Innovation Wins Big in Michigan-based Competition

The winners have been announced and over $1 million have been given out to leading innovators in the Accelerate Michigan Innovation Competition.  Announced in August as the largest business plan competition in history, it called for private entrepreneurs to create innovative business plans to promote growth, specifically within the state of Michigan.

In its first year of existence, the competition received 600 entries for the coveted prizes.

Kalamazoo, Michigan-based Armune BioScience developed a technology able to detect early onset cancer, landing them the grand price of $500,000.  In the student section, in which university-level entrepreneurs were eligible to submit plans, four University of Michigan students and their company ReGenerate, won $25,000 for transforming unwanted waste into renewable energy.  Nine other private companies received $25,000 each, and student runner-ups were given $10,000-15,000 each.

Dave Egner, Executive Director of the New Economy Initiative for Southeast Michigan, which co-sponsored the competition, thanked all who entered the competition, adding that “[t]hese companies demonstrate how the entrepreneurial ecosystem continues to grow and thrive in a state that was built on the foundation of innovation.”

Posted by: Michael Darden

Sources: PR Newswire

Photo credit: Premier’s Innovation Awards 2010 courtesy of flickr user mars_discovery_district

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