Competition to reward $1 million to innovative business types!

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Entrepreneurs are always looking for an inexpensive incorporation, and $1 million in free financing could make forming a new company downright enjoyable.

Michigan’s New Economy Initiative and regional venture capitalists are putting up $1 million in prize money for the Accelerate Michigan Innovation Competition.

Already growing as a center for innovation and technology, Michigan is aiming to attract companies and ideas in the medical, IT, security and energy industries.

The $500,000 first-place prize in the contest, which will be judged by venture capitalists and experienced investors, will be awarded in December to the creators of the business idea that shows the most promise.

“The competition highlights Michigan as the destination for innovation,” said David Egner, the New Economy Initiative’s executive director. “The competition will help to accelerate the transition of our region to an innovation-based economy.”

Michael Finney, CEO of Ann Arbor SPARK, a business accelerator, said the competition hopes to benefit from Michigan’s university and college students.

Michigan ranked as the seventh-best technology and innovation state for business, according to a recent survey by CNBC. The rankings also noted that Michigan was among the best states in which to acquire business financing.