Automation Alley Signs Three Year Partnership with the Great Lakes Entrepreneur's Quest
Establishes Automation Alley Innovation Award for Advanced Automotive Entrepreneurs
TROY, Mich., April 24 -- Automation Alley has committed to a three year partnership with the Great Lakes Entrepreneur's Quest (GLEQ) to provide program support and commercialization assistance to top teams competing in the GLEQ business plan competition. In addition, Automation Alley will fund the Automation Alley Innovation Award for Advance Automotive entrepreneurs. This $12,500 award will take the form of a convertible loan and will be in addition to any other prizes, cash or in-kind, won in the statewide competition.
"Now more than ever we need to support and leverage the GLEQ's process and six-year track record with a more significant commitment," said Tom Anderson, Senior Director at Automation Alley. "The partnership term, program sponsorship and funding of the Innovation Award will ensure early-stage entrepreneurs statewide will have an effective process to develop their concepts, network to resources and commercialize their new companies."
The Automation Alley Innovation Award will be designated to a team participating in the GLEQ business plan competition and which contributes to the field of advanced automotive technology as determined by the GLEQ judges. The $12,500 will be awarded each spring at the GLEQ Awards Ceremony and is in addition to any other prizes won in the statewide competition. Automation Alley will also actively work with the GLEQ to engage local corporations to provide post-competition sponsor assistance and support top teams with their commercialization efforts.
Raj Kothari, partner at venture capital firm Seneca Partners and GLEQ board chairman, said, "Automation Alley shares the same passion we have in supporting new business and entrepreneurs in Michigan. This partnership ensures these business innovators will continue to have opportunities to be successful and impact our economy."
To register for training classes, learn more about the competition's eligibility requirements or register for the Spring Cycle please visit http://www.gleq.org/ .
About the Great Lakes Entrepreneur's 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 a statewide business plan competition with a deadline for registration on April 24th and business plan submission on May 15th, 2006. 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 and in-kind awards are provided to the EC and NBI winners.
The GLEQ is currently sponsored by the Ann and Carmen Adams Fund of the Community Foundation for Southeastern Michigan, Wayne State University, Apjohn Group, Automation Alley, Next Energy, Southwest Michigan First, 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: Raymond & Prokop, P.C.; Miller Canfield P.L.C.; Barnes & Thornburg LLP; Warner, Norcross & Judd LLP; Plante & Moran; Lambert, Edwards & Associates; 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.
About Automation Alley: Automation Alley drives the growth and image of Southeast Michigan's technology economy through a collaborative culture that focuses on workforce and business development initiatives.
More than 620 businesses, educational institutions and government entities belong to Automation Alley, covering an eight county area and the City of Detroit. Automation Alley promotes regional prosperity through the Automation Alley International Business Center, which provides business attraction services and exporting assistance; the Automation Alley Technology Center, which brings together businesses, educators and government to help entrepreneurs accelerate technology commercialization; and the GLIMA Network, a state-wide association for individuals engaged with and involved in technology-oriented industries.
For more information, visit http://www.automationalley.com/ . Phone Postal Mail 248-457-3200 Automation Alley Headquarters Resource Center 2675 Bellingham 800-427-5100 Troy, MI 48083 E-mail info@automationalley.com