The CMURC was introduced to Reihl Efficient by the Small Business and Technology Development Center in mid- 2011. At that time, Mike Reihl had already developed a new technology, filed for a patent, developed a working prototype, and filed for his company, Reihl Efficient LLC. From there, the team at CMURC assessed the additional components that Mike needed to take action and bring his technology to the marketplace.
Once an initial plan was developed jointly by Reihl Efficient and CMURC, it was identified that the company needed to raise the capital needed to move forward. There are different types of funding and determining the right funding at the right time is an art. In this instance, the founders had been able to invest the initial funding needed. Once they had achieved several milestones, CMURC was able to re-purpose the business plan and submit an application to the Michigan Accelerator Fund. As a result, Reihl was awarded $34,900 to complete additional milestones including additional patent assistance, product testing, and proper certification for their product. (The Accelerator Fund provides capital to complete a milestone for a Michigan company. The funds awarded to companies are directed through the company’s identified business accelerator and directed to a specific service the company needs to accelerate its business development).
Beyond those funds, additional dollars were needed for start-up funds and operations. Given that the company had an innovative technology with the potential for high-growth, equity partners were a good option in which the company was willing to explore. CMURC held an Investor Night that provided Rehil Efficient the opportunity to pitch their idea to potential investors. In preparation for this event, CMURC developed a presentation based on the business plan that outlined the company’s position and future plans. Leveraging the experience of CMURC’s team, Reihl was well prepared yielding the successful raise of $120,000. Along with assisting in raising capital, the CMURC Team has also facilitated Reihl’s website development along with generating a plan for marketing the product. The company’s business development has catapulted, and official operations are set up in Clare, MI. CMURC assisted in building relationships so that the Reihl Efficient’s evaporator coils are now in the Admiral Gas Stations and talks have started with Taco Bell, McDonalds, and CMU to retrofit identified locations in 2013. With start-up funds available and the newly formed connections, Reihl has been able to quickly complete the steps needed to launch their product.