By Edward Cardenas
STERLING HEIGHTS (CBS Detroit) -A company that created a reduced-cost process to make carbon-fiber composites won the first Mac-OU INCubator independent pitch competition.READ MORE: 'The Sky's The Limit For The U.S. Economy,' Says Economic Analyst
Laystitch Technologies LLC, based in Highland, received $8,500 in cash, as well as a yearlong service package from Mac-OU INC and seven-and-a-half hours of consultation with Butzel Long by being the best of eight finalists competing in the pitch competition.
“High-growth, Michigan-based technology companies with $2.5 million or less in revenue and five years or less in business were welcome to apply,” said Julie Gustafson, executive director of Macomb-OU INCubator. “We received nearly 50 applications and narrowed to the top eight finalists before the three eventual winners were chosen.”
Laystitch’s one-year affiliate membership to Mac-OU INC includes access to the Business Advisory Services Program; the Executives-in-Residence, currently including Butzel Long, Advicoach of Michigan, BiancoCPA and Jim Ruma, local defense expert; Pitch Prep; assistance with access to capital; and one-on-one business development with Mac-OU INC staff.
In total, more than $23,000 in cash and in-kind prizes was awarded to the top three finalists.READ MORE: This Weekend: I-75 Southbound Lane Closures In Detroit
Re-Contour LLC, a developer of breast reconstruction dressings, won the second-place prize of $1,500, and Warmilu LLC, a developer of advanced technology, thermal warming, nonelectric compresses targeted to the geriatric community, collected the third-place prize of $500.
Both Re-Contour and Warmilu also received a one-year lease for a Mac-OU INC cubicle, five hours of consultation with Butzel Long, and a two-hour, strategic planning session with Advicoach of Michigan.
Judges for the competition included Frank Alex, Chief Financial Officer for Butzel Long, Amy Butler, executive director of OU INCubator and the Clean Energy Research Center, Anita Kuzmanovski, business banking relationship manager for Fifth Third Bank, Charlie Moret, president of Invest Michigan, and Stella Safari, analyst of the First Step Fund and Detroit Innovate Fund with Invest Detroit.
According to organizers, other finalist companies included:MORE NEWS: Michigan Extends Gatherings And Mask Order, Strengthens Mask Requirement For Children Ages 2-4
- Localfu, a web-based trip planner that provides information from locals in various travel destinations;
- Phasiq Inc., a maker of medical devices to help researchers more quickly identify proteins in blood samples;
- Saras LLC, a maker of coatings to help convert more sunlight to electricity in solar arrays;
- Sound Barrier LLC, a maker of small devices that send out acoustic signals that negate the sounds hunters make in the field;
- Triquetra Games LLC, which is marketing a video game designed to get girls in middle school more interested in science, technology, engineering and math.
Nearly 50 business applied to take part in the competition, which was sponsored included the Michigan Economic Development Corporation, Butzel Long, Advicoach of Michigan, and Macomb County Planning and Economic Development.