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.