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Entrepreneurs seeking to propel their businesses to success face many daunting challenges—securing financing, building a network of advisors, and attracting publicity, to name just a few. Many innovators have discovered a powerful new tool to aid them: the Minnesota Cup.
Since 2005, the competition to find the next breakthrough business success in Minnesota has helped more than 2,500 people power up their companies. Many entrepreneurs find the contest a productive venue for making significant progress with their business plan. And for those that finish at the top, it’s a great opportunity to expand their network and win valuable prizes.
“It’s nice when people get recognition and prizes for participating, but we get excited about challenging entrants to write a better plan,” says competition cofounder Scott Litman. “If you can write and present a business plan for the Minnesota Cup, you can write one for potential investors, partners, or advisors.”
Veteran entrepreneurs in their own right, Litman and Minnesota Cup Cofounder, Dan Mallin, are partners in SDWA Ventures, LLC, in Minneapolis. They started the Minnesota Cup to celebrate, support, and promote entrepreneurs from across the state while connecting them to Minnesota’s industry leaders, investors, and business resources.
“What excites me is that the Minnesota Cup has become part of the DNA of the local entrepreneurial community. That’s really what our goal was,” Mallin says. “When a company says it was a Minnesota Cup semifinalist, it’s being recognized by outside investors that the company was vetted by a panel of professional investors and businesspeople. It’s a sign of external credibility.”
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