IIT-Knapp Entrepreneurship Center

IIT’s MagDrive Takes Second at USF International Business Plan Competition

Igor Stamenkovic, PhD candidate at IIT’s Grainger Foundation Labs, bested 90 applicants from as far away as Sweden and Hong Kong to lead Chicago based start up company, MagDrive LLC, into a second-place overall finish at the University of San Francisco International Business Plan Competition on March 6, 2009. In addition to their second-place finish, MagDrive won first place in the CleanTech track. They were awarded a $2,000 prize, and MagDrive is now in several follow-up conversations with Bay Area venture capitalists.

MagDrive LLC is developing novel intelligent electrical generator and motor technologies to craft sustainable products. Key design applications will be emerging clean industries such as renewable energy and electrical propulsion for hybrid and plug-in hybrid vehicles. The first products to incorporate MagDrive technology are small wind turbines. These wind-powered electrical systems are scaled down for use at homes, farms, and small businesses, and they generally have a capacity below 100 kW.

According to the American Wind Energy Association, MagDrive LLC will have a $1 billion revenue opportunity in 2013. Using their patented and published technology, MagDrive LLC’s components can make existing small wind turbine systems easier and cheaper to manufacture while increasing reliability and boosting energy efficiency by 50 to 70%.