The Michigan Microloan Fund Program has proved essential for iQ-Telematics.
The 1-year-old company recently received $15,000 from the Ann Arbor SPARK-run program. It used the seed capital for a number of items, but most importantly, for obtaining foreign and domestic patents.
“If we didn’t gather money we would have lost the European or American patents,” says Mouhamad Naboulsi, president of iQ-Telematics. “We couldn’t have done both at the same time.”
The West Bloomfield-based firm, staffed by nine co-founders, is developing software for automobiles that can require safer driving practices, like disabling music and other extra activities if the driver isn’t keeping two hands on the steering wheel. The idea is to make the experience safer for motorists, such as young drivers and people who haul hazardous waste.
The microloan and assistance from Ann Arbor SPARK is also helping cover exhibit costs at trade shows and a market study of its product. “That should be done by the end of October,” Naboulsi says.
Source: Mouhamad Naboulsi, president of iQ-Telematics
Writer: Jon Zemke