Ann Arbor-based Great Lakes Entrepreneur's Quest is collaborating with economic development partners to create a new $100,000 business competition for aspiring startup companies.

The new statewide competition will encourage entrepreneurial companies that are ready to pursue early-stage venture capital investment to apply for the award. Officials announced the details about the new plan Thursday night at the 10th Annual Collaboration for Entrepreneurship event at Ann Arbor's Skyline High School.

The competition is a collaboration between Michigan's 15 SmartZones. Members of each SmartZone serve on the board of directors of the Michigan Pre-Seed Capital Fund, which is managed by Ann Arbor SPARK.

"It’s not frequent that the SmartZones all get together and decide to do something as a force," said Diane Durance, executive director of GLEQ. "They collaborated on the Michigan Pre-Seed Capital Fund and it’s through that fund that they are able to generate this award."

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