Priya Gogoi

Over the past few decades, the Michigan Life Sciences startup industry has produced numerous innovators who have solved complex scientific problems and unmet medical needs. Whether it be billion-dollar blockbuster drugs or medical device technology now indispensable to hospitals, Michigan startups have built an impressive legacy. Even during the pandemic, life science innovators worked tirelessly to offer solutions to the healthcare sector, from vaccines and COVID testing assays to providing essential protective equipment and services when the patient burden was at its peak. They have continued to contribute to date. However, as the pandemic has subsided, the economy, on the other hand, has not fully recovered. As a result, the startup industry is facing an unprecedented cash crisis. Not all funding sources have disappeared; however, the macroeconomic circumstances have shrunk the available pool, which requires us to adapt to the ever-changing landscape. If the pandemic has taught us anything, it is the lesson that the life science industry must be supported and encouraged to solve the unmet medical needs of not just the current generation but also to build a healthy future. To boost these efforts, veteran life science entrepreneurs from this region formed the Michigan Life Science Entrepreneurs Association (MLSEA) to support life science startups during these challenging times. In one of our first efforts, through this Business Plan competition, we aim to connect entrepreneurs to relevant investors, stimulate their finances through the non-dilutive cash awards, and provide valuable feedback on their business plans by experienced Life Science industry leaders. We aspire to be an organization that guides and supports life science entrepreneurs in navigating the complexities of creating a successful startup. Click here to learn more about the competition, eligibility and to access the application!

According to Pitchbook, the University of Michigan ranks #7 globally for the number of alumni entrepreneurs who have founded venture capital backed companies. These four Umich alumni founders and investors share insights into their journeys and how the importance of their networks helped them build, scale and even exit their startups.