Reside in Michigan and Have a Business Idea? Compete to Win up to $25,000 for Your Startup

Written on September 24, 2007 by Amanda M. Gladden

The Great Lakes Entrepreneur’s Quest (GLEQ) Competition is now open.

The mission of this competition according to their website, is “to continually encourage and educate entrepreneurs on the creation, start up and early growth stages of high-growth businesses within the state of Michigan.”

If you live or work in Michigan, or can find a business partner who does, take a look at this. The deadline for registration in the first phase of the competition is October 31 so you should work fast if you want to get in on this one.

Eligibility

Individuals or Teams with a Business Idea Can Compete

Any person that has a business concept with a high-growth potential (such as an e-commerce platform, new product design, a life sciences application or advanced manufacturing breakthrough)

Individuals must reside, work, or attend school in Michigan.

Teams With an IDEA

To participate in Great Lakes Entrepreneur’s Quest, teams must have a business concept that has a high-growth potential. Additionally, the team must fit into the following criteria:

No subsidiaries are allowed.

If an existing business, it must be based in Michigan.

If not an existing business, one team members must live, work, or attend school in Michigan.

Cannot be a previous GLEQ Finals award winner or runner-up.

Prizes

Each winner will receive a cash prize, in-kind services including legal, accounting and consulting services, and scholarships to advanced level training programs for entrepreneurs.

New Business Idea (NBI) - A First Place and a Runner-up will be announced for the Fall Cycle. The prize structure is approximately the following:

NBI First Place: $5,000 cash, $2,500 in-kind services

NBI Runner-up: $1,000 cash, $1,500 in-kind services

Emerging Company (EC) - A Grand Prize, Runner-Up, and up to three Honorable Mentions will be awarded in the final competition of the Spring Cycle. The prizes are approximately equivalent to the following:

EC Finals Grand Prize: $25,000 cash, $7,500 in-kind services

EC Finals Runner-up: $5,000 cash, $5,000 in-kind services

EC Finals Honorable Mentions: in-kind services

Additionally, Emerging Companies who are qualifying for the final competition by submitting an Executive Summary in the Fall are also eligible for prizes. A First Place and Runner-up will be awarded with the following rewards:

Emerging Companies Fall First Place: $5,000 cash, $2,500 in-kind services

Emerging Companies Fall Runner-up: $1,500 in-kind services

Innovation Awards

Automation Alley Advanced Manufacturing Innovation Award: $12,500

NextEnergy Alternative Energy Innovation Award: $12,500

Tentative Live Science Innovation Award: $25,000

Tentative Information Technology Innovation Award: $25,000

Important Competition Dates

Phase I Registration Opens - September 4th 2007

Phase I Registration Closes -October 31, 2007

Phase I Deadline for Executive Summary Submission - December 14, 2007

Phase I Judging Completed - December 31, 2007

Phase I Awards Presented - January 17, 2008

Visit the Great Lakes Entrepreneur’s Quest website for additional details.

Technorati Tags: startup funding, entrepreneur competition, Michigan entrepreneurs

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