November 19, 2013 Category: Business Formation & Planning
It is important for the local community to encourage new start-up businesses since they play a significant part in keeping the local economy vibrant and healthy. New businesses are a potential source of new jobs which can ultimately stimulate consumer spending. With the proper business planning , a new company will create a product or provide a service that is valuable to the community which creates economic growth. This is the idea behind the Accelerate Michigan Innovation Competition, which aims to support new business es in the state.
The competition is held once per year and awards $1 million in prizes to those who submit the best business plans. The best business plan will win a $500,000 first place prize. However, entrepreneurs competing must have their start-up company based in the state or plan to move to Michigan in the future in order to claim the prize. This year’s competition was held for three days in mid-November.
However, this year was different than other years in the competition’s history. In the past years, the competition focused mainly on technology start-ups, but this year’s competition focused on integration of traditional businesses into the local technology sector. The purpose behind this focus is to allow small businesses of various types to utilize technology in order to make them more competitive in the marketplace.
Ultimately, if a new company is careful in its business planning it will have the best chance of succeeding in Michigan or in any other state. This must include a strong marketing plan as well as a thorough plan of operations. However, founders must also be sure that the business plan conforms with any applicable rules or regulations. Ensuring legal compliance of a business plan can help to avoid future problems.
Source: Southeast Michigan Startup, Accelerate Michigan helps bring more biz into tech scene , No author, Nov. 8, 2013