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Entering the third year of the Minnesota Cup, one of the most important themes is that the program works. Last year, one of our finalist met a substantial investor the evening of the awards event. Several past finalist and semi-finalist have met investors, advisors, board members, business partners and business professionals through the semi-final reception, the awards event in the fall and through media attention received.

2007 Winner builds on medical and entrepreneurial expertise

The 2007 Minnesota Cup winners, John Montague and James Levine, have burned a lot of calories running their company, Muve. That's no surprise - the start-up is dedicated to the commercialization of technology that might help limit the global obesity epidemic. The winning product, Gruve, is a movement-measuring device used in conjunction with an online network focused on weight-loss and wellness.

"Launching a new venture is a lot like sailing," says Montague. "You must have a good plan and know where you are going, yet be prepared to alter the plan as winds and conditions change. It is important to get your boat in the water and get moving instead of sitting on the dock contemplating. Winning Minnesota Cup put a great burst of wind in our sails."

Gruve is currently being beta-tested at two independent companies. "We've been seeing some extremely good results," says Montague. The television show "20/20" is closely following the beta testing for a feature that will air in April. The business has also attracted coverage from news media including "Nightline," "Good Morning America," MPR, and CNN.

The founders recently announced a new partnership with Steel Case, a $4 billion global office furniture leader. The partnership has already allowed them to bring the WalkStation, another Muve product, to market. Together, the two companies hope to reinvent the office environment. "We see this as an opportunity to bring together the health movement and the green movement," said Montague.

U of M IT Alumns win 2005 & 2006 Contest

What do VAST Enterprises, the creators of Composite Pavers made from 99% recycled material and ArcSwitch, creators of a next generation fiber optic switching technology have in common? Their founders both have been winners of the Minnesota Cup competition and are alumni of the University of Minnesota Institute of Technology.

To learn more about our first two winners, read Breakthrough Ideas (8.5 MB, PDF), from the University of Minnesota, Spring / Summer 2007 Inventing Tomorrow Magazine.

ID Insight achieving great success

In 2006, ID Insight was a finalist in the Minnesota Cup. This start-up has developed some amazing tools and technology to help the financial services industry with a big problem - identity theft. Since the finals of the MN Cup, ID Insight has had great success promoting their solutions and gaining market acceptance.

These successes have included recently signing a contract with one of the nations largest check printers, a new partnership with a provider of loan origination solutions that serves 7 of the top 10 banks in the U.S., new contracts with several large internet retailers and direct contracts with several leading financial institutions.

Matt Schraan, MN Cup finalist recently said "The MN Cup forced us to really scrutinize and take a hard look at our business plan. When the competition was all said and done, we had experienced the thrill of being named a finalist, gained the attention of the MN investment and venture community, and probably most importantly -- greatly strengthened the business plan that we are now making a reality."

2008 Update :ID Insight recently launched their blog on The Facts on the FACT Act and they continue to expand their market and take a greater leadership role in the identity theft industry.

IntelAccount Meets Customers and Investors

IntelAccount CEO David Crane, was a 2006 Finalist in the Minnesota Cup. While David did not walk away with the Minnesota Cup on the night of the awards event, he still won big that evening.

Upon hearing the IntelAccount presentation, a member of the review board was so impressed with the plan that they introduced IntelAccount to a major, name brand customer who is now IntelAccounts largest client.

Further, on the night of the award event, David was introduced to a prominent local executive & investor who became so interested in the business that he joined the board and is a substantial investor.

HealthSimple Success Story

As the Minnesota Cup programs grows and evolves, one of the most important themes is that the program works. Many past finalist and semi-finalist have met investors, advisors, board members, business partners and business professionals through the semi-final reception, the awards event in the fall and through media attention received.

One such example is Type 1 Tools (HealthSimple), a finalist from the 2005 event. Through the Minnesota Cup, Doug & Lisa Powell, the founders of HealthSimple were able to develop a team of advisors, consultants and professionals that both helped validate the strength of the business and assist the Powells in it's growth.

For HealthSimple, the Minnesota Cup was a great catalyst that helped support the business as it went through early stages of growth up to a very successful acquisition by McNeil Nutritionals, a company owned by Johnson and Johnson.