DETROIT--(BUSINESS WIRE)--More than $1 Million in cash and prizes was awarded last evening at the 2012 Accelerate Michigan Innovation Competition in downtown Detroit, with Algal Scientific Corporation taking home the $500,000 cash grand prize. Last evening’s Gala and Awards Ceremony at Detroit’s historic Orchestra Hall capped off the most successful Accelerate Michigan Innovation Competition to date. Investors, executives, entrepreneurs and students from across the globe participated in the event over the course of three days.
“Congratulations to all of the exceptional companies and students who participated in the 2012 event,” said Lauren Bigelow, executive director of the Accelerate Michigan Innovation Competition. “The ideas and commitment of every participant were inspirational. Equally impressive was the collaborative efforts of the Michigan accelerator, investor and economic development partner organizations that make the competition possible.”
About the 2012 Accelerate Michigan Innovation Competition Winner
Algal
Scientific removes nutrient pollutants such as biological oxygen demand,
nitrogen and phosphorus, from high strength municipal and industrial
wastewater. At the same time, the company’s technology produces algal
biomass that can be used for products such as fertilizer, bioplastics
and biofuels.
In addition to Algal Scientific taking home top honors, nanoMAG LLC was awarded the $100,000 runner up prize. InPore Technologies was awarded $50,000 for third prize.
“I am very proud of this year’s contestants and event organizers,” said Dave Egner, executive director of the New Economy Initiative for Southeast Michigan. “The competitors, entrepreneurs and students alike, presented some truly amazing ideas, all of which I hope will make an impact here in Michigan. In the end, only one can go home with the grand prize and we’re extremely excited for all of the participants. We believe they all represent some of the best that Michigan has to offer.”
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Company Competition Top Award Winners: |
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Algal Scientific |
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nanoMAG LLC |
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InPore Technologies |
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Company Sector Awards/Winners- $25,000 |
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Masco Advanced Materials Award |
InfiChem Polymers, LLC |
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Ford Advanced Transportation Award |
Eco-Fueling |
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DTE Alternative Energy Award |
Ornicept |
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Comcast Information Technology Award |
Ideomed |
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Life Science Award |
BioSavita |
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Medical Device Award |
BREONICS |
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Next Generation Manufacturing Award |
Coliant Corporation |
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Products & Services Award |
Protean |
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People's Choice $10,000 Award |
Retia Medical |
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Student Competition Awards/Winners |
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| Kymeira Advanced Materials – Grand Award Winner - $25,000 | ||||||||||
| Lemon Peel – Second Prize Award Winner - $15,000 | ||||||||||
| SkySpecs, LLC – Third Prize Award Winner - $10,000 | ||||||||||
About Accelerate Michigan Innovation Competition and Its Partners
The
Accelerate Michigan Innovation Competition is a collaborative effort of
the Business Accelerator Network for Southeast Michigan, the New Economy
Initiative of Southeast Michigan and Accelerate Michigan. For more
information, visit www.acceleratemichigan.org.
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About Business Leaders for Michigan
Business Leaders for
Michigan – the state's business round-table – is dedicated to making
Michigan a "Top Ten" state for job, economic and personal income growth.
The organization is composed exclusively of the chairpersons, chief
executive officers, or most senior executives of Michigan's largest
companies and universities, which contribute nearly 25% of the state's
economy and provide over 320,000 jobs in Michigan, generate over $1
Trillion in annual revenue and serve over 135,000 students. More at: www.businessleadersformichigan.com.
About the Michigan Economic Development Corporation 21st Century Jobs
Fund
Funds for the Accelerate Michigan Innovation Competition
were provided by the 21st Century Jobs Fund, a Michigan Strategic Fund
program designed to accelerate the growth and diversification of
Michigan's economy. The Michigan Economic Development Corporation
("MEDC") a public-private partnership between the state and local
communities, provides administrative support for the 21st Century Jobs
Fund. The MEDC markets Michigan and provides the tools and environment
to drive job creation and investment. For more information on the 21st
Century Jobs Fund initiative, visit www.MichiganAdvantage.org.
About The New Economy Initiative
The New Economy Initiative
for Southeast Michigan (NEI) is an innovative philanthropic effort to
accelerate the transition of metro Detroit to an innovation-based
economy that expands opportunity for all. Ten national, regional and
local foundations have committed $100 million to this unprecedented
eight-year initiative, including the Community Foundation for Southeast
Michigan (Detroit), the Max M. and Marjorie S. Fisher Foundation
(Southfield, Michigan), the Ford Foundation (New York), the
Hudson-Webber Foundation (Detroit), the W.K. Kellogg Foundation (Battle
Creek, Michigan), the John S. and James L. Knight Foundation (Miami),
The Kresge Foundation (Troy, Michigan), the McGregor Fund (Detroit), the
Charles Stewart Mott Foundation (Flint, Michigan), and the Skillman
Foundation (Detroit). The participating foundations are leading the
implementation and governance of the Initiative. The Community
Foundation for Southeast Michigan, which initiated the collaborative, is
serving as its administrative home. For more information, please visit http://neweconomyinitiative.cfsem.org/.