Statewide entrepreneurial contest offers $200,000 in prizes

Minnesotans with a new and innovative business idea have less than two weeks left to enter the Minnesota Cup for a chance to make their dream a reality. The Minnesota Cup is a statewide entrepreneurial competition designed to seek out, support and accelerate the development of Minnesota’s newest and most innovative business ideas.

Minnesota residents have until 11:59 p.m. on Friday, May 18 to submit their breakthrough business idea at www.MinnesotaCup.org (Social Entrepreneur division entrants should submit via www.svpmn.org/programs/social-ent-cup-award/) for a chance to claim a share of the $200,000 available in prize money. New ventures can be entered in one of six divisions: High Tech, BioScience & Health IT, Clean Tech & Renewable Energy, Social Entrepreneur, General and Student.

Each division winner will be awarded $25,000, with the exception of the Student division ($10,000) and Social division ($20,000). The grand prize winner receives an additional $40,000.

Now the nation’s largest statewide new venture competition, organizers are proud of the continued growth and prestige, welcoming UnitedHealth Group as Co-Lead Sponsor with General Mills, Carlson, Wells Fargo, the University of Minnesota, the Minnesota Department of Employment and Economic Development (DEED) and many others as supporters of the competition.

Where to Apply

www.minnesotacup.org

www.svpmn.org/programs/social-ent-cup-award/ (Social Entrepreneur division)

Deadline to Submit

11:59pm on Friday, May 18, 2012

Entries will be judged on the following criteria

Business Concept/Idea: Minnesota Cup is looking for business concepts with a clear, well-articulated value proposition. Specifically, judges will be looking to understand who the target audience is, why the market needs this idea and how the product/service will standout in a competitive environment. Ideas for a product or service can be an entirely new idea, or the evolution of a previous idea. The 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. In addition, they will be looking for ideas that can generate a positive economic impact within two years.

Presentation Quality: As the contest progresses from round one to round two, an increased emphasis will be placed on an entrant's quality of presentation.

By the numbers

--$200,00 in prize money

--$45 million capital raised by 2009 – 2011 finalists

--6,000 participants and $735,000 in prize money awarded in the first seven years

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