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Contest Mission

To seek out, support, celebrate and promote Minnesota's newest and most innovative business ideas through an annual, statewide contest that connects Minnesota entrepreneurs with our state's leading business leaders, investors and the University of Minnesota.

Contest Purpose / Brief Contest Description

The search for great ideas or the discovery of the next big thing is central to Entrepreneurism in America. The state of Minnesota has a rich history of entrepreneurial success going back to the inception and success of such companies as 3M, Best Buy, Medtronic, Carlson Companies and Cargill. The success of these companies and others like them is critical to job creation and the advent of new technologies that improve our quality of life and the strength of our economy.

The Minnesota Cup encourages and hopes to receive a wide range of business ideas. Past year's entries included products and services ranging from high tech to no tech, spanning a diverse range of industries from automotive, healthcare services, telecommunications, technology, leisure, outdoor recreation, energy conservation, education and many others.

The Minnesota Cup is looking for entrepreneurs, inventors, small business people - in short, those who's dreams include creating one of the next break through business success stories in our state. All Minnesotans are encouraged to submit their breakthrough business ideas between March 31 and May 23, 2008. Top entrants will be asked to continue through two more contest rounds to help the contest judges determine five finalists. The finalists will then present their ideas to a prestigious panel of executives, investors and notable entrepreneurs who will choose this years winner.

The winner of the competition will receive the Minnesota Cup, presented by David and Carolyn Cleveland and sponsored by the University of Minnesota and Wells Fargo. The winner will also receive $50,000 in seed capital and advice from the state's leaders in finance, accounting, legal and management support services. Second and third place winners will receive $10,000 and $5,000 respectively. Student entrepreneurs may also submit their business ideas for judging. One student winner will receive a $5,000 prize. Students must be full-time and have less than five years of professional work experience. Entries for the Minnesota Cup competition may be submitted individually or as a group of up to four people.

The 2008 Minnesota Cup contest will culminate with an awards event in September at the University of Minnesota.

Judging Criteria for Entrants

Entries will be judged on the following criteria:

-- Business Concept/Idea: We are looking for 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 will does product/service standout in a competitive environment? Ideas can be for a product or service 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 generate 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 an entrant's quality of presentation.

Three Rounds of Judging:

Round One: March 31 - May 23
Entrants will be asked to provide a high level summary of their idea or concept. Submissions should answer the following four questions, each in 500 words or less :
- What is your product or service and it's Unique Selling Proposition?
- Provide an explanation of the target audience and market potential?
- A description of your sales & marketing plan?
- Details around your operating plan, how are you going to make your breakthrough idea a reality?

Round Two: June 16 - July 25
30 entrants will participate in the second round. Entrants will be asked to develop a detailed proposal, which should include the following:
- A more detailed explanation of how their idea can become a viable business.
- A marketing and sales plan that details how they will address a market need.
- A financial projection for two years on how they will generate revenue and profits.
- A powerful use of graphics, such as illustrations and diagrams.

Round Three: August 20 - Early September (Date TBD)
Five finalists will prepare for their live presentations to be given to the review board. Finalists must:
- Make a 15 minute oral presentation
- Entrants are encouraged to use presentation materials, such as posters, PowerPoint, handouts, prototypes and/or multimedia.

Final Event: Early September
The five finalists will be honored in the fall of 2008 at the highly promoted third annual Minnesota Cup award event at the University of Minnesota. At the event, the finalists will make their oral presentation and the three contest winners will be announced and given their prizes.