Tucson, McGuire Center for Entrepreneurship dominate Arizona Innovation Challenge grants
Tucson technology companies claim six of eight business grants, four linked to University of Arizona McGuire Center for Entrepreneurship
TUCSON, Ariz. – Apr. 13, 2011 – Judging by the newly announced crop of Arizona's Innovation Challenge grants, when it comes to high-tech business in the state, Tucson is where it's at, and a notable driver behind that dominance is the McGuire Center for Entrepreneurship at the University of Arizona (UA).
The Arizona Commerce Authority (ACA) made awards to only eight of the 100+ companies that applied, six of which are based in Tucson. Of these, half have links to the McGuire Center, and together, those four earned more than 45 percent of the total $1.5 million in awarded grants.
Venture Inception & Expertise Tied to UA's McGuire Center
Three of the winning companies were launched by alumni of the McGuire Entrepreneurship Program:
MSDx develops blood tests for diseases. The company will soon market its patent-pending multiple sclerosis blood test kits to research and clinical laboratories worldwide. Award amount: $226,495
TruckItNow earned a grant for its Post.Bid.Ship. product, an online auction system for brokering deals between companies with goods they need shipped and transportation companies that can haul them. Award amount: $139,000
HJ3 Composite Technologies develops fiber-composite strengthening products for fortifying and protecting structures against earthquakes, blasts, and environmental damage. Award amount: $140,506
A fourth company — Surgical Tools — has links the McGuire Center through Emre Toker, one of the Center's mentors in residence and a founder of three biomedical companies. Surgical Tools is Toker's fourth venture, founded to develop products that improve surgical outcomes for breast cancer patients. Award amount: $173,735
Grants Target Near-Term Technology Commercialization
The Arizona Innovation Challenge was established in 2010 to help small businesses working in fields strategically important to Arizona's economic development plans, including sustainability, science and technology, defense and advanced manufacturing.
2011 marks the first year of grant awards, which range from $100,00 to $250,000 and are intended to help ventures move forward at a time when seed capital may be running out but market opportunities are close at hand. In fact, the awards are contingent on a company being able to bring a product to market by Sept. 30 of this year.
"The Arizona Commerce Authority is focused on facilitating investment in Arizona's entrepreneurs and small technology ventures," said Don Cardon, president and CEO of the ACA. "Funds from our Arizona Innovation Challenge bridge the gap between research and development and the commercial launch of new technologies, allowing these companies to speed to market some very promising new technology."
In addition to grants for six Tucson-based companies, the ACA awarded grants to Gilbert-based Colnatec, which develops sensors for measuring and controlling thin films, and Flagstaff-based Sedona Energy Labs, which develops alternative energy solutions.
About the McGuire Center for Entrepreneurship
Established in 1984, the McGuire Center for Entrepreneurship was one of the first university-based centers for entrepreneurship in the country, committed to advancing entrepreneurial goals of all university populations and improving broad understanding of role of entrepreneurship in business, academics and economic development. The Center is home to the McGuire Entrepreneurship Program, which delivers entrepreneurship education by challenging students to develop comprehensive business plans around a venture idea. The program is ranked the #2 public undergraduate and #1 public graduate program in the nation by Entrepreneur magazine and The Princeton Review.
About the Eller College of Management
The Eller College of Management at the University of Arizona is internationally recognized for pioneering research, innovative curriculum, distinguished faculty, excellence in entrepreneurship, and social responsibility. U.S. News & World Report ranks the Eller undergraduate program #13 among public business schools and four of its programs are among the top 25 — Entrepreneurship, MIS, Management and Accounting. U.S. News & World Report ranks the Eller MBA full-time program #55 in the U.S., and the Evening MBA program at #31. The College leads the nation's business schools in generating grant funds for research. In addition to a full-time MBA program, the Eller College offers an evening MBA program, an accelerated MBA program, and the Eller Executive MBA. The Eller College of Management supports more than 5,000 undergraduate and 600 graduate students on the UA campus in beautiful Tucson, Arizona
