Ambitious entrepreneurs ranging from MSU students to the average Joe with a dream congregated at Kellogg Center for an opportunity to showcase their business skills - and a chance to take home more than just a paycheck.
The Michigan Economic Development Corp. hosted its third annual Great Lakes Entrepreneur’s Quest.
Competition events kicked off with an overview of the program conducted by various speakers and orientation with teams and coaches.
“This is an opportunity to learn without paying $120 per credit,” said Gary Krause, special projects manager of emerging business sectors.
“This experience provides an opportunity to network with other teams, coaches and sponsors.”
In order to encourage participation throughout Michigan, the first phase will be held in three geographic regions.
At the end of Phase 1, three prizes will be awarded to three of the groups in each region.
Phase 2 will run from December 2002 through early April 2003.
The competition is currently set to conclude with the presentations and awards event on April 7, 2003.
Participating groups were required to include at least one member who attends or works at a Michigan school.
MSU students made up three of the 21 teams present at the opening seminar, with an average of three members per team.
All contestants are striving to be one of 15 successful teams to take home a piece of the $175,000 prize.
The grand prize will be $50,000, two runners-up will receive $25,000 each.
Three additional awards of $5,000 each will be awarded for honorable mentions.
Strategic battle plans were formed by each team in an effort to follow set criteria and develop a five-page concept summary and competitive strategy.
In addition to winning, groups wanted to represent MSU in a positive way.
“We’d like to win, but we’re really doing this more to give our school and organization recognition,” business administration graduate student Vishal Tayal said.
With advances in technical media, veteran players must be up to date with available products and ideas that will increase their advantage over the other teams, business administration graduate student Suzanne McKinley said.
McKinley said her team was set to win the competition.
“It’s important to be very organized, and to have a team majorly made up of business students gives us a good advantage,” she said.
For more information, visit www.gleq.org/index.html.
