Originally published in Crain’s Detroit Business, Nov. 16, 2012
Algal Scientific Corp., a biotechnology company that has developed a process for creating a byproduct from algae to be used as a food supplement for livestock, won the first-place prize of $500,000 Thursday night in the third annual Accelerate Michigan Innovation Event at Orchestra Hall in Detroit.
The second-place award of $100,000 went to NanoMAGcq LLC of Ann Arbor, with InPore Technologies Inc. of East Lansing getting the third-place prize of $50,000.
NanoMAG makes lightweight orthopedic devices and implant materials made of magnesium.
InPore Technologies makes polymer powders that improve the filtering capabilities of membranes used to purify water in large-scale manufacturing processes.
The Spirit of Michigan Award, given to an entrepreneur who has had a long and significant effect on the state, was awarded to Dan Gilbert, chairman of Quicken Loans Inc. and an active buyer of downtown Detroit office buildings, including the Madison Building, which houses many of the start-up portfolio companies in his venture capital firm, Detroit Venture Partners.
The Accelerate Innovation event was created by the New Economy Initiative for Southeast Michigan (a program of the Community Foundation for Southeast Michigan).