EAST LANSING, Mich. (3/22/13)--Michigan State University FCU (MSUFCU) in East Lansing, Mich., awarded $25,000 to Kymeria Advance Materials, the grand prize winner in its business model contest.
| Michigan State University FCU in East Lansing, Mich., awarded $50,000 in prizes to start-up business ventures--including $25,000 to Kymeria Advanced Materials, the grand prize winner in its business model contest. (Photo provided by Michigan State University FCU)|
The 2013 Greenlight Business Model Competition, created by Spartan Innovation and the $2.34 billion asset MSUFCU, allowed entrepreneurs statewide to pitch their business ideas. There was more than $50,000 in available prizes, sponsored by MSUFCU.
MSUFCU sponsored the Greenlight Competition this year and the program "will bring new businesses to Michigan to help improve our economic conditions statewide," said panel judge April Clobes, MSUFCU executive vice president and chief operating officer.
During the first round of the competition, participants were asked to complete an application and business plan. Then 25 finalists pitched their business ideas in front of seven judges. Prizes were awarded based on best pitch, fastest growth potential, best idea for Michigan, most creative, and most needed in the marketplace. Three endowments were designated for undergraduate students.
Kymeria Advanced Materials was created by Cameron Smith, Vincent Alessi, Dave Hatfield and Reed Shick. The start-up is developing new chemistry for ceramics, which brings the benefits of existing advanced ceramics to new parts and markets.