GLEQ Frequently Asked Questions We have posted answers to common questions concerning the Great Lakes Entrepreneur Quest (GLEQ) competition. Questions are categorized for your convenience.

1) General GLEQ Questions
	Q. What is the GLEQ Business Plan Competition? It’s a business plan competition for Michigan entrepreneurs. Great Lakes Entrepreneur’s Quest (GLEQ) has been running two cycles of the competition each year for ten years. GLEQ matches participants with business coaches that advise them as they write their business plans. Every plan is evaluated by and receives written feedback from venture capital and angel investors, business development professionals and successful entrepreneurs. The fall cycle concluded with the awards presented at ACE’10 on January 21, 2010.
	Q. What are the competition categories? Entrepreneurs select a competition category based on their venture’s stage of development. The New Business Idea category is appropriate for early-stage ventures and entrepreneurs exploring and developing new business ideas. The Emerging Company category is for revenue-generating businesses and ventures in the initial stages of commercializing technology. Ventures ready for pre-seed capital may qualify to compete in the $100,000 SmartZone Award category. Participants select a category when registering, but can switch among categories until business plans are due.
	Q. What are the prizes in each category? Both the New Business Idea and Emerging Company categories have multiple cash awards. The top prize for New Business Idea is $5,000; for Emerging Company it’s $25,000. The $100,000 SmartZone Award is a pre-seed investment. Additional innovation and regional awards are available to participants in the New Business Idea and Emerging Company categories.
	Q. What business plan documents are required and when are they due? In the spring cycle of the competition, the following documents are required for each category: New Business Idea: 5-page Executive Summary – Due May 7 Emerging Company: 12-page Business Plan – Due May 7 SmartZone Award: Business Plan, Financials, SmartZone Letter of Recommendation – Due April 23
	Q. Who can join the competition? The competition is basically open to every citizen in Michigan or that is part of a business located in Michigan. Check out our Eligibility and Prizes page for more information.
	Q. How do entrepreneurs join the GLEQ Business Plan Competition? Entrepreneurs can sign up for the 2010 spring competition on the GLEQ website at www.gleq.org. Registration is open until Friday, March 5. There is no cost to participate. Below are the different registration pages: Team Registration page New User Registration page Coach Registration page Judge Registration page
	Q. What kinds of resources are available for entrepreneurs? This site has past GLEQ training presentations, many statewide support organizations and their contact information, suggested readings, and recommended websites. One can explore these topics on the Entrepreneur Resources page.
	Q. How do I contact GLEQ? You can contact GLEQ by e-mail or phone. Our e-mail address is contact@gleq.org. Our phone number is 734-527-9151.
	Q. How is one evaluated in this competition? There are judges that evaluate your New Business Idea or Emerging Company according to set guidelines that you can find on the Evaluation and Scoring page.
2) New Business Idea Competition
	Q. What qualifies as a New Business Idea? The New Business Idea is described in greater detail on the Where Do I Begin? page.
3) Emerging Business Competition
	Q. What qualifies as an Emerging Company? An Emerging Company is described in greater detail on the Where Do I Begin? page.
4) SmartZones Competition
	Q. What is the SmartZone Award? This new prize is a $100,000 pre-seed investment presented by Michigan’s Network of SmartZones to the winner in the SmartZone Award category of the GLEQ Business Plan Competition. The first SmartZone Award will be presented on June 10, 2010.
	Q. Are there additional steps to compete for the SmartZone Award? Yes. To compete for the SmartZone Award, an entrepreneur must contact a SmartZone, be matched with a SmartZone Advisor and receive a Letter of Recommendation. SmartZone locations and contacts are listed on the Michigan Economic Development Corporation website at www.themedc.org, on the Ann Arbor SPARK website at www.annarborusa.org and in the registration section of the GLEQ website. Entrepreneurs are invited to register for the competition immediately and select the SmartZone Award category, but participation in that category will not be confirmed until a SmartZone recommendation is received. Participants can switch to another competition category at any time prior to April 23.
	Q. Are there other qualifications to compete for the SmartZone Award? Yes. To compete for the SmartZone Award, a venture must not have previous funding from the Michigan Pre-Seed Capital Fund. The venture must have less than $1 million in annual revenues (excluding grant income) and less than $1 million in equity or convertible debt from third parties. Additionally, the venture must be revenue-generating for less than five years or be pre-revenue.
	Q. Are winners of the SmartZone Award precluded from seeking additional funding from the Michigan Pre-Seed Capital Fund? No. Winners of the $100,000 SmartZone Award can still apply for up to $150,000 in additional funding (for a total of $250,000) from the Michigan Pre-Seed Capital Fund. The additional funding requested, above the $100,000 award, requires a matching cash investment equaling at least half the amount of the request. The SmartZone Award can not be used as the matching funds.
	Q. Where can I find out more about the Michigan Pre-Seed Capital Fund and Loan program? Complete information, including a list of SmartZone contacts, is available through the Ann Arbor SPARK website at: www.annarborusa.org/funding-incentives/pre-seed-fund