ANN ARBOR – The financial foundation of the Great Lakes Entrepreneur’s Quest, heavily eroded last summer, has been rebuilt by the return of some traditional sponsors and by the the recruitment of several new ones.

GLEQ, a statewide business plan competition that began with heavy state backing in 2000, nearly died in 2005 before it was rescued by the Ann and Carman Adams Fund of the Community Foundation for Southeast Michigan, which stepped up as the platinum sponsor.

Funding woes had left GLEQ looking for at least $250,000 in sponsorship money to stage its business plan competition. GLEQ Executive Director Arthur DeMonte would not say how much the Adams Fund contributed, but he said it was enough to bring GLEQ back from the dead.

And now, some six months later, some traditional sponsors have opened their check books to provide the contest with financial stability not only for the remainder of 2006, but perhaps for years to come, DeMonte said.

Apjohn Ventures, The Right Place Program, Southwest Michigan First, and Western Michigan University on the West side of the state have stepped up as major sponsors, DeMonte said. Automation Alley, NextEnergy, and SPARK in Southeast Michigan have as well.

But DeMonte said he’s disappointed with the lack of support coming from Mid Michigan, particularly from Michigan State University and the Michigan Economic Development Corp.

“I think it’s political with the MEDC,” DeMonte said. “Because GLEQ is independent, and run by volunteers that don’t have ties to the MEDC, the MEDC has turned its back on GLEQ.”

No one from the MEDC would respond to DeMonte’s comments.

DeMonte said he hopes MEDC support could come later this year through the 21st Century Jobs Fund. The MEDC manages the fund, which will provide some $396 million in grants to Michigan technology start ups over the next two years. GLEQ has applied for two grants totaling roughly $1 million to smooth out the finanical bumps.

Even a million dollars from the 21st Century Jobs Fund won’t solve all of GLEQ’s financial problems indefinately, DeMonte said.

“Like most non-profits, you?re always looking for the next dollar to continue the process,” he said. “We’ve gotten used to the idea we’ll never have a cushion of money to fund everything we?d like to do, but we?re doing fairly well.”

But GLEQ, responding to the voice of its customers, has reduced its bureaucracy. The board is just five people. A leener operation lets GLEQ be more dynamic, and flexible to pursue new opportunities to serve the state’s entrepreneurs.

GLEQ employs a two phase ? fall and spring ? business plan competition for two levels of entrepreneurial businesses: very early stage entrepreneurs (New Business Idea) and later stage entrepreneurs (Emerging Company).

For the fall cycle, both groups submitted executive summaries which will be judged by professional venture capitalists and angel investors in February. The spring phase repeated the competition for New Business Ideas, but concentrate on commercialization and the business execution articulated in an in-depth business plan prepared by Emerging Companies. The spring phase will conclude in early June with top teams pitching their business to investors for their final score.

Entrepreneurs can register for the spring cycle at GLEQ.Org or call Art DeMonte, Executive Director of GLEQ, at (734) 913-0090.