MSU to invest $100K in startup businesses
EAST LANSING – Michigan State University is launching another program to spur business development and attract more investors to the area.
Called Conquer, the accelerator program will guide five teams of entrepreneurs from the prototype stage to market release in 10 weeks.
“Some of these entrepreneurs aren’t ready to jump into an office. They still need some type of capital and resources,” said Paul Jaques, director of student and community engagement at Spartan Innovations, which heads the program.
MSU will give the teams $20,000 toward supporting their business. They will also be mentored by 39 MSU alumni. Conquer is partnering with Tom Stewart, managing partner of the Center for New Enterprise Opportunity, who will provide an adapted business curriculum. MSU will take 5 percent equity in each business.
"It's a lot quicker than an incubator," Stewart said. "We're taking these companies that are more mature and giving them the time and money so they can grow their business."
Conquer will be the second accelerator in the region next to Lansing PROTO, a similar program run by the Lansing Economic Area Partnership that will coach two entrepreneurs in an eight-month program starting later this month. Conquer begins in May.
The teams for Conquer have yet to be announced, but Jaques said the program is seeking technology-based businesses in fields such as software. Teams must already have a prototype to be considered. Every week, the teams will compete in a pitch competition, where they can attract investors to fund their businesses. Mentors can also choose to invest in the teams.
Some of the mentors include Mark Hudson of Rocket Fiber, Ted Neely II of Goldman Sachs, Kelly Ford of Edison Partners and Patti Glaza of Detroit Innovate.
"We need to make the entrepreneurial ecosystem more attractive for investment, it's been a missing piece," Stewart said. "Everyone's outcome is to attract more investors."
Contact Alexander Alusheff at (517) 388-5973 or aalusheff@lsj.com. Follow him on Twitter @alexalusheff.
About Conquer
For more information on Conquer, visit conqueraccelerator.com.