Entrepreneurs, start your engines! It’s time to take your innovations to the next level, by applying for the 2017 MN Cup. Since 2005, the MN Cup has been building entrepreneurship in Minnesota by helping early stage businesses get off the ground.
The nation’s largest statewide new startup competition is now in its thirteenth year of assisting and accelerating the development of new business ideas—it’s the premier resource for Minnesota’s early stage entrepreneurs. The free-to-enter competition will kick off on Monday, March 20 at Minneapolis Event Centers. Participants have until April 28 to submit applications for a chance to compete for a share of the prize money — which last year was a record-breaking $400,000 and this year will exceed $425,000.
More than 11,000 Minnesotans have participated in MN Cup since it began. Finalists have gone on to raise more than $230 million in capital to support the development of their ideas, create jobs, and broker numerous business partnerships, collaborations and distribution agreements.
“In the marketplace, all business ideas are equal, but not all worthy concepts will make it into the ring—that’s where MN Cup comes in. We break down the barriers that hold back great ideas,” said Melissa Kjolsing, executive director. “We connect would-be innovators with mentorship, teach them about the entrepreneurial ecosystem here in Minnesota, and help them find their place in it. And we’re increasing the types of people who launch businesses — last year, 38 percent of our teams had a female lead. 24 percent had a minority lead, and 8 percent were veterans.”
“We’re also nurturing entrepreneurship in our state’s biggest asset—our youth,” added Kjolsing. “Last year’s winner in the under-18 division blew us away— ExpressionMed creates bright, fun, personalized adhesives for kids with diabetes. Our Student division winners, Minnealloy Magnetics, manufacture transformers and inductors. These are sophisticated, economically-viable ventures that are light years away from a lemonade stand, and they show the talent that is out there.”
How does a budding business know if the MN Cup is right for them? The rules are simple: every stage from idea up to pre-existing businesses generating less than $1 million in yearly revenue can enter. Entrepreneurs, researchers, inventors and small business owners are welcome to take a shot at the array of resources provided for MN Cup competitors. Last year’s grand prize winner was StemoniX, a company that conducts stem cell-based research and drug screening. But prize money and mentorship also went to many other companies, like Asiya, an activewear brand designed for Muslim women, the winner in the Impact Ventures division; Berd Spokes, makers of strong, lightweight bicycle spokes who won the General division; digital advertising pioneers Vugo, who won the High Tech division; and many more—check out the full list here.
In 2017, winners will again be chosen in eight different divisions: General, High Tech, Energy/Clean Tech/Water, Food/Agriculture/Beverage, Life Science/Health IT, Impact Ventures, and Student. For the state’s youngest innovators, 18 and under, MN Cup offers a Youth division, created in partnership with Junior Achievement of the Upper Midwest. For more information on each category and entry details visit the MN Cup website.
There are many rewards to go around, providing the financial support needed to grow Minnesota’s young businesses. Each division runner-up will receive $5,000, while division winners receive $30,000 and a shot at the $50,000 grand prize. The Youth division will award a total prize of $20,000 — the first place winner will receive $10,000, and the second and third place winners and semifinalists will divide up the remaining funds.
Competitors in every division are also eligible to win dedicated prizes, including from The Southern Minnesota Initiative Foundation, Carlson Family Foundation, Meda and DEED, Securian Financial Group, Capella and AARP.
MN Cup entries must describe the product or service, its market size or opportunity, give a sales and marketing overview, a brief operating plan, and high level financial projections and assumptions. After reading all the entries, MN Cup judges will select semifinalists from each division to develop more comprehensive business proposals. They will then choose three finalists from each division to present final business plans. Winners from each of the eight divisions will be announced in late summer. At the MN Cup awards celebration in the fall, one will be chosen as 2017’s best breakthrough business idea. Each round offers opportunities to explore business ideas, gain exposure, learn about available business resources, be paired with MN Cup mentors, and meet members of the MN Cup Review Board.
Lead sponsors of the 2017 MN Cup competition include 3M, Bush Foundation, Carlson Family Foundation, General Mills, Junior Achievement of the Upper Midwest, Positively Minnesota, Pentair, UnitedHealth Group, University of Minnesota and Wells Fargo. Supporting sponsors include 301 INC, AARP, ADM, Anchor Bank, ANDCOR, AURI, Cairn Ventures, Capella, Clear Channel, City of Minneapolis, Clifton Larson Allen, Come Up Capital, Deluxe, Eide Bailly, Equals 3, Fredrikson & Byron, P. A., Gopher Angels, Grain Millers, Gray Plant Mooty, Haberman, Healthcare.mn, IBM, Initiative Foundation, InsideOut Studios, The Kenyon Consortium, LFE Capital, Lurie, Magnet 360, Maslon LLC, Meda, Medical Alley, Medavise, Media Minefield, MentorMate, Messerli & Kramer, MHTA, Minnesota Department of Agriculture, Minnesota Department of Commerce, Mosaic, National Foodworks Services LLC, Proto Labs, The Reserve, Securian Financial Group, Six Speed, Sofia Fund, Southern Minnesota Initiative Foundation, Southwest Initiative Foundation, Spoken Impact, Star, Startec, Star Tribune, Stinson Leonard Street, Stoel Rives LLP, TECHdotMN, The Schwan Food Company, Treehouse Health, Twin Cities Business Magazine, Venture Bank, West Central Initiative and Youthprise.
The MN Cup is a free, annual competition that seeks to support and accelerate the development of the best breakthrough ideas from across the state. For more information and details on how to enter for 2017, please visit http://carlsonschool.umn.edu/mn-cup/.
