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NEARLY 50 SEMI-FINALISTS CHOSEN IN SIXTH ANNUAL MINNESOTA CUP COMPETITION
MINNEAPOLIS – June 15, 2010 – A biodegradable and environmentally-friendly fire suppressant more effective than water. A service that allows organic fruit still on the tree or vine to be reserved and then delivered fresh the next day. A unique knee brace that delivers both heat and magnetic pulses to relieve joint pain and arthritis. These are among the 48 semi-finalists who were today named in the sixth 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.
The contest began accepting breakthrough business ideas in late March 2010. When the entry period closed, more than 1,000 aspiring entrepreneurs, small businesses and other individuals with potentially breakthrough ideas had participated; 48 of these business ideas will now compete in the second round of the contest.
“The Minnesota Cup competition is becoming a rite of passage for the next generation of successful Minnesota entrepreneurs,” said Scott Litman, co-founder of the Minnesota Cup. “One significant benefit semi-finalists receive in the Minnesota Cup is exposure to our review board, which is made up of prominent investors, successful entrepreneurs and other leaders in the Minnesota business community. Connections like these are invaluable to aspiring entrepreneurs.”
The 2010 semi-finalists will be honored with a reception at the James J. Hill Library on Tuesday, June 22 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, review board members, sponsors and supporters as well as past Minnesota Cup finalists and winners.
During the next phase of the competition – June 22 through July 23 – the semi-finalists will be asked to develop and/or refine their business plans. During this time period and into August, semi-finalists will have opportunities to attend a number of workshops and events that are organized by Minnesota Cup supporters in an effort to help the semi-finalists further develop their business plans. The semi-finalists will also be able to connect with local business leaders and mentors arranged by the Gary S. Holmes Center for Entrepreneurship at the Carlson School of Management. After July 23, the review boards will narrow the field to three finalists in each of the five divisions – High Tech, BioSciences, Clean Technology & Renewable Energy, Student and General. One finalist from each division will be awarded the top prize of $20,000 ($5,000 for the Student division winner).
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 Dave and Carolyn Cleveland at the 2010 Minnesota Cup awards event September 13 at the McNamara Alumni Center.
Media Contact:
Jessica Snell – 612-372-6452 / jessica@habermaninc.com
Minnesota Cup – support@breakthroughideas.org
