Accelerate Michigan Innovation Competition Offers $1 Million in Cash For Start Ups

For the fourth consecutive year, the Accelerate Michigan Innovation Competition will once again offer more than $1 million in cash and prizes to start-ups and student entrepreneurs world-wide.

The Accelerate Michigan Innovation Competition is an international contest aimed at fostering entrepreneurial growth within Michigan’s resurging technology community.

The competition, which runs in two tracks – international businesses and Michigan collegiate students – is currently accepting applications. Start-ups and early-stage entrepreneurs world-wide whose technology is past prototype are eligible for submission under one of the following categories: Advanced Materials, Advanced Transportation, Alternative Energy, Information Technology, Life Science, Medical Devices, Next Generation Manufacturing and Products and Services.

Business Competition Milestones & Key Dates

August, 7, 2013 – Company Applications Close (eligibility & rules available here)
September 11, 2013 – Semi-finalists Announced
November 12-14, 2013 – Onsite Competition Held
November 14, 2013 – Winners Announced

Student Competition Milestones & Key Dates

September 26, 2013 – Student Applications Close (eligibility & rules available here)
October 9, 2013 – Semi-finalists Announced
November 12-14, 2013 – Onsite Competition Held
November 14, 2013 – Winners Announced

With the submission deadline for post-patent business on August 7, competition is sure to heat up. While applications for student-led start-ups aren’t due until September 26, early registrations are welcomed and highly encouraged.

“Michigan has truly inspired us all during this period of recovery, but there’s still work to be done,” said Lauren Bigelow, Executive Director of the Accelerate Michigan Innovation Competition. “Rebuilding Detroit is the last piece of the puzzle – the impact this competition has had on the city alone is profound and we expect 2013’s contest to be no different. We’re eager to see what this year’s participants bring to the table.”

The winner of last year’s competition, Algal Scientific, is making impressive strides in the world of clean-technology as it looks to progress the R&D of its beta glucan product through further testing and facilities expansion.

“The Accelerate Michigan Innovation Competition has had a substantial impact on our company’s growth in just the past 6 months,” said Geoff Horst, Chief Scientific Officer at Algal Scientific. “The $500K prize has allowed us to fast-track research and product development and exceed many of our internal milestones sooner than anticipated. Since the competition, we’ve been able to grow our business to a total of nine full-time employees as well as close in on additional funding. We can’t thank the folks at Accelerate Michigan enough along with the state’s business community for the success we’ve had – we’re looking forward to continuing down this path for many years to come!”

In addition to cash and prizes, competition participants will have access to Michigan’s entrepreneurial eco system, including wet labs, incubators and top talent from some of the world’s leading research universities.

The 2013 AMIC will conclude with semi-final investor pitches beginning on November 12, at the Westin Book Cadillac in downtown Detroit. The Competition Finals and Gala Awards Celebration will be held the evening of November 14, 2013 at Detroit’s Orchestra Hall, where Accelerate Michigan and its partners will award more than $1 million in cash prizes, along with millions more of in-kind awards, to those businesses and students showing the most promise.

This year’s judges panel is expected to include experts from national and regional investors and venture capitalists. Historically, more than 70 venture firms have participated, including Battery Ventures, CID Capital, CMEA, Draper Fisher Jurvetson, GM Ventures, Harvard Angels, Phoenix Venture Partners, Taqa and Venrock.

About Accelerate Michigan Innovation Competition
The Accelerate Michigan Innovation Competition is an international business competition offering more than $1 million in cash prizes, plus thousands in in-kind awards. The Accelerate Michigan Innovation Competition is a collaborative effort of the Business Accelerator Network for Southeast Michigan, the New Economy Initiative of Southeast Michigan and Accelerate Michigan.

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SOURCE: The New Economy Initiative