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If you’re on faculty at the University of Michigan and you have an idea for a startup company…you’re in luck. If you can get outside funding, U of M will match that funding up to $500,000.

U of M President Mary Sue Coleman says "if you can convince a venture fund to invest in you, you just automatically get an investment from us. So we’re not picking winners and losers, and that’s what I like about the program."

The White House has honored two Detroit-based entrepreneurs as Champions of Change.

Josh Linkner and Torya Blanchard were two of 11 young entrepreneurs who shared their stories about starting businesses in Washington, DC Thursday.

The University of Michigan will offer a year-long masters degree in entrepreneurship starting fall 2012. The joint program between the College of Engineering and Ross School of Business aims to combine the wealth of technological ideas with business expertise.

David Munson is the College of Engineering dean at the University of Michigan. He believes the partnership is the first of its kind.

"The uniqueness really stems from the quality on both sides and bringing that quality together to try to produce what we hope will be the best program of its kind in the country," Munson said.

Munson expects many engineering students to enroll in the entrepreneurship program after they graduate. Entrepreneurship will likely have a place in each department at the university in coming years.

- Amelia Carpenter - Michigan Radio Newsroom

Paul Jendrasiak / GRNow.com

Tonight two Michigan entrepreneurs will give away $5,000 in a competition devoted to creating buzz around good ideas. Rick DeVos and Bill Holsinger-Robinson are trying to help make the best ideas a reality.

On the last Tuesday of each month, Pomegranate Studios (a business incubator DeVos and Holsinger-Robinson founded in Grand Rapids two years ago) offers 5 people 5 minutes to pitch their idea for a business, an organization, art project, anything really.

A panel of 5 judges then awards up to five thousand dollars to those with the best ideas.

Bill Holsinger-Robinson says they want to give people a platform for their ideas to grow.

“The event is really less about the grant making and is more about people sharing ideas and then getting people to act on those ideas within a community.”

Grand Rapids chef  Brian Gerrity with an idea for an underground supper club called “Fire & Knife” got $2,000 towards that goal.

“I’m a mercenary chef right now, chef for hire. It’s a fancy way of saying I’m unemployed."

He wants to offer a temporary venue where chefs don’t have to worry about normal constraints like food costs holding back their creativity.

5x5night.com

Entrepreneurs will get a unique opportunity to get their business idea off the ground in Grand Rapids. During “5x5” 5 people will have 5 minutes to present their ideas on anything from art to education to business. 5 judges will decide which of the ideas should be awarded up to $5,000.

Amway is one of the leading, if not the largest, direct selling companies in the world. Three people trying to sell the vitamins, cookware and beauty products the company distributes sued an Amway subsidiary in 2007. They claim the company then known as Quixtar misled them about start up costs and how much money they'd make.

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