EAST LANSING – Applications are now open for the sixth annual GreenLight Business Model Competition, a $100,000 statewide contest focused on early-stage entrepreneurs, based in Michigan, less than two years old.
Applicants must be Michigan residents and have a well-crafted business idea. Applicants who already have a registered business must provide evidence that the entity did not incorporate prior to March 28, 2016. Winning funds must be used to start or further invest in business ventures in Michigan.
“The relationships and partnerships we’ve worked hard to build allow us to support great ideas and the innovators behind them,” said Paul Jaques, director of student and community engagement at Spartan Innovations, which provides educational and financial support to help turn Michigan State University R&D into successful Michigan businesses.
“Michigan startups are innovative, and they have the talent to compete on a global scale,” Jaques said. “We’re proud to offer this opportunity, in addition to the funding support, to help grow small businesses and to continue invigorating entrepreneurship in Michigan.”
Jaques said the GreenLight Business Model Competition has become a precursor to the $1million Accelerate Michigan contest held each November in Detroit. But GreenLight isn’t just seeking technology startups, but startups of all kinds, he said.
GreenLight is making a push to get more women entrepreneurs involved, said Lori Fischer, Events & Student Program Manager for Spartan Innovations.
““In the startup world, generally women participate at a lower percentage,” she said. “Women tend to start more lifestyle, retail-based companies. As an advisor to the MSU Women in Entrepreneurship program, I am finding that our members have ideas but some are slower to take action and create that next startup. They tend to be more deliberate, planning all the avenues and taking their time—some are not taking that risk right away.”
Fischer said when you break down the statistics from the previous five competitions, women entrepreneurs have been in the minority, but continue to attain great achievements.
2013:
1 female out of 10 companies:
Warmilu
WeWork Creator Award: $72,000
Ann Arbor SPARK: $31,000
MEDC: $31,000
2014:
9 females out of 25 companies
TheraB
Various investments: $563,000
2015:
1 female out of 24 companies
2016:
7 females out of 20 companies
SPLT: Various funding: $1,325,000
2017:
6 females out of 21
Find Your Ditto:
Investment: $175,000
Desai Accelerator: $25,000
Stir it Up:
Various competitions: $33,000
VADE Nutrition:
Various investments: $363,000
Applications will be taken through 11:59 pm on Wednesday, February 28, 2018. Finalists will be announced on Wednesday, March 14, 2018. The GreenLight Business Model Competition will be kick-off at 4 pm on Wednesday, March 28, 2018 at the Pasant Theatre, Wharton Center for the Performing Arts.
Spotlight Sponsors for 2018 are McLaren Greater Lansing, the Michigan State University Federal Credit Union, and the Michigan Economic Development Center. Apply to pitch, register to attend, become a sponsor, and see the full list of our generous sponsors at www.greenlightmichigan.com.
