ANN ARBOR ? Great Lakes Entrepreneur?s Quest helps would-be business owners craft what most experts contend is the key to business success – a business plan. Business professors and professional investors have mentored upwards of a thousand entrepreneurs since the program was launched five years ago.

?It?s a process that allows entrepreneurs to take a new idea and look into business possibilities,?? said GLEQ Chairman David Brenner. ?In the contest, they can elicit feedback from judges and screeners who can provide market relevant information to entrepreneurs. It?s more important than the money. If you can get an hour with a serial entrepreneur, it?s more than you?ll learn in six months.?

The GLEQ is open to anyone at no cost who lives, works or attends school in Michigan. The organization?s sponsors include the Michigan Economic Development Corporation, Zell Lurie Institute for Entrepreneurial Studies at the University of Michigan Business School, Michigan State University, Wayne State University, Apjohn Group and Esperion Therapeutics.

Founded in 2000, GLEQ has awarded $600,000 in prize money during the first four years of its annual business plan competition, which is aimed at encouraging and educating entrepreneurs on the creation, start-up, and early growth stages of high-growth businesses within the state of Michigan.

In the spring, GLEQ selects a Grand Prize Winner. The package of goodies includes: $50,000 cash, 10 hours of legal services, two hours of media and PR consultation, five hours of financial and accounting consultation, and a guaranteed spot among 30 companies that pitched at last June?s Growth Capital Symposium.

GLEQ, which used to be an all volunteer organization, recently hired its first executive director, former Dow executive Arthur DeMonte.

?GLEQ needs to go to the next level,?? Brenner said. ?We need a leader who can continue the planning cycles. We also want to work more closely with Automation Alley, GLIMA and Southwest Michigan First.?

In that spirit of cooperation, the next GLEQ training event will be held Tuesday Dec. 7 at 9 a.m. in Kalamazoo at the Southwest Michigan Innovation Center. GLWQ will partner with First Tuesday to present a venture capital panel discussion, which follows several business pitches. Admission if free, but registration is required. You can do that, and learn more about GLEQ, by clicking on GLEQ.Org