36 Semi-finalists to Compete for $1 Million in Cash and Prizes
DETROIT – October 7, 2016 – The Accelerate Michigan Innovation Competition, one of largest business competitions in the country, is pleased to announce its semifinalists for its seventh annual program.
“Accelerate Michigan prides itself on having developed a network of flourishing high-growth businesses, venture investors, corporate partners & highly-skilled talent”, said Pamela Lewis, Director of the New Economy Initiative. “It is with great honor that we announce our 2016 Accelerate Michigan Class that will join a strong community of regional entrepreneurs.”
Nearly 200 companies spanning nine high-growth sectors applied to compete in the 2016 program. The applicant pool was representative of major communities in Michigan, including Detroit, Metro Detroit, Ann Arbor, Grand Rapids, Battle Creek, Traverse City, Kalamazoo, Houghton, and other areas. Applications were also received from companies headquartered in locations outside of the state, including Chicago, New York, Washington DC, Cincinnati, Windsor, Pittsburgh, and others.
The Semi-Finalist companies set the advancement bar exceptionally high as they all scored in the upper-quartile of total points. The advancing companies maintained an average fundraise of $580,000 demonstrating investor confidence, and more than 60% of Semi-Finalists completed a formal accelerator program, including programs at Ann Arbor SPARK, Conquer, Techstars Mobility, Seamless, TechTown, Desai, 500 Startups, and others.
“Accelerate Michigan is an event that brings together the best and brightest of our tech companies and venture capital investors in Michigan each year,” said Fredrick Molnar, Vice President of Entrepreneurship and Innovation at the Michigan Economic Development Corporation. “All of the competition participants are to be congratulated for demonstrating true innovation and the spirit of entrepreneurship.”
After an intense review process by the screening committee comprised of Michigan investors and entrepreneurs, 36 semifinalists have been selected to compete for up to $1 million in cash and in-kind prizes. Applications were to be submitted under one the following 9 sectors:
About Accelerate Michigan and Partners
The Accelerate Michigan Innovation Competition is one of the largest business competitions in the country celebrating its seventh year highlighting the best and brightest early-stage business to regional investors. The competition continues to showcase the state as a powerhouse for business opportunity and the next generation of technology. Participating companies have raised more than $550 million in funding and have created more than 1,000 jobs in Michigan. Since 2014, the program has been led by Invest Detroit as its presenting partner.
Made possible by grants from the New Economy Initiative and the Michigan Economic Development Corporation’s 21st Century Jobs Fund as well as a significant amount of corporate and community support, Accelerate Michigan has had a significant positive impact on the state’s economy, bolstering and advancing Michigan’s entrepreneurial ecosystem. For competition & registration information for the November 3rd event, please visit www.acceleratemichigan.org.
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2016 Accelerate Michigan Innovation Competition Semifinalists