Top breakthrough idea awarded $50,000 and professional services
Starting today through May 23, 2008, contest organizers are asking Minnesotans to submit their breakthrough business ideas online at www.minnesotacup.org. Due to the contest’s success, the Minnesota Cup has doubled the prize money awarded to the top three entrants, receiving $50,000, $10,000 and $5,000 respectively.
“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 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.”
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 between March 31 and May 23, 2008. Top entrants will be asked to continue through two more rounds to help contest judges determine five finalists. In the final round of the contest, five finalists will present to a prestigious panel of business leaders, investors and notable entrepreneurs.
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 Minnesota-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.
Judging Process
Round One: March 31 – May 23, 2008
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, 2008
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, 2008
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.
Final Event: Awards Event, McNamara Alumni Center, Sept. 11, 2008
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 Reference Library with questions, 651-265-5500, or email support@breakthroughideas.org.
The James J. Hill Reference Library provides access to and assistance in finding the practical business information that small businesses need to succeed through our professional librarians. We serve business owners in person, over the phone, and online through our HillSearch membership, anywhere on Earth. Call 651.265.5500 or visit www.jjhill.org for help or a trial membership.
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