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Many small companies don't have the potential for high-growth trajectories that venture capitalists seek.

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Now, competitions pit firms against each other to craft the winning pitch some of them have even become TV shows.

Then angel investors and venture capitalist became the hip way for start-ups to get cash. Once upon a time, a young business start-up might apply for a bank loan when it needed money to expand. Now, you give $100 and get a few shares of their business.' Crowd funding has evolved into microinvesting, whereas opposed to two years ago or even last year, you gave $100 and got a T-shirt in return. 'Creative people will continue to come up with interesting ways to finance business. At this scale, it doesn't make sense,' said Robinson, 37, adding that there continues to be new, non-conventional funding sources. 'If I opened a brewery where I was brewing 20,000-30,000-plus barrels, I'd be able to make a case for a VC or an angel. The two-year-old start-up can now buy equipment and hire personnel for the nanobrewery. The $50,000 that Stephen Roginson won in the Hatch Detroit contest last year enabled him to open the Batch Brewing Company in Corktown in Detroit. for the A&E-Comcast Business-RocketHub's Project Startup Live. Detroit also was one of three stops across the U.S. National contests with Detroit events include AOL co-founder Steve Case's Rise of the Rest, which was in town last month. Some require live presentations others want comprehensive information packets submitted. I'm extremely grateful for the recognition and the funds to help get us off the ground for this project.'Ĭompanies can vie for funding in Hatch Detroit, NEIdeas, Accelerate Michigan, Techweek Detroit's launch competition, the University of Michigan's SMART Mobi Prize and MiQuest, for example.

'Any little bit of money you win, even if it's $500, is very beneficial. You need money to make things happen, especially when you're bootstrapping things,' Kiel said. 'The money is very beneficial as you're just beginning.

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Kiel plans to use the contest winnings to develop commercial applications for the software program and to cover some legal fees. 'Before I went through them, I'd say it was a beauty pageant, but now, I can see they're very meritorious.' Investors need to see your enthusiasm, your level of commitment, that your product can solve a real problem and that people will pay money for it,' Kiel said. 'You're competing in a large pool for a finite amount of money. 'You have to effectively and very quickly communicate the value proposition for both your product and your business,' Kiel said. Some contests want the pitch submitted on paper. The contests feature a showcase of finalists giving short, often snazzy, sales talks about their product in an effort to win money. Kiel, 37, won his money from MiQuest, the Michigan Collegiate Innovation Prize and Greenlight Best Overall Pitch.Īnn Arbor-based Genomenon has won three business-pitch competitions - allowing Kiel to bypass the traditional route of hitting up family and friends or wooing an angel from a venture capital firm Mark Kiel's company, which developed software to interpret data about gene mutations in DNA sequencing, was founded two months ago, but he has already raised $47,000 in capital. The area is supported by Quicken Loans founder Dan Gilbert and others who say downtown could become the Midwest version of Silicon Valley. DETROIT – A number of competitions mirroring the style of hit TV show 'Shark Tank' have sprung up in Detroit, where a downtown start-up tech scene has taken root.

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