Michigan needs new businesses to keep its economy on the upswing, and that's what the Accelerate Michigan Innovation Competition is supporting.
The competition is an annual event open to entrepreneurs and college students in Michigan, with two separate competitions for businesses and students.
Applications are now open for both categories, and the incentive is high: More than $1 million is up for grabs in cash prizes, as well as services, staffing and software support to get the winning business ideas started.
"The Accelerate Michigan Innovation Competition showcases Michigan's robust entrepreneurial support network, world class academia, and commitment to helping businesses grow. The competition provides tremendous opportunities for businesses to thrive in our state," says Doug Rothwell, president and CEO of Business Leaders for Michigan. Business Leaders of Michigan is part of the alliance that formed Accelerate Michigan, along with the University Research Corridor.
To qualify for the competition, businesses must commit to locate and grow in Michigan, and be at a viable commercial stage of development. There are several areas the competition addresses; alternative energy, IT, advanced manufacturing, life sciences, medical devices and advanced transportation are some.
If they sound familiar, it may be because those are some of the industries governmental and economic leaders have been encouraging for the last decade to develop in the state to replace heavy industry and traditional manufacturing--parts of the "new economy."
In the student portion of the competition, to be eligible, all you have to be is an undergrad or grad student enrolled in a Michigan university or college for the fall 2011 semester. Business plans can be submitted by individuals or teams.
The business application deadline is Aug. 10, while the student deadline is Sept. 21. You can find out details of the application process at the Accelerate Michigan
website.
Writer: Sam Eggleston
Source: Doug Rothwell, Business Leaders for Michigan
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