Accelerate Michigan Innovation Competition
From University Innovation
The Accelerate Michigan Innovation Competition (AMIC) is a business pitching competition open to any early stage business. While originally being a collaborative effort between various Michigan business accelerators, AMIC recently combined with the University of Michigan Centre of Entrepreneurship in order to tackle student led ventures. The competition requires the submission of a business plan and a presentation in front of a set of judges. There are various monetary awards, from $10,000 to $30,000 for students, as well as a company competition with rewards up to $500,000. The rules for the business competition require that yourelocate your business to Michigan.
The Accelerate Michigan Innovation Competition was created by the Business Accelerator Network for Southeast Michigan to foster Michigan’s fledgling entrepreneurial ecosystem. It is supported through a combination of various business incubators, including - Ann Arbor SPARK, Automation Alley, and Macomb-OU INCubator.
To quote the website:
Targeting entrepreneurs with mid-to-late seed-entrepreneurial businesses — the competition has an immediate and positive impact on Michigan’s economy.
Distinct Differences From Other Offerings
Other business plan competitions deal with early-seed entrepreneurial businesses - ACMI is designed for mid to late companies. ACMI supports both their company competition, as well as a student competition, although the latter has been combined with the Michigan Collegiate Innovation Prize (MCIP). The MCIP is limited to students from any Michigan university.The competition is adjudicated directly by venture capatlists. According to the website, sixty venture capatlists from 50 firms judged the 2012 competition.
The MCIP is a six month program that guides students from brainstorming an idea to making it a reality. This is faciliated in a manner like UIF, through WebX conferences, but is exclusive to Michiganites.
The company competiton is seperated into 8 categories:
- Advanced Materials
- Advanced Transportation
- Alternative Energy
- Information Technology
- Life Science
- Medical Devices
- Next Generation Manufacturing
- Products and Services
Note: The company does not have to fit perfectly under any of these umbrellas, these are simply guidelines for companies to follow.
Companies select one of these categories to enter into. The competition is split up into 4 sections:
- Submission of Abstract + Executive Summary
- Submission of Business Plan
- Power Point with 10 minute presentation
- 5 minute elevator pitch with a maximum of 6 slides
Impact Achieved For Students and Campus
- ACMI raised $40,000 dollars in the 2013 student competition, giving three small student-led ventures the financial stability to move forward.
- Through the collaboration with the Michigan Collegiate Innovation Prize, ACMI supported the education of several student teams, as well as offered more than $100,000 in award money for student ventures.
- The company competition gave over $1,000,000 dollars to Michigan start-ups.
Steps Required To Bring Resource to Campus
In order to compete in ACMI, you must be either a student from a Michigan university, or a business owner who is willing to move your business upon winning to Michigan.