Innovation & Job News

Accelerate MI Innovation Competition attracts 570 entries, exceeds expectations

Thursday, November 04, 2010

Ann Arbor

The Accelerate Michigan Innovation Competition is firing on all cylinders now, exceeding organizers' expectation for the number of applicants and their geographic diversity.

The $1 million business plan competition brought in 570 applications from across the U.S. and from around the world. The applications were evenly split between established, growing startups and college students pitching a business concept.

About 90 percent of the applications came from Michigan-based businesses and a little more than 10 percent of the applicants came from those age 55 or older. The most popular sectors were products and services, IT, and life sciences, but the contest received business ideas from all walks of life.

"It touched on all the sectors," says Michael Finney, president and CEO of Ann Arbor SPARK, the lead organization behind the competition. "We're very pleased with that. We think it's going to be a very good competition."

The Accelerate Michigan Innovation Competition is offering $1 million in prizes to start-ups in Michigan or planning to move to Michigan. The idea is to showcase the state's entrepreneurial ecosystem to a large audience of investors in town for the Big Chill hockey game at Michigan Stadium on Dec. 11. There will also be a Student Idea Competition with $50,000 in prizes. Students must submit a one-page business plan, a three-minute video pitch, and formulate a 15-minute live pitch.

The competition is being run by the Business Accelerator Network, which is composed of southeast Michigan's major business accelerator agencies. Judges will start narrowing down the list of entrants to 45 company semifinalists and 25 student semifinalists by Tuesday. The Top 10 companies and students will be selected just before the event in December.

Source: Michael Finney, president and CEO of Ann Arbor SPARK
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

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Accelerate MI Innovation Competition attracts 570 entries, exceeds expectations

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