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. How is the GLEQ Business Plan Competition related to MiQuest?
Great Lakes Entrepreneur's Quest (GLEQ) has merged with the Small Business Foundation of Michigan (SBF), an independent 501(c)(3), established more than ten years ago by the Small Business Association of Michigan (SBAM). The combined organization has been named MiQuest.
One of MiQuests programs continuing is now called the GLEQ Business Plan Competition. Two other continuing initiatives under MiQuest is Michigan Celebrates Small Business and the Michigan Entrepreneurship Score Card.
Q. What is the GLEQ Business Plan Competition?
Itís a business plan competition for Michigan entrepreneurs run by MiQuest. MiQuest matches participants in the GLEQ Business Plan Competition with business coaches that advise them as they write their business plans or put together planning strategies. Every plan is evaluated by and receives written feedback from venture capital and angel investors, business development professionals and successful entrepreneurs. The awards event for each competition will be publicized and announced on the GLEQ.org home page.
Q. What are the competition categories?
Entrepreneurs select a competition category based on their ventureís 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.
Vision to Action Challenge participants are typically looking for a process and coaches to help develop action plans to further validate their businesses.
Participants select a category when registering, but can switch among categories until business plans are due.
Q. What are the prizes in each category?
The New Business Idea category allows for cash prized both Fall and Spring Cycle, Spring having the larger prizes of the two.
The Emerging Company category allows for micro-loan awards and the terms are the same as the Michigan Micro-Loan program.
The Vision to Action Challenge awards include $1,000 cash prize, media exposure and coaching assistance.
Q. What business plan documents are required and when are they due?
The following documents are required for each category:
New Business Idea: 5-page Executive Summary for both the spring and fall competitions.
Emerging Company: 12-page Business Plan is due for the Spring competition and (<i>]5-page Executive Summary is due for the Fall competition in this category.
Vision to Action Challenge: A pdf or link showing a completed Business Model Canvas (any version) AND a 3-minute raw video articulating one strategic business challenge and the action the team is in to address that challenge.
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 competition at www.gleq.org.