Ed Shaffer traveled to Lansing a little over a week ago to show support in the Great Lakes Entrepreneur's Quest. Little did he know that he'd be driving home several hours later with the state's top award for the emerging companies best business plan category and $25,000 extra in his budget for the year.
The CEO and founding partner of Midland-based
Advanced Battery Concepts of Midland says when he arrived at the competition, he opened the program and discovered -- to his surprise -- that he was one of six finalists. His company, along with 302 other ventures from around the state, submitted business plans as part of the twice-annual statewide competition. Shaffer and the other finalists were then asked to deliver on-the-spot business elevator speeches to a panel of judges and others at the event.
Great Lakes Entrepreneur's Quest offers coaching, education, resources, exposure to investors, and other tools to help develop successful ventures. The Ann Arbor-based nonprofit also hosts competitions designed to jumpstart and accelerate new, high-growth companies throughout the state. People are asked to submit detailed, viable business plans as part of the competition. Those with the best business plans are then eligible for awards and cash prizes in several categories.
Advanced Battery Concepts has developed battery electrode technology called GreenSeal™ that enhances the performance of lead-acid batteries, and lowers the cost of operating them. The company also won the award for best business plan in the new business idea category during last spring's Great Lakes Entrepreneur's Quest.
Shaffer would not have won the award -- and probably would not be in business -- without the help and support he has received from Bill Moneypenny, CEO of the
MidMichigan Innovation Center, where Shaffer's company is housed. He also had help from the
BlueWater Angels, a Midland-based investment group.
"Ed is the perfect example of what the supportive environment of an incubator can do for an entrepreneur," Moneypenny says.
Writer: Jenny Cromie
Source: Advanced Battery Concepts, Ed Shaffer
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