The Accelerate Michigan Innovation Competition has been organized to promote entrepreneurship and the development of early stage companies by encouraging submission of plans of original business concepts that will lead to the development of new growth businesses.
The Accelerate Michigan Innovation Competition is open to any early stage business — from anywhere in the world.
What we’re looking for are companies that have a strong technology or concept and serious growth potential.
If you think that $500,000 would give your company the boost to move it to the next level – please apply to compete.
Please contact us at firstname.lastname@example.org if you have any questions.
We’re looking for the applicants to have some of the attributes below. Please note that these are not rigid criteria, they’re a loose set of guidelines.
- Innovative and proven (past proof of concept)
- At a commercial stage
Companies will select to compete in one of 8 sectors:
- Advanced Materials
- Advanced Transportation
- Alternative Energy
- Information Technology
- Life Science
- Medical Devices
- Next Generation Manufacturing
- Products and Services
- Potential to achieve $10+ million in annual revenue in the next five years
- Have raised no more than $2 million in private investment (this includes angel and venture rounds – This does not include private or public grants such as SBIR or STTR)
- Have current annual revenue of no more than $5 million
Please note: US Companies need to supply their EIN. While there are many great lifestyle businesses (for example: boutiques, cafes, consulting firms), Accelerate Michigan is targeted at innovation-based, technology-led companies. If you have questions about eligibility, please send them to email@example.com. With the exception of the “People’s Choice”, prize winners must have the winning business registered and located in the state of Michigan. For winners not currently located in the state of Michigan to receive the award you must relocate your business to Michigan.
- 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.
- Each business plan must be submitted in an individual sector track.
- All applications must be the original work of those making the submission.
- All semi-finalists (with the exception of the “People’s Choice”) must agree that, should they be chosen as a finalist or winner, they will use prize winnings to establish or continue business operations in Michigan. For winners not currently located in the state of Michigan to receive the award you must relocate your business to Michigan.
- Existing businesses may propose a new business that would have operations in Michigan.
- Partially completed applications will not be accepted. Online applications for the company competition are due by midnight Eastern Time on August 14, 2013.
- 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 shall be held harmless in the event of any legal action.
- Accelerate Michigan takes no responsibility for agreements between competition participants and third parties.
- 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 see the Confidentiality & IP section.
- Entry materials become the property of Accelerate Michigan.
- Participants who engage in immoral activities, including lying and cheating, or any activity that may adversely affect the image of Accelerate Michigan or other participants, become ineligible for the Competition.
- All work and submissions of Entrants must be original to the Entrant/team.
- All participants must comply with the rules. Any violation of the rules will disqualify an Entrant’s team from the competition, and result in forfeiture of any awards awarded to the team.
- The $500,000 Grand Prize consists of $250,000 as a cash award and $250,000 as a convertible note.