FOURTH ANNUAL MINNESOTA CUP CONTEST SEEKS ASPIRING ENTREPRENEURS WITH BREAKTHROUGH BUSINESS IDEAS
(Minneapolis) March 31, 2008
Do you have the next breakthrough business idea? It's time again for the Minnesota Cup!
Contest organizers, partnering with the University of Minnesota and Wells Fargo, today announced a call for entries for the Fourth Annual Minnesota Cup – a statewide contest designed to seek out, support, celebrate and promote Minnesota’s newest and most innovative business ideas.
"Entrepreneurs are a vital part of Minnesota's economic growth and prosperity," Governor Pawlenty said. "During the past decade, most of the new jobs created have come from the creative efforts of entrepreneurs and small business owners. The Minnesota Cup brings together some of the state's top executives to help find and develop the next breakthrough ideas from aspiring local entrepreneurs."
Starting today through May 23, 2008, contest organizers are asking Minnesotans to submit their breakthrough business ideas online at www.minnesotacup.org
"We believe that winning the competition last year was critical to getting our idea out of the metaphorical garage," said Andy Vander Woude of Vast Enterprises, the 2006 Minnesota Cup winner. "I strongly encourage other entrepreneurs and early stage business owners to enter. We came away from the contest with a clear idea on how to move our business to the next stage, making key connections to important people and resources along the way."
“The Minnesota Cup is a fantastic opportunity for budding entrepreneurs to develop their innovative ideas and establish relationships with some of the state’s top investors and business leaders,” said Scott Litman, co-founder of the Minnesota Cup. “It’s exciting to connect with past entrants and see firsthand how the Minnesota Cup is cultivating and progressing numerous new and promising business endeavors.”
Since the Minnesota Cup’s inception in 2005, more than 1,800 contestants have entered the competition from 50 different counties in Minnesota. The initial entry form is brief and all entrepreneurs are encouraged to enter – whether they are just putting ideas into a vision or whether they have been building their venture.
“The Minnesota Cup is a must for any company looking to move their idea forward,” said Greg Pavett, co-founder of It’sFresh! Inc., a 2007 Minnesota Cup finalist. “Participation in the Minnesota Cup provided us with a great ‘bullpen’ of advisors that have the horsepower to assist us with our plan. We are still working with our original advisor and the feedback we received from industry leaders involved has been critical to our success.”
Student entrepreneurs also can submit their business ideas for judging. One student winner will receive a $5,000 prize. Students must be enrolled full-time at a Minnesota college or university and have less than five years of professional work experience to qualify.
How the Minnesota Cup Competition Works
The Minnesota Cup encourages entries from a wide range of business ideas. Past years’ entries included products and services ranging from high-tech to no-tech, spanning a variety of industries including automotive, healthcare services, telecommunications, technology, leisure, outdoor recreation, energy conservation, education and many others.
Minnesota entrepreneurs can submit their innovative business ideas online at www.minnesotacup.org.
The James J. Hill Reference Library will provide online resources to assist participants with their entries, and finalists will have an opportunity to meet with members of the CEO Roundtable, a Minn.-based nonprofit organization led by dynamic, entrepreneurial CEOs from fast growing companies. Entries for the Minnesota Cup competition can be submitted individually or as a group of up to four people.
Judging Criteria
One of the contest’s core ideas is to connect entrants with leaders in Minnesota’s business and investor community. To that end, a board of notable regional investors, entrepreneurs and “C” level executives has been assembled to judge contest submissions. For a complete list of contest judges, visit Minnesota Cup Review Board.
Entries will be judged on the following criteria:
- Business Concept/Idea:The contest seeks 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 well does the product/service standout in a competitive environment? Ideas can be for a product or service, an 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 create 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 the entrant’s presentation quality.
Three Rounds of Judging
Round One: March 31 – May 23
Entrants will be asked to provide an executive summary of their idea or concept. Submissions should provide the following information in 500 words or less:
- A description of the product/service
- An explanation of the market size, potential and opportunity
- An overview of the sales and marketing plan
- A summary detailing the operating plan
Round Two: June 16 – July 25
Thirty entrants will be selected to participate in the second round, in which each participant will be asked to develop a detailed business plan including 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 two-year financial projection, focusing on how they plan to generate revenue and profits.
- A powerful use of graphics, such as illustrations and diagrams.
Round Three: August 20 – Sept. 11
Five finalists will be selected to move to the third and final round. These participants will be required to prepare a 15-minute oral presentation of their proposed business plan, to be presented on Sept. 11, 2008. Entrants are encouraged to use presentation materials, such as posters, PowerPoint, handouts, prototypes, multimedia, etc.
Awards Event: McNamara Alumni Center, Sept. 11
Five finalists will be honored in fall 2008 at the Fourth Annual Minnesota Cup award event at the University of Minnesota. Finalists will make their oral presentations at this event, and the judges will announce the three winners and award all prizes.
Minnesota Cup Sponsors
The University of Minnesota; Wells Fargo; The State of Minnesota; Kenyon Consortium; Valtira; James J. Hill Reference Library; /Twin Cities Business/; Maslon; Messerli & Kramer; Gray Plant Mooty; Lommen Abdo; Lurie Besikof Lapidus & Co.; W Creative; SDWA Ventures; BioBusiness Alliance; and Haberman & Associates.
For More Information
Contest entrants may contact the James J. Hill Library with questions: (651) 265-5500, or email support@breakthroughideas.org. | 
