The entrepreneurs vying for the grand prize in the heated competition for the
Minnesota Cup just passed one more milestone, as 18 finalists were announced in preparation for the Sept. 11th award ceremony.
Now in its ninth year, the Minnesota Cup will award $40,000 to a grand prize winner who displays the most innovative idea in the state. The top three ideas in each of the six divisions (energy/clean tech, general, high tech, life science/health IT, social entrepreneur, and student) will advance to the finalist round, and compete for a share of prize money.
Finalists range in terms of innovation, and include aquaponics company
Garden Fresh Farms, teacher-centered tech tool
Kidblog, and medical device firm
RxFunction. A list of finalists can be found
here.
The competition is designed to bring out the best and brightest minds in Minnesota, and to help budding entrepreneurs to make connections within the business community.
Co-founder Scott Litman notes that the competition grows tremendously every year, and this spring, almost 1,100 people entered. More than 8,000 Minnesotans have participated in the Minnesota Cup since the competition began in 2005.
"We're proud to point to our successes, including last year's Grand Prize winner, PreciouStatus, which has raised more than $1.5 million in capital to date," Litman says, adding that other finalists have gone on to raise more than $60 million in capital, to support the development of their ideas, create jobs, and broker numerous business partnerships, collaborations, and distribution agreements.
Source: Scott Litman, Minnesota Cup
Writer: Elizabeth Millard