The Michigan Economic Development Corporation is inviting companies and startups to apply for an upcoming pitch competition.
MEDC said it is partnering with Entrepreneur Magazine to host a special Michigan-themed episode of Entrepreneur Elevator Pitch, a 60-second pitch competition for companies and startups with innovative business concepts. Applications for entries are live until Aug. 1 at entrepreneur.com.
Michigan currently ranks sixth in the nation for its number of inventions and fourth for its innovative R&D spending, according to the MEDC.
“Around the globe, Michigan is increasingly being recognized as the place to build, test, commercialize and scale the high-tech and mobility solutions driving the future,” said Josh Hundt, executive vice president and chief business development officer at the MEDC. “By partnering with Entrepreneur Magazine, we can provide a national platform for some of Michigan’s most innovative entrepreneurs and companies to share their business concepts and demonstrate that Michigan is the place where business gets done.”
Added Lt. Governor Garlin Gilchrist II: “This is our opportunity to highlight the breadth and depth of Michigan’s entrepreneurial spirit on a national stage to show the nation what our state’s creative and diverse innovators can do. Michiganders will demonstrate once again how the next generation of discoveries and groundbreaking achievements are going to take place right here in our great state.”
Entrepreneur Elevator Pitch is open to companies or startups with scalable products and services that are ready for investment, and that have a specific plan for how that investment can help them grow their business.
The top five companies out of those that apply will have a chance to pitch to the show’s investors during a virtual filming of Entrepreneur Elevator Pitch Season 6 in August with the episode airing in November.
The opportunity is available for startups of all industries and categories with an emphasis on innovation-centered companies. Pitch submissions should cover the following:
- Why the business was launched and how it is helping solve a problem
- Any information on business growth, revenue numbers and interest in the business’s product or service to show its usefulness and appeal
- The amount of capital being sought and what it will be used for
The five companies selected to appear on the show will have 60 seconds to pitch their business concepts to a group of four investors. If an investor likes the concept, they will turn on their cameras and begin asking questions. Companies whose products and business concepts hold up under pressure may be able to strike a deal.
“Supporting and growing Michigan’s high-tech entrepreneurs and companies will prove more vital than ever as we move into a post-COVID-19 economy,” said Fred Molnar, vice president of the MEDC’s Entrepreneurship & Innovation Initiative. “We encourage all interested entrepreneurs to apply for the show and be considered for an opportunity that could provide the critical funds needed to take their businesses to the next level.”
Those interested in applying to be considered for Entrepreneur Elevator Pitch should visit entrepreneur.com.
More information about how MEDC supports high-tech startups and entrepreneurs in taking their products from ideation to commercialization is at michiganbusiness.org/entrepreneurship.
More about the people, places and innovative startups driving the future of mobility in Michigan is at PlanetM.com.