,MBA/MPP‘13MeerajThaker,MBA/MPH‘12SanjayVachani,MBA‘12DaveYeh,MBA/MPH‘13KevinZussman,BBA‘12

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NarayanRamachandran,UnitusCapitalMahendraRamsinghani,FirstStepFundBrianTrelstad,AcumenFundJackieVandenBrug,CriterionVentures

Achievements and AwardsScholarships for Entrepreneurial Ross StudentsCongratulationstothe13studentswhoweresuccessfulinapplyingforscholar-shipsandreceiving$5,000eachtowardtheirtuition.

Zell ScholarsBrettBergmann,MBA‘12BenjaminC.Blackmer,MBA‘12JosephM.Dertouzos,MBAEveSatishKatpally,MBA‘12SallyLast,MBA‘12PratheepMadasamy,MBA‘12DavidS.Miller,MBA‘12JonathanM.Palay,MBA‘12RyanStenson,MBA‘12MeerajThaker,MBA‘13

Samuel Valenti Award for Exceptional EntrepreneurialDevelopment$2,500 eachDavidSpiro(BBA‘12)andChadStark(BBA‘12)

BBA, MBA and Cause-Based Entrepreneurship AwardsMadepossiblebyRonald(BBA‘66)andEileenWeiser(MM‘75),basedonachievementsinentrepreneurshipandacademicexcellence.

BBA Entrepreneur of the Year$350 EachElloraL.Gupta,BBA‘12CalvinP.Schemanski,BBA‘12

Cause-Based Entrepreneurial Leadership $1,000SethGreenberg,MBA‘12

Alan Gelband (BBA ‘65/MBA ‘67) Private Equity AwardGiventothestudentteamthatgavethebestdealpitchandwasabletodefendtheirideastoput‘real’moneyintothecompany.

$7,500 teamKevinArvoy,MBA‘12DariusBanasik,MBA‘12ThomasR.Chick,MBA‘12SaurabhDesai,MBA‘12JohnHaley,MBA‘12RytasVygantas,MBA‘12

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Mitchell A. Mondry ScholarsAnn-LiCooke,MBA‘12NicholasDanoff,MBA‘12

Zell Institute &Erb Institute ScholarsRyanFlynn,MBA‘13

$2,500 teamMaxwellBlume,MUP‘12AdamT.Jacob,MBA‘12AbhishekKakani,MBA‘12BenjaminPierson,MBA‘12RobertC.Raymond,MBAEve

MBA Entrepreneur of the Year $1,000 EachAnn-LiCooke,MBA‘12BrettBergmann,MBA‘12PKMishra,MBA‘12

Private Equity Award Recipients

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$61,500 inStart-up Grants

were awardedto 35 student

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Dare to Dream and Mayleben Venture Shaping Grants Awarded Across CampusInmid-Novemberandmid-February,theZellLurieInstituteannouncedtheresultsofitsDaretoDreamStart-upGrantProgramandthenewlymintedMaylebenFamilyVentureShapingGrantProgram.Theprogramawardsupto$100,000peracademicyear,inthefallandwinterterms,toMichiganstudentstodeveloptheirownbusinesswhileearningtheirdegree.TheDaretoDreamProgramissupportedbyagiftfromEugeneApplebaum.Congratulationstothefollowingstudents:

Integration Grants $5,000-$10,000 per team

@Fingertips ($10,000)-Afor-profitsocial-entrepreneurialcompanythatbuildsdevicesenablingtheblindtousemoderntouchscreendevices.SiyangChen(MFA‘13),P.K.Mishra(MBA‘12),RogerPotter(BSEMechanicalEngineering‘12),NickWilcox

The Beet Box ($5,000) –Providinghealthyfast-foodoptionsthatsupportandrewardahealthylifestyle.DanielMorse(BBA‘13),AlexanderPerlman(BA‘13),KayFeker(BA‘13),KendraHall(BA‘13),PeterHansWard(BA‘13)

Digital Maxim ($2,500) -ProvidingregionalbooksineBookformatforallpopulareReaderdevicestoservetheneedsofimmigrantpopulationslivingindevelopedcountries.ThirumurthiRanganathan(MBA‘13),SriramRamana-than(MBA‘13),DeviprasadTaluk(MBA‘13),RamalingamSubramaniyam,Manushyaputhiran

EVo Hair ($2,000) -BusinesstobusinesswholesalehairextensionsupplierIanGrant(BA‘13),BrittneyWright(MAcc‘11),AmberWright

SecureHealing ($10,000) -Specializinginprivacymonitoringandreportingacrossnumeroushealthcaresoftwaresystems.AmitKulkarni(MBA‘12),RamyaPanchangam(MBA‘12),JonathanRoelofs(MBA‘12)

Thru.im ($5,000) -ProvidingbusinesseswithLiveChatthatincreasesbrandequitythroughIMandtextconversation.DavidSpiro,ChadStark(BBAs‘12)

Assessment Grants$1,500 per team

AddressMe -Applicationautomaticallyupdatingelectronicaddressbook.CamSmith(MBA/MSSNRE‘13)

Conspire -Platformforindividualsseekingcollaboratorsandcompaniesseekingmanagers.SudeepEldoK.Cherian(MBA‘12),JasonGarfield(MBA‘12),Hi-manshuSharma(MBA‘12),RyanStenson(MBA‘12),JuliaTran(MBA‘12)

Dean Adam -Webretailerofhigh-endmen'sgroomingandpersonalcareitems.JasonGarfield(MBA‘12),NickLewis(MBA‘12),SamuelNathan(MBA‘12)

DIIME R&D -Companydesigninglow-costmedicaldevicesincollaborationwithdevelopingcountryclinicians.ElaineChang(MBA‘12),TheresaFisher(BSEME‘11),),RajenKumar(MSEME‘11),ChrisMaue(MSEBME‘11),CaitlinWinget(MSEBME‘12)

EVStation -Investigatingthefeasibilityofabusinessdeliveringaplatformforelectricvehiclechargingstationaccess.JavierRivera(MBA/MS‘14),LawrenceHan(MBA/MA‘14)

IFM Database -Databaseservicesforfacilitymanagementapplications.DariusBanasik(MBA‘12)

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Start-up Grants

Knuron Knowledge -Sharingplatformconnectingstudents,employersandadvertisers.SunnyArora(MSERobotics‘11),HariprasadGovardhanam(MSERobotics’11),DevinO'Rourke

Real Good Food -Platformcoordinatinghomemadefoodexchangesandcollab-orativecookinganddiningevents.DevinMcIntire(MBA/MSSNRE‘13)

Thrively -Investigatingthefeasibilityofabusinessestablishingonlineplatformforprofessionalstosharefeedback.NickFassler(MBA/MS‘12),EmilyLuke(MSI‘12),EmilyBowman(MSI‘12),RainaRahbar(MBA/MS‘12)

Torch Hybrid Marine Systems -Investigatingthefeasibilityofabusinessbasedonhybrid-electricmarinepropulsionsystems.MatthewLankowski(MSENAME,MEngMfg‘12),MichaelDaeffler(MSENAME,MSEME‘12),JustinD'Atri(MSSustainableSystems‘13),SiddharthMenon(MSEEnergySystemsEng‘13),Mat-thewSexton(MSENAME,MSEME‘12)

Vault Health Solutions -Web-basedportaldatabaseforlaboratorytestretrievalbyhealthcareproviders.ShaunSmolarz(MBA‘12),B.GabrielSmolarz,MD

Venture Shaping Grants$500 per team

Don’t Weed Me -Solvinghowtoconnecttutorstostudentsin“weedout”classesSpencerScolnick(BSEChemE‘14),ZachSimon(BBA‘14)

DrupalAI -CreatinganintelligentrecommendersystemasaDrupalmoduleMartyByle,IsisLi(MSI‘11),DanielZhou(PhDInfoSci‘12)

eRent -SolvinglandlordandtenantrentcollectionandaccountingproblemsZubairAhsan(MSEPharmE‘13),SumitGupta(JD‘14),ArshabhSarda(BBA/BSEAero‘12)

EVStation -AddressinglimitedavailabilityofelectricvehiclechargingstationsLawrenceHan(MBA/MSSNRE‘14),JavierRivera(MBA/MSSNRE‘14),AjayVaradharajan(MSSNRE/MSE‘11)

FinAsk -ConnectingpersonalfinancialadvisorstothoseseekingfinancialadviceSudeepCherian(MBA‘12),NealPancholi,NiravShroff

Medicron -Addressingneedednation-widehealthdatatrackingacrossTanzaniaZahidHasan(MSEAOSS‘11),CalvinParkMSEAOSS‘11),SangeethaKrishnan(MBA‘12)

MyInfluence -Solvinglimitedofflineinteractionsofonlinesocialnetworkingtoolusers.KwesiBuabeng(MBA‘12),AndrewRauh(BSECSE‘15),RajVir(BSECSE‘15)

Smart Peru -SolvinglimitedavailabilityofonlineinformationforPeruviansShilaArias(MBA‘12),ErickFigueroa(MBAs‘12)

Stoowards -Creatingrewardssystemconnectingcollegestudentswithlocalmer-chants.PinakDeshpande(MBA‘13),PuneetDikshit(MBA‘13)

Thrively -Addressinglackoftoolsforemployeefeedbackandself-developmentNickFassler(MBA/MS‘12),EmilyLuke(MSI‘12)

Torch Hybrid Boat Co. -Addressingcarbonemissionsandwaterpollutionsolu-tions,andthehighcostoffuelpriceswithcurrentboatingoptions.JustinD'Atri(MSSNRE‘12),MattLankowski(MSNAME/ME‘12),SiddharthMenon(MEESE‘12),MattSexton(MSNAME/ME‘12),IraShaughnessy(MBA/MS‘12)

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$500 per team

AudioCode -Addressinganopportunityutilizingsmartphonetechnology.JoeDertouzos(MBA‘12)

AutoEat - Addressingapainintherestaurantindustry.MayaBenAri(MBA‘13),DanItsara(MBA‘13)

DrankBank.com -Addressingtheissueofconnectingcampusareabusinessestostudentpopulations.JordanEckstein(BBA‘12),IanSabbag,BrianShepanek

Footnotes -Addressinganopportunitytoimprovetheimpactofeventsamongattendees.MitchAdler(BSECSE‘12),SethSamuels(BBA‘13),KrunalDesai

Google but Vocal -AddressingtheissueofconnectingruralIndianpopulationstoinformation.RachnaShukla(MBA‘13)

Ritmosim -Investigatingopportunitytodevelopnovelsolutiontospinalortho-ses.JorgeSanz-Guerrero(MME’11),DanJohnson(PhDMechE‘12),MarenBean(MBA‘13),SamBeckett(BSMechE‘12),PatMilligan(BSMaterialsSci-enceEng‘14),RikavChauhan(BSNeuroscience‘14)

Shutterhub -Addressingapainintheconsumerphotographymarket.JeffBarg-mann(MBA‘13)

StudentKit -Addressinganeedfortargetedcommunicationamonguniversitystudentpopulations.DanielHoffman(BAPoliticalScience‘14),HarrisonFor-man(BASportsMgmt‘14),ZachMandell(BSEIOE‘15)

YourCall -Addressingapaininthesportsentertainmentindustry.JoshSmith(MBA/MSI‘13),AndrewSmith(MBA‘12)

YouTrivia -Investigatingnovelapproachtoonlinemarketing.RicardoRodriguez-Laureno(MSECSE‘11),ShamikGanguly(MSECSE‘12)

Michigan Business Challenge Winners

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MichiganBusinessChallenge awarded more than $60,000 in total prize money

Achievem

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hallengeMichigan Business Challenge Draws 45 Student Teams from Multiple DisciplinesForty-fivestudentteamsfromacrosscampustookadvantageoftheopportunitytoparticipateinthismulti-roundbusinessplancompetitionthatawardedmorethan$60,000intotaltowinningteams.ThecompetitionbeganinOctoberandendedwiththefinalroundsofcompetitionheldinFebruarywhereeightteamscompeted.

$20,000 Pryor-Hale Award for Best Business $2,500 Marketing Award sponsored by Mark Petroff

Fashion Forward Maternity - Asociallyresponsibleonlineboutiquewheresavvyprofessionalwomencanborrowhighqualityanddesignermaternityandnurs-ingfashionsatafractionofthepriceofnew.ErinLewis(eMBA‘12),JudySkilesLaversandSannieSapier.

$10,000 Runner-up $2,000 Outstanding Presentation

Converge Medical Technologies -Amedicaldevicecompanythatdevelopspatientbrainfunctionmonitoringsolutionsthroughprinciplesofneuroscience.MikeJohnson(MD/MBA,MICFellow‘12),JayJohnson(MSE,MICFellow‘12),AnnaNg(MHA,MICFellow‘12),AnthonyTsai(MD,MICFellow‘12),GeorgeMashour

$7,500 Erb Award for Environmental and Social Sustainability $5,000 Williamson Award for Most Successful Team of Business and Engineering Students $2,500 Marketing Award sponsored by Mark Petroff $1,000 Finalist

@FingerTips -Afor-profitsocial-entrepreneurialcompanythatbuildsdevicesen-ablingtheblindtousemoderntouchscreendevices.SiyangChen(MFA‘13),P.K.Mishra(MBA‘12),RogerPotter(BSEMechanicalEngineering‘12),NickWilcox

$2,500 Most Successful Undergraduate Team $2,000 Outstanding Presentation

Thru.im -Amobilewebsitethatletsyoutransactwithanybusinessviafreetextmessagingforconsumerswhowanttocommunicatewithbusinessesthroughtext.DavidSpiro(BBA‘12),ChadStark(BBA‘11),CalvinGee(BSInformatics‘12),ChengChen(BSComputerScienceEngineering‘12)

$2,000 Best Written Plan $1,000 Finalist

StrideSports -Adesignerandmanufactureroffitnessandexerciseequipmentwithamissiontocreatefun,exciting,innovativeproductsthatinspirepeopletolivehealthierlives.BrianBeard(MBA‘12),GrantWeber(MBA‘11)

Round Two competitors each received $200 -Semi-finaliststhatdidnotadvanceorreceivealargerawardeachreceivedanadditional$300.ASKInterfaces GinnyLiu(BSNeuroscience‘12),ChristopherMcMeeking(BSEComputerScineceEngineering‘12),JacksonBuell(MBA‘12),JeffreyMiller;AutoBikeLLC SeanSimpson(MBA‘13),JohnCzoykowski(MSEnergySystems‘13),MarkSimpson,KevinSmithand Surf-face ShijingLin(MBA‘12),HiroshiKitami(MBA‘12),EllieChang(MBA‘12)

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TheU-MStudentBusinessAcceleratorfacilitymanagedbytheCenterforEntre-preneurshipattheCollegeofEngineeringandtheZellLurieInstituteattheRossSchoolofBusinessprovidedcoachingandmentoringtostudent-ledstart-upsrepresentingabroadspectrumofproductsandservices.

TechArb Accelerator2011- 2012 Student Teams

A2B –AnsgarStrother(BSE‘13),KeithPorter(BSE‘13)

Beet Box –KayFeker(BA‘13),KendraHall(BA‘13),PeterHansWard(BA‘13),DanielMorse(BBA‘13),AlexanderPerlman(BA‘13)

Brio Device –HannahHensel(MBA‘10),LauraMcCormick,PhD,DouglasMullen(MSE‘07/PhD‘10MacromolecularScienceandEngineering),andSa-binaSiddiqui,MD(MedicalInnovationCenterFellows'11)

Capillary Refill –AndrewCopp(BSEE‘12),KinshukRajan(BS‘12)

CentriCycle –JustinBeeker(BA‘13),NaveedIqball(BS/BSE‘15),JustineKunz(BSE‘14),NathanPastuzyn(BSE‘13),RachelStadelmaier(BA‘14),AlexThi-nath(BSEChemE‘13)

DIIME –ElaineChang(MBA‘12),RajenKumar(MSE‘11),ChrisMaue(MSE‘11),CaitlinWinget(MSE‘12),

EasLang –DeepakBastakoty(MSCSE‘11)

Educatarium –ChengChen(BSE'13)

EV Station –LawrenceHan(MBA/MSSNRE‘14),JavierRivera(MBA/MSSNRE‘14),AjayVaradharajan(MSSNRE/MSE‘11)

Fantasy Fitness League (formerly Team Fit) –BrianAtz(MBA‘12),JRBlaszek(MBA‘12)

Fetchnotes –AlexSchiff(BBA‘13)andChaseLee(BBA‘13)

IFM Database Services –DariusBanasik(MBA‘12)

iTunes for Art –LydiaMuwanga(MSI'12)

MyFinSight–SudeepEldoCherian(MBA‘12),NealPancholi,NiravShroff

MWrap –WeidongChen(BSE'12),GraceHsia(BSE'12),ShwethaMaddur(BSE'12),RachelRademacher(BSE'12),HeatherWilsher(BSE'12),YaoYao(BSE'12)

Secure Healing –AmitKulkarni(MBA‘12),RamyaPanchangam(MBA‘12),JonathanRoelofs(MBA‘12)

Snap Social Sports –JacobLewin(BA‘12),EvanNetzer(BSCSE‘12),TarranceVanAs(BSCSE‘13),

SynapTech –DunaRaoof-Daneshvar(MDRes‘13),EugeneDaneshvar(PhDBME‘11),StevenKoski

This Fits –BrianPienta(MBA‘12)andJustinVincent(MBA‘13)

Thrively –EmilyBowman(MSI‘12),NickFassler(MBA/MS‘12),EmilyLuke(MSI‘12),RAinaRahbar(MBA/MS‘12)

Torch Hybrid Marine Systems –JsutinD'Atri(MSSNRE‘12),MattSexton(MSNAME/ME‘12),MattLankowski(MSNAME/ME‘12),SiddharthMenon(MEESE‘12),IraShaughnessy(MBA/MS‘12)

truApp –MosesLee(BBA‘02,MAcc‘03)

You Trivia –RicardoRodriguez(MSECSE‘11),UjjwalJain(MSEEE‘11),ShamikGanguly(MSECSE‘11)

YourCall –AndrewSmith(MBA‘12),JoshSmith(MBA/MSI‘13)

TechArbawarded tenancy

to 23 student teams

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17 start-up and venture capital firms hosted 19 Marcel Gani interns

Start-up Them

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Marcel Gani Summer Interns Gain Real LifeInsights in Start-up and Venture Capital FirmsStudentshungryforhands-onentrepreneurialexperienceimmersethemselvesatstart-upandventurecapitalfirmsoverthesummertoadvancecompanydevelop-mentandhonetheirentrepreneurialskills.Thenewself-hostedinternshipsareperformingwell.Thissummertwostudentswillreceivefundingandcoachingsupporttoforwardtheirbusinesses.

2012 Internship Hosts InternsApjohnVentures AshishKumar,MBAEveBeetBox* DanMorse,BBA‘13DetroitVenturePartners ShaneKelly,MBA‘13FocusHope MiguelSossa,MBA/Erb‘14, JosephHemingway,BBA‘13FranceMonthly MarkNunez,MBAEveInovo OlgaAvrutin,MBA/Erb‘13InstituteforGoldenGate KimLittlefield,MBAEveJack&Jake’s JoseSolis,MBA/Erb‘14LearnZillion JohnathonKrasnov,MBA/MPP‘13SatoriCapital RobertKim,MBA‘13SHFT GrantHughes,MBA/Erb‘14SoCore EmilaSibley,MBA/Erb‘14Tapjoy RyanFukushima,MBA‘13U-MTechTransfer BrentElyea,MBA‘13, ArunaFonseka,MBA‘13Uncommon MichaelBrackney,MBA‘13UnitusImpactPartners SamirMalviya,MBA‘13YourCall* JoshSmith,MBA‘13

*Self-hostedInternships

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Projects Placed MBA Teams Around the WorldTeamsoffirstyearMBAstudentsworkedinthefieldapplyingtheirbusinessskillsandknowledgeatemergingcompaniesacrosstheglobe.Thesevenweekprojecttimeframemotivatedtheteamstoquicklyandeffectivelymeettheirprojectdeliverables,aswellasprovidethemauniqueopportunitytogainvalu-ableexperience.

Stage Two Innovations –Michigan-based$100millionstage2investmentfundestablishedtoacceleratethelarge-scalecommercializationofinnovative,patent-abletechnologiesintheglobalmarket.YonatanAbramovich,Jae-YoungCho,RyanJauernek,ShacharMelman,MichaelRosenbaum,ShaneKelly(MBAs‘13)

Behavioral Media Networks, Inc.–Connecticut-basedspin-offoftheMindMachineProjectatMIT.MesbahAhmad,LindsayCompton,JamesGrimes,Chia-LingLu,IliaMarkov,BrandonSledge-Mellon(MBAs‘13)

Are You a Human –Michigan-baseddeveloperofgamebasedhumanauthen-ticationtoolsforuseonwebsitescreatedbythreenewlymintedMBAsattheRossSchoolofBusiness,whileearningtheirdegrees.MDustinByington,DylanKnee,MichaelMerszei,MarcioReis(MBAs‘13)

Biological Coprocessors, Inc. –Massachusetts-basedresearchfirmfocusedoncommercializingnon-pharmacologicalbiotechnologyapplicationstodeterbraindisordersandoffernoveltreatmentmethods.EmekaAjene,AmitBathija,AmolDevgan,CharlesKelley,ThomasWerle,ArunaFonseka(MBAs‘13)

Green Gold, Ltd. –Israeli-basedproviderofpracticalbusinesssolutionsforthelowcarboneconomy.BrunoBarros,ClemensEder,JeremiahNeal,PreetiPandey,LuckyAbraham(MBAs‘13)

JPAquaKnit, Ltd. –Israeli-basedfirmfocusedonthedevelopmentandcom-mercializationofexceedinglyefficientandaffordableattachedbiomasscarriertechnologyforwastewaterpurificationtreatmentprocesses.MichaelBathurst,JosephBrannock,DorothyGregg,CynthiaShih(MBAs‘13)

Smart Wind, Ltd. –Israeli-basedfirmfocusedonthedevelopmentofanin-novativesmallverticalaxiswindturbine(VAWT)forresidentialsettings.PrerakBathia,MichaelKolarik,Yi-HuiLee,JuhwanSuk,SagarUpadhyaya,MurielMakarim(MBAs‘13)

EMAP placed 37 first year MBAs

at start-ups in the field around

the globe

Major Networking EventsEntrepalooza Energizes Students with Insights fromTop Entrepreneurs and InvestorsEntrepalooza is the kick-off event of the year celebrating entrepreneurship. Hosted at the Ross School of Business and with support from the Entrepreneur and Venture Capital Club, this event gave students and members of the greater business community the opportunity to hear from Brad Keywell (BBA ‘91, JD ‘93), Co-founder of Groupon, who talked about his journey as an entre-preneur.Paneltopicsincludedturningbusinessideasintoreality,bestbusinessdevelopmentpractices,howventurecapitalistlookatstart-upsandentrepreneur-ialcareers.Thesymposiumendedwithaspecialnetworking‘lunch&learn’forstudentswheretheycouldmeetinformallywithentrepreneursandinvestors.

Entrepalooza Entrepreneur and Venture ClubBusiness Model Competition Winners

$1,000 Judges’ AwardEZ Cab -ScottTopper,JigarShah,WhitneyHwang,HuzefaBharmal

$500 Audience AwardThreads -AdamByrnes,SamStevenson,HongdaJiang,CatherineDyson

$500 Organizers’ AwardYoMamaPacked It -JessicaLai,EmilyPotter,Ta-WeiLin

$250 Best VideoCareer Launch -PatrickMilligan,ErinBraddock,RyanJacobs,MarkKempa

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Vibes Upbeat at 31st Michigan Growth Capital SymposiumGoodnews,goodnumbersandgoodvibescontributedtoanupbeatattitudeamongtherecord-breaking450participantswhoattendedthe2012MichiganGrowthCapitalSymposiumonMay15and16.Overthepastyear,entrepre-neurialactivitycrackledwithnew-foundenergyasstateofficials,venturecapitalfunds,angelinvestors,andtheUniversityofMichiganrampedupfinancialsup-portfornewventurecreationandstart-upgrowth. Thisyear’sMichiganGrowthCapitalSymposium,nowinits31styear,attractedventureinvestorsfromMichigan,theMidwest,andbothcoasts,foundersandmanagersofearly-stageandgrowthcompanies,andrelatedstakeholdersfortwodaysofinsightsfromindustryleaders,in-depthpaneldiscussions,companypresentationsandinformaldealmakingattheMarriottEagleCrestConferenceCenterinYpsilanti,Mich.“Ithinkyouguysarerockin’andallthingsarepoint-ingup,”saidopeningkeynotespeakerJasonMendelson,managingdirectorandco-founderofFoundryGroup,anearlystageventurecapitalfirmbasedinBoulder,Colo.

DuringaspecialguestappearanceatMGCS,U-MPresidentMarySueColemansaidthestateislookingforaverydifferentMichiganthaninthe20thcentury,andtheUniversityofMichiganiseagertohelpleadthetransformation,Cole-mansaid.“Ihavealotoffaiththatwe’reontherightpath,”sheadded. KeynotespeakerNoubarAfeyan,managingpartnerandCEOofFlagshipVentures,aCambridge,Mass.-based,earlystageventurecapitalfirm,examinedtoday’srapidlyevolvingentrepreneuriallandscape.Healsolaidouthisvisionforthecriticalroleacademiacanplaybyteachingstudents“entrepreneuring”topreparethemforprofessionalcareersinnewcompanyformationandventureinvestment.

ApanelofseasonedVCsofferedadviceforimprovingday-to-dayoperationsandoverallperformance.Toshinealightonpreparingforgrowth-stageinvest-ment,apanelofventureinvestorsandcompanyCEOsfocusedontheinvest-mentpathwaysoftwoestablishedfirms.Anotherpaneldiscussedthesignificantshiftawayfromearlystagelifesciencesinvestingbetween2004and2009andhowthishasreducedthenumberofcompaniesgoingthroughthepipelinebutopenedupopportunitiesforVCs.Examiningtheprosandconsofoutsourc-ingR&Dtolower-costcountries,suchasChinaandIndia,werediscussedbyapanelofVCsfocusedoninvestmentsinhealthcare,technologyandlifescienc-es.Inaddition,VCslookedatthechallenges,opportunitiesandconsiderationforgeographicexpansionoftheirventurecapitalfundandprovidedinsightonstrategiesforITinvesting.

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Private Equity Conference Provides Unique Forum forAlumni and Industry Professionals to ConnectAfteradecade-longroller-coasterridethatcametoasuddenhaltduringthefinancialcrisisof2008-2009,theprivate-equityindustryismakingaslow,butsteady,recovery.Nothingisguaranteed,industryexpertstoldagatheringof175executivesandprofessionalsfromprivate-equitygroupsandinvestmentbankswhoattendedthe6thannualMichiganPrivateEquityConferenceonOct.28inAnnArbor.TheeventissponsoredannuallybytheCenterforVentureCapi-talandPrivateEquityFinanceoftheSamuelZellandRobertH.LurieInstituteforEntrepreneurialStudiesattheRossSchoolofBusiness.KeynotespeakerStewartKohl,co-CEOoftheRiversideCompany,aglobalprivate-equityfirmfo-cusedatthesmallendofthemiddlemarket,laidoutaframeworkoffouractionsthePEindustrymusttakeinordertoadaptandsurvive,and,infact,tothriveintoday’suncertaininvestmentlandscape.

FollowingKohl’skeynoteaddress,the2011PEconferencefeaturedaseriesofin-depthpaneldiscussionsonkeyissuesofconcerntoindustryprofessionals.Afive-memberpanelfocusedonthecurrentandfutureprospectsforprivateequityfromtheviewpointoflimitedpartners.Fourindustryexpertsshinedthespotlightonexitsforportfoliocompanies,whichhavefalteredoverthepastseveralyears.Theyagreedthatdealflowisnowgainingtraction.Athree-memberpanelassessedsignificantlegaltrendsandrecentdevelopmentsinprivate-equitymergersandacquisitions.

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Institute Highlights and HeadlinesInstitute H

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Ross Professor Tom Kinnear Honored with U-M Ted Doan AwardAttheOctober2011U-MTechTransfer'sCelebrateInventionProfessorTomKinnearwasrecognizedforhisoutstandingleadershipandsignificantcontribu-tionsmadetoentrepreneurshipandinnovationbothatU-MandinthestateofMichigan.U-MPresidentMarySueColemanpraisedhisenergy,vision,andpassionfornewideasandinventions,andcreditedhimwithhaving"enhancedthequalityoflifeintheentirestateofMichigan."Theawardisonlygivenwhenaworthypersonfitsthecriteria.TomKinnearistheEugeneApplebaumProfessorofEntrepreneurialStudies,executivedirectoroftheSamuelZellandRobertH.LurieInstituteforEntrepreneurialStudies,andprofessorofmarketing.Hesup-portstheU-MOfficeofTechTransfer,isChairmanofthestate-backedVentureMichiganFundmisontheboardoftheMichiganVentureCapitalAssociationandco-foundedseveralsuccessfulMichigan-basedcompaniesoverthelast20years.

The Zell Lurie Institute joins forces with Michigan State University to Create the Michigan Entrepreneurship Education Leaders Forum

TheZellLurieInstitutejoinedforceswithMichiganStateUniversity'sInstituteofEntrepreneurshipandInnovationintheBroadCollegeofBusinesstocreatetheMichiganEntrepreneurshipEducationLeadersForum.InDecember2011,theforumbroughttogethersevenentrepreneurialeducatorsfromthetopMBAprogramsacrossthestatetoidentifyopportunitiesforimprovementandcollabo-ration,withtheultimategoalofadvancingentrepreneurshipamongstudentsandalumniinMichigan.

University of Michigan’s Zell Lurie Institute Lauded as Top 5Entrepreneurship Program by The Princeton Review andEntrepreneur Magazine

PartoftheInstitute’ssuccessstemsfromitsidentificationofandfocusonsixcoreentrepreneurialskills,whichhavebeenhighlightedintheInstitute’sFallReport2011.Thoseskills—identifyingtheopportunity;designing,assessing,planning,andresourcingthebusiness;andmanaginggrowth—aretaughtthroughamatrixofmultidisciplinarycoursework,action-basedlearning,seminars,andalumninetworking.Programsincludeadiversefamilyofstudent-ledventurefunds,anan-nualMichiganBusinessChallengebusinessplancompetition,theDaretoDreamgrantprogramandtheMichiganGrowthCapitalSymposiumandEntrepaloozaevent.TherankingsappearedintheOctoberissueofEntrepreneur.

Sam Zell's $5 million Gift Establishes Zell Entrepreneurand Law Center

Launchedinfall2011,theZellEntrepreneurshipandLawProgramwillestab-lishaclinictoofferfreelegaladvicetoMichigan'sstudententrepreneurs,whilesimultaneouslyboostingtheLawSchool'scurriculumtotrainstudentstobetterservebothstartupandexistingentrepreneurialbusinesses.Theclinicalaspectofthenewprogramwilldeploystudent-attorneys,supervisedbyfacultymembers,tohelpfoundersofpromisingstudentventuresironoutthebusinessformation,trademark,finance,patent,regulatoryandotherissuesrelativetotheestablish-mentofanyentrepreneurialbusiness.TheprogramwillsupportinitiativessuchastheRossSchool'sZellLurieInstitute,whichZellco-foundedin1999andsinceitsinceptionhasgrantedmorethan$2.3millioninsupportofstartupsforgraduatestudentsandundergraduatesalike.

STAFFThomasKinnear,ExecutiveDirectorTimothyFaley,ManagingDirectorDavidJ.Brophy,CenterforVentureCapital&PrivateEquityFinanceErikGordon,ClinicalAssistantProfessorThomasS.Porter,ExecutiveinResidencePeterAdriaens,ProfessorofEntrepreneurshipMaryNickson,MarketingProgramManager/EditorMarybethDavis,ProgramAssistantCarolynMaguire,Administrator

ADVISORY BOARDEugeneApplebaum,ArborInvestmentsGroupJohnW.Barfield,TheBartechGroup,Inc.JonnBehrman,SerialEntrepreneurD.TheodoreBerghorst,VectorSecuritiesInternational,LLCPaulBrentlinger,MorgenthalerVenturesKennethBuckfire,MillerBuckfire&Co.,LLCMaryL.Campbell,EDFVentures,LPDwightCarlson,Coherix,Inc.HalDavis,Entrepreneur&InvestorRichardEidswick,ArborPartners,LLCStanleyFrankel,FrankelAssociatesMarcelGani,ConsultantJanGarfinkle,ArboretumVenturesWilliamK.Hall,ProcyonAdvisors,LLPMichaelHallman,TheHallmanGroupJohnC.Kennedy,AutocamCorporationBradleyKeywell,LightBankHansKoch,WebcorDevelopmentAdvisorsAnnLurie,LurieInvestmentsStevenMcKean,Acceller,Inc.ClydeE.McKenzie,TellurexCorporationRaviMohan,ShastaVenturesMitchMondry,MGroup,LLCMarvinParnes,UniversityofMichiganOraH.Pescovitz,UniversityofMichiganRichardRogel,Tomay,Inc.JeffreyC.Sinclair,McKinsey&CompanyMarkSlezak,LurieInvestmentsMichaelStaebler,PepperHamilton,LLPMariaA.Thompson,ArsenalVenturePartnersSamuelValentiIII,ValentiCapitalJeffWeedman,TheProcter&GambleCompanyRonaldN.Weiser,Ambassador,McKinleyAssociates,Inc.JeffreyS.Williams,LifeMagneticsWarrenP.Williamson,SkyeManagementSamuelZell,EquityGroupInvestmentsThomasZurbuchen,UniversityofMichigan

701 Tappan StreetAnnArbor,Michigan(734)615-4419www.zli.bus.umich.edu

2011 Scholarship Recipients