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On June 25th, TechTown Detroit conducted a celebration event for the seven entrepreneurial teams graduating from its Spring 2014 Venture Accelerator. The Venture Accelerator is based on the Lean Startup Approach developed by Steve Blank and relies heavily on customer feedback to accurately produce a completed Business Model Canvas. The canvas then becomes the basis for the teams business model and planning going forward. The teams began the process with a customer discovery presentation on April 5th and over the subsequent 12 weeks conducted numerous customer interviews.
On Wednesday evening, six teams updated their progress to fellow members of the TechTown community. Four teams (PhoneBar, MitoStem, Adapta-Wall, and Prombis) presented 90 second summaries of their companies to the assembled audience. Additionally, two teams, TransCuro a hospital discharge software designed to reduced re-admissions, and NeuroTheranostics a blood test to quickly diagnose concussions, were given the opportunity to present for 10-minutes to a panel of judges. The panel consisted of Paula Sorrell, Vice-President of Entrepreneurship for the Michigan Economic Development Corporation, and Charlie Moret, President of Invest Michigan. The panel provided feedback to the presenters as well as directed advice on next steps.
The teams received on-going support from business mentors Marianne Fey and Bill Thomson. NEF Board member Viktor Brandtneris acted as the program's Master Facilitator, coordinating the bi-weekly classroom sessions. Additionally, NEF members Gerry Roston, Ian Charles and Stefan Sysko provided pro bono presentation coaching assistance to the teams in the weeks leading up to the celebration. Congratulations to all the teams who participated and completed the program.
