The Minnesota Cup, an annual competition of small-business entrepreneurs seeking venture capital, is seeking entrants, the Minnesota Department of Employment and Economic Development (DEED) announced Monday.
The competition, now in its fifth year, aims to foster new and innovative ideas among Minnesota entrepreneurs. Winners receive $20,000 in startup capital, and the grand-prize winner receives $40,000 in capital. The student division winner receives $5,000.
“Innovation has a long tradition in Minnesota, contributing to the success of many companies and products that are known globally,” DEED Commissioner Dan McElroy said in a statement. “The Minnesota Cup encourages the kind of innovative ideas that could lead to the next 3M or Medtronic.”
A new “Clean & Green” category has been added to the competition for 2009. The category is designed to promote clean technology and green technology development in the state. The new category was added as part of the state’s Green Jobs Investment Initiative—which offers tax credits and incentives to qualifying green business projects.
The deadline for business proposals is May 22. They can be submitted at minnesotacup.org.
Since the first Minnesota Cup competition in 2005, more than $175,000 has been awarded and approximately 2,600 participants have submitted ideas.
This year’s categories include: bioscience, clean & green, general division, high tech, social entrepreneur, and student division.
Minnesota Cup winners will be featured in the December issue of Twin Cities Business.
For more information on the competition and judging, click here.
To read about the 2008 Minnesota Cup winners, click here.