Northern Michigan University students have all sorts of ideas for new, start-up companies.
And five of them are competing for funding to help get their ideas off the ground.
NMU’s College of Business hosted its 4th annual New Business Venture Competition today.
Students pitch their ideas to a panel of area businesspeople, who act as judges.
College of Business instructor Ray Amtmann says this gives students experience doing exactly what they would need to do if they ever bring their ideas to a bank or to other investors.
The ideas range from a wood pellet production business to a beauty salon.
Some of the ventures students presented in the contest have already been transformed into functioning businesses.
That’s what the college of business is trying to do for the area.
Amtmann says since the U.P. is not the sort of place that often attracts new businesses wanting to locate here with 100 employees or more, it’s entrepreneurs that serve as the economic lifeblood of the region by starting smaller businesses.
MBA student Robert Johnson wins the $4,000 first prize for Prometheus Tree.
Intertwine, the salon idea we mentioned earlier, won $2,500 dollars for second place.
Protectski, a product to safeguard Nordic skis, took home $1,000 for third place.