Any successful entrepreneur will tell you failure is just part of the game. Some of the greatest innovations of our time have been the result of initial failure (Bill Gates is certainly not known for his first entrepreneurial attempt—Traf-O-Data). How you respond to failure will ultimately determine your success.

It is this sort of creativity and risk taking that Governor John Hickenlooper and the Colorado Innovation Network (COIN) are seeking to reward in a statewide competition called Glorious Failure: In Search of Success Innovation Challenge.

The competition is designed to showcase and accelerate innovators with high-growth potential ventures who are willing to share their lessons learned from obstacles and adversity. Colorado-based entrepreneurs and innovators will have the opportunity to pitch a viable business, product or service within seven advanced industries to some of Colorado’s most influential players for a chance to win up to $75,000 in cash and in-kind services to help advance their business venture.

Entries for Glorious Failure: In Search of Success Innovation Challenge can be submitted through the COIN website and will be accepted through July 3, 2013.

Following the application and selection process, five finalists will present their proposals at the COIN Summit on August 29, 2013 where a judging panel and delegation will determine the overall winner.

Click here for details and to determine if you’re eligible for the competition.