Madeline Eiken, Intero’s co-founder Charlie Childs, Ph.D., and Ross MBA student Don Sobell will compete at the Rice University Business Plan Competition from April 10-12 in Houston.
U-M BME Ph.D. student Madeline Eiken is launching her entrepreneurial startup, Intero Biosystems, with a goal of streamlining drug development. Eiken, Intero’s co-founder Charlie Childs, Ph.D., and Ross MBA student Don Sobell will compete at the Rice University Business Plan Competition from April 10-12 in Houston. This event, which is billed as the “world’s largest and richest intercollegiate student startup competition,” serves as a launching pad for student ventures, connecting them with top-tier venture capitalists. Eiken, Childs, and Sobell placed first among the top ten teams during the weekend of March 28-30 at Baylor’s New Venture Competition in Waco, Texas, and received first place at the Heartland Challenge, in addition to the Investor Roundtable and Most Investable Company awards.
Eiken’s entrepreneurial venture wasn’t something she initially planned. “I always knew I wanted to be in industry rather than academia,” she said. “But starting a company during my Ph.D. was more of a ‘right-place, right-time situation’.” This serendipitous journey evolved when Intero co-founder Childs introduced a novel intestinal organoid model that complemented Eiken’s engineering background and experiential foundation from a previous startup. Leveraging the breadth of expertise at U-M, Eiken and Childs are working in tandem with Dr. (Jason) Spence. Dr. Spence is the H. Marvin Pollard Professor of Gastrointestinal Sciences, and Professor of Internal Medicine, Cell and Developmental Biology, and Biomedical Engineering. His lab focuses on stem cell biology, regenerative medicine and disease modeling, ultimately generating tissue for replacement therapies and discovering novel in vitro methods to model and study human development and disease.
Dr. Spence explained that Intero Biosystems has the potential to be a game-changer in the biomedical engineering field because it “uses stem cells to create life-like miniature intestines that possess almost all the cell types found in the human intestine,” he said. “The complexity of these mini-intestines is unparalleled, and uniquely positions us to understand how new drugs influence gut physiology and disease, are absorbed or cause toxic side effects.” This breakthrough technology holds the potential to transform assessments of human GI side effects, commonly observed in various medications, including chemotherapy agents and everyday, over-the-counter drugs such as aspirin.
Central to Eiken’s rise in entrepreneurship is U-M’s supportive ecosystem and culture. U-M has a long history of translating ground breaking research into products that improve people’s lives. This does not happen on its own. U-M has many courses, organizations, and programs that support innovators of every discipline, background, and stage in their journey. The university is home to one of the top technology transfer offices in the nation (Innovation Partnerships), and top-ranked entrepreneurship centers in both the College of Engineering (Center for Entrepreneurship) and in the Ross School Business (Zell Lurie Institute). There are funding and education programs such as the National Science Foundation’s Innovation-Corps program, the State of Michigan’s MTRAC program, the Biomedical Engineering Department’s Coulter Translational Research Awards, and Fast Forward Medical Innovation for the Medical School. Michigan’s collaborative culture sees each of these organizations working together to support teams moving ideas from the lab to impacting society.
In Eiken’s case, the Zell Lurie Institute (ZLI) and the Center for Entrepreneurship (CFE) played key roles in connecting her with resources required to launch her biotech startup. “I am constantly inspired by the companies spun out by Michigan Ph.D.s,” she noted, attributing much of her business savvy to her work with these robust institutional resources.
Anne Perigo, Associate Director, Student Programs at the Zell Lurie Institute, expresses confidence in Eiken’s venture, noting, “Intero Biosystems presents an exciting opportunity to change the landscape of biotechnology. I have very high hopes and belief in Madeline, Charlie and Don and their potential to do quite well at Rice.” Perigo manages the Michigan Business Challenge (MBC), the Michigan Investment Challenge, and the Pinkert Healthcare Accelerator along with faculty director, Dr. Mike Johnson, an M.D. and MBA.
The Center for Entrepreneurship in the College of Engineering also played a central role in Intero’s development. Eiken’s co-founder, Childs, took a CFE course on “Leading Entrepreneurial Teams.” Subsequently, Intero Biosystems was awarded $25K from the CFE’s “Fuel” program in September 2024 to demonstrate their technology on commercial stem cell lines to help secure a pilot with a large pharmaceutical company. In March 2025, they were the winner of MPowered’s M-Tank competition. MPowered is the largest U-M student organization focused on entrepreneurship and is advised by CFE.
From University Project to Start-Up Company
Now that the foundation of the venture is established, Intero Biosystems is looking to take the next step of becoming an independent startup outside the university. This brings in another set of players in the U-M ecosystem, the investment funds. U-M is fortunate to have a number of student lead investment funds including the Wolverine Venture Fund, the Zell Lurie Commercialization Fund, and the Social Venture Fund. In addition, the university has two professionally managed seed stage funds, Accelerate Blue, managed by Innovation Partnerships and the Michigan Biomedical Venture Fund that is a joint venture between the College of Engineering and Michigan Medicine. Lastly, the University made a commitment to investing in its own people and inventions through a carve out in its endowment, the Michigan Investment in New Technology Startups (MINTS). So Intero has many opportunities to continue to leverage U-M as it grows and seeks its first investments.
In starting down this path, Eiken views the business plan competitions as avenues for gaining exposure and forging valuable industry connections. “Rice, in particular, is highly regarded for its exposure to venture capital firms. The $150,000 top prize is attractive, but the bonds we create will be invaluable,” she said.
“I think what’s been most helpful for us is talking to other students who’ve done it,” she said. “There are some really amazing companies that have spun out of Michigan, run by Michigan Ph.D.s. That’s been inspiring for us, in that you can run a successful startup immediately out of grad school. They have given us practical, helpful advice.” Eiken’s advice to aspiring entrepreneurs at Michigan is practical and insightful: Engage deeply, use available resources, and connect with alumni who have navigated similar paths. Eiken is optimistic as the team prepares for the challenges. “I hope to run Intero full time after graduation,” she noted. “The experience of learning business strategies alongside scientific research is akin to the expansion of knowledge that my Ph.D. represents—it’s been incredibly exciting.”
As Eiken, Childs, and Sobell prepare to step onto the national stage, they reinforce U-M’s commitment to fostering groundbreaking ventures and supporting student success. “From a practical perspective, it is important to know that the University of Michigan is very supportive of entrepreneurs, and there are a lot of opportunities for Ph.D. students to build a strong entrepreneurial foundation by leveraging institutional resources.” said Dr. Spence. “It is also important to build a network of people with the right experience, who can provide guidance and mentorship.”
Dr. Spence added that it has been “very exciting” to witness the birth and growth of Intero Biosystems from a research idea into a full-fledged company. “To see this idea blossom into a solid concept, and to start the company, was a new experience and an exciting adventure for all of us,” he said. “There has been a huge learning curve to understand the business-side of science, and every day brings new challenges and new opportunities to grow and learn professionally. It is fast paced, high pressure, scary at times, and has been a lot of fun! As a scientific mentor, I have been so proud and impressed – but not surprised – by Madeline and Charlie’s passion, drive, and tireless dedication to making Intero Biosystems a success.”