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Nine Teams of Michigan Entrepreneurs Awarded $60,000 In First Phase of Great Lakes Venture Quest

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    Nine Teams of Michigan Entrepreneurs Awarded $60,000 In First Phase of Great Lakes Venture Quest

    Nine Teams of Michigan Entrepreneurs Awarded $60,000 In First Phase of Great Lakes Venture Quest

    Nine Teams of Michigan Entrepreneurs Awarded $60,000 In First Phase of Great Lakes Venture Quest
    PR Newswire - USA; Dec 6, 2001
    Three Grand Prizewinners Announced Dec. 5, 2001 Represent State's Innovative New Life Science and Biotech Businesses with Technologies to Help People with Brain Aneurysms and Spinal Cord Injuries as well as Detect E.Coli and Other Pathogens

    GRAND RAPIDS, Mich., Dec. 6 /PRNewswire/ -- Nine teams of Michigan entrepreneurs have been awarded a total of $60,000 in the first phase of the Great Lakes Venture Quest (GLVQ) statewide business plan competition. GLVQ is a non-profit organization that unites Michigan's entrepreneurial community to help build the critical mass of technology, talent and capital necessary to make the state among the best places to start a high-tech enterprise. The GLVQ Board of Directors presented the awards at a Dec. 5, 2001 ceremony at Grand Valley State University in Grand Rapids.

    GLVQ Board Chairman Roger Newton explained that more than 100 teams are participating from around the state in its second annual business plan competition that will culminate with the phase 2 awards ceremony April 8, 2002. "I was delighted to see that more than a dozen life science and biotech companies were included in the 75 teams entering the first phase of the Michigan business plan competition," said Newton, who is president and CEO of Esperion Therapeutics, Inc., an Ann Arbor company that discovers and develops pharmaceutical products for the treatment of cardiovascular disease. Newton added that new teams are welcome and the deadline for phase 2 entries has been extended to March 15, 2002.

    Carol Lopucki, director of the Michigan Small Business Development Center, joined Newton to present phase 1 awards to participants who also represented some of the state's newest companies involved in advanced manufacturing, Internet and information technology and services. During the first phase of the Michigan business plan competition, the Great Lakes Venture Quest awarded $10,000 each to three regional grand prizewinners and $5,000 each to two runners-up in three regions of the state.

    Lopucki chairs the GLVQ committee that plans events and free training for Michigan entrepreneurs. Training topics from January through March include: In-depth Financial Analysis and Forecasting, Building a Strong Management Team/Board of Directors, Pitching Your Company/The Selling Presentation, Accessing Capital, Strategizing Growth: Marketing, Sales & Distribution and Valuation Exit Strategy. A training schedule is posted at and additional information for people interested in participating in the second phase of the competition is available by calling 734-615-4423.

    Phase 1 Regional Great Lakes Venture Quest Winners

    A dozen entries came from the Northern region that includes Lansing, Midland, Saginaw, Bay City, Mt. Pleasant, Traverse City and the Upper Peninsula of Michigan. Winners in the North region were: NORTH REGION Grand Prize $10,000

    Agen BioSense, a Lansing company specializing in sensors for rapid detection of pathogens such as Salmonella, Anthrax and Listeria.

    Two Runners Up $5,000

    * TJ Pulse, a Midland company commercializing a compact electrical energy device -- an ultracapacitor -- that delivers significantly more power than batteries.

    * Intellicon, an East Lansing company developing a suite of Intelligent Control applications to virtually eliminate power system outages worldwide.

    Another 17 entries came from the Western region that includes Grand Rapids, Kalamazoo and Battle Creek. Winners in the Western region of Michigan were: WEST REGION Grand Prize $10,000

    Spinal Cord Regeneration, a Kalamazoo company developing and commercializing a treatment for spinal cord injuries.

    Two Runners Up $5,000

    * Smart Writer, a Norton Shores company creating a highly interactive application to teach writing in college-level courses.

    * SiteLive, a Grand Rapids company that provides a service to allow car dealers Web sites to provide shoppers with instant message answers to questions.

    Forty-six entries came from the Eastern region that includes Ann Arbor, Flint and metro Detroit. EAST REGION Grand Prize $10,000

    Neural Intervention Technologies, a Dexter company commercializing neural engineering research for directly communicating with the brain, such as treating brain vessel defects from inside the vessel to sustain brain function.

    Two Runners Up $5,000

    * Mobius, a Detroit company developing technology to enable customers to engineer high-performance, low noise, mixed-signal, system-on-chip solutions.

    * Adaptive Materials, an Ann Arbor company manufacturing low cost, reliable solid oxide fuel cell modules for residential, commercial and automotive applications.

    About the Great Lakes Venture Quest

    A total of $160,000 in prizes will be awarded in the second annual Great Lakes Venture Quest that runs from October 2001 through March 2002. Formed in 2000, this non-profit organization serves to unite the entrepreneurial community and build the critical mass of technology, talent and capital necessary to make Michigan among the best places to start a high-tech enterprise. The Great Lakes Venture Quest uses an annual business plan competition to help educate and support entrepreneurs in the creation and growth of successful technology-based businesses in the State. The Michigan Economic Development Corporation, the Herbert H. & Grace A. Dow Foundation and W.K. Kellogg Foundation are its Platinum sponsors. Gold sponsors include Grand Valley State University (GVSU) as well as the University of Michigan's Samuel Zell and Robert H. Lurie Institute for Entrepreneurial Studies and the UM Tech Transfer. Silver sponsors include Apjohn Group, Ardesta, Digital Detroit, National City, Southwest MichiganFirst and Miller, Canfield, Paddock and Stone, P.L.C. as well as Defrost Design, Eiler Communications and PR Newswire. Silicon Valley Bank also is a new sponsor. For details and updates, visit .