MSU Research Foundation Launches Two Sector-Based Startup Accelerator Cohorts Running in Parallel
East Lansing startup accelerator offers funding, mentorship, and networking opportunities to grow new businesses in finance and insurance, while Detroit-based program focused on health tech solutions.
EAST LANSING, MI and DETROIT, MI — The Michigan State University Research Foundation held a joint orientation for its two newest Conquer Accelerator cohorts on March 11, 2024. The Conquer Finance and Insurance Accelerator, powered by MSUFCU, aims to reshape the landscape of finance and insurance entrepreneurship in Michigan. Simultaneously, the Conquer Detroit Accelerator leverages the Henry Ford Health + MSU Health Sciences partnership, with a focus on healthcare and health tech businesses. Both programs run concurrently through May 2024.
The Conquer Finance and Insurance Accelerator, powered by MSUFCU, aims to reshape the landscape of finance and insurance entrepreneurship in Michigan.
In East Lansing, five startup companies were selected for their finance or insurance tech solutions and rapid growth potential:
Newzip, aiming to improve conversion rates for mortgage leads by seamlessly connecting lenders and real estate agents. Tailored to Gen-Z and Millennials, Newzip integrates real estate services into the lending process, offering practical solutions for customers seeking a more streamlined digital experience.
Approva’s web-based platform acts as a central hub connecting mortgage brokers and lenders, offering automation, seamless communication, and access to critical data sources. The platform incorporates features like legal and title search integration, real-time underwriting, and artificial intelligence (AI)-driven risk scoring.
Frich helps credit unions attract and retain younger members by addressing the awareness gap between Gen Z and these financial institutions.
Ascent’s platform enhances membership growth by providing control over member data from various systems, including Loan Origination System (LOS) and third-party sources. Addressing challenges in manual underwriting, Ascent aims to streamline operations, reduce inefficiencies, and ensure regulatory compliance for service providers.
ScribeUp’s subscription management solution enhances raw transaction data with subscription intelligence for Credit Unions. It addresses consumer challenges in subscription management, aiming to improve the digital banking experience, reduce operational costs, and capture untapped opportunities in subscription management.
The Conquer Detroit Accelerator leverages the Henry Ford Health + MSU Health Sciences partnership, with a focus on healthcare and health tech businesses.
In Detroit, five companies were selected for their health tech solutions and rapid growth potential, and will be supported by an intern through the Conquer Accelerator Diversity in Entrepreneurship (CADE) program:
AIMA is an FDA-approved cosmetic product designed to relieve period and pelvic pain in women using a water-soluble cannabinoid product as an alternative to traditional treatments, such as NSAIDs, hormonal birth control, and opioids.
BridgeCare Specialists of Michigan provides virtual discharge and hospital-at-home services, aiming to minimize hospital readmission rates. BridgeCare supports patients for 14 days post-discharge, addressing issues like medication refills, patient concerns, and communication with physicians to ensure seamless and timely post-hospital care.
BeAware aims to enhance care for deaf and hard-of-hearing patients by improving communication in clinical setting with its HealthScribe software. The company was recognized as a finalist in the 2023 Henry Ford Health Innovation Challenge and is under consideration for co-development and future pilot programs at Henry Ford Health Systems.
Advanced Interactive Response Systems (AIRS) aims to improve patient and caregiver outcomes with oxygen safety products. The AIRS Oxygen Flow Monitor (OFM) remotely tracks vital information for at-home oxygen therapy, addressing issues like leaks, blockages and mechanical failures.
Total Analysis, LLC offers a portable solution for rapid point-of-care pathogen detection, which is the first step in proactive containment for emerging and evolving pathogens. The approach safeguards public health by avoiding delayed lab testing.
“I'm really excited about working with these sector-based cohorts," said Tom Stewart, Director of Venture Programming at the MSU Research Foundation. "We’ve supported startups in various industries over the past eight years, and working with MSUFCU and the Henry Ford Health + Michigan State University Health Sciences partnership is a great complement to the work our organizations are already doing.”
The startups will receive comprehensive support, including extensive programming, mentorship, expert presentations and access to a collaborative workspace, plus an initial investment of $20,000 from the MSU Research Foundation’s venture investment fund, Red Cedar Ventures. In East Lansing, the cohort will operate out of the offices of the MSU Research Foundation and leverage the community space within MSUFCU’s new 7-story office building. In Detroit, the cohort will operate out of the Newlab facilities within Michigan Central.
Teams also benefit from mentorship provided by more than 40 entrepreneurs and business leaders within their respective industries. The program is designed to help founders launch a new startup by focusing on topics such as business development, product development, fundraising, intellectual property, market research, and go to market strategies. Teams also receive assistance in achieving tailored, goal-driven benchmarks.
Upon completing the program, Conquer Accelerator teams become part of the Red Cedar Ventures portfolio, making them eligible for continued one-on-one coaching, ongoing support, and additional investment opportunities. The program helps cohort teams transition from the startup phase to the scaling-up and growth phases.
To learn more about the Conquer Accelerator program or to apply for the next cohort, visit msufoundation.org/conquer-accelerator.
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About the Michigan State University Research Foundation
The Michigan State University Research Foundation was established in 1973 as an independent nonprofit committed to the commercialization of cutting-edge technologies invented by MSU faculty, staff, and students. Today, the MSU Research Foundation is focused on enhancing research, encouraging innovation and entrepreneurship, and facilitating economic growth at MSU and across the state through its subsidiary organizations—Spartan Innovations, Red Cedar Ventures, and Michigan Rise Pre-Seed Fund III—and its Research Parks. Learn more at msufoundation.org