Also new this year was an improved way for contestants to submit their entries. Like last year, Minnesota Cup participants turned in their application online. This year, applicants could log onto the Minnesota Cup Web site and finesse their entries until the end of the first round of competition. The change allowed entrants to improve their entries throughout the application process.
The competition is judged by a panel of prominent leaders from business, government, and education. Thirty semifinalists are selected from the pool of 650 applicants, and eventually those 30 contestants are narrowed to five finalists from which a winner is chosen. But even nonwinners stand to gain from the experience.
In addition to the prestige and positive public relations buzz that come with winning the Minnesota Cup, there are other benefits. All the applicants get access to tools and resources to help them with their business; semifinalists also get feedback from the review board. The winner earns $25,000 in seed capital, a year’s worth of advisory services from Wells Fargo—including financial, accounting, legal, and management assistance—and business organization services from the Minneapolis-based Maslon law firm. The runner-up wins $5,000 and business organization services from Maslon. The third place winner earns $2,500 and the student winner receives $5,000. In addition, the top three winners gain free access to HillSearch, a business research tool offered by the nationally-renowned James J. Hill Reference Library in St. Paul.
Teaming
Up
The Minnesota Cup has received enthusiastic support and advocacy from partnerships with Governor Tim Pawlenty, the University of Minnesota, and Wells Fargo Bank. The governor and the Minnesota Department of Employment and Economic Development promoted the contest and offered resources to entrepreneurs involved with the Minnesota Cup.
For Wells Fargo, the fit with the Minnesota Cup was natural. As the leading lender to small businesses nationwide—and the number one lender to small businesses in Minnesota—bank leaders believe Wells Fargo has a lot to offer entrepreneurs as they start their businesses, whether it’s financing or advice.
“In addition to financial products and services, small business entrepreneurs need intellectual capital,” says Debra Patterson, regional president of Wells Fargo’s Metro Minnesota division. “Sharing and promoting great, innovative ideas is what the Minnesota Cup is about; [supporting it] is a great example of how we can help small businesses grow, become successful and create value and prosperity for our economy,” Patterson adds. “We want to support small business owners and their great ideas.”
Participation in the Cup advanced the business of last year’s third-place finisher, HealthSimple, a creator of educational and life-management tools for families and children with Type-1 or Type-2 diabetes. Following the competition’s conclusion, the company secured funding, hired a full-time director of business development, opened an office, and engaged in talks with several large health-industry organizations.
Similarly, first place-winner ArcSwitch partnered with the University of Minnesota to further develop its fiber optic switch—a role the University values. The University has heavily promoted the contest among its own faculty and offered assistance to the general public through seminars about start-up dos and don’ts.
“Minnesota will be a better state because of this competition because it fosters an entrepreneurial spirit in the state,” says Jessica Zeaske, associate director of the Office of Business Development at the University. “New businesses are the lifeblood of any state. We focus on the same thing here at the University of Minnesota, planting seeds of start-up companies that we hope will be the Fortune 500 companies of the future.”
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