Michigan Business Challenge Competition attracts 45 teams

The Michigan Business Challenge, a business plan competition at the University of Michigan, is entering its second of four rounds this week, judging 14 student-led start-ups that span a wide variety of industries.

The Michigan Business Challenge attracted 45 teams, comprising 145 students interested in starting their own business. They are competing for $60,000 in cash prizes, including the grand prize of $20,000.

"We have a number of web-based businesses," says Anne Perigo, program coordinator for the Zell-Lurie Institute for Entrepreneurial Studies at the University of Michigan's Ross School of Business and the manager of the Michigan Business Challenge. "We have a number of student teams that are looking at medical devices or assistive technologies."

The student-led start-ups complete an executive summary for their proposed business. Those that make it to the later rounds of the competition write a marketing and financial overview for their company and finish a complete business plan. These teams also pitch their businesses to a panel of judges comprised of entrepreneurs and investors. The competition will wrap up by Feb 17.

"The Michigan Business Challenge is one of several programs the Zell-Lurie Institute and Ross School of Business runs that engages student entrepreneurs across the university," Perigo says. "Our number one goal is to give these students the tools and experience to become successful entrepreneurs."

Source: Anne Perigo, program coordinator for the Zell-Lurie Institute for Entrepreneurial Studies at the University of Michigan
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.