University of Missouri Declares Intent to Invest in Startup Ventures
The University of Missouri recently declared its intention to invest up to $600,000 in startup ventures established by a pair of MU research teams.
- (1888PressRelease) March 08, 2012 - According to University System Pres. Tim Wolfe, a pair of MU research teams had been recently selected to receive almost $1M in terms of capital. The pair's choice had resulted from a rigorous review process of 16 research teams vying for a chance to receive additional investment from the Enterprise Investment Program or EIP of the university.
EIP had been launched in 2008 to use competitive awards for encouraging further growth and innovation among research teams as well as expediting the process that would take their products out of the lab and into the marketplace. EIP was also designed to ensure that resulting ventures would create new, more, and better job opportunities in Missouri as well as attract more potential investors to the area.
$600,000 of the funds had been provided by the University of Missouri itself while an additional $300,000 had been obtained from private investors as well as the state government. Recipients chosen for this year were EternoGen and HLB Horizons, LLC.
HLB Horizons is a firm that hopes to capitalize on a new process they had formulated at MU and which could create a chemical compound integral to rechargeable batteries as well as semiconductors. Meanwhile, EternoGen is a firm that seeks to introduce to the market a more durable "skin filler" for aesthetic needs.
Upon careful study, HLB Horizons was determined to receive $400,000 for additional capital from the university as a reward for achieving various milestones in the process of commercializing their efforts. The university offered $200,000 meanwhile to EternoGen, but the company would also receive another $200,000 from angel investment company Centennial Investors, which was established by the state's Chamber of Commerce as a way of offering financial aid to the economy's technological sector. Missouri Technology Corporation IDEA Funds had also granted EternoGen an additional $100,000.
Representatives of both MU research teams had extended their gratitude for the support they've received from the various factions during the press conference. HLB Horizons President, Mark Lee, who is also an assistant professor of chemistry and radiology, also expounded on his company's intent gradually grow its production in the next few years of compounds necessary to semiconductors and rechargeable batteries but in a more environmentally friendly manner.
As for EternoGen, its CEO Luis Jimenez, who is also an MBA program graduate of the University of Missouri, hopes to successfully launch its innovative skin filler, which is said to act as well as an antimicrobial and anti-inflammatory agent and as an antioxidant.
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