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The Next Idea

Former AOL CEO and Revolution LLC founder Steve Case's "Rise of the Rest" will make its second pit stop in Ann Arbor on Wednesday.

“It’s really emerging as a strong startup city," Case said. "It’s sort of the center of gravity in terms of a lot of the innovation in Michigan and a lot of people are beginning to understand there are great startups there.”

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There’s good news to talk about in the re-invention of Detroit and the push to wean Michigan’s economy away from big manufacturing.

Detroit News business columnist Daniel Howes thinks Michigan is “open for business, again.”

The 7th Annual Accelerate Michigan Innovation Competition will take place at the Cobo Center in Detroit on November 3.
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This Thursday, three dozen Michigan start-up companies will compete for up to $1 million in prizes. In addition, they will earn critical exposure to venture capital investors, both regional and national.

They will be competing at the 7th Annual Accelerate Michigan Innovation Competition. Organizers say that Accelerate Michigan prize winners have created over a thousand jobs and have raised over $500 million in venture capital.

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The Next Idea

July automotive sales were up only 0.7%, bringing back memories of when Detroit’s Big Three struggled to stay afloat not too long ago. Both serve as a reminder of what keeps the state’s economy alive: diversification of industry.

Courtesy of Sakti3

The Next Idea

Ann Marie Sastry is a former University of Michigan professor, a material science researcher, and the founder of Sakti3 -- one of 30 companies invited to showcase its work at the first-ever White House Demo Day.

She's developing the next generation of low-cost batteries, a solid state solution that has generated results and hype.  A Fortune magazine article titled "Will this battery change everything?" offers a detailed look into what stands to happen if the company can achieve the "holy grail of power storage."

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The Next Idea

Michigan will never be the next Silicon Valley.

Michigan can't compete with the allure of the Coasts, or even Chicago, for the nation's best talent.

Michigan investors and politicians are too conservative to support true innovation.

Lindsey Smith / Michigan Radio

Rick DeVos’ venture capital fund will stop giving away $5,000 each week to people with a good business idea. The fund, known as Start Garden, has given $5,000 to nearly 200 entrepreneurs in the last three years.

“A few years ago the biggest thing that it seemed like the region needed was a lot of experimentation and to get over fear of risk,” said Paul Moore, communications director for Start Garden.

Lindsey Smith/Michigan Radio

The Next Idea

Michigan’s economy is changing, and our state’s investment culture must change along with it. As we work to diversify by stimulating entrepreneurship, innovation and talent attraction, among many other things, more Michigan residents with money to invest must learn to see that betting on new local businesses is worthwhile, even if the potential for them to fail is high.