One year after its debut as a business plan competition dedicated to finding promising new businesses and propelling them to greater success—the Minnesota Cup continues to impact the statewide business community. Among last year’s finalists and semifinalists: One acquired a competitor and doubled in size; another has developed a significant strategic partnership with a Fortune 500 company; a third finalist recently began expanding nationally. But the competition has also had a more subtle effect.
Co-founders Scott Litman and Dan Mallin have met entrepreneurs who credit their participation in last year’s program with strengthening their business plan, broadening their network of advisors, or launching a company that previously was just a dream. That has been the goal of the co-founders since they teamed up with the State of Minnesota, the University of Minnesota, and Wells Fargo Bank to create the competition.
“There has to be a winner and finalists, but the ultimate goal is to help people grow their businesses and understand how they can get help to do so,” says Mallin. “Getting found is a big part of succeeding.”
Litman and Mallin also wanted to give back to the Minnesota business community, which supported them when they were fledgling entrepreneurs. (Contacts Litman made through a 1987 competition hosted by Apple Computer helped to foster his early career; just one year out of college, he founded and operated Imaginet, a successful Minnesota start-up.)
What’s
New?
The first year turned out better than the co-founders expected. More than 600 people entered the contest from 48 counties across Minnesota; this year, the contest included 650 entrants. The competition also added a student segment in partnership with the University’s Center for Entrepreneurial Studies. The program addition—for students with less than five years’ work experience—stems from the recognition that students are a rich reservoir of great business ideas. After all, technology pioneers Bill Gates (Microsoft), Steve Jobs (Apple), and Larry Page and Sergey Brin (Google), were all college-age when they launched their companies.
“We’re trying to develop the next
generation of innovative and creative leaders; this is a great means to have
them pursue and hopefully realize their dreams,” says John Stavig, professional
director of the center.
1 | 2 Next Page »
