Accelerate Michigan Innovation Competition selects 24 semifinalists
Accelerate Michigan Innovation Competition winners of a total of $1 million in cash and other prizes celebrate last November at the Lexus Velodrome in Detroit.
- Awards include a $350,000 grand prize
- Pitch competition to be held Nov. 13 at the State Savings Bank in Detroit
- About 33 percent of the semifinalists are minority-led companies
Accelerate Michigan Innovation CompetitionAccelerate Michigan Innovation Competition winners of a total of $1 million in cash and other prizes celebrate last November at the Lexus Velodrome in Detroit.
A hydrogen-infused sparkling water seller, a digital learning technology company, and a millennial marketplace are among the two dozen companies set to compete for a share of more than $1 million in prizes at the annual Accelerate Michigan Innovation Competition.
To celebrate the competition's tenth anniversary, this year's event will highlight successful participants from the past and the event's original founders, including the New Economy Initiative and Ann Arbor Spark, during a special portion of the evening, Martin Dober, senior vice president and managing director of ID Ventures, said.
Semifinalists were picked from a pool of 300 companies based on "innovative ideas, strong customer traction and strategic business development plans" for business growth in Michigan, the release said.
This year's roster of semifinalists features a diverse list of industries including software, life sciences, consumer products, and advanced manufacturing.
About 33 percent of the semifinalists are minority-led companies, while about 29 percent are women-led, Dober said.
Invest Detroit's venture team ID Ventures puts on the pitch competition to offer entrepreneurs a chance to showcase their companies to investors, while connecting with other entrepreneurs, business acceleration resources and experts in their industries during individual meetings, according to a Monday news release.
Awards include a $350,000 grand prize, a second prize of $150,000 and a third prize of $50,000, the release said.
Semifinalists will get a chance to meet with investors one-on-one to share their business proposals. Judges will then choose six finalists to showcase their companies at a dinner featuring over 400 investors, entrepreneurs and community leaders, the release said.
The State Savings Bank in Detroit will host the pitch competition Nov. 13.
The event's major sponsors include ID Ventures, the Ralph C. Wilson, Jr. Foundation, Invest Michigan, the William Davidson Foundation, the Belle Michigan Impact Fund and others, the release said.
Since the start of the competition in 2010, participating companies have created over 1,300 jobs in Michigan and have raised more than $900 million in additional investment, according to the release.
Tickets are $150 and can be purchased here.
The semifinalists are:
- 86 Repairs, a subscription service that manages the repair process for restaurant groups.
- Alchemie Solutions, based in Troy, a digital learning technology company.
- Bedestrian, based in Ann Arbor, provides a driverless vehicle system for delivering prescription drugs and other goods.
- BrandXR, based in Ann Arbor, provides no-code software that makes it easy for businesses to create and publish augmented, virtual and mixed reality applications.
- Cask & Kettle, based in Battle Creek, offers brew-ready, all-natural spirits beverages.
- DeepHow makes how-to videos for skilled-trades workers.
- Diet ID offers a digital toolkit that examines one's diet and improves habits to minimize healthcare costs.
- Evoq Therapeutics LLC, based in Ann Arbor, a cancer immunotherapy company.
- Exponential ETFs, based in Detroit, an exchange-traded fund issuer.
- Flash Steelworks, provides a patented process for heat-treating steel that leads to mass reduction and cost savings.
- FreightRoll, based in Ann Arbor, provides a paperless platform for documents in the transportation market.
- GridPane offers a self-managed WordPress hosting dashboard to build, manage and maintain websites.
- HyVIDA Brands, based in Muskegon, sells hydrogen- and magnesium-infused sparkling water.
- LoanSense, based in Ann Arbor, simplifies loan management for employees and rewards loyal employees by adjusting payoff benefits based on length of service.
- PassiveBolt, supplies a turnkey smart lock module and offers an application to help users manage access to their homes.
- PAXAFE aggregates real-time parcel data from the supply chain to help insurers provide data-driven shipping insurance.
- Pivot provides safe and sustainable plastic alternatives made from natural fiber bamboo or rice hull fiber.
- Pocketnest, based in Detroit, provides a digital financial planning platform for Generation X and millennials.
- RIZZARR, based in Detroit, a content marketplace for brands to connect and work with millennial content creators.
- S3D Precision Dispensing, based in Ann Arbor, creates print heads for manufacturing electronics, such as automotive smart surfaces and biomedical devices.
- SafeSense provides innovative sensor technology for sports performance and medical technology.
- SpinTech, based in Bingham Farms, develops MRI software.
- The Patient Company allows for safe, efficient lateral patient transfer by one clinician with its Auto-Slider device.
- TheraB Medical, based in East Lansing, a medical device startup that creates a wearable and portable swaddle treatment for infant jaundice.