Biz accelerators, NEI team up for Accelerate Mich Innovation Comp

Thursday, August 26, 2010 | Source: Metromode

They're calling it the biggest business plan competition in the world.

They are the Business Accelerator Network for Southeast Michigan - Automation Alley, Macomb-OU INCubator, TechTown and Ann Arbor SPARK.

It is the Accelerate Michigan Innovation Competition.

What's at stake is $1 million in cash and services for local start-ups.

"This is going to be a great opportunity for southeast Michigan companies to make a pitch for some big rewards," says Dave Spencer, executive director of the Macomb-OU INCubator.

The competition take place around the Big Chill hockey game between the University of Michigan and Michigan State University at Michigan Stadium on Dec. 11. Organizers plans to use that game as a draw for out-of-state alumni with significant business acumen and deep pockets into the local entrepreneurial ecosystem. The plan is to introduce local entrepreneurs and start-ups to these venture capitalists, angel investors and executive talent; highlight the local start-up scene and put a spotlight on entrepreneurial resources in the area, such as Automation Alley.

"This is a partnership designed to do things more effectively together than we could individually," says Ken Rogers, executive director of Automation Alley, describing the regional aspect of both the Business Accelerator Network for Southeast Michigan and the competition. "We feel this is a great example of that."

The New Economy Initiative gave $750,000 to Ann Arbor SPARK to take the lead on the competition. It is open to start-ups and entrepreneurs from both inside and outside of the state that are willing to set up shop in Michigan. Those companies should be early-stage businesses and student concepts with long-term viability in the advanced materials, advanced transportation, alternative energy, homeland security and defense, information technology, life science, medical devices, next generation manufacturing and products and services sectors. Students attending any Michigan university or college can submit their business concepts in a separate category.

"We have to strike the match to light the fire," Rogers says. "This is a great way to inbed the entrepreneurial spirit in our students."

For more information about the Accelerate Michigan Innovation competition, click here.

Source: Dave Spencer, executive director of the Macomb-OU INCubator and Ken Rogers, executive director of Automation Alley
Writer: Jon Zemke