U-M studentpreneurs make finals in Entrepreneur magazine contest

Wednesday, August 11, 2010 | Source: Detroit Free Press

The best hope for revamping and reinventing Michigan's economy is from the entrepreneurs who aren't entrenched in it yet. Don't believe it? Go check out the fresh produce in a Detroit city liquor store and ask yourself who made that possible.

Excerpt:

A relative's complaint about pricey special occasion clothes for an infant who would quickly outgrow them sparked Allen Kim's idea for an online rental service for baby clothing.

A desire to make credit-card purchasing safer and more convenient inspired Daniel Pearson to develop a smart card that combines multiple credit cards into one.

The ideas have earned Kim, a University of Michigan senior, and Pearson, a Central Michigan University senior, the honor of being two of the five national finalists in a competition run by Entrepreneur magazine.

The fact that two of the five finalists are Michigan students is likely a testament to the increased emphasis on entrepreneurism in the state. It's an emphasis some say is crucial to turning the state's economy around. Not only is much of the job growth happening in small companies, but experts say an entrepreneurial mind-set -- including being open to new opportunities and developing different ways to do business -- is crucial to being successful working in large companies.

Read the rest of the story here.