Michigan Business Challenge - Awards

Overview | Format | Awards | 2010 Winners | 2010 Intercollegiate Competitions

The Zell Lurie Institute is pleased to announce that for the 2010 Michigan Business challenge, the award pool has increased to over $60,000. Please note that it is possible for a team to win awards in more than one category.

Pryor-Hale Award for Best Business: $20,000
This grand prize is awarded to the team that the judges feel is most likely to succeed, most likely to have the largest success, and has the most viable business. A runner-up business team will also be identified and will receive $10,000.

Judges decide these awards by using a variety of factors. They consider the market opportunity that is presented and whether the team has a clear path to take advantage of that market, along with the competitive advantage for that business. The judges also evaluate the teams' management capability to see if the team has the skill to advance the company and handle the risks of the venture. Finally, the judges analyze the financial strategy of the business to determine if this would be a worthwhile venture for a firm to invest in.

Erb Award for Environmental Sustainability: $7,500
Co-sponsored by the Erb Institute for Global Sustainable Enterprise, the goal of this award is to stimulate the creation of new businesses, products or services that harmonize economic and environmental considerations. The award recognizes the business plan that best integrates sustainability principles within the product/service offerings and underlying operations of the firm. Selection of the winner of the award will be based on the following elements:

• Clarity and viability of the business plan
• Environmental benefits of the business enterprise, its products or services
• Ability of the management team to implement the plan

To be considered for this award, a team must advance to Round 2 and submit a one-page Statement of Sustainability in addition to the Market and Financial Overview in early January. Three judges chosen by the Erb Institute will determine the award recipient. Competitors for this award need not be finalists in MBC to be eligible. This prize will be awarded only if three or more qualified teams apply.

Social Impact and Non-Profit Business Award: 7,500
Co-sponsored by the Center for Entrepreneurship, the goal of this award is to stimulate the creation of a commercial entity, either for- or not-for-profit, that addresses a social need in a particular market. The award recognizes that a successful business can have a productive and revenue generating business model that also makes a positive social impact. Selection of the winner of the award will be based on the following elements:

• Clarity and viability of the business plan
• Social return on investment
• Ability of the management team to implement the plan

To be considered for this award, the teams need to write a one-page Statement of Social Impact that details the roles and skills of the team members and submit it when the Market and Financial Overview is due in early January. This prize will be awarded only if three or more qualified teams apply.

Williamson Award for Cross-Functional Teams: $5,000
This award is for the most successful team with at least one currently enrolled Ross School of Business student and one currently enrolled College of Engineering student. To be considered for this award, teams need to write a one-page Management Team Overview that details the roles and skills of the team members and submit it when the Market and Financial Overview is due in early January. Teams apply for the award in Round Two and the most successful cross-functional team within the competition will receive the award. There are no additional presentation or documentation requirements for this award.

Most Successful Undergraduate Team: $2,500
This award is for the most successful team made up exclusively of undergraduate students. To be considered for this award, teams need to indicate they are eligible for this award in an email message when the Market and Financial Overview is submitted in early January. There are no additional presentation or documentation requirements for this award.

Best Written Plan: $2,000
A well-written business plan often serves as a persuasive case for potential business partners and funders to support the business. In recognition of this important function, this award focuses on the research and presentation of the business plan document and de-emphasizes the viability of the business.

The Institute will evaluate the business plans submitted for the Semi-finals and choose the winner of this award. The evaluation of the submitted business plans is based on the presentation and communication of the relevant aspects of the business, including: product description, competitive strategy, financial selection, management, discussion of the risks and the contingency plan, etc.

Outstanding Presentation (2 awards) - $2,000
These awards recognize that the skills needed to sway a skeptical audience of potential business partners are invaluable when an entrepreneur moves the business forward. One team from each semi-final track will receive this award. Judges will evaluate the presentations based on the presenters' style and the content of the presentation. Specifically, the judges will be looking to see if the team can maintain the judges' interest while relating the need for the company. The team's ability to respond enthusiastically to difficult questions is also considered. While critiquing these facets of the presentation, the judges should be able to understand what market is being addressed, the problem being solved, what the fundraising strategy is, what the valuation is, the teams upcoming milestones, etc.

Participation Awards
To reward competing team efforts throughout the competition, the following participation awards are also distributed:

• Teams that advance from Round 1 and compete in Round 2 receive $200
• Teams that advance from Round 2 and compete in the semi-finals receive $300
• Teams that compete in the semi-finals, but do not advance or receive a larger award, receive $500
• Teams that compete in the finals, but do not receive a larger award, receive $1000