ANN ARBOR ? A University of Michigan student startup, Fetchnotes, is part of the 1 percent of new ventures that have made it into TechStars, where it can get up to $100,000 in venture funding.
Fetchnotes uses a cloud-based note-jotting and organizing system. It has more than 19,000 users. The week, the company moves to Boston for a three-month run. Fetchnotes receives $18,000 in financing and access to more than 100 mentors.
The system lets users call, text, email, or type notes directly into their account through a phone, smartphone app, desktop widget or web browser. You categorize notes with hashtags for easy retrieval. Users can view a category directly in the app or in their web account, or they can text the category?s hashtag to a special Fetchnotes number. Users can also attach files to notes, and soon will be able to add items to other users? lists.
Fetchnotes is one of more than 100 student-founded companies that have been through UM?s TechArb since 2008. TechArb is run by the College of Engineering?s Center for Entrepreneurship and the Zell Lurie Institute for Entrepreneurial Studies and supported by the Office of the Vice President for Research.
Said Moses Lee, assistant director of student ventures at the College of Engineering Center for Entrepreneurship: ?I think this is a testament to the UM entrepreneurial ecosystem that support student entrepreneurs and encourages disruptive ideas. We have watched in amazement as the team hit its milestones and executed on all cylinders.?
TechStars began in 2007 in Boulder, Colo. and has five locations, each of which host around 10 companies per session. Of the 126 companies that have been through the program so far, 96 are active, 13 were acquired and just 17 failed. The average venture funding per company is $1.5 million, according to TechStars.
