GLEQ contest offers $100,000 to entrepreneurs

One local start-up will win $100,000 soon, thanks to the Great Lakes Entrepreneurs' Quest SmartZone Award.

The contest will award the grand prize, along with several other smaller cash prizes, this spring. The $100,000 would be a loan that could serve as convertible debt, which means the start-up could turn it into equity in the firm as part of a venture capital deal or just pay back the loan. But the contest isn't just about the one company that wins, but all of the firms in the competition.

"Even if they don't win the $100,000 they're involved in the process that could introduce them to angel investors and qualify them for the Michigan Pre-Seed Capital Fund," says Diane Durance, executive director of the Ann Arbor-based Great Lakes Entrepreneurs’ Quest. "It's a way to help these companies bridge the funding gap."

The competition is open to all Michigan entrepreneurs that register to participate by March 5, and it requires a SmartZone sponsor. Business plans are due April 23 for the SmartZone Award and May 7 for the New Business Idea and Emerging Company categories. Top prizes are: $5,000 in New Business Idea; $25,000 in Emerging Company; and the $100,000 pre-seed investment in the SmartZone Award category. Winners will be announced at the GLEQ SmartZone Awards Event on June 10 in Lansing.

For information, click here.

Source: Diane Durance, executive director of the Ann Arbor-based Great Lakes Entrepreneurs' Quest
Writer: Jon Zemke

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GLEQ contest offers $100,000 to entrepreneurs

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