Two U of M startups with ties to CSE named among nation’s “Best University Startups”
University launches record 17 startups in FY16
MINNEAPOLIS/ST. PAUL (08/30/16) — Two University of Minnesota startups with ties to the College of Science and Engineering (CSE) have been named among the nation’s “Best University Startups 2016” by the National Council of Entrepreneurial Tech Transfer (NCET2), an association of university startup officers.
Innotronics LLC and Minnepura Technologies Inc., two companies launched by the University of Minnesota’s Venture Center, were among the 35 Best University Startups selected from 200 submissions from universities across the nation. Both companies include CSE faculty.
The startups were selected by representatives from leading industry companies based on criteria including the technology’s potential, the experience of the business team and the invention or service’s commercial feasibility. The 35 startups represent early-stage companies with high potential to create jobs, advance technology and meet societal challenges in health, the environment and other fields.
“We are proud to see Innotronics and Minnepura acknowledged as high-potential startup companies that are bringing innovations from the lab to the marketplace,” said Russ Straate, associate director of the U’s Venture Center. “The recognition of these companies in NCET2’s program is a testament to the cutting-edge work of our researchers, the business expertise of our entrepreneurial partners and the strength of our startup enterprise.”
Innotronics LLC, based in Stillwater, Minn., develops non-contacting position sensors for use in construction and agriculture vehicles, as well as in industrial material handling systems. Sensors can play an important role guiding hydraulic and pneumatic actuators, pumps and other moving parts on these machines, but many existing sensors require significant effort to install. Innotronics’ magnetic sensors are non-contacting, non-intrusive and can be easily installed at a significantly lower cost.
Innotronics is based on scientific discoveries by Rajesh Rajamani, Ph.D., professor of mechanical engineering with the College of Science and Engineering, who is also chief scientific officer with the company.
Minnepura Technologies Inc., based in St. Paul, Minn., has commercialized a low-cost, bacteria-based biotechnology that naturally breaks down dangerous chemicals in water from sources such as industrial waste and agricultural runoff. The company identifies the type of bacteria best suited for removing specific industrial and municipal water purification needs, and then designs silica beads with the right type of bacteria inside to break down those contaminants into harmless, environmentally friendly byproducts.
Minnepura is based on scientific discoveries by two researchers with the College of Science and Engineering and BioTechnology Institute who are also technical advisers with the company: Alptekin Aksan, Ph.D., associate professor of mechanical engineering, and Larry Wackett, Ph.D., Distinguished McKnight University Professor of biochemistry, molecular biology and biophysics.
Record year for startups
The University of Minnesota also announced that it launched a record 17 startup companies over the past year based on discoveries and inventions by its researchers.
The 17 startups include 14 startups in Minnesota. Five of those companies have ties to the University’s College of Science and Engineering.
The FY16 record follows a milestone accomplishment in June 2016, when the University’s Venture Center announced it had launched its 100th startup since its founding 10 years ago, with 82 percent of those companies still active. In the last five years, College of Science and Engineering researchers have launched 20 companies.
University officials credited the University’s record startups to collaborative research spaces and cutting-edge lab equipment that cultivates an environment that encourages new discoveries and the development of new technology. Dedicated resources that support entrepreneurship and business development provide a pathway for these discoveries to then reach the market.