MagWerks LED, LLC, an Oxford-based LED lighting design and engineering firm, has been accepted into Automation Alley’s new entrepreneurship program, the 7Cs™. As a client company, MagWerks LED will receive assistance and guidance from Automation Alley’s entrepreneurship team to help accelerate the growth of the company.
Automation Alley, Michigan’s largest technology business association, launched the 7Cs™ program in December with a specific emphasis on helping advanced manufacturing startups across Southeast Michigan. The program includes intense coaching and a commitment from Automation Alley to invest resources and capital.
MagWerks LED’s technology is specifically tailored to address weight, size and thermal management issues, which afflict all high-powered LED illumination devices. As LEDs steadily increase in power, they require robust cooling systems in order to keep them from overheating, deteriorating and failing prematurely, which has led to significant increases in lamp weight and size. This is a major problem for the automotive industry, in particular, which is driven to reduce vehicle mass in order to comply with fuel economy and emissions regulations.
Taking advantage of the structural properties of magnesium, which is 20 times stronger than plastics, MagWerks LED’s technology allows for significant, additional weight and cost reduction opportunities for OEMs.
“MagWerks can reduce LED vehicle lighting weight by over 50 percent. That’s a huge deal for an automotive OEM worried about achieving CAFE standards,” said Tom Kelly, Automation Alley’s director of entrepreneurship. “We are excited to have them on board as our newest 7Cs™ clients and look forward to helping them achieve success.”
“We find the Automation Alley 7Cs™ program a truly comprehensive, well-structured approach to reach our commercial as well as business objectives and thus very much look forward to becoming an active participant in the program,” said Michael Pickholz, CEO of MagWerks LED.
The Automation Alley 7Cs™ program includes additional features to help client companies gain traction and first customers. The 7Cs™ First Look is a collection of two-minute sales videos that promote each 7Cs™ client company and showcase their products and services. The videos give potential customers a “first look” at the innovative products and services offered by the technology startups.
Through the 7Cs™ First Match, Automation Alley has partnered with more than 20 local chief innovation officers at major automotive and manufacturing suppliers to present technologies developed by 7Cs™ participants, giving the suppliers access to innovations that could take their businesses to the next level and giving entrepreneurs exposure and access to potential business opportunities.
Automation Alley has partnered with a number of respected vendors throughout Southeast Michigan to offer specific training opportunities and resources to clients in the 7Cs™ program, including Sandler Sales Training, icube™, Brooks Kushman, Doeren Mayhew and P3.
The program includes a $25,000 directed investment from Automation Alley in each company accepted into the program. The $25,000 is used to cover the costs of the program. Companies accepted into the program are required to repay the $25,000 at the end of two years, thus making the funding available for investment in additional companies.
There is also an opportunity for each of the accepted companies to receive up to an additional $100,000 in investment from the Automation Alley Pre-Seed Fund after they complete the program. Companies complete the program at their own pace but are expected to accelerate to commercialization within 12-24 months.
The Automation Alley 7Cs™ program is funded by the Michigan Economic Development Corporation.
For more information on the Automation Alley 7Cs program, or to apply, contact Automation Alley at 800-427-5100 or email@example.com.
Source: Automation Alley