Michigan Business Challenge - Info

Participating in the MICHIGAN BUSINESS

CHALLENGEand Other Business Plan

Competitions

October 5 and October 22, 2007

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Overview of Presentation• Michigan Business Challenge, EVC

Quick Pitch, Great Lakes Entrepreneur Quest, intercollegiate business plan competitions

• Why you should participate• Why ZLI encourages participation• Next steps• Dare to Dream grant recipients

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ZLI Activities for 2007-08

Frankel Commercialization Fund Wolverine Venture Fund

Michigan Business Challenge& Intercollegiate Competitions

Entrepreneurial MAPdomestic & international

opportunities

Marcel Gani Internship Program(includes self-hosted internships)

Williamson CoE/RSBE-education Initiative

Entrepreneurial Studies Courses

Act

ion

-base

d L

earn

ing

New Business Development Seminars

ZLI Office Hours, Coaching and Executive Consulting

Cou

nse

ling

Michigan Growth Capital Symposium

Private Equity Conference

Entrepalooza: Exploration of entrepreneurship across multiple industries and business stages

Sym

posi

a/E

vents

Zell and Mondry Entrepreneurial Scholarships

Mingle ‘n’ Match

Aca

dem

ics

Business Developm

ent Programs

Business Development

Seminars

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Business DevelopmentDevelopment GrowthIdeation Assessment

OpportunityIdentification

IntegrationLaunch

& AcquisitionLiquidity

Mingle ‘n’ Match

Executive Consulting

Office Hours and Coaching

Michigan Business Challenge& Intercollegiate Competitions

Feasibility Study

Feasibility StudyHypothesisHypothesis Business PlanBusiness PlanExecutive

SummaryExecutive Summary

Potential ExitsPotential ExitsMarket Information

Market Information FinancialsFinancials

Elevator PitchElevator Pitch Building and Deliveringan Investor PresentationBuilding and Delivering

an Investor Presentation

Dare to Dream Grant Program

Opportunity IntegrationAssessment

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2007-2008 Contests• Michigan Business Challenge

– Runs from Fall B – February 15• Entrepreneur and Venture Club’s (EVC)

Quick Pitch – January 25

• Great Lakes Entrepreneur’s Quest (GLEQ)– Closely follows academic calendar

• Intercollegiate Competitions– Various weekends from February - May– Usually Thursday evening to Saturday afternoon

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Michigan Business Challenge• Began in 1984

– Supporting gifts from Millard Pryor and William Hale families.

• Close to $500,000 in prize money has been awarded– Award money at each phase

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Michigan Business Challenge

• 3-month long, university-wide competition with 4 rounds of increasing intensity

• Graduate and undergraduate competitors

• Judged by experienced entrepreneurs, service providers, and professional investors

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Michigan Business Challenge• Round 1 – teams enter a coherent Executive Summary

– 3 minutes to present, 3 minutes of Q/A

• Round 2 – 16 teams– Market and Financial Overview– 7 minutes to present, 10 minutes of Q/A

• Semi-finals – 8 teams– Business plan– 15 minutes to present, 15 minutes of Q/A

• Finals – 4 teams– Business plan– 30 minute interactive session

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Michigan Business Challenge

• Pryor Award for Best Business $15,000• Runner-up $ 5,000• Williamson Award for Outstanding

Business and Engineering team $ 5,000

• Erb Sustainable Award $ 5,000

• Best Written Plan $ 2,500• Outstanding Presentation (2) $

2,500

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MBC Schedule Overview• November 16, 2007 – Due: Executive Summary• November 30 - Round One• January 4, 2008 - Due: Seven-page market and

financial overview. • January 11 - Round Two• February 1 – Due: 20-page plan with full

financials. • February 15

– Morning - Semifinal Round– Afternoon - Final Round – Evening - Award winning teams will be announced at

a reception with the awardees of the Winter 2007 Dare to Dream Grant Program.

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Awards$40,000

$500

MBC Process and Prize Awards

Summary

BusinessPlan

Market &Financials

Round One:3m pitch3m Q&A

Round Two:7m pitch

10m Q&A

Semifinals:15m presentation

15m Q&A

Finals:3m pitch

27m discussion

$300

$200Pitch opportunity

1/12

1/5

12/111/10

2/16

2/16

2/2

FuturTechQuickPitch

1/26

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EVC Quick Pitch• University - wide, RSB focus• Hosted by the EVC as part of

FuturTech• Begun in 2001 at height of the

“boom”

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EVC Quick Pitch

• 3-minute pitch format• Focuses teams on messaging and

delivery, not full plan

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EVC Quick Pitch

• Awards vary from year to year• Winner receives auto-berth into the

Wake Forest Elevator competition

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EVC Quick Pitch• Early January - applications accepted

– usually one page summary

• January 22 - 8 to 12 participants selected and notified

• January 25 - All participants present during FuturTech– Awards announced by end of conference

• Seven years of operation

• ZLI is a founding board member

• Over 600 teams have entered

• Over $500,000 in prizes distributed

• Winning companies in existence: ~75%

• All major winners are still in operation– 2001: Velcura*– 2002: TJ Pulse– 2003: Adaptive

Materials– 2004: SensiGen– 2005: Spirit Shop

(Style High)*– 2006: Rapid BioSense– 2007: B. A. Maze, Inc.*

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Great Lakes Entrepreneur’s Quest

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Great Lakes Entrepreneur’s Quest

• Links students to statewide network– Emphasizes mentoring and connections– Includes mentoring by members of MVCA

• High level of exposure within Michigan

• Separate tracks for ideas and more mature start-ups

• Re-teaming and team building encouraged

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• Community based, statewide competitive format open to residents and students in Michigan

• Any high-growth team can join– Bias against service-only businesses– Bias against non-profits

• Two cycle competition– New Business Ideas– Emerging Companies

Great Lakes Entrepreneur’s Quest

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Great Lakes Entrepreneur’s Quest

• New Business Ideas– First Place: $5,000 cash, $2,500 in-kind– Runner-up: $1,000 cash, $1,500 in-kind

• Emerging Companies– Grand Prize: $25,000 cash, $7,500 in-kind– Runner-up: $5,000 cash, $5,000 in-kind

• Other Awards– $12,500 Automation Alley Advanced Mfg. Innovation– $12,500 NextEnergy Alternative Energy Innovation– $25,000 Live Science Innovation – $25,000 Information Technology Innovation

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• Two cycles of competition: Fall and Spring– October 31 deadline for fall– December: Submissions– January: Award ceremony – Repeat cycle in Spring

• Website is best source of informationwww.gleq.org

Great Lakes Entrepreneur’s Quest

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Intercollegiate BPCs• Compete against students from

universities all over the world• Variety of timelines, deliverables, and

formats• Widen networks to prominent

business leaders in a variety of high-powered businesses

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• To be eligible for most competitions, teams must advance to Round Two of the Michigan Business Challenge

• ZLI pays travel and expenses for most competitions

• Complete MBC obligations, attend seminars

• Meet the other competition’s requirements

• Submit all information and make travel arrangements on a timely basis

Intercollegiate BPCs

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• Vary from $10,000 cash to $100,000 investment– Awards for runners-up and “special” interests

also

• Can include – In-kind services– Inducement to relocate– Combination of the above

• Michigan teams typically earn tens of thousands of dollars each year in BPCs

Intercollegiate BPCs

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  2004 2005 2006 2007

# of competitions 13 13 16 14

# of teams 12 12 15 11

# of students 29 41 34 32

WinnersKACE, SDSU

WFU,GLEQ, MBA

Jungle

CMU, Nebrask

a

FinalistsIndiana,

HBS, GSVC

MOOT Corp, SDSU, HBS,

CMU, Rice

SDSU, USF, Ball

State, Boise

WFU, CMU,

Manitoba,

Cleantech, Ball State

Total prize $~$25,00

0~$30,000

~$50,000

~$25,000

Intercollegiate BPCs

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Why should you participate?• Develop entrepreneurial skills and

experience• Expand team and business network• Help foster mentoring relationships• Encourage progress through deadlines• Support business development activities

and research outside of the classroom• Receive a plethora of feedback from a

huge assortment of people from an incredible amount of industries

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Why should you participate?• Discover an alternative career path• Prize money• Travel opportunities• Develop presentation skills

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Why does ZLI bother?

• Demonstrates U-M and RSB as an entrepreneurial school

• Highlights talent of U-M students, research, programs, etc.

• Advances student entrepreneurial skill development

• Supports the creation of new businesses

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Why does ZLI bother?

• Keeps community links vibrant• Creates public relations opportunities

for U-M, RSB, ZLI and teams• Strengthens Institute relationships

with students• Builds a track record of student

engagement

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What to do now ?

• Attend November 1st evening session on preparing an effective executive summary

• Complete the Intent to Compete Form with– Complete 3-page executive summary as

a .pdf– Contact info for team members– To zlicontact@umich.edu by 11/16/07 at

8:00 a.m.

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How do I find team members?• Participate in the next Mingle ‘n’

Match on October 30• Post on iMpact

– Position must begin with “MBC”– Useful for team building for Dare to

Dream

• Email rachelul@umich.edu

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Review of Presentation• Michigan Business Challenge, Quick

Pitch, GLEQ, intercollegiate business plan competitions

• Benefits for your participation• Why bother participating?• Benefits to ZLI for your participation• What to do now• Dare to Dream grant recipients

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Dare to Dream Comments• Recipients were those who:

– Provided complete answers– Offered information about what makes

their company unique

• Applications must:– Show effort and thought– Have all the questions answered– Not throw things at the wall to see what

sticks– Team members add value to the team

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Dare to Dream Opportunity Comments

• Applications:– Ideas are NOT innovation– Social networking with a smaller base is

not a company– Self-motivated companies will not receive

grants• Recipients :

– Articulate innovation with clear benefits to user or customer

– Statements about what makes innovation different from current market

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Dare to Dream Assessment Comments

• Applications:– Very poor, overall– Rarely discussed what made particular

company unique or sustainable– Companies that would exist if someone

else created technology first• Recipients :

– Clear understanding of value proposition to customer

– Clear definition of what the company will be

– Value provided is consistent with identified need

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Dare to Dream Integration Comments

• Applications:– Most were for products or features, not

companies– Value proposition was not stated– Insufficient information was provided,

competition was not appropriately addressed

• Recipients:– Expressed clear ideas well– Market size was stated and clear– Competition was clearly and fully described

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Dare to Dream Grant Recipients

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Dare to Dream Opportunity Grant

General Aerodynamics Helios

James Cho

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Dare to Dream Opportunity Grant

Haniwa Raptor Security Systems

David Gaucher and Quoc Luu

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Dare to Dream Opportunity Grant

Hearing Protection Indicator

Robert Littrell

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Dare to Dream Opportunity Grant

i2

Katie Miller

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Dare to Dream Opportunity Grant

Maxim Investments

Maxim Yutsis

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Dare to Dream Opportunity Grant

Modern Portfolio Auctions

Miles Putnam

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Dare to Dream Opportunity Grant

Second Eye

Ted Way

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Dare to Dream Opportunity Grant

SensoWear

Meghan Cuddihy and Edward Jan

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Dare to Dream Assessment Grant

Audiallo

Aaron Nelson

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Dare to Dream Assessment Grant

GIDEON

Mark Birac and Ankit Shah

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Dare to Dream Assessment Grant

Home Counting

Brian Burstein and David Lorch

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Dare to Dream Assessment Grant

Innovet

Rohan Mendonza

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Dare to Dream Assessment Grant

Indian Medical Group

Sateesh Srinivasan and Sharad Gupta

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Dare to Dream Assessment Grant

Neupharma Microdevices

Cory Costley, Matt Gibson, and John Seymour

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Dare to Dream Assessment Grant

Productive Kitchens

Babu Sambamoorthy and Israel Vicars

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Dare to Dream Assessment Grant

Sustainable Food Service

Mary Lemmer and Vanshika Vij

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Dare to Dream Integration Grant

Army Property

Angelo Adams, Ambra Heard, Parren James, Ben Kozma, and

Sherman Powell

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Dare to Dream Integration Grant

ePack Corps

Jay Stewart Mitchell, Sang Woo Lee, and Akshai Rao

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Dare to Dream Assessment Grant

MSignS

Michael Barfuss, Jason Gilbert, and Judy Yu

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Dare to Dream Assessment Grant

Slow Kitchen Post

Robert Fetter

Questions?

Michigan Business Challengeand Other Business Plan

CompetitionsInformation Session

Michigan Business Challengeand Other Business Plan

CompetitionsInformation Session

Michigan Business Challengeand Other Business Plan

CompetitionsInformation Session

61

ZLI Activities for 2006-07DevelopBusiness

GrowBusiness

Ideate Business Assess BusinessOpportunityIdentification

IntegrationBusiness Launch

& AcquisitionLiquidity Event

Manage Turn-around

Frankel Fellows Program Wolverine Venture Fund

Michigan Business Challenge& Intercollegiate Competitions

Entrepreneurial MAPdomestic & international opportunities

Marcel Gani Internship Program(includes self-hosted internships)

Dare to Dream Grant Program

Williamson – CoE/RSBE-education Initiative

Entrepreneurial Studies Courses

Act

ion-b

ase

d L

earn

ing

MBC Business Planning Training Sessions

ZLI Office Hours: one-on-one counseling

Cou

nsel

ing

Michigan Growth Capital Symposium

Emerging Industries: in-depth exploration of an industry and/or technology

Entrepalooza: Exploration of entrepreneurship across multiple industries and business stages

Sym

posi

a

Zell and Mondry Entrepreneurial Scholarships

Opportunity Assessment Integration

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When are they?• MBC begins Fall B, runs through

February• Quick Pitch in January• GLEQ in January and May• Intercollegiate contests begin mid-

February and run through early May– Usually a Thursday evening to Saturday

afternoon format

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When are they?• History • Purpose• Format• Award• Schedule