Anyone who’s tried to start a company knows that getting funding is easier said than done.

That’s where competitions and grants come in. Private citizens and governments both are always on the lookout for the new and the next, and things are no different in Detroit.

Invest Detroit Ventures was started in the 1990s as part of a plan to redevelop Detroit, and the firm carries on that mission to today. 

One way they work towards that goal is through the Accelerate Michigan Innovation Competition.

“Our goal is to connect Michigan startups to capital and mentorship both regionally and nationally,” Invest Detroit Ventures vice-president Martin Dober said in a press release sent to Blavity.

The head of the competition itself, Seun Oyewole told Blavity that Invest Detroit hopes that “the best and brightest high-growth companies led by diverse entrepreneurs” will apply.

There’s a lot at stake for those looking for funding. The competition’s grand prize is $500,000. Another $500,000 will be split between the runners-up.

In addition, Oyewole told us that all competitors will “gain exposure to regional investors, corporations and industry experts.”

Companies that have competed in the program in years past have reaped sizable rewards — Invest Detroit notes that “past participating companies have raised more than $550 million in funding and created more than 1,000 jobs in Michigan.” 

Not bad, right?

If you want to apply, applications are being accepted until September 2 through Submittable.