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Monday, July 23, 2018
The University of Michigan’s Michigan Translational Research and Commercialization statewide Innovation Hub for Advanced Transportation awarded a total of $700,000 to 10 technologies addressing transportation issues and opportunities
Ann Arbor, Mich.– The University of Michigan’s (U-M) Michigan Translational Research and Commercialization (MTRAC) statewide Innovation Hub for Advanced Transportation awarded a total of $700,000 to 10 technologies with commercial potential aimed at addressing transportation issues and opportunities. The MTRAC program, in partnership with the Michigan Economic Development Corporation’s (MEDC) Entrepreneurship and Innovation initiative, is designed to support applicants with high-tech projects in the advanced transportation space from institutions of higher education, non-profit research centers and hospital systems across the state to help them get out of the lab and into the market.
“Michigan firms continue to lead in applying technology to create the future of transportation and mobility, and we are excited to add the cutting-edge research from our state’s universities to this effort,” said Eric Petersen, U-M MTRAC Advanced Transportation Program Director. “These researcher teams are exceptionally talented and hardworking and their technologies will enable safer, lower cost, less polluting forms of transportation.”
Projects receiving up to $100,000 in funding include:
Projects receiving up to $35,000 in Kickstart funding include:
A 15-member oversight committee consisting of venture capital professionals, industry experts from leading transportation firms, and experienced entrepreneurs reviewed 26 proposals from six universities. The capability to identify opportunities in the transportation space and propose effective solutions, in tandem with researcher team strength and commercialization plans, were the leading factors considered during funding decisions.
U-M has been administering the MTRAC Advanced Transportation program since 2012. Over the course of six years the program has received 91 project proposals, funding 34 of them and generating over $47 million in follow-on funding. Due to the program’s success, U-M gained statewide status in February 2017 to serve as an innovation hub for advanced transportation projects from research settings across Michigan. The U-M Innovation Hub is run jointly with the Center for Entrepreneurship (CFE) and the Office of Technology Transfer (OTT).
“Michigan is uniquely committed to leveraging the talent, network and infrastructure we possess within our state by creating powerful collaborations to grow and build our entrepreneurial ecosystem,” said Denise Graves, University Relations Director at the MEDC. “Investing in our research and our talent through statewide models like MTRAC is vital in achieving our mission of growing our state’s economy through university technology transfer, and paving the path for bringing new technologies related to mobility into the commercial market.”
U-M is one of four universities with a MTRAC program, joining Michigan State University, Michigan Technical University, and Wayne State University. Each university focuses on a different industry, including agriculture biology, advanced applied materials, life sciences, advanced transportation and biomedical.
In collaboration with the host universities, supported by the Michigan Strategic Fund and managed by the MEDC Entrepreneurship and Innovation initiative, MTRAC programs have funded 169 projects, helped develop 32 start-up companies, created 101 jobs, secured over $132M in follow on funding, and licensed technology to 22 companies to-date.
Funding for the new round of U-M Innovation Hub projects begins August 1, 2018 and runs through July 31, 2019. The Statewide U-M MTRAC Innovation Hub Transportation program will accept new applications beginning in January 2019.
MEDC’s Entrepreneur and Innovation initiative establishes Michigan as the place to create and grow a business by providing high-tech start-up companies with access to a variety of critical resources, such as funding and expert counsel, from ideation to maturation. For more on MEDC Entrepreneurship & Innovation visit michiganbusiness.org.
Through investments in collaboration platforms across the state such as MTRAC, PlanetM, and SmartZones including Ann Arbor SPARK, TechTown and Automation Alley, the MEDC is leading the charge to make Michigan the epicenter for the future of mobility.
For more on the U-M MTRAC Transportation program, visit cfe.umich.edu.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.
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