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CONTEST WINNINGS TO $130,000 TO SUPPORT ENTREPRENEURSHIP
MINNEAPOLIS – March 30, 2009 – Do you have the next breakthrough business idea? Contest organizers, partnering with the University of Minnesota, Wells Fargo and the State of Minnesota, today announced a call for entries for the Fifth Annual Minnesota Cup – a statewide contest designed to seek out, support, celebrate and promote Minnesota’s newest and most innovative business ideas.
“The Minnesota Cup celebrates entrepreneurs and promotes business development in the state, and the competition’s new Clean & Green division will help advance Minnesota’s leadership in renewable energy,” said Governor Tim Pawlenty. “Innovation is what Minnesota does best, and I expect the ideas that emerge from this year’s competition will demonstrate that spirit.”
This year’s competition offers more than $130,000 in prizes and is expanding to provide a total of six award divisions: High Tech, BioSciences, Clean & Green, Social Entrepreneurship, General and Student. Starting today through May 22, 2009, contest organizers are asking Minnesotans to submit their breakthrough business ideas online at www.minnesotacup.org.
“In its fifth year, the Minnesota Cup continues to evolve and provide meaningful opportunities for local entrepreneurs,” said Department of Employment and Economic Development Commissioner Dan McElroy. “Local business innovation contributes to economic growth and prosperity, and strengthens our communities.”
“Some of today’s most successful and innovative companies were formed during recessions,” said Scott Litman, co-founder of the Minnesota Cup. “The Minnesota Cup is a fantastic opportunity for budding entrepreneurs to develop their innovative ideas and receive the extra support needed to cultivate and advance their new and promising business endeavors.”
Since the Minnesota Cup’s inception in 2005, more than 2,600 contestants have entered the competition from every corner in Minnesota and more than $175,000 in prize money has been awarded. The contest’s initial entry form is brief and all entrepreneurs are encouraged to enter – whether they are just beginning to form a vision or they have already started building their venture.
“Winning the 2008 Minnesota Cup was a significant milestone in our organization’s history,” said Christine Horton, founder and chief executive officer (CEO) of CoreSpine Technologies. “The many opportunities that accompany participation in the Minnesota Cup are difficult to quantify in dollars, but the benefits are easy to recognize and open the door for future success.”
How the Minnesota Cup Competition Works The Minnesota Cup encourages entries from a wide range of business ideas. From high-tech to high-touch, biosciences to retail, agriculture to social ventures, this competition is for entrepreneurs, inventors and anybody with an innovative business idea.
Contest judges will select the top entrants – 5-10 from each division – to participate in the semi-final round of the 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. The winner from each division will be awarded $20,000 – with the exception of the student division.
Student entrepreneurs submitting their ideas must be between the ages of 19-25, be enrolled full-time at a Minnesota college or university and have less than five years of professional work experience to qualify. The winner of the student division will be awarded $5,000.
Winners from each division will then compete for the grand prize of an additional $20,000 on Sept. 10, 2009 at the 5th Annual Minnesota Cup awards event.
The James J. Hill Reference Library will provide online resources to assist participants with their entries, and finalists will have an opportunity to meet with members of the CEO Roundtable, a Minnesota-based nonprofit organization led by dynamic, entrepreneurial CEOs from fast-growing companies. Entries for the Minnesota Cup competition can be submitted individually or as a group of up to four people.
Judging Criteria One of the contest’s core ideas is to connect entrants with leaders in Minnesota’s business and investment community. To that end, a board of notable regional investors, entrepreneurs and “C” level executives has been assembled to judge contest submissions. For a complete list of contest judges, visit Minnesota Cup Review Board.
Entries will be judged on the following criteria:
• Business Concept/Idea: The contest seeks business concepts with a clear and well-articulated value proposition. Judges will be looking to understand why the market needs this idea. Who is the target audience and how well does the product/service stand out in a competitive environment? Ideas can be a product or service, an entirely new idea or the evolution of a previous idea. Ideas that show the greatest innovation will be viewed more favorably.
• Implementation: What is the entrant’s strategy for turning the idea into a high-growth business? Judges will be evaluating ideas on their potential to generate revenue, profits and employment. Judges are looking for ideas that can create a positive economic impact within two years.
• Quality of Presentation: As the contest progresses from round one to round two, more emphasis will be placed on the entrant’s presentation quality.
Judging Process (A complete description of the judging process can be found here)
Round One: March 30 – May 22, 2009 Entrants will be asked to provide an executive summary of their idea or concept.
Round Two: June 15 – July 24, 2009 More than 45 entrants will be selected to participate in the second round (5-10 per division). Each participant will be asked to develop a detailed business plan.
Round Three: August 20 – Sept. 1, 2009 3 finalists from each division will be selected to move to the third round of the competition. These participants will be required to prepare a 10-minute oral presentation of their proposed business plan, to be presented on Sept. 1, 2009.
Final Event: Awards Event, McNamara Alumni Center, Sept. 10, 2009 The winner from each division will present one last time for the grand prize on Sept. 10, 2009 at the Fifth Annual Minnesota Cup awards event at the University of Minnesota. After finalists make their oral presentations, the judges will announce the grand prize winner and award all prizes.
Minnesota Cup Sponsors Hosted by Wells Fargo and University of Minnesota. Supported by BioBusiness Alliance, Department of Employment and Economic Development (DEED), Gary Holmes Center for Entrepreneurship, Gray Plant Mooty, James J. Hill Reference Library, Lommen Abdo, Lurie Besikof Lapidus & Company, Maslon and Twin Cities Business.
Clean & Green Division Sponsors Hosted by Fredrikson and Byron, and Xcel Energy. Supported by Blandin Foundation, Iron Range Resources and Eide Bailly.
Social Entrepreneur Division Sponsors Hosted by Social Ventures Partners. Supported by Best Buy, Lowry Hill, EcoLab, The Saint Paul Foundation and Minnesota Community Foundation.
High Tech Division Sponsors Supported by Gray Plant Mooty and Lurie Besikof Lapidus & Company.
BioSciences Division Sponsors Supported by BioBusiness Alliance and Lurie Besikof Lapidus & Company.
University of Minnesota Partners Academic Health Center, Carlson School of Management, Holmes Center for Entrepreneurship, Institute of Technology, Law School and Medical Industry Leadership Institute.
Minnesota Cup Service Partners Magnet 360, Haberman, Valtira, Kenyon, Strong Suit Media and W Creative.
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