Eligibility To participate in the Great Lakes Entrepreneur’s Quest individuals and teams must have a business concept that has high growth potential. This might be a new product design, e-commerce platform, life science application, advanced manufacturing breakthrough or another innovative idea. At least one member of the team must reside, work or attend school in Michigan. Existing Michigan businesses may participate in the competition with their expansion or growth idea. No subsidiaries are allowed. If an existing business, it must be based in Michigan. Cannot be a previous GLEQ Finals Award winner. New Business Idea Emerging Company Less than $500K cumulative revenues excluding grant income Less than $500K in equity or convertible debt from third parties; none raised from institutional investors Has little or no previous business start-up experience Must have less than 3 years of operations Less than $3 million cumulative revenues excluding grant income Less than $2 million in equity or convertible debt from third parties; none raised from institutional investors Has not been a serial entrepreneur that has raised institutional capital prior to GLEQ Other Ways to Participate: Subscribe to the newsletter. Volunteer to assist with the competition logistics. Attend an event to meet others in the entrepreneurial community.[

Prizes Please note that although cash and in-kind prizes are always a highlight of our year of competition, our prior winners have repeatedly said that an equivalent, if not greater, benefit from winning the competition has been the validation of their plans and the immediate access and prominence amongst the entrepreneurial community. Additionally, GLEQ has added an Honorable Mention award to recognize the team leader with The Spirit of Entrepreneurship. The award recipient is selected by the coaches and is recognized for having "the right stuff" to be a successful entrepreneur. New Business Idea (NBI) - Three awards will be announced for the Fall Cycle of the GLEQ Business Plan Competition at ACE'11 on Thursday, January 27, 2011. The prize structure is approximately the following: NBI First Place: $2,000 cash NBI Second Place: $1,500 cash NBI Third Place: $500 cash Emerging Company (EC) - Three Emerging Company awards will be announced at ACE'11 on Thursday, January 27. The cash prizes are approximately equivalent to the following: EC First Place: $5,000 cash EC Second Place: $3,000 cash EC Third Place: $2,000 cash Innovation Awards and SmartZone Award to be announced in June 2011 SmartZone Award: $100,000* Automation Alley Advanced Manufacturing Innovation Award: $12,500* Tentative Alternative Energy Innovation Award: $10,000* Tentative Life Sciences Innovation Awards: $5,000 - 25,000* *Awarded as a cash grant or convertible loan as determined by the sponsor.