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News and Information Article
ANN ARBOR, Mich., June 15 // -- The Michigan Venture Capital
Association (MVCA) has agreed to sponsor a mentoring program for winners of
the Great Lakes Entrepreneurs Quest (GLEQ) business plan competition.
Starting this spring, the GLEQ winners in the Emerging Company and New
Business Idea tracks will be matched to a venture capitalist in their field
of pursuit. Nine member investment organizations have already committed to
the program.
Mina Sooch, MVCA board member and founder and general partner of Apjohn
Ventures, said, "I had a great response from our membership for this
program; its a natural extension to the written feedback we provide to
teams in the competition and the judging panel we staff for the finalist
pitches. With this mentoring program, winners can now sit one on one with
venture capital experts who will listen to their pitch and give specific
pitch feedback as well as other strategic and tactical advice."
MVCA members participating in the mentoring program include: Apjohn
Ventures, Arboretum Ventures, Ardesta, Southwest Michigan Life Sciences
Venture Fund, EDF Ventures, Endurance Ventures, Arbor Partners/BlueChip
Ventures, Ridgeline Ventures, and Arch Development Partners. Additional
members are expected to join the program as it is implemented.
GLEQ teams qualifying for the mentoring program include the Grand Prize
winner and runner-up in the Emerging Company track, winners of the
Automation Alley, NextEnergy and Southwest Michigan First Innovation Awards
and the top New Business Idea team.
"The GLEQ program is truly unique in helping Michigan entrepreneurs ...
where else can a fledgling company get high quality training, expert
coaching, feedback from venture capitalists and now a significant mentoring
program -- for free," said Art DeMonte, Executive Director of the GLEQ.
About the MVCA
The Michigan Venture Capital Association represents the venture capital
community in the State of Michigan by:
* Stimulating an entrepreneurial environment;
* Encouraging investments in new and emerging companies;
* Educating the community to the benefits of venture capital investing to
our economy;
* Promoting professional development of members through research and
professional development opportunities.
The Michigan VCA is comprised of and organized by venture capital,
private equity and professional services firms with the common interest of
promoting investment activity in the State of Michigan in hopes of making
it one of the best states in the country to build new businesses. If you
would like to learn more about the Michigan VCA and its activities, please
feel free to send an e-mail to info@michiganvca.org . Website:
http://www.michiganvca.org/index.cgi
MVCA Board of Directors
Jan Garfinkle, President, Arboretum Ventures
Jason Burr, Director, Arbor Partners
Mary Campbell, Director, EDF Ventures
Tom Kinnear, Director, University of Michigan Business School
Birgit Klohs, Director, The Right Place Program
Raj Kothari, Director, Seneca Partners
John McIlwraith, Director, Blue Chip Venture Company
John Meilner, Director, Bridge Street Capital
Pat Morand, Director, Southwest Michigan First
Jim Plonka, Director, Dow Chemical Corporation
Mahendra Ramsinghani, Director, Michigan Economic Development Corporation
Ron Reed, Director, Endurance Ventures
Mina Sooch, Director, Apjohn Ventures
Teri Willey, Director, ARCH Development Partners
Bryant Zanko, Director, Stryker Corporation
Officers
Jan Garfinkle, President, Arboretum Ventures
Mike Bernard, Secretary, Dykema Gossett
Mary Campbell, Treasurer, EDF Ventures
About the Great Lakes Entrepreneurs Quest (GLEQ)
The GLEQ is a nonprofit 501(c)(3) educational program designed to
accelerate the formation of high-growth companies across Michigan. Anyone
who lives, works or attends school in Michigan can participate in the
competitions and educational programs at no cost.
The GLEQ sponsors two statewide business plan competitions each year.
The Quest is structured into two distinct maturity "paths": companies with
more developed businesses compete in the Emerging Company (EC) path while
teams with new or less developed business ideas compete in the New Business
Ideas (NBI) path.
The EC teams must complete and submit an 8- to 12-page business plan,
while the NBI teams must develop and submit a five-page executive summary
describing their business or business idea. The GLEQ provides the
assistance of coaches and educational programs to help all entrepreneurs
with their business plans. Cash awards up to $25,000 and in-kind awards are
provided to the EC and NBI winners. In addition, Innovation Awards
sponsored by Automation Alley, NextEnergy and Southwest Michigan First
provide investment amounts up to $12,500 for teams meeting the sponsor
criteria.
The GLEQ is currently sponsored by the Ann and Carman Adams Fund of the
Community Foundation for Southeastern Michigan, Wayne State University,
Apjohn Group, Southwest Michigan First, Automation Alley, NextEnergy, the
Samuel Zell and Robert H. Lurie Institute at the University of Michigan
Ross School of Business and Lambert, Edwards & Associates. Additional cash
sponsors include MPI Research and The Right Place.
Founded in 2000, the GLEQ has provided over $800,000 in contributed
services from volunteer coaches, educators, judges and in-kind sponsors. It
has provided over $700,000 in cash to promising technology companies
through its statewide program which is aimed at encouraging and educating
entrepreneurs on the creation, start-up, and commercialization of
high-growth businesses within the state of Michigan.
Professional service sponsors donating consulting time to the most
promising GLEQ companies include: Butzel Long; Miller Canfield, PLC; Barns
& Thornburg LLP; Plante-Moran; Lambert-Edwards; Eiler Communications; and
Net Portfolio.
Additional information is available at http://www.gleq.org or by
calling Art DeMonte GLEQ Executive Director, at 734.913.0090.
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