Seed capital is essential to any start-up, especially to new ones being developed by college students. What might be even more important for that segment of new entrepreneurs is establishing ties with the people who control the seed capital purse strings.
The organizers behind this year's Accelerate Michigan Innovation Competition are looking at making that sort of access a prize in this year's competition. For instance, the winner of Accelerate Michigan's student competition could take home a few thousand dollars in seed capital and a date for lunch with a prominent local investor.
"It could be something for a company that is totally life changing," says Lauren Bigelow, executive director for the
Accelerate Michigan Innovation Competition.
The business plan competition is held each fall in southeast Michigan. This year's event will be held in mid-November in downtown Detroit. Ann Arbor-based start-ups led by University of Michigan students have traditionally done quite well in the competition; Kymeira Advanced Materials took home first place last year. The company, now known as
Covaron Advanced Materials, was developed by a University of Michigan chemistry student.
It also launched the company on a seed capital raise that hit $300,000 earlier this year. Accelerate Michigan would like to see that success replicated again this year with more student-led start-ups.
"The focus this year for the students is getting them more involved with the angel community," Bigelow says.
The deadline to enter the Accelerate Michigan Innovation Competition student competition is Sept 26. For information, click
here.
Source: Lauren Bigelow, executive director for the Accelerate Michigan Innovation Competition
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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