Michigan Business Challenge - Awards
Overview | Format
| Awards | 2008 MBC Winners
| 2007 Intercollegiate Winners
| 2008 Competitions
Pryor-Hale Award for Best Business: $15,000
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.
Judges decide this 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.
The Runner-up team will receive $5,000.
Erb Award for Sustainability:
$5,000
Sponsored by the Erb Institute for Global Sustainable
Enterprise, the goal of this award is to stimulate the
creation of new businesses that harmonize economic, environmental,
and social 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
Social Return on Investment
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. Three
judges chosen by the Erb Institute will determine the
award recipient. Competitors for this award need not be
a finalist to be eligible.
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. Teams apply for the award in Round Two and the
team that advances the farthest in the competition will
receive it.
To be considered for this award, the 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 to zlicontact@umich.edu
before 8 a.m. on January 4, 2008.
Outstanding Written Plan: $2,500
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
role, 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 eight business plans
submitted for the Semi-finals to 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.
Best Presentations - $2,500
This award recognizes 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 room 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 will ensure that the team
discusses the fundamental aspects of the business. The
judges should understand what market is being addressed,
the problem being solved, what the fundraising strategy
is, what the valuation is, the teams upcoming milestones,
etc.
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