ANN ARBOR — Entrepreneurs who want to vie for more than $1 million in cash and services in the Accelerate Michigan competition have until Aug. 15 to apply.

There’s a $500,000 grand prize, $100,000 and $50,000 runner-up prizes, and eight additional $25,000 industry prizes.

The Accelerate Michigan Innovation Competition is open to any early stage business — from anywhere in the world.

The competition seeks companies and business ideas that are both innovative and proven, past the proof of concept stage; have the potential to achieve more than $10 million in annual revenue in the next five years; that have raised no more than $2 million in venture capital; and have less than $5 million in revenue.

Companies will select to compete in one of eight sectors: advanced materials, advanced transportation, alternative energy, information technology, life sciences, medical devices, next-generation manufacturing, and products and services.

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