Now entering its 9th year, the
Minnesota Cup is distinctive for its array of innovative ideas and entrepreneurship, attracting startup founders and inventors to showcase their best insights for the chance to win $200,000. This year's kickoff came on March 25th, with ideas accepted until May 17th, and organizers are gearing up for another year of robust competition.
"Just like every year, we're excited about what's ahead," says Scott Litman, Minnesota Cup co-founder. "This has become such a great way to inspire and support the state's early-stage entrepreneurs, and it's become a cornerstone for the entrepreneur ecosystem here."
The competition features six divisions: Energy/Clean Tech, General, High Tech, Life Science/Health IT, Social Entrepreneur, and Student. Those who advance to higher rounds get the opportunity to present their business ideas, get paired with mentors, and network with potential investors.
Since the competition began n 2005, over 7,000 Minnesotans have participated. Finalists from just the past four years have gone on to raise more than $60 million in capital. Last year's Grand Prize winner,
PreciouStatus, has raised over $1.5 million since its win.
Although every division is chock full of entrants, Litman notes that there are some trends from year to year. "It's fascinating to find a big surge of quality and ideas in certain areas," he says. High Tech tends to be a busy division, he says, but in teh past few years, Health IT has been growing steadily.
Participation is fairly consistent, though, with about 1,000 participants every year. Those who make it to the semifinal round in June will be paired with mentors, with finalists from every division chosen in August.
Source: Scott Litman, Minnesota Cup
Writer: Elizabeth Millard