The Business Accelerator Network for Southeast Michigan, a collaborative that includes , , the , and , has announced the launch of a $1 million business plan competition designed to attract and retain new businesses to the region.
Launched with a $750,000 grant from the , the will make in-kind commitments of services, staffing, and software and award cash prizes to local and global entrepreneurs willing to establish new businesses in the state. The competition will target early-stage businesses with proven technology and the potential to generate an immediate impact on Michigan's economy as well as students with longer-term business concepts.
Entrepreneurs can submit entries in up to nine categories, including advanced materials, advanced transportation, alternative energy, homeland security and defense, information technology, life science, medical devices, next-generation manufacturing, and products and services. The winners will be announced in the fall.
"The Accelerate Michigan Innovation Competition highlights Michigan as the destination for innovation," said New Economy Initiative executive director David Egner. "As the first of many projects of the Business Accelerator Network for Southeast Michigan, the competition will help to accelerate the transition of our region to an innovation-based economy."