PitchMI

Eligibility Criteria

The Eligibility Criteria defines who can enter the PitchMI competition and outlines conditions necessary for qualification.

Geography:

• Must be properly formed as a Michigan corporation or authorized to transact business in Michigan, and in good standing (see the Corporations Online Filing System maintained by the Department of Licensing and Regulatory Affairs to confirm proper registration and status).
• 51% of company employees must reside in Michigan.
• The proposed solution should be intended for implementation within Michigan.

Focus Area:

• Mobility Solutions: The proposed solutions must address mobility and transportation challenges, focusing on improving safety, affordability, and efficiency in how Michiganders travel from point A to point B. Solutions can include, but are not limited to, innovations in public transit, personal vehicles, ride-sharing, cycling, walking, ground/maritime/air mobility, and emerging technologies.

Stage of Development:

• Early-Stage Innovators: Open to companies in the early stages of development with a concept that has already been clearly proven (i.e., likely somewhere in the Seed through Series B fundraising stage).
• Prototype or Demo Ready: Companies must have a working prototype, MVP, or demo-ready product that can be showcased during the competition. This can include physical hardware, a functioning app, or other tangible solutions.

Funding and Financial Standing:

• Use of Funds: The $100,000 investment must be earmarked specifically for a prototype development/improvement. Companies should provide a detailed plan on how the funds will be utilized.
• Fundraising Roadmap: Companies should demonstrate path to financial stability with clear evidence of their current funding status and a fundraising roadmap for future growth.

Innovation and Impact:

• Innovative Solution: The solution should be innovative and offer a unique approach to improving safety, affordability, and efficiency.
• Impact: Demonstrate the potential impact on Michigan’s transportation system and infrastructure, including benefits to users, communities, and the environment.

Team Composition:

• Expertise: Teams should have relevant expertise in the field of mobility, transportation or a related industry.

Application Requirements

Applications are now closed. To read more about the selected finalists, visit here.

The final 4-5 solutions MUST be available for an in-person pitch competition in Detroit on October 24.

Executive Summary (2 pages max):

• Complete a detailed application form with information about the team, business, and solution.

Pitch Deck (10 slides max): Submit a PowerPoint slide (or PDF) pitch deck covering the following aspects:

• Problem Statement: Define the problem being addressed.
• Solution & Value Proposition: Describe the proposed solution and how it improves safety, affordability, and efficiency.
• Market Opportunity: Identify the target market fit and market size.
• Business Model: Explain how the solution will be monetized.
• Competitive Landscape: Highlight the competition and how the solution stands out.
• Financial Projections: Provide five-year financial projections and funding requirements.
• Implementation Plan: Outline the steps for implementation in Michigan.
• Team: Introduce the team members and highlight their expertise.

Video Pitch:

• Submit a video pitch (3-5 minutes) summarizing the key points from the pitch deck.

Second Round: Pitches

Selected applicants will move onto the second round, which will consist of onsite judging at PitchMI Event. (Each company will have approximately 10 minutes.)

• Slide/Pitch Deck (up to 10 slides)
• 10 min Elevator Pitch
• Five minute Q&A (if applicable)

Application Scoring Matrix:

The application scoring matrix will help judges evaluate each application based on predefined criteria. The scoring criteria has the following point values:

Innovation (25 points):

• Degree of innovation and uniqueness of the solution.
• Potential to disrupt the current way Michiganders get from point A to point B safely, affordably, and efficiently.

Impact (25 points):

• Potential impact on safety, affordability, and efficiency.
• Benefits to users, communities, and the environment.
• Ties in to MI Healthy Climate and MI Future Mobility Plan

Technology Maturity and Feasibility (20 points):

• Technical feasibility of the solution.
• Viability of the business model and financial plan.

Market Potential (15 points):

• Identification of target market and market size.
• Potential for market adoption and scalability.

Team Competence (15 points):

• Expertise and experience of the team members.
• Diversity and complementary skills within the team.

Total Possible Score: 100 points

Questions?

For additional questions, please contact [email protected]