Hey entrepreneurs: how does $50,000 sound? Good?
Well how about $30 million?
The first amount is the take-away for the winner of the
2011 Minnesota Cup competition, through which entrepreneurs pit their best ideas and business endeavors against one another in six categories.
The higher number is the amount of capital raised by companies that were Minnesota Cup finalists in 2009 and 2010.
Through May 20, the seventh annual Minnesota Cup is open for entries in six award divisions--High Tech, BioSciences, Clean Tech and Renewable Energy, Social Entrepreneurship, General, and Student--through a short online form.
Later, judges will select 8�10 semi-finalists from each division who will prepare full business plans and be paired with an industry-specific entrepreneurial mentor.
Division winners are awarded as much as $25,000 and the chance at the grand prize--another $25,000--in September.
While 50 grand and the exposure of winning is nothing to sneeze at, Minnesota Cup Co-founder Dan Mallin notes that the goal is really to "help 30 businesses get started in each category," whether a given business is just a good idea or an existing startup.
"Another good outcome is they might find out it really isn't a good idea," says Mallin.
Participants also benefit from mentorship and resources--far more of which exist in general for the state's entrepreneurs since the advent of the Cup six years ago, notes Mallin.
Two of those resources are the new 2011 partners
Minnesota Angel Network and tech accelerator
Project Skyway, which will offer the winner of the High Tech division a spot in its startup "boot camp."
Mallin says he sees momentum in the startup scene.
"The Cup is an attempt to be a conduit amongst the players and resources behind that momentum," he says.
That said, Mallin also sees a lot of room for improvement in state's entrepreneurial efforts. "We're being outspent by 30 other states in innovation," he says.
Source: Dan Mallin, Minnesota Cup
Writer: Jeremy Stratton