DETROIT — Michigan’s first “Shark Tank” style competition is now taking applications from startups with innovative transportation solutions.

The winner of the inaugural “PitchMI” competition, which will be held Oct. 24 in Detroit, will receive $100,000 from the state to develop or improve their prototype solution.

“PitchMI will unleash Michigan’s innovative spirit, strengthen our entrepreneurial ecosystem, create good paying jobs, and spur new ideas on the future of mobility,” said Gov. Gretchen Whitmer. “I can’t wait to see all the creative ideas and look forward to the competition in October.”

Whitmer likened the competition to Shark Tank, a long-running reality TV show where entrepreneurs present their product or business to venture capitalists for potential investment.

Gov. Whitmer announces ‘Shark Tank’ style statewide competition

Applications for the PitchMI competition are due by 11:59 p.m. Sept. 16. People can submit their applications at this link, which also contains information on eligibility and competition requirements.

Eligible pitches will focus on addressing mobility and transportation challenges in the state, focusing on improving safety, affordability and efficiency in how Michiganders travel from point A to point B.

Some examples, according to the Michigan Economic Development Corporation (MEDC), include innovations in public transit, personal vehicles, ride-sharing, cycling, walking, ground/maritime/air mobility and emerging technologies.

“This competition offers our entrepreneurs a stage to share their ideas with the world and demonstrate yet again that Michigan is at the cutting edge of innovation,” said Hilary Doe, chief growth officer at the MEDC. “Investing in entrepreneurs and innovators will help our state become a magnet for both businesses and talent, working together to drive population growth.

“Supporting entrepreneurs in starting and scaling their businesses will also create a more prosperous place to live for all Michiganders.”

The competition will see applications whittled down to four finalists that will then present their pitches Oct. 24 at the MI Future Mobility Conference in Detroit.

Judges from “the state, in partnership with leading organizations,” will then select the most innovative startup to invest $100,000 in, according to the Governor’s Office.

Runners-up will not be awarded any funds, and MEDC officials said the names of the judges will be announced later on.

The PitchMI competition was first announced May 30 by Whitmer during her keynote speech at the Mackinac Policy Conference on Mackinac Island.

Entrepreneurs and innovators and their benefit to economic development and moving Michigan forward was the key topic of Whitmer’s speech.

The Shark Tank style competition was one of three ways Whitmer announced the state would be looking to help entrepreneurs be successful.

She also announced a new executive order intended to connect startups with high tech equipment and specialized testing facilities already present in the state and the creation of a new role at the MEDC designed to be the state’s chief advocate for entrepreneurs.