Institute to Award $10,000 in Prizes to Students
ANN ARBOR, Mich., 10/23/2001 -- The Samuel Zell and Robert H. Lurie Institute for Entrepreneurial Studies, the world's leading university-based center for entrepreneurial studies, today announced registration has begun for its 17th annual Pryor Hale business plan competition. This University wide effort to support new business initiatives is one of the oldest competitions in the country of this nature.
"Competition is tough in the new venture marketplace, therefore it's essential to provide students with exposure to their business plans and the opportunity to develop their ideas and see them to fruition in a realistic situation," said Tom Kinnear, Professor and Executive Director, Zell Lurie Institute. "Through the Pryor Hale business plan competition, we are providing students with the practical experience needed to produce and present tangible, well planned business strategies that will garner support and capital from the investment community."
Students are required to register for the competition by December 14 and must submit a 20-25 page business plan by January 31. Teams selected to compete in the finals will be invited to present their plans to a panel of judges on the afternoon of February 8. Three awards will be given to University of Michigan MBA and graduate student teams: $1,000 for best presentation, $1,500 for best plan, and $7,500 for best business.
"The Pryor Hale competition allows us to interact with fellow entrepreneurs at the university and see the types of concepts they are pursuing. The feedback from the panel is very realistic, which helped us tremendously in revising our strategy," said Mike McCorquodale, University of Michigan graduate student research assistant, regarding last year's event. "My team was very fortunate to have made several professional contacts in the venture capital community as a result of the exposure provided by the competition."
Prior award winning technologies include: Eberwhite Data Technologies, an ASP providing a system using wireless Internet technology to remotely monitor the nation's 4 million chemical storage tanks; Live E-Care, outsourcer of web-based customer support; and Flex Lab Technologies, advanced sensing technology applications for medical and environmental testing industries.
About Samuel Zell and Robert H. Lurie Institute for Entrepreneurial Studies
The Samuel Zell and Robert H. Lurie Institute for Entrepreneurial Studies was formed in October 1999. The Institute actively engages the nation's most successful entrepreneurs and offers an outstanding faculty composed of both academic researchers and practitioners in entrepreneurship. The Institute's mission is to focus the capabilities and resources of the University of Michigan Business School to provide education, experience and opportunities in entrepreneurship; serve as a catalyst for new venture development; and contribute important research in the field of entrepreneurship. Members of the Institute's Advisory Board include Samuel Zell, Chairman of Equity Group Investments; Michael Hallman, former COO of Microsoft Corporation; and Eugene Applebaum, Founder of Arbor Drugs.
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