Algal Scientific Corporation Takes Home $500,000 Cash Grand Prize at the 2012 Accelerate Michigan Innovation Competition

Kymeira Advanced Materials Awarded $25,000 for Best Student Business Idea

DETROIT--()--More than $1 Million in cash and prizes was awarded last evening at the 2012 Accelerate Michigan Innovation Competition in downtown Detroit, with Algal Scientific Corporation taking home the $500,000 cash grand prize. Last evening’s Gala and Awards Ceremony at Detroit’s historic Orchestra Hall capped off the most successful Accelerate Michigan Innovation Competition to date. Investors, executives, entrepreneurs and students from across the globe participated in the event over the course of three days.

“Congratulations to all of the exceptional companies and students who participated in the 2012 event,” said Lauren Bigelow, executive director of the Accelerate Michigan Innovation Competition. “The ideas and commitment of every participant were inspirational. Equally impressive was the collaborative efforts of the Michigan accelerator, investor and economic development partner organizations that make the competition possible.”

About the 2012 Accelerate Michigan Innovation Competition Winner
Algal Scientific removes nutrient pollutants such as biological oxygen demand, nitrogen and phosphorus, from high strength municipal and industrial wastewater. At the same time, the company’s technology produces algal biomass that can be used for products such as fertilizer, bioplastics and biofuels.

In addition to Algal Scientific taking home top honors, nanoMAG LLC was awarded the $100,000 runner up prize. InPore Technologies was awarded $50,000 for third prize.

“I am very proud of this year’s contestants and event organizers,” said Dave Egner, executive director of the New Economy Initiative for Southeast Michigan. “The competitors, entrepreneurs and students alike, presented some truly amazing ideas, all of which I hope will make an impact here in Michigan. In the end, only one can go home with the grand prize and we’re extremely excited for all of the participants. We believe they all represent some of the best that Michigan has to offer.”

Company Competition Top Award Winners:


Algal Scientific



InPore Technologies


Company Sector Awards/Winners- $25,000

Masco Advanced Materials Award

InfiChem Polymers, LLC

Ford Advanced Transportation Award


DTE Alternative Energy Award


Comcast Information Technology Award


Life Science Award


Medical Device Award


Next Generation Manufacturing Award

Coliant Corporation

Products & Services Award



People's Choice $10,000 Award

Retia Medical


Student Competition Awards/Winners

Kymeira Advanced Materials – Grand Award Winner - $25,000
Lemon Peel – Second Prize Award Winner - $15,000
SkySpecs, LLC – Third Prize Award Winner - $10,000

About Accelerate Michigan Innovation Competition and Its Partners
The Accelerate Michigan Innovation Competition is a collaborative effort of the Business Accelerator Network for Southeast Michigan, the New Economy Initiative of Southeast Michigan and Accelerate Michigan. For more information, visit

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About Business Leaders for Michigan
Business Leaders for Michigan – the state's business round-table – is dedicated to making Michigan a "Top Ten" state for job, economic and personal income growth. The organization is composed exclusively of the chairpersons, chief executive officers, or most senior executives of Michigan's largest companies and universities, which contribute nearly 25% of the state's economy and provide over 320,000 jobs in Michigan, generate over $1 Trillion in annual revenue and serve over 135,000 students. More at:

About the Michigan Economic Development Corporation 21st Century Jobs Fund
Funds for the Accelerate Michigan Innovation Competition were provided by the 21st Century Jobs Fund, a Michigan Strategic Fund program designed to accelerate the growth and diversification of Michigan's economy. The Michigan Economic Development Corporation ("MEDC") a public-private partnership between the state and local communities, provides administrative support for the 21st Century Jobs Fund. The MEDC markets Michigan and provides the tools and environment to drive job creation and investment. For more information on the 21st Century Jobs Fund initiative, visit

About The New Economy Initiative
The New Economy Initiative for Southeast Michigan (NEI) is an innovative philanthropic effort to accelerate the transition of metro Detroit to an innovation-based economy that expands opportunity for all. Ten national, regional and local foundations have committed $100 million to this unprecedented eight-year initiative, including the Community Foundation for Southeast Michigan (Detroit), the Max M. and Marjorie S. Fisher Foundation (Southfield, Michigan), the Ford Foundation (New York), the Hudson-Webber Foundation (Detroit), the W.K. Kellogg Foundation (Battle Creek, Michigan), the John S. and James L. Knight Foundation (Miami), The Kresge Foundation (Troy, Michigan), the McGregor Fund (Detroit), the Charles Stewart Mott Foundation (Flint, Michigan), and the Skillman Foundation (Detroit). The participating foundations are leading the implementation and governance of the Initiative. The Community Foundation for Southeast Michigan, which initiated the collaborative, is serving as its administrative home. For more information, please visit


Racepoint Group, Inc.
Paul Doyle, 617-624-3259

Release Summary

More than $1 Million in cash and prizes was awarded last evening at the 2012 Accelerate Michigan Innovation Competition in downtown Detroit, with Algal Scientific Corporation winning the grand prize.


Racepoint Group, Inc.
Paul Doyle, 617-624-3259