LANSING, Mich. (WZMQ) – Entrepreneurs in Michigan will have the chance to win $100,000 in a statewide shark tank-style pitch competition. The first PitchMI competition launched last week to spur new ideas in the mobility and transportation sector.
Michigan’s Chief Growth Officer, Hilary Doe said they’re awarding the funds to one innovative pitch that transforms the way Michiganders get from point A to point B safely, affordably, and efficiently.
“We’ve really learned that the entrepreneurship and innovation environment across our state is a critical component of the formula to really kickstart Michigan’s growth,” Doe said. “What life is like in Marquette and the challenges that folks Marquette are facing are just different than the challenges that folks in Detroit are facing, so they’ll come up with different ideas and bring all of those to the table.”
Pitching is a regular part of the start-up process. Joel Thiel is the CEO of Innovate Marquette, a state SmartZone that offers training and mentorship to entrepreneurs. Thiel works with start-ups to help pitch ideas from the pre-seed start-up levels, all the way to bigger investor pitches.
“This Pitch Michigan is a great way to connect young entrepreneurs who are in our network to a lot more resources,” Thiel said. “That accumulation of that advocacy generally ends up in an investment. So the more entrepreneurs get exposed, the more that they pitch, the better they hone their skills in preparing them for the pitch that gets them the funding.”
Justin Carlson is the CEO of a company called Invivus Technologies. He’s currently working with Innovate Marquette on a pitch for Mold Map, a technology that tracks indoor air quality. Carlson explained pitching is about communicating the product that you’re building, showing the demand for it, and any plans for funding that’s recieved.
He said it’s a process that can be time-consuming, sometimes pitching an idea dozens of times to different investors to build a network of resources to support their company or product.
“Just to get started is so difficult with a start-up, every resource that you have available to you can make all the difference,” Carlson said. “So many people, entrepreneurs who have ideas that they would like to take their fruition, that can make a big difference, but they don’t have access to the resources they need to make that happen.”
Applications for the program are online now, you can find more information at growingmichigan.org/opportunities or send questions to info@growingmichigan.org
Applications will close on Monday, September 16th.
