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."
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.”
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.