2011 Minnesota Cup Division Finalist Press Release

TOP BREAKTHROUGH IDEAS SELECTED IN MINNESOTA CUP COMPETITION

MINNEAPOLIS – August 19, 2010 – The Minnesota Cup, a statewide entrepreneurial contest that seeks out and supports Minnesota’s newest and most innovative business ideas, today announced the finalists in its seventh annual competition. With finalists from 2009 and 2010 alone going on to raise $32 million in capital, the Minnesota Cup continues to serve as a valuable tool for local budding entrepreneurs with great ideas.

Minnesota Cup co-founder Scott Litman pointed to a combination of mentorship, partner events and an improving entrepreneurial ecosystem as proof that now is as good a time as ever to have a breakthrough business idea.

“Over the past few years, partners of the Minnesota Cup have gained experience that’s helping provide competition participants increasingly beneficial advice, events and workshops,” Litman said. “And as more organizations establish a support presence here – The Collaborative, MOJO MN, Project Skyway, Minne – we’re seeing a better environment for early stage entrepreneurs.”

As a result, the quality and maturity of business plans submitted to the Minnesota Cup is noticeably higher, Litman added. “This year’s finalists have impressed us with some of the best ideas and most thorough plans we’ve seen in the history of the competition.” (For a complete list of finalists, see below.)

In the next round of the contest, the finalists in each division will compete by delivering an 8-minute oral presentation to a panel of judges. Division winners will be announced on Aug. 31 and will then compete for the grand prize, to be awarded on Thursday, Sept. 8 at 5 p.m. at the University of Minnesota’s McNamara Alumni Center in Minneapolis (200 Southeast Oak Street, Minneapolis, MN 55455).

Contest organizers, University of Minnesota President Eric W. Kaler, Carlson Chair Marilyn Carlson Nelson, the Minnesota Cup review board, mentors and past winners will join the finalists at the awards reception.

Up more than 40 percent from last year, $185,000 in prizes will be awarded to this year’s winners, as well as consulting services from leaders in finance, accounting, legal and management support services. One finalist from each division will be awarded $25,000 in seed capital, with the exception of the student category in which one winner will receive $10,000, and division runners-up will receive $5,000. The grand prize winner will be awarded an additional $25,000 and receive the Minnesota Cup, presented by David and Carolyn Cleveland and sponsored by the University of Minnesota.

The Minnesota Cup congratulates the following finalists:

Minnesota Cup Finalists – High Tech

CRAM – A next generation digital content delivery platform.
Naiku – A SaaS platform that provides teachers real-time insight into the strengths and needs of their students, creates customized learning profiles and recommends learning activities.
PointTunes – A solution that allows reward and loyalty program participants to seamlessly transact points/miles for digital media.
QONQR – A cross-platform, massively-multiplayer, location-based game of strategy, where players capture territories of the map of the real world.

Minnesota Cup Finalists – BioSciences

AUM Cardiovascular – A point-of-care, non-invasive, fast, hand-held, affordable device that assesses coronary artery disease.
QuickCheck Health – Provider of rapid tests for common acute conditions and preventative care as a low-cost alternative to visiting a doctor’s office or clinic.
Symbiome – Developer of microbe formulations that will be used to treat gastrointestinal disorders by reconstructing healthy intestinal flora.

Minnesota Cup Finalists – Clean Tech & Renewable Energy

Electric Yacht – Manufacturer and seller of electric and hybrid motors for sailboats, which are cleaner, greener and quieter than traditional motors.
Energy Max Panel – A product that transforms ordinary construction materials into a seamless insulation system and building envelope without any thermal bridging or air filtration.
LightingHouseUSA – Manufacturer of high-end LED lighting engines for commercial and industrial lighting.

Minnesota Cup Finalists – General

Anser Innovation – Commercializing a disruptive patented product platform that enhances remote connection and interaction anywhere, anytime.
ForMyChildren – A platform with a virtual vault for gathering, organizing and securely transferring the personal treasures and richness of life’s experiences to the people we cherish the most.
PickPointz – A mobile, Facebook and Web-enabled application used by sports and entertainment fans to predict event outcomes and accumulate points that can be redeemed for prizes.

Minnesota Cup Finalists – Student

The CleanGrip – A product that ensures a 100 percent sanitary grocery cart handle.
Tesgen – Developer of a lightweight power generator that can run on any fuel source.
protectRx – A device that can be used as a safety measure to keep narcotic medications out of the hands of young adults.

Minnesota Cup Finalists – Mosaic Social Entrepreneur Cup (winner already chosen)

HourCar (winner)– A program of Neighborhood Energy Connection that supports energy-efficient living by offering car sharing to Twin Cities residents.
DesignWise Medical – A volunteer-based, non-profit pediatric medial device development company.
GiveMN.org – A collaborative venture to transform philanthropy in Minnesota by growing overall giving and moving it online.
Mind Body Solutions – A non-profit that transforms trauma, loss and disability into hope and potential by awakening the connection between mind and body.

About the Minnesota Cup

The Minnesota Cup is a statewide competition that seeks out inspiring entrepreneurs with the next breakthrough idea. High-tech or no-tech, this competition brings together innovative business ideas from a wide range of industries including automotive, health care services, telecommunications, technology, leisure, outdoor recreation, energy conservation, education and many others. Contest judges select the top entrants ¬– 8-10 from each division – to participate in the semi-final round of competition, from which judges will determine the top three finalists in each division. Each finalist will then present their ideas to a prestigious panel of executives, investors and notable entrepreneurs who will choose this year's division winners and award them $25,000 - with the exception of the student division ($10,000) and the Mosaic Social Entrepreneur Cup winner ($20,000). The winner from each division, including the social division, will then compete for the grand prize of an additional $25,000 on Sept. 8, 2011, at the 7th Annual Minnesota Cup awards event at the University of Minnesota McNamara Alumni Center.

CONTACT
Jessica Snell
Haberman
612.372.6452
jessica@modernstorytellers.com