NextEnergy Signs Multi-Year Partnership with the Great Lakes Entrepreneur's Quest
Establishes NextEnergy Innovation Award for Alternative Energy Entrepreneurs
DETROIT, May 4 -- NextEnergy has committed to a multi-year partnership with the Great Lakes Entrepreneur's Quest (GLEQ) to provide program support and commercialization assistance to the top alternative energy teams competing in the GLEQ business plan competition. As part of the partnership, NextEnergy will also fund the NextEnergy Innovation Award for alternative energy entrepreneurs. The award will be given to the team whose plan best contributes to the field of alternative energy technology as determined by NextEnergy and the GLEQ judges. The winning entry will be chosen on the basis of innovation and likeliness to succeed in the marketplace.
"The GLEQ's ability to provide statewide technology networking and assistance to fledgling companies and innovators supports our goal to foster growth within the alternative energy technology sector in Michigan," said Jim Croce, chief executive officer, NextEnergy. "NextEnergy is committed to the commercialization of alternative energy solutions and the GLEQ business plan competition is a great way to bring more ideas into play."
The annualized $12,500 NextEnergy Innovation Award will take the form of a cash grant, bridge or convertible loan. It will be awarded each spring at the GLEQ awards ceremony and is in addition to any other prizes won in the statewide competition. NextEnergy will also work with the GLEQ to actively engage local corporations in providing post-competition sponsorship assistance and support to all of the top alternative energy teams' commercialization efforts.
"NextEnergy's support is critical to this emerging technology and solidifies our ability to reward and connect early-stage entrepreneurs to alternative energy experts and resources throughout Michigan," said Art DeMonte, executive director of the GLEQ.
Those interested in registering for training classes or learning more about GLEQ's Business Plan Competition eligibility requirements should visit http://www.gleq.org/ .
About NextEnergy
NextEnergy is a non-profit corporation founded to enable the commercialization of energy technologies that positively contribute to economic competitiveness, energy security and the environment. The state-of- the-art NextEnergy Center and related energy infrastructure supports research, development, education, and outreach through collaboration among automotive, military, and energy company interests. For more information, visit http://www.nextenergy.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 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, NextEnergy, 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.