ANN ARBOR ? If you’ve been thinking about entering the spring Great Lakes Entrepreneur’s Quest Business Plan writing contest, time is running out. The application deadline is 5 pm March 30.

Final documents are due on May 15. Companies competing in the New Business Idea category will prepare five-page executive summaries. More established companies will compete in the Emerging Company category and will prepare 12-page business plans. All executive summaries and business plans are evaluated by venture investors that provide participants with feedback and suggestions.

Winners will be announced at the GLEQ awards event on June 11.

So far about 30 or so Michigan businesses, or would-be businesses, have signed up, said Executive Director Diane Durance. She expects a crush as the deadline gets nearer, particularly in the last day.

“We get about half our applications in the last 24 hours,” she said Tuesday.

Top price in the Emerging Company category is $25,000, with a $5000 runner-up purse. Top price in the New Business Category is $5000, with $1000 going to second place.

There also are two specialty awards again this year ? a $12,500 grant from Automation Alley, its Advanced Manufacturing Award. Next Energy, an alternative energy, state-funded R&D center in Detroit, is providing $10,000 for its Innovative Energy Award.

“You could in theory have an Energy-related manufacturing company, win the top prize in the Emerging Company category, and win it all,” Durance said

All applicants are automatically entered in the New Business Idea category until they meet with their coach, who determines whether they can upgrade to the Emerging Company category. Emerging Companies are established businesses, no more than three years old, with no more than $3 million in revenue.

While the money prizes are great, most contestants have said the real value is in the coaching and mentoring they get from the very experienced judges ? serial entrepreneurs, private equity investment pros.

In the fall 2008 cycle of the contest, 111 applications were received. Durance said she hopes to best that record in the spring cycle.

For more information, click on GLEQ.Org

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