Michigan-based companies, entrepreneurs invited to apply for national pitch competition

The Michigan Economic Development Corporation (MEDC) is looking for Michigan-based companies to join a special episode of Entrepreneur Elevator Pitch, a 60-second pitch competition for companies and startups with innovative business concepts. Michigan currently ranks sixth in the nation for its number of inventions and fourth for its innovative R&D spending, highlighting the state’s ingenuity and drive.

“This is our opportunity to highlight the breadth and depth of Michigan’s entrepreneurial spirit on a national stage to show the nation what our state’s creative and diverse innovators can do,” said Lt. Governor Garlin Gilchrist II. “Michiganders will demonstrate once again how the next generation of discoveries and ground-breaking achievements are going to take place right here in our great state.”

Entrepreneur Elevator Pitch is open to companies or startups with scalable products and services that are ready for investment, and that have a specific plan for how that investment can help them grow their business. The top 5 companies out of those that apply will have a chance to pitch the show’s investors during a virtual filming of Entrepreneur Elevator Pitch Season 6 in August 2020, with the episode airing in November 2020.

Companies interested in being considered for Entrepreneur Elevator Pitch, must submit their applications by August 1 at entrepreneur.com. This opportunity is available for startups of all industries and categories, with an emphasis on innovation-centered companies. Pitch submissions should make sure to cover the following:

• Why the business was launched and how it is helping solve a problem

• Any information on business growth, revenue numbers and interest in the business’s product or service to show its usefulness and appeal

• The amount of capital being sought and what it will be used for

“Around the globe, Michigan is increasingly being recognized as the place to build, test, commercialize and scale the high-tech and mobility solutions driving the future,” said Josh Hundt, executive vice president & chief business development officer at the MEDC. “By partnering with Entrepreneur Magazine, we can provide a national platform for some of Michigan’s most innovative entrepreneurs and companies to share their business concepts and demonstrate that Michigan is the place where business gets done.”

The five companies selected to appear on the show will have 60 seconds to pitch their business concepts to a group of four investors. If an investor likes the concept, they will turn on their cameras and begin asking questions. Companies whose products and business concepts hold up under pressure may be able to strike a deal, while others may strike out.

“Supporting and growing Michigan’s high-tech entrepreneurs and companies will prove more vital than ever as we move into a post-COVID-19 economy,” said Fred Molnar, vice president of the MEDC’s Entrepreneurship & Innovation Initiative. “We encourage all interested entrepreneurs to apply for the show and be considered for an opportunity that could provide the critical funds needed to take their businesses to the next level.”

To apply to be considered for Entrepreneur Elevator Pitch, visit entrepreneur.com.

For additional information about how MEDC supports high-tech startups and entrepreneurs in taking their products from ideation to commercialization, visit michiganbusiness.org/entrepreneurship. Learn more about the people, places and innovative startups driving the future of mobility in Michigan at PlanetM.com.