ANN ARBOR ? The deadline for submitting business plans to be judged in the Spring Cycle of the Great Lakes Entrepreneur?s Quest is May 15 at noon.
New Business Idea
A 5-page executive summary is a preliminary overview of the business plan you will develop over the next few months. The purpose of this is to start the process of formulating ideas that will be tested as you develop your business.
Emerging Company
Emerging Company (EC) teams must first qualify for this path with a 5-page Executive Summary. Once qualified, an 8-12 page plan is required as appropriate to a specific business. The plan will also include a summary of assumptions for the business, as well as a list of near-term milestones for the company.
Both plans are due May 15 at noon. But the deadline for competing in the Spring Cycle closed April 15.
GLEQ Executive Director Art DeMonte said shorter business plans mean more business plans can be read by the judges, feed back the contest organizers received from case studies done of similar contests in Pennsylvania and North Carolina.
What?s in that document has changed as well. Participants will be given clear instructions to state their assumptions on the market and the technology. Participants will be asked to state milestones and near term objectives for their companies. DeMonte said the new requirements are much more practical and release contestants of a lot of extra work that may not be value added.
