A recent Wayne State mechanical engineering graduate has been awarded $5,000 in pre-seed capital for his crossbow design after winning the Blackstone LaunchPad Warrior Fund Competition.
Adam Skronia, of Royal Oak, was awarded the funding last month for his patent pending design of a crossbow, which he says is safer, more efficient, more compact, and weighs at least 50 percent less than typical crossbows. He plans to use the capital for design iterations and to get his product to the production phase.
“Adam’s impressive product design combined with his passion, determination, and business acumen, equips him with the necessary tools for obtaining venture capital,” says Aubrey Agee, senior program administrator for Wayne State Blackstone LaunchPad Program, the mentoring program students must go through to participate in the competition.
The competition is designed to prepare students to pitch, secure, and effectively use venture capital. A winner is chosen after participants demonstrate that their business is supported by a viable business plan to a panel of judges.
“All I had was a design and no other idea on how to get my product out there,” Skornia says. “They (LaunchPad) taught me business strategy and to narrow down my focus to see the financial side of the equation, and provided me with contacts to move forward.”
For more information visit blackstonelaunchpad.wayne.edu