ANN ARBOR – Some 33 companies or would-be companies completed business plans by the Jan. 11 deadline for the fall competition of the Great Lakes Entrepreneurs Quest. Another 22 companies that had attended meetings decided they weren’t yet ready for prime time.
GLEQ Executive Director Art DeMonte the finalists for the cash and in-kind awards that will be presented on Feb. 7 include 10 teams in the emerging company category and 23 in the new business idea category.
“Out of 55 teams, only 33 delivered a business plan by the deadline,” DeMonte said. “Those that didn’t, realized they weren’t ready, or their idea wasn’t valid of sustainable. We don’t feel bad when all of the companies don’t complete the business plan. Our screening process helps people from going down blind alleys.”
Plans came from companies developing life sciences products and services and medical devices, Internet-based opportunties, software, consumer products in health care and engineering plays, such as engine technology. The constant in all of them is each has some sort of technology involved.
Next steps will include judges written feedback for all teams, whether they win cash or in-kind services or not, DeMonte said. First round winners will get cash – Emerging Company a check for $5000 and New Business a check for $1000. Runners up in each category will receive a few hours of in-kind professional services in the legal, marketing, and accounting areas.
Plans for the awards dinner on Feb. 7 won’t be announced until later this month. Wayne State University will host the event either at WSU or at the Detroit Institure for the Arts. For more information, click on GLEQ.Org
