Billed as the “World’s largest business plan competition,” the New Economy Initiative for Southeast Michigan is launching the Accelerate Michigan Innovation Competition today, offering more than $1 million in cash awards for the best and brightest new business concepts.  What does the winner get?  How does $500,000 sound?  From the press release:

The Business Accelerator Network for Southeast Michigan, a new region-wide network for building and retaining new business in southeast Michigan, today announces the Accelerate Michigan Innovation Competition, an international business plan competition designed to highlight Michigan as a robust and vibrant venue for innovation and business opportunity.

The New Economy Initiative for Southeast Michigan has granted Ann Arbor SPARK $750,000 to launch the competition on behalf  of the Business Accelerator Network for Southeast Michigan, composed of four of the region’s key business accelerators– Ann Arbor SPARK, Automation Alley, Macomb-OU INCubator, and TechTown. Joining the Accelerate Michigan Innovation Competition as partners for event are the University Research Corridor (Michigan State University, the University of Michigan and Wayne State University) and Business Leaders for Michigan.

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The business plan competition is open to entrepreneurs in Michigan and worldwide who are willing to establish a business in the state. Participants will submit entries in nine categories including advanced materials, advanced transportation, alternative energy, homeland security and defense, information technology, life science, medical devices, next generation manufacturing and products and services.  A separate track designed specifically for students to submit business concepts is open to any undergraduate or graduate student attending a Michigan university or college in fall 2010.

(Links in original omitted.)

More info about the competition can be found at The Detroit Blog over at Time Magazine.

Personally, it’s heartening to see a catchall category for “next generation…products and services” included in the competition along with the traditional categories.  As a state, we should be soliciting good businesses no matter the industry; rather than look only for business that fall within conventional ideas of “good” industries.  Some of the most innovative and fastest growing companies in our state are coming out of the mobile applications, entertainment, and consumer electronics industries.  It’s nice to see these companies have a chance to compete for this kind of support.

–Matt