Do you have an absolute killer idea rattling around in your head that could revolutionize people, products or processes in the Great Lakes State? Perhaps you could be the next entrepreneurial firm like the Lawn Guru of Ann Arbor who crafted an on-demand marketplace for lawn mowing and snow removal services in the 2015 version of the Accelerate Michigan Innovation Competition. Since winning $25,000 last year for best new product & service, they have closed a $1-million seed funding round, moved headquarters to a new office in downtown Ann Arbor and is hiring new positions including sales, customer service and marketing.
The application process is now underway for the 7th Annual Accelerate Michigan Innovation Competition slated for November 3, 2016 at the Cobo Convention Center in Detroit. It is one of the largest business plan competitions in the nation with up to $1-million in prizes at stake.
The Accelerate Michigan event is a premier showcase of the best and brightest startups in Michigan and highlights the state as a powerhouse for business opportunity and next generation technology.
The Accelerate Michigan application portal is open until Friday, September 2nd when it will close. Companies can apply for the opportunity to pitch their high-growth business while networking with influential angel and venture investors.
Each year, the competition receives more than 200 company applications from across the state spanning a number of high-growth sectors. At the November 3rd event, 36 company semi-finalists and 27 student ventures will compete for up to $1-million in prizes and exposure to regional and national venture capital investors.
Prizes for the 2016 competition include:
- Grand Prize — $500,000
- Runner-Up Prize — $100,000
- Second Runner-Up Prize — $50,000
- $25,000 Highlight Prizes (such as Accelerator, University Tech, People's Choice and more)
Since its inception, participating companies in the competition have generated more than 1,000 jobs in Michigan and have raise over $550-million in capital. Representing many of the regions in Michigan, previous winners include:
- Banza of Detroit
- SkySpecs of Ann Arbor
- Varsity News Network of Grand Rapids
- Algal Scientific of Plymouth
- Celsee Diagnostics of Plymouth
- Armune BioScience of Kalamazoo
Those are companies that have gone on to raise significant capital from local and national investors.
In addition to the example of the Lawn Guru, another 2015 sector winner, FlexDex Inc. of Brighton, a surgical tools maker, recently announced it closed on a funding round of $5-million as the company gets ready to commercially launch its first product.
Accelerate Michigan receives generous support from partners that include the New Economy Initiative, Michigan Economic Development Corporation, Ann Arbor SPARK, Invest Michigan, Spartan Innovations, Michigan Small Business Development Center, JR Turnbull and others. The presenting partner for the 2016 event is Invest Detroit.
You can access the application portal by clicking the link below:
For additional details on Company Eligibility and the Application Process, visit this link:
