ANN ARBOR – The Great Lakes Entrepreneur’s Quest will be rolling out its fall competition shortly. So MITechNews.Com will provide this primer for entrepreneurs on what the program is all about.
GLEQ is a year-round educational program offering classes, training, coaching and mentoring to help entrepreneurs start, develop or accelerate a high-growth business.
GLEQ participants are eligible to compete in one of two business plan paths:
New Business Idea
Emerging Company
Every team begins in the New Business Idea category and may be upgraded to the Emerging Company category if GLEQ sees fit. Competitors have the chance to win seed capital, to receive valuable services (e.g., legal, accounting, consulting) and to explore other opportunities that can help one launch or grow a business.
New Business Idea
If you have an idea for a high-growth business, the Quest will help you gain the basic skills necessary to create a business plan.
GLEQ’s New Business Idea path is targeted at entrepreneurs with little or no business start-up experience. This path – offered twice a year – provides basic business plan training and education, as well as networking opportunities with potential team members, coaches, angel investors, government resources and others.
In order to be eligible, participants must match specific requirements, and judges look for important factors such as innovation, relevant expertise, competitive advantage and market opportunity. All participants will receive feedback on ideas submitted. A total of three prizes will be awarded to each region during the competition. Each winner will receive a cash prize, in-kind services including legal, accounting and consulting services, and scholarships to advanced level training programs for entrepreneurs.
Emerging Company
If you are an entrepreneur with startup experience or if you run an emerging company, GLEQ offers advanced training and development opportunities to help you launch a high-growth business or accelerate the growth of your existing company.
GLEQ’s Emerging Company path is for entrepreneurs with some business or start-up experience. This path has two rounds – a semifinal and final round. Eligible participants are assigned a coach or mentor and are expected to complete a five-page Executive Summary for entry into the semi-final competition (in the fall). There are specific requirements, and judges look for important factors such as innovation, relevant expertise, competitive advantage and market opportunity.
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Prizes are first given in the semi-final (fall) round and all teams will receive feedback on ideas submitted and will be eligible for training and coaching opportunities. The most promising teams will be chosen to advance to the finals in the spring. Teams that do not advance can re-enter the next semi-final round (the next fall) or continue to compete in the New Business Idea path instead.
Teams advancing to the finals work with a mentor to develop a 12-page Business Plan to be submitted for judging. Finalists will also be expected to deliver a formal pitch at the finals competition. Top prizes will be given in the final round, including a grand prize and prizes for runner-up and honorable mentions. Prizes include cash, in-kind services (e.g., legal, accounting, consulting), scholarships to entrepreneurial training workshops, and the opportunity to present at prestigious venture capital forums.
For more information, click on GLEQ.Org
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