Innovation Partnerships at the University of Michigan in Ann Arbor has launched a new program called the Accelerate Blue Foundry. It is designed to pair entrepreneurs with university technologies to launch startups with seed investment funding.
The university says The Foundry is a one-of-its kind program that seeks “top entrepreneurial talent nationwide to accelerate the path to startup launch and foster new ventures that have the opportunity to solve the world’s great challenges.”
The deadline to apply for the program is Dec. 1, and there is an opportunity to receive seed investment ranging from $50,000 to $250,000 from the Accelerate Blue Fund.
Visit here to apply for the Accelerate Blue Foundry program.
The program is designed to bridge the gap between startup founders and some of the most promising innovations from University of Michigan research. By connecting top entrepreneurial talent with U-M technologies, the program is expected to accelerate the path to startup launch.
Selected entrepreneurs will be matched with U-M technologies and will develop a pitch for funding. From Dec. 16 through late March or early April 2025, entrepreneurs will have the opportunity to engage with inventors to gather technology background materials, receive ongoing mentorship and support from the Innovation Partnerships Ventures and Licensing teams as they craft their funding pitch.
The program will culminate in a selection day where projects will present to the Innovation Partnerships team and investors for an opportunity to license the technology and receive seed investments ranging from $50,000 to $250,000 from the Accelerate Blue Fund.
The Accelerate Blue Fund, established in October 2019, is an early stage venture fund dedicated to investing in U-M-licensed startups.
Key responsibilities of the selected entrepreneurs will be:
- Evaluate technology and build a commercialization and funding plan.
- Provide executive level leadership for startup.
- Collaborate with university researchers who developed the founding technology.
- Complete early startup benchmarks towards commercialization.
- Complete regular checkpoints with U-M team.
- Entrepreneurs will not receive direct compensation for their work.
U-M officials say they anticipate that out of a possible 50 partnered projects, only 15-20 will be chosen to compete for the opportunity to launch with funding on Selection Day. Those not chosen may have the opportunity to continue to incubate their ventures with Innovation Partnerships support for future launch.
