DETROIT — The seventh annual Accelerate Michigan Innovation Competition will be held Thursday, Nov. 3 from 8 a.m. to 9 p.m. at Cobo Center in Detroit.
As one of the largest business plan competitions in the nation, this premier event showcases the best and brightest startups in Michigan and highlights the state as a powerhouse for business opportunity and next generation technology.
A number of modifications have been made this year to enhance the program, including condensing the event into a single day, centralizing the pitches at Cobo, and ensuring recognition of companies through networking opportunities with investors and corporate partners
More than 200 companies spanning nine high-growth sectors applied to compete in the competition this year. On Nov. 3, 36 of these companies will pitch as semi-finalists and will have the opportunity to compete for a piece of the $1 million in cash and in-kind prizes while gaining exposure to regional and national venture capital investors through the Michigan Venture Capital Association.
The Grand Prize is $500,000. There’s a first runner up prize of $100,000, a second runner up prize of $50,000, and “highlight prizes” of $25,000 in several categories, including people’s choice, university technologies, and more.
Since the competition’s founding in 2010, participating companies have generated more than 1,000 jobs in Michigan and have raised more than $550 million in capital. Previous winners include: Banza (Detroit), SkySpecs (Ann Arbor), Varsity News Network (Grand Rapids), Algal Scientific (Plymouth), Celsee Diagnostics (Plymouth) & Armune BioScience (Kalamazoo).
Also, the Michigan Venture Capital Association will hold its annual awards dinner in Detroit the night before, on Wednesday, Nov. 2.
For more information, visit http://acceleratemichigan.org/.
Invest Detroit is a 501(c)(3) organization and certified Community Development Financial Institution managing a variety of targeted loan programs to promote economic development, primarily in Detroit and the region. Its activities support business growth and expansion, and commercial real estate development. Invest Detroit collaborates with the public, private, and philanthropic sectors to create jobs, density, sustainability and opportunity for underserved communities and markets.