Michigan Business Challenge - Awards

Overview | Format | Awards | 2009 MBC Winners | 2009 Intercollegiate Competitions | 2008 Winners

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. A runner-up business team will also be identified and will receive $5,000.

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.

DTE Energy Clean Energy Grand Prize: $65,000
The award will recognize the team that conveys the greatest potential to transfer applicable clean technology into practical business development. One Runner-up will receive $20,000. Students should review the rules and judging criteria at the Clean Energy Prize website.

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 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. Students may also apply for the Williamson Award and the Undergraduate Award if applicable.

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 is due in early January. Students may also apply for the Erb Award and the Undergraduate Award if applicable.

Undergraduate Award: $2,500
This award is for the most successful team comprised entirely of undergraduate students. Teams apply for this 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 Undergraduate 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. Students may also apply for the Erb Award and the Williamson Award if applicable.

Outstanding 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 deemphasizes the viability of the business.

The Institute will evaluate the eight 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.

Best Presentations - $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.

MBC 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