Wednesday, October 09, 2013
Michigan Collegiate Innovation Prize
Michigan I-Corps, a program stemming from the University of Michigan Center for Entrepreneurship, promotes innovation and sustainability in the state. This year, they have developed a program that could mean real business for some adventurous teams.
The Michigan Collegiate Innovation Prize (MCIP) is a new competition that allows people with business ideas to make their concepts into reality. This program is for Michigan-based teams, all of which must have at least one student from a state college integrally involved. Prizes include recognition for all teams involved, as well as monetary prizes and possible investments for select teams.
Each team chosen to participate will take part in a six-month course that makes a workable business model out of a basic idea. While some other business competitions are based around getting a business plan through rounds of possible elimination, MCIP is about something different. Each team that begins the competition will be involved for the duration.
It is a competition about developing a business, and how things shift over time.
“Most ideas change as you go,” says I-Corps Network Specialist Norm Rapino. “And, ideally, they keep changing until market need is met.”
While the business aspect of the competition is important, there are other elements to getting involved in the competition. I-Corps is looking for teams that are excited about the process of the program as well.
“We’re more interested in the team than the tech,” says Rapino. “We are looking for people who have enthusiasm for the team, for the idea and the business.”
Applications to MCIP were due September 29, 2013, but there are still ways to be involved. For more information on upcoming events, visit www.mciprize.com.