June 17, 2014 Category: Business & Corporate Law
Technological advancements are usually aimed at improving various aspects of society. However, a new company looking to bring its technology to the marketplace will have to have solid business planning backed up by startup capital. This is what two startup technology companies are doing with their recently obtained grant funding.
One of the new companies is a technology firm looking to improve emissions and fuel efficiency. The company, Nostrum Energy LLC, had recently received $50,000 in grant money from the Michigan Small Business Development Center through a special startup business accelerator program. The program is being run through a local university.
The other new startup company is a biotechnology firm, which is looking to market a natural supplement product designed to treat diabetes as well as pre-diabetes. This company received $36,635 from the same business accelerator program run by the Michigan Small Business Development Center. The company, Omni One LLC, is now working toward releasing its new product, DiabetainC, into the market. The firm hopes to make a profit as well as benefit the health of their customers.
These two Michigan companies will now have startup funds to continue with their business planning objectives. This will include a strong marketing plan as well as operations plan. However, it is important that the two startup companies plan to operate within the confines of the law. Knowledge of the rules and regulations of a company’s particular industry is necessary in order to avoid potential lawsuits as well as fines form regulatory agencies.
Source: Southeast Michigan Startup, “Macomb-OU Incubator steers next-level dollars to two start-ups“, Kim North Shine, June 13, 2014