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NEARLY 50 SEMI-FINALISTS CHOSEN IN FIFTH ANNUAL MINNESOTA CUP COMPETITION

MINNEAPOLIS – June 17, 2009 – A particle the size of a grain of salt capable of emitting light continuously for more than 20 years. A water and leak monitoring system for multi-housing complexes that will save millions of gallons of water each year. A fully customizable joint or bone implant. These are among the 49 semi-finalists who were named today in the fifth annual Minnesota Cup, a statewide contest that seeks out and supports Minnesota’s newest and most innovative business ideas. Visit www.minnesotacup.org for the complete list of semi-finalists and their business ideas.

The fifth annual Minnesota Cup Contest began taking entries for the next breakthrough business ideas in March 2009. More than 1,000 aspiring entrepreneurs participated – a competition record – and 49 of these business ideas will now compete in the second round of the contest.

“The Minnesota Cup competition has been very successful to date and we are excited for the promise of this year’s bright entrepreneurs and their ideas,” said Scott Litman, co-founder of the Minnesota Cup. “Not only have we received record entry numbers in this year’s Minnesota Cup, but many of our review board members have indicated that this year’s competition has garnered the highest quality applications of any year in the competition’s history.”

Semi-finalists will be honored with a reception at the James J. Hill Library on Wednesday, June 24 from 6:00-8:00 p.m. Joining the nearly 50 semi-finalists will be contest organizers, including co-chairpersons Scott Litman and Dan Mallin, and review board members, among others.

During the next phase of the competition – June 24 through July 24 – the semi-finalists will be asked to develop and/or refine their business plans. They will be provided with resources from the James J. Hill Library and have an opportunity to connect with local business leaders and mentors arranged by the Gary S. Holmes Center for Entrepreneurship at the Carlson School of Management. The review boards will then narrow the field to three finalists in each of five divisions – High Tech, BioSciences, Clean & Green, Social Entrepreneurship, and General. One finalist from each division will be awarded the top prize of $20,000.

This year’s competition will award more than $130,000 in prizes to winners, as well as consulting services from leaders in finance, accounting, legal and management support services. The top breakthrough business idea will be awarded an additional $20,000 and receive the Minnesota Cup, presented by David and Carolyn Cleveland and sponsored by the University of Minnesota on September 10.

Student entrepreneurs also submitted their business ideas for judging. One student winner will receive a $5,000 prize and the opportunity to compete for the grand prize.

Media Contact:
Jeremy Baier – 612-372-6461, jeremy@habermaninc.com
Peggy Bell – 612-372-6463, peggy@habermaninc.com