Women’s Entrepreneurship is an economic issue. Are YOU ready to be an entrepreneur?

Michigan Women’s Foundation will invest in early stage businesses owned (51%) or led by women who are creating or expanding businesses inMichigan. Our goal is to create mentor relationships and provide professional training through collaborations to women business owners who have not previously had access to economic resources.

ENTREPRENEUR-YOU: The Competition

2013 EYOU Business Plan Competition Application (PDF)

On September 24th, MWF, Walsh College, Inforum and Huntington Bank will hold a women entrepreneurs business plan competition.

The competition is open to women entrepreneurs in Michigan who have or are planning to establish a business in the state. The Competition is available for women entrepreneurs at any stage, in any industry and in three categories: Professional/Company, Collegiate and High school. Students must be enrolled in a Michigan university or high school Fall 2013. Entries are welcome in any industry.

The business plan competition will showcase ideas and uncover the best and brightest business concepts of local women entrepreneurs. Allowing them to pitch their business ideas in front of venture capitalists and other business investment groups for possible launch or growth within Michigan through this competition is unprecedented. It will also allow a road-test of venture ideas and supports the creation of real businesses. Cash awards, plus in-kind support will be provided.

To receive an application, email us at news@miwf.org.

Rules and Guidelines

1. The Competition features three entry categories: one for women owned businesses or start-ups (Company), one for college students (College) and one for High School students (High school).
2. In order to enter, the entrepreneur or the majority of the leadership must be female or company must be female-owned or women led. For College entries, the entrepreneur or lead must be currently enrolled as a part-time or full-time,
   undergraduate or graduate student at a Michigan university. For High School entries, the entrepreneur or lead must be enrolled in a Michigan high school.
3. Only one submission of a business venture per entrepreneur or team is permitted.
4. Plans submitted as part of a business venture must represent original work.
5. Submitted plans will be treated as confidential. The only persons with access to the entry materials will be judges and select members of the organizing committee. Materials will not be
   distributed to any other party, unless requested by entrant. No other or special provisions are made to protect intellectual property.
6. All deadlines and guidelines for submission must be adhered to. Materials must be submitted on the appropriate due date and time, no later than 4 p.m. by email to:

news@miwf.org

EYOU COMPETITION

c/o Michigan Women’s Foundation

333 W. Fort Street, Suite 1920

Detroit,MI 48226

1. No late submissions will be accepted and any submissions greater in length than specified will not be considered.
2. Judging of entries will be performed by an outside panel of independent judges, consisting of professionals involved in entrepreneurship. Any entry is subject to minimum criteria in terms of its market potential, viability and other factors, as determined by the judging panel’s experience. If no entries meet the minimum criteria, prizes may not be awarded. Throughout any and all phases of the competition, all decisions of the
   judges are final
3. Prize money is granted only to a business entity, e.g. a corporation or LLC. Winners and their resultant business entities are responsible for any tax consequences of the prize.
4. The Michigan Women’s Foundation and its partners reserve the right to disqualify, in its sole and absolute discretion, any team from the competition at any time (before or after a judging round or the award of any prize) for any reason. Reasons for disqualification may include, but are not limited to: plagiarism and any other form of dishonesty, misappropriation or infringement of the intellectual property of others, and any failure to comply with these rules and regulations.
5. All entrepreneurs and/or team members, upon submission of the business plan, shall agree to indemnify and hold the Michigan Women’s Foundation, its partners and all employees and representative thereof
   harmless from any and all claims, actions, changes, damages, liabilities, obligations and losses arising out of or relating in any manner to the business plan, Competition, any award made or forfeited.

University of Life provides girls with a fun weekend experience to learn new skills, develop personally, and make new friends while spending time on a college campus. Girls work in diverse teams in a supportive, relaxed setting. Girls are free to be expressive, creative and curious and learn from interactions with other girls and women of different backgrounds, values and personalities.

Please stay tuned for a full agenda.

In partnership with Michigan Business & Professional Women, MWF will hold the 19th annual University of Life on the campus of Walsh College in Troy, MI, July 27 – 28, 2013.  The registration fee is $75.00 per girl and the ages are 11-18.  To register to attend University of Life, click the link below.

Register for University of Life

Please contact Paige Domzalski with and questions or concerns at 313.962.1920.

2013 WOAC Awards

Diana Sieger: Grand Rapids Community Foundation, Carolyn Cassin: MWF President and CEO, Director Maura Corrigan: State of Michigan, Governor Snyder, Vivian Pickard: General Motors Foundation, Sarah McClelland: Chase Bank, Michelle VanDyke, Fifth Third Bank

We are delighted that in 2010, we partnered with the Lansing/East Lansing Links to establish a Young Women For Change program.  We have been able to award a young woman in Greater Lansing a scholarship. This year, on behalf of MWF, we extend our congratulations to the 2013 Michigan Women’s Foundation Scholarship recipient, Ms. Zandria Allen of Waverly High School and wish a special congratulations to the other scholarship recipients.

MICHIGAN WOMEN’S FOUNDATION ANGEL MICRO LOAN FUND

What? A micro loan fund for female entrepreneurs that need to obtain financing to start or grow a business in Michigan.

Why? At the Michigan Women’s Foundation, we understand that starting a new business takes dedication on the owner’s part, a strong and viable business plan, good market data, realistic financial projections and ongoing support.  We are here to help.

Who? (Minimum  Eligibility:)

• Women-owned (51% minimum) or controlled (CEED WBE certification recommended, but not required at this time.)
• At least 18 years old
• If a non-profit, started and/or managed by a woman
• Entity headquartered or operated in Michigan
• Owner beyond idea stage with personal financial investment made in business (i.e. bootstrapping)
• Owner attends MWF Angel Micro Loan Fund Orientation (see below for dates and registration link)

The Fund Offers:

• Low interest loans from $5,000 to $35,000 for both existing and new women-owned businesses and social ventures
• Repayment terms up to 36 months
• Access and referrals to coaching, mentoring, education and other resources

Additional requirements may be required based on owner’s financial status, industry or other criteria as determined by MWF staff and advisors.

Application Process

1. All applicants should attend an Angel Micro Loan Fund Orientation or meet with MWF staff. 

At the Orientation, potential applicants will learn about the Michigan Women’s Foundation, Angel Micro Loan Fund, applicant qualifications and requirements, and next steps. All attendees will leave with a checklist to help them determine if they are ready to apply for a loan and referral list of resources if they are not.

2. Review all eligibility and application requirements.

3. Email (MS Word or PDF), mail or drop off complete application submission packet to MWF with application fee.

Application Submissions

Applications will be accepted on a rolling-basis and reviewed as received.  If application passes initial screening (credit check, financial projections, background check, etc.) by our third party provider, TechTown, it will be forwarded to our Advisory Board for review. Advisory Board members will discuss applications every 30-60 days and make a recommendations for approval, request more information, deny applicant or refer applicant to another lending organization. Applicants may be asked to clarify submitted information, provide additional information or make presentation to Advisory Board members for final decision. Applicants will be notified of receipt of their application and status in the process.

 Submission Packet:

• Angel Micro Loan Fund Online Application (Click HERE to open Word document)
  
• Business Plan-10 pages plus 2 pages for Executive Summary
  

• Executive Summary (2 pages)
  
• Company and Product Description/Proof of Concept
• Target Market, Marketing and Competitive Environment
• Operations
• Management Team/Talent
• Financials (including 3 year cash flow projections) and Use of Loan Funds*
• Strategy for Growth and Loan Repayment
• Copy of Government Issued Identification (i.e. Michigan State ID)
• Copy of filed personal and/or business tax returns (if applicable) for two (2) years
• If a non-profit, copy of  IRS tax exempt letter
• Certificate of Good Standing with the State of Michigan
• Explanation of credit history hardships, if applicable
• Copy of WBE Certification, if available
• $30 Application Fee
  

The following will be conducted as a part of the screening process:

• Credit Check
• Background Check

*Loan funds cannot be used for owner salary of living expenses, purchase of real estate, leasehold improvements, outstanding personal debt, outstanding federal, state of municipal tax bills or revolving lines of credit.

Not ready to Apply or Need Assistance? We have several partners that provide Entrepreneurial Resources.

A standing room only crowd joined us Wednesday, February 13, 2013, for the second annual Entrepreneur – YOU Conference: A Day of Education and Resources for Women Entrepreneurs.

Over 200 women – and a few men – heard from entrepreneurs and experts on starting and growing their business. From TTi Global’s Lori Blaker’s inspirational keynote to “Thinking Big” with Lisa Bower of Ernst and Young to Strategies for Financial Success with Diane Young of The Athena Group, women left inspired, empowered, and most importantly educated!

Lori Blaker, keynote speaker, EYOU 2013

The conference kicked-off with keynote speaker, Lori Blaker, president & CEO of TTi Global. Along with bringing her company to rank consistently among the “Top 25 Woman-Run Businesses in the USA” by the Women’s Business Enterprise National Council, Lori is recognized for her personal achievements by Ernst & Young as a “2008 Entrepreneur of the Year.” Lori also received the “Enterprising Women of the Year Award” from the prestigious Enterprising Women magazine in 2010. Most recently, Lori received the “Leader of Leaders” 2012 Leadership Award from Leadership Oakland. Also in 2012, Lori was a part of the first ever US Department of Commerce trade mission to Afghanistan. Her presentation is expected to inspire the 200+ women entrepreneurs attending the conference.

Sessions and panel discussions were organized along three tracks for entrepreneurs at any  stage of entrepreneurship.

• NOVICE: The Novice Entrepreneur is a woman who is thinking about starting a business; is interested in taking a hobby to market; in the first year or two of getting a business off the ground.
• PRACTITIONER: The Practitioner Entrepreneur is a woman who has been in business for at least a year and wants to grow.
• ACHIEVER: The Achiever Entrepreneur is a woman who has run a successful business for many years and is looking at succession, philanthropy, and self-actualization.
• COMPETITOR: The Competitor Entrepreneur is a women who wants to enter her business or idea into an entrepreneurship competition, prepare to ask venture capital funds for investment, or is ready to pitch the big account, go for the big grant or apply for the big loan.

Entrepreneur YOU 2012 kicks off at Walsh College to a standing room only crowd of women and men!

 Entrepreneur YOU Collaborators:

Young Women for Change was started in 1986 to provide high school girls an opportunity to create change through philanthropy. The first girls-as-grantmakers program in the country, YWFC allowed members to impact their communities as decision-makers by directing funds to programs that addressed funding priorities set by the young women. In the 15 years since it started, more than 500 girls developed their leadership skills, learned about philanthropy and were a part of creating change by awarding $1.4M to more than 275 programs throughout the state.

As part of our new strategic plan, MWF seeks to continue to develop young women leaders and allow them to create change for women and girls through a different platform – social entrepreneurship. Social entrepreneurs build enterprises (non-profit or for profit) whose primary objective is to achieve social impact rather than generate profit for owners and stakeholders. These business-minded social change agents innovatively address society’s social issues or work to benefit those left at the margins of our society.

A social entrepreneurship focus allows MWF to combine an economic security model with philanthropic efforts to develop leaders among our young women and address the gender-based inequalities that still exist in our society.

Our Washtenaw County chapter of Young Women for Change is piloting a new project to raise awareness of social entrepreneurship among youth, provide a platform for these visionary thinkers, and address issues in their community.

Pitches of Promise will take place April 20 at Zingerman’s Roadhouse in Ann Arbor. Click here to learn more.

CONGRATS TO OUR WINNERS!

Dr. Angelique Johnson of MEMStim LLC

Susan Sprentall of SurClean

Angela McCommons of Kids Kruiser

Congratulations to the EYOU Competition Finalists!

Belightful Yoga, Lisa Ballo, Royal Oak, personal service
Good Sweat, Marlo Rencher, Detroit, Detroit, fundraising event online platform
Collision Works, Shel Kimen, hotel
Brio Device LLC, Hannah Hensel,  medical devices
Harvest Food & Fisheries, Diane Durance, Lansing, commercial food production
Elder Compass, Nancy Martens, healthcare software
Face Secure/Kevadiya, Daksha Patel, Rochester, financial mobile application/software

Thank you to the following companies for their support of the competition and women entrepreneurs.