Fifty companies — and 35 students — will compete in Detroit this week for $1 million worth of prizes in Michigan’s own version of the reality TV show “Shark Tank.”
The Accelerate Michigan Innovation Competition, in its fourth year, is designed to attract businesses from around the country and investment to the state. The winning companies agree to open an office in Michigan.
“What the companies get is great practice. They don’t have a lot of places to sharpen their saw in Michigan,” said Lauren Bigelow, Accelerate Michigan’s executive director. “It’s also been a great way to convene the investment community.”
The competition, about three-fourths privately funded, was to kick off Tuesday evening with an opening reception.