ANN ARBOR ? Great Lakes Entrepreneur’s Quest, a decade-long business-plan competition in Michigan, could get a big boost from the $1 million international business-plan competition announced Tuesday by the Business Accelerator Network for Southeast Michigan.
Winners of the GLEQ competition, in future years, will automatically become semi finalists for the Accelerate Michigan Innovation Competition, said Michael Finney, president of Ann Arbor SPARK, which will administer the new business-plan competition.
“This competition is intended for those companies that graduate from GLEQ,” Finney said. “We want to help make them ready for future years? competitions and help them raise funding from Venture Capitalists and Angel groups.”
Diane Durance, GLEQ executive director, said the Accelerate Michigan Innovation Fund is a perfect fit for GLEQ.
“They’re looking for second stage companies and taking comers from all over the world,” she said. “What we?re doing is working with all entrepreneurs of all levels in Michigan and taking them up to second-stage companies.”
GLEQ is for companies that are still concepts in the founders? minds, to more established companies that are ready for angel investors. GLEQ assigns coaches to work with the startups and also works with the Michigan Small Business & Technology Development Centers around the state to hone entrepreneurs? business skills.
“The competition also is a great fit for students if they’re serious about starting businesses,” Durance said. “Or for those companies that don’t yet meet the criteria of a second-stage company, they’re a great fit for GLEQ. It’s amazing to have $1 million to dangle in front of Michigan entrepreneurs.”
The GLEQ fall contest opened on Aug. 23. Executive summaries are due Dec. 17. Winners of the fall competition will be named Jan. 27, 2011.
To find out more about GLEQ, click on GLEQ.Org
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