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As every entrepreneur knows, starting a business isn't a venture for lone wolves. Every successful start-up contains the sweat, creativity, and energy of lots of people, and even the best ideas can use a boost.
Now in its third year, the Cup provides a competitive forum by which entrepreneurs can not only vie for prize money ($25,000 in seed capital for the winning entry), but also gain access to a wealth of tools, resources, and a process that helps entrants write better business plans.
"We wanted to find entrepreneurs who we felt were going to be the next big success stories in the state," says Scott Litman, co-founder of the Minnesota Cup along with Dan Mallin. "We also hoped that in doing so, we would introduce the business community, investors, lawyers, accountants, and marketing professionals to these entrepreneurs to help them build their businesses."
Businesses have responded in increasing numbers—in the Cup's three-year history, it has drawn almost 1,800 entrants. And with this volume has come impressive variety.
"We
see everything from farmers coming up with new implements, to
business plans in
the biosciences, retail, child care, education, and
Web arena," Mallin says.
"The range is amazing."
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