DETROIT — The submission deadline is rapidly approaching for this year’s Accelerate Michigan Innovation Competition.
The international business competition will be held Nov. 3-5 in Detroit. And the deadline to submit business ideas for the competition is Wednesday, July 22.
The grand prize in the competition is $500,000, with the runner-up receiving $100,000. Eight sector winners will also receive $25,000 each.
The competition is open to any early stage business — from anywhere in the world — although winners must agree to move their businseses to Michigan.
Organizers say they’re looking for companies that have a strong technology or concept and serious growth potential. Winning companies should possess technology that is both innovative and proven — beyond proof of concept, and at a commercial stage — and demonstrate ability to get to $10 million in annual revenue within five years.
Companies must also have raised to more than $2 million thus far in private investment (not counting public grants such as SBIR or STTR) and have current annual revenue of no more than $5 million.
Companies will select to compete in one of 8 sectors:
*Advanced Materials
* Advanced Transportation
* Alternative Energy
* Information Technology
* Life Sciences
* Medical Devices
* Next Generation Manufacturing
* Products and Services
* Finance
If you have questions about eligibility, send them to info@acceleratemichigan.org.
Business plans can only be submitted once and in only one sector category.
There is no limit on the number of people on a team, but only two team members will receive complementary admission.
Existing businesses may propose a new business that would have operations in Michigan.
Applicants risk disqualification if they attempt to approach a judge, or have someone do that on their behalf, in connection with the competition. The decisions of the judges are final, including interpretation of the rules.
Accelerate Michigan takes no part in and has no liability for the domestic or international intellectual property rights of competition participants. Participants are responsible for their own intellectual property. Participants must keep confidential information confidential. For more detail visit this link.
Entry materials become the property of Accelerate Michigan.
The $500,000 Grand Prize consists of a $100,000 cash award and two convertible notes of $250,000 and $150,000.
More at www.acceleratemichigan.org.